Columbia Funds Variable Series Trust II NCSRS Certified semi-annual shareholder report (management investment company)

Columbia Funds Variable Series Trust II N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-22127

COLUMBIA FUNDS VARIABLE SERIES TRUST II

(Exact name of registrant as specified in charter)


50606 Ameriprise Financial Center, Minneapolis, Minnesota		55474

(Address of principal executive offices)		(Zip code)

Scott R. Plummer — 5228 Ameriprise Financial Center, Minneapolis, MN 55474

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2011

Item 1. Reports to Stockholders.

Semiannual Report

Semiannual Report

Columbia Variable Portfolio Funds

Semiannual Report For the Period Ended
June 30, 2011

References to “Fund” throughout this semiannual report refer to the following individual funds, singularly or collectively as the context requires:

Columbia Variable Portfolio – Balanced Fund (formerly known as RiverSource Variable Portfolio – Balanced Fund)

Columbia Variable Portfolio – Cash Management Fund (formerly known as RiverSource Variable Portfolio – Cash Management Fund)

Columbia Variable Portfolio – Diversified Bond Fund (formerly known as RiverSource Variable Portfolio – Diversified Bond Fund)

Columbia Variable Portfolio – Dynamic Equity Fund (formerly known as RiverSource Variable Portfolio – Dynamic Equity Fund)

Columbia Variable Portfolio – Emerging Markets Opportunity Fund (formerly known as Threadneedle Variable Portfolio – Emerging Markets Fund)

Columbia Variable Portfolio – Global Bond Fund (formerly known as RiverSource Variable Portfolio – Global Bond Fund)

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

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

Columbia Variable Portfolio – Income Opportunities Fund (formerly known as RiverSource Variable Portfolio – Income Opportunities Fund)

Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund (formerly known as RiverSource Variable Portfolio – Mid Cap Growth Fund)

Variable Portfolio – Davis New York Venture Fund

Variable Portfolio – Goldman Sachs Mid Cap Value Fund

Variable Portfolio – Partners Small Cap Value Fund

Please remember that you may not buy (nor will you own) shares of the Fund directly. You invest by buying a variable annuity contract or life insurance policy and allocating your purchase payments to the variable subaccount or variable account (the subaccounts) that invests in the Fund.

This semiannual report may contain information on funds not available under your variable annuity contract or life insurance policy. Please refer to your variable annuity contract or life insurance policy prospectus for information regarding the investment options available to you.

Not FDIC insured - May Lose Value - No Bank Guarantee

The Columbia Variable Portfolio (VP) Funds provide several alternatives to consider for investment through your variable annuity contract or life insurance policy.

Table of Contents

2011 SEMIANNUAL REPORT

The purpose of this semiannual report is to tell investors how the Fund performed.


Columbia VP – Balanced Fund
Your Fund at a Glance			2
Columbia VP – Cash Management Fund
Your Fund at a Glance			4
Columbia VP – Diversified Bond Fund
Your Fund at a Glance			6
Columbia VP – Dynamic Equity Fund
Your Fund at a Glance			8
Columbia VP – Emerging Markets Opportunity Fund
Your Fund at a Glance			10
Columbia VP – Global Bond Fund
Your Fund at a Glance			12
Columbia VP – Global Inflation Protected Securities Fund
Your Fund at a Glance			14
Columbia VP – High Yield Bond Fund
Your Fund at a Glance			16
Columbia VP – Income Opportunities Fund
Your Fund at a Glance			18
Columbia VP – Mid Cap Growth Opportunity Fund
Your Fund at a Glance			20
Variable Portfolio – Davis New York Venture Fund
Your Fund at a Glance			22
Variable Portfolio – Goldman Sachs Mid Cap Value Fund
Your Fund at a Glance			24
Variable Portfolio – Partners Small Cap Value Fund
Your Fund at a Glance			26
Fund Expense Examples			28
Portfolio of Investments			36
Statement of Assets and Liabilities			143
Statement of Operations			151
Statement of Changes in Net Assets			156
Financial Highlights			163
Notes to Financial Statements			188
Proxy Voting			208
Approval of Subadvisory Agreements			208
Results of Meeting of Shareholders			210

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

Columbia VP – Balanced Fund

FUND SUMMARY


>	Columbia VP – Balanced Fund (the Fund) Class 3 shares gained 5.13% for the six-months ended June 30, 2011.

	The Fund underperformed its primary benchmark as represented by the Standard & Poor’s 500 Index (S&P 500 Index), which gained 6.02% during the same time period.

>	The Russell 1000^® Value Index advanced 5.92%, while the Barclays Capital U.S. Aggregate Bond Index gained 2.72% during the same period.

>	The Fund outperformed its peer group, as represented by the Lipper Balanced Funds Index, which advanced 4.67%.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

6 months*

1 year

3 years

5 years

10 years

Columbia VP – Balanced Fund Class 3

+5.13%

+24.38%

+4.50%

+3.14%

+3.21%

S&P 500 Index⁽¹⁾ (unmanaged)

+6.02%

+30.69%

+3.34%

+2.94%

+2.72%

Russell 1000^® Value Index⁽²⁾ (unmanaged)

+5.92%

+28.94%

+2.28%

+1.15%

+3.99%

Barclays Capital U.S. Aggregate Bond Index⁽³⁾ (unmanaged)

+2.72%

+3.90%

+6.46%

+6.52%

+5.74%

Lipper Balanced Funds Index⁽⁴⁾ (unmanaged)

+4.67%

+20.32%

+4.41%

+4.40%

+4.36%


*		Not annualized.

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. For current month-end performance information, please contact your insurance company.

Performance results reflect any fee waivers or reimbursements of fund expenses by the Investment Manager and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower. Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect all fund expenses, but do not include any fees and expenses imposed under your variable annuity or life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Standard & Poor’s 500 Index (S&P 500 Index), an unmanaged index of common stocks, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market place.

⁽²⁾		The Russell 1000^® Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽³⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽⁴⁾		The Lipper Balanced Funds Index includes the 30 largest balanced funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

On April 18, 2011, the S&P 500 Index replaced the Russell 1000 Value Index as the Fund’s primary benchmark. The investment manager made this recommendation to the Fund’s Board of Trustees (the Board) because the new index more closely aligns to the Fund’s investment strategy. Information on both indexes will be included for a one-year transition period. In the future, however, only the S&P 500 Index will be included.

2 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund

ASSET ALLOCATION & PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)


Stocks	62.5	%

Consumer Discretionary	4.2

Consumer Staples	6.7

Energy	8.1

Financials	10.5

Health Care	7.8

Industrials	8.4

Information Technology	12.6

Materials	3.4

Telecommunication Services	0.8

Bonds	34.2

Asset-Backed Securities — Non-Agency	1.2

Commercial Mortgage-Backed — Agency	0.7

Commercial Mortgage-Backed — Non-Agency	3.8

Corporate Bonds & Notes	11.2

Foreign Government Obligations	0.7

Inflation-Indexed Bonds	0.3

Municipal Bonds	0.2

Residential Mortgage-Backed Securities — Agency	11.6

Residential Mortgage-Backed Securities — Non-Agency	0.3

U.S. Government Obligations & Agencies	0.6

U.S. Treasury Obligations	3.6

Senior Loans	0.0

Consumer Discretionary	0.0	*

Other⁽²⁾	3.3


*		Rounds to less than 0.1%.

⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Federal Home Loan Mortgage Corp. 5.000% 06/01/41	3.2	%

Apple, Inc.	2.6

JPMorgan Chase & Co.	2.3

Exxon Mobil Corp.	1.9

IBM Corp.	1.6

American Express Co.	1.6

U.S. Treasury 0.750% 03/31/13	1.6

eBay, Inc.	1.5

Tyco International Ltd.	1.5

Microsoft Corp.	1.5


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 3

Your Fund at a Glance

(Unaudited)

Columbia VP – Cash Management Fund

FUND SUMMARY


>	Columbia VP – Cash Management Fund (the Fund) Class 3 shares returned 0.00% for the six-months ended June 30, 2011.

>	The Fund’s annualized simple yield was 0.01% and its annualized compound yield was also 0.01% for the seven-day period ended June 30, 2011. The 7-day yields shown reflect more closely the earnings of the Fund than the total return. (Short-term yields may be higher or lower than the figures shown.)

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Cash Management Fund

Class 1

+0.00%**

+0.01%

N/A

+0.01%

Class 2

+0.00%**

+0.01%

N/A

+0.02%

Class 3

+0.00%**

+0.01%

+0.33%

+1.91%

+1.80%

N/A


*		Not annualized.
**		Rounds to less than 0.01%.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

4 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Cash Management Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)


Asset-Backed Commercial Paper	24.3	%

Asset-Backed Securities⁽²⁾	3.4

Certificates of Deposit	13.2

Commercial Paper	22.6

Repurchase Ageements	1.9

Treasury Note Short-Term	9.4

U.S. Government & Agency Obligations	6.6

U.S. Government-Insured Debt⁽³⁾	18.6


⁽¹⁾		Percentages indicated are based upon total investments. The Fund’s composition is subject to change.
⁽²⁾		Category comprised of short-term commercial mortgage-backed securities.
⁽³⁾		Funding for this debt is provided by the Federal Financing Bank, which is funded by the U.S. Department of the Treasury.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 5

Your Fund at a Glance

(Unaudited)

Columbia VP – Diversified Bond Fund

FUND SUMMARY


>	Columbia VP – Diversified Bond Fund (the Fund) Class 3 shares gained 2.49% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the unmanaged Barclays Capital U.S. Aggregate Bond Index, which advanced 2.72%.

>	The Fund also underperformed its peer group, as represented by the Lipper Intermediate Investment-Grade Debt Funds Index, which rose 3.13% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Diversified Bond Fund

Class 1

+2.55%

+5.53%

N/A

+6.35%

Class 2

+2.47%

+5.34%

N/A

+6.16%

Class 3

+2.49%

+5.36%

+6.31%

+5.63%

+4.80%

N/A

Barclays Capital U.S. Aggregate Bond Index⁽¹⁾ (unmanaged)

+2.72%

+3.90%

+6.46%

+6.52%

+5.74%

+5.69%

Lipper Intermediate Investment-Grade Debt Funds Index⁽²⁾ (unmanaged)

+3.13%

+5.63%

+7.21%

+6.23%

+5.51%

+6.58%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Intermediate Investment-Grade Debt Funds Index includes the 30 largest investment grade funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

6 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)


Asset-Backed Securities — Non-Agency	1.3	%

Commercial Mortgage-Backed Securities — Agency	0.0	*

Commercial Mortgage-Backed Securities — Non-Agency	14.6

Corporate Bonds & Notes	35.4

Foreign Government Obligations	0.2

Municipal Bonds	0.3

Preferred Stocks	0.8

Residential Mortgage-Backed Securities — Agency	19.1

Residential Mortgage-Backed Securities — Non-Agency	1.1

Senior Loans	0.0	*

U.S. Government & Agency Obligations	0.0	*

U.S. Treasury Obligations	15.2

Other⁽²⁾	12.0


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments’ for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.
*		Rounds to less than 0.1%.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)


AAA rating*	54.1	%

AA rating	2.8

A rating	12.8

BBB rating	21.8

Non-investment grade	7.4

Non-rated	1.1


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Ratings apply to the underlying holdings of the Fund and not the Fund itself. Whenever possible, the Standard and Poor’s rating is used to determine the credit quality of a security. Standard and Poor’s rates the creditworthiness of corporate bonds, with 15 categories, ranging from AAA (highest) to D (lowest). Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. If Standard and Poor’s doesn’t rate a security, then Moody’s rating is used. Columbia Management Investment Advisers, LLC (the Investment Manager) rates a security using an internal rating system when Moody’s doesn’t provide a rating.


*		On August 5, 2011, Standard & Poor’s Ratings Services (“S&P”) lowered its long-term sovereign credit rating for the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 7

Your Fund at a Glance

(Unaudited)

Columbia VP – Dynamic Equity Fund

FUND SUMMARY


>	Columbia VP – Dynamic Equity Fund (the Fund) Class 3 shares gained 9.06% for the six-months ended June 30, 2011.

>	The Fund outperformed its primary benchmark, the Standard & Poor’s^® 500 Index (S&P 500 Index), which advanced 6.02%.

>	The Fund also outperformed its peer group, as represented by the Lipper Large-Cap Core Funds Index, which rose 5.34% over the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Dynamic Equity Fund

Class 1

+9.15%

+36.90%

N/A

+14.74%

Class 2

+8.95%

+36.51%

N/A

+14.46%

Class 3

+9.06%

+36.73%

+2.34%

+1.43%

+1.44%

N/A

S&P 500 Index⁽¹⁾ (unmanaged)

+6.02%

+30.69%

+3.34%

+2.94%

+2.72%

+10.68%

Lipper Large-Cap Core Funds Index⁽²⁾ (unmanaged)

+5.34%

+28.64%

+2.41%

+2.54%

+2.11%

+9.02%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Standard & Poor’s 500 Index (S&P 500 Index), an unmanaged index of common stocks, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Core Funds Index includes the 30 largest large-cap core funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

8 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Dynamic Equity Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	11.2	%

Consumer Staples	8.9

Energy	11.3

Financials	15.6

Health Care	12.0

Industrials	11.8

Information Technology	17.8

Materials	3.8

Telecommunication Services	3.1

Utilities	3.8

Other⁽²⁾	0.7


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Apple, Inc.	3.8	%

Chevron Corp.	3.4

IBM Corp.	3.4

Microsoft Corp.	2.9

General Electric Co.	2.6

Wal-Mart Stores, Inc.	2.2

ConocoPhillips	2.1

Lorillard, Inc.	2.0

Intel Corp.	1.9

Eli Lilly & Co.	1.9


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 9

Your Fund at a Glance

(Unaudited)

Columbia VP – Emerging Markets Opportunity Fund

FUND SUMMARY


>	Columbia VP – Emerging Markets Opportunity Fund (the Fund) Class 3 shares fell 0.89% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index which advanced 0.88%.

>	The Fund’s peer group, the Lipper Emerging Markets Funds Index, advanced 0.39% for the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Emerging Markets Opportunity Fund

Class 1

-0.83%

+27.35%

N/A

+12.41%

Class 2

-0.93%

+27.10%

N/A

+12.11%

Class 3

-0.89%

+27.17%

+1.78%

+10.62%

+14.63%

N/A

MSCI Emerging Markets Index⁽¹⁾ (unmanaged)

+0.88%

+27.80%

+4.22%

+11.42%

+16.20%

+14.85%

Lipper Emerging Markets Funds Index⁽²⁾ (unmanaged)

+0.39%

+28.22%

+3.01%

+9.93%

+15.35%

+13.59%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Morgan Stanley Capital International (MSCI) Emerging Markets Index, an unmanaged market capitalization-weighted index, is designed to measure equity market performance in the global emerging markets. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Emerging Markets Funds Index includes the 30 largest emerging markets funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

10 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Emerging Markets Opportunity Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)


Brazil			15.6

China			13.9

Guernsey			0.5

Hong Kong			6.2

India			7.6

Indonesia			2.9

Korea			15.0

Malaysia			2.9

Mexico			3.9

Peru			0.6

Philippines			0.8

Russian Federation			8.4

South Africa			7.7

Taiwan			8.5

Thailand			2.2

Turkey			2.7

United Kingdom			0.3

Other⁽²⁾			0.3


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Vale SA, ADR (Brazil)	4.0	%

Samsung Electronics Co., Ltd. (Korea)	2.9

Sberbank of Russia (Russian Federation)	2.7

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	2.1

Itaú Unibanco Holding SA, ADR (Brazil)	1.9

Hyundai Mobis (Korea)	1.9

LG Chem Ltd. (Korea)	1.8

Petroleo Brasileiro SA, ADR (Brazil)	1.7

CNOOC Ltd., ADR (Hong Kong)	1.6

Hyundai Heavy Industries Co., Ltd. (Korea)	1.6


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 11

Your Fund at a Glance

(Unaudited)

Columbia VP – Global Bond Fund

FUND SUMMARY


>	Columbia VP – Global Bond Fund (the Fund) Class 3 shares gained 4.75% for the six-months ended June 30, 2011.

>	The Fund outperformed its benchmark, the Barclays Capital Global Aggregate Index, which rose 4.38%.

>	The Fund also outperformed its peer group, as represented by the Lipper Global Income Funds Index, which increased 3.71% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Global Bond Fund

Class 1

+4.73%

+12.26%

N/A

+10.08%

Class 2

+4.63%

+12.01%

N/A

+9.83%

Class 3

+4.75%

+12.21%

+6.60%

+6.80%

+7.33%

N/A

Barclays Capital Global Aggregate Index⁽¹⁾ (unmanaged)

+4.38%

+10.51%

+6.04%

+7.10%

+7.41%

+9.03%

Lipper Global Income Funds Index⁽²⁾ (unmanaged)

+3.71%

+9.73%

+6.81%

+6.56%

+6.90%

+7.95%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Barclays Capital Global Aggregate Index, an unmanaged market capitalization weighted benchmark, tracks the performance of investment grade fixed income securities denominated in 13 currencies. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Global Income Funds Index includes the 30 largest global income funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

12 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund

PORTFOLIO BREAKDOWN⁽¹⁾ at (June 30, 2011)


Asset-Backed Securities — Non-Agency	1.0	%

Commercial Mortgage-Backed Securities — Agency	0.0	*

Commercial Mortgage-Backed Securities — Non-Agency	2.6

Corporate Bonds & Notes	30.8

Foreign Government Obligations	55.0

Inflation-Indexed Bonds	0.9

Residential Mortgage-Backed Securities — Agency	4.6

Residential Mortgage-Backed Securities — Non-Agency	0.4

U.S. Government & Agency Obligations	0.4

U.S. Treasury Obligations	0.5

Other⁽²⁾	3.8


*		Rounds to less than 0.1%.
⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)


AAA rating*	36.4	%

AA rating	22.0

A rating	15.4

BBB rating	16.2

Non-investment grade	9.9

Non-rated	0.1


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Ratings apply to the underlying holdings of the Fund and not the Fund itself. Whenever possible, the Standard and Poor’s rating is used to determine the credit quality of a security. Standard and Poor’s rates the creditworthiness of corporate bonds, with 15 categories, ranging from AAA (highest) to D (lowest).Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. If Standard and Poor’s doesn’t rate a security, then Moody’s rating is used. Columbia Management Investment Advisers, LLC (the Investment Manager) rates a security using an internal rating system when Moody’s doesn’t provide a rating.


*		On August 5, 2011, Standard & Poor’s Ratings Services (“S&P”) lowered its long-term sovereign credit rating for the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

TOP TEN COUNTRIES⁽¹⁾ (at June 30, 2011)


United States	33.4	%

Japan	12.2

Netherlands	7.2

Germany	6.5

France	5.1

United Kingdom	5.0

Canada	4.3

Italy	3.0

Brazil	2.5

Australia	2.1


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 13

Your Fund at a Glance

(Unaudited)

Columbia VP – Global Inflation Protected Securities Fund

FUND SUMMARY


>	Columbia VP – Global Inflation Protected Securities Fund (the Fund) Class 3 shares gained 4.29% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Barclays Capital World Government Inflation-Linked Bond Index (fully hedged to the U.S. dollar), which advanced 4.43%.

>	The Barclays Capital U.S. Government Inflation-Linked Bond Index advanced 5.84% for the same timeframe.

>	The Fund underperformed the Blended Index (made up of 50% Barclays Capital World Government Inflation-Linked Bond Index, excluding U.S., fully hedged to the U.S. dollar, and 50% Barclays Capital U.S. Government Inflation-Linked Bond Index), which rose 4.66%.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

9/13/04

5/3/10

Columbia VP – Global Inflation Protected Securities Fund

Class 1

+4.34%

+6.00%

N/A

+5.57%

Class 2

+4.27%

+5.71%

N/A

+5.28%

Class 3

+4.29%

+5.85%

+3.81%

+5.25%

+4.42%

N/A

Barclays Capital World Government Inflation-Linked Bond Index⁽¹⁾ (unmanaged)

+4.43%

+6.52%

+5.09%

+6.02%

+5.54%

+6.47%

Barclays Capital U.S. Government Inflation-Linked Bond Index⁽²⁾ (unmanaged)

+5.84%

+7.78%

+5.27%

+6.90%

+5.66%

+8.26%

Blended Index⁽³⁾ (unmanaged)

+4.66%

+6.77%

+5.10%

+6.18%

+5.59%

+6.80%


*		Not annualized.

The indices do not reflect the effects of expenses. It is not possible to invest directly in an index.


⁽¹⁾		The Barclays Capital World Government Inflation-Linked Bond Index (fully hedged to the U.S. dollar) is an unmanaged index that measures the performance of the major government inflation-linked bond markets, including the United States, the United Kingdom, Australia, Canada, Sweden, France, Italy, Japan, Germany and Greece. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Barclays Capital U.S. Government Inflation-Linked Bond Index is an unmanaged index that measures the performance of the U.S. government inflation-linked bond market. The index reflects reinvestment of all distributions and changes in market prices.

⁽³⁾		The Blended Index consists of 50% Barclays Capital World Government Inflation-Linked Index (excluding U.S., fully hedged to the U.S. dollar) and 50% Barclays Capital U.S. Government Inflation-Linked Bond Index.

14 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Inflation Protected Securities Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)


Australia	2.7	%

Belgium	0.1

Brazil	0.3

Canada	2.7

France	10.6

Germany	0.2

Greece	0.8

Italy	7.6

Mexico	1.7

Sweden	1.8

United Kingdom	22.3

United States	48.4

Other⁽²⁾	0.8


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)


AAA rating*	86.3	%

AA rating	7.7

A rating	3.6

BBB rating	1.2

BB rating	0.1

Non-rated	1.1


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).


*		On August 5, 2011, Standard & Poor’s Ratings Services (“S&P”) lowered its long-term sovereign credit rating for the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 15

Your Fund at a Glance

(Unaudited)

Columbia VP – High Yield Bond Fund

FUND SUMMARY


>	Columbia VP – High Yield Bond Fund (the Fund) Class 3 shares gained 4.42% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the unmanaged JP Morgan Global High Yield Index, which increased 5.48%.

>	The Fund also underperformed the Lipper High Current Yield Bond Funds Index, representing the Fund’s peer group, which rose 4.64% during the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – High Yield Bond Fund

Class 1

+4.40%

+15.56%

N/A

+10.90%

Class 2

+4.20%

+15.17%

N/A

+10.54%

Class 3

+4.42%

+15.41%

+11.36%

+8.47%

+7.85%

N/A

JP Morgan Global High Yield Index⁽¹⁾ (unmanaged)

+5.48%

+15.79%

+12.57%

+9.43%

+9.38%

+11.36%

Lipper High Current Yield Bond Funds Index⁽²⁾ (unmanaged)

+4.64%

+15.86%

+9.29%

+7.05%

+7.14%

+10.56%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The JP Morgan Global High Yield Index is an unmanaged index used to mirror the investable universe of the U.S. dollar global high yield corporate debt market of both developed and emerging markets. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper High Current Yield Bond Funds Index includes the 30 largest high yield bond funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

16 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – High Yield Bond Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)


Corporate Bonds & Notes	88.4	%

Senior Loans	0.3

Limited Partnerships	0.0	*

Other⁽²⁾	11.3


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.
*		Rounds to less than 0.1%.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)


BBB rating	4.4	%

BB rating	30.6

B rating	50.6

CCC rating	13.7

C rating	0.7

Non-rated	0.0	*


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).
*		Rounds to less that 0.1%.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Ally Financial, Inc. 8.000% 2020	2.3	%

Sprint Nextel Corp. 8.375% 2017	1.1

CIT Group, Inc. 7.000% 2017	1.1

ING Groep NV 5.775% 2049	1.0

HCA, Inc. 7.875% 2020	1.0

Hexion U.S. Finance Corp./Nova Scotia ULC 8.875% 2018	1.0

Tunica-Biloxi Gaming Authority 9.000% 2015	0.9

Chesapeake Energy Corp. 6.625% 2020	0.8

Gibraltar Industries 8.000% 2015	0.8

Clear Channel Communications, Inc. 9.00% 2021	0.8


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 17

Your Fund at a Glance

(Unaudited)

Columbia VP – Income Opportunities Fund

FUND SUMMARY


>	Columbia VP – Income Opportunities Fund (the Fund) Class 3 shares gained 4.25% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the unmanaged Merrill Lynch U.S. High Yield Cash Pay BB-B Rated Constrained Index, which increased 4.82%.

>	The Fund also underperformed its peer group, as represented by the Lipper High Current Yield Bond Funds Index, which rose 4.64% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

6/1/04

5/3/10

Columbia VP – Income Opportunities Fund

Class 1

+4.40%

+14.58%

N/A

+10.63%

Class 2

+4.26%

+14.33%

N/A

+10.28%

Class 3

+4.25%

+14.40%

+11.28%

+8.33%

+7.96%

N/A

Merrill Lynch U.S. High Yield Cash Pay BB-B Rated Constrained Index⁽¹⁾ (unmanaged)

+4.82%

+14.56%

+10.53%

+8.29%

+7.99%

+10.98%

Lipper High Current Yield Bond Funds Index⁽²⁾ (unmanaged)

+4.64%

+15.86%

+9.29%

+7.05%

+7.21%

+10.56%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Merrill Lynch U.S. High Yield Cash Pay BB-B Rated Constrained Index is an unmanaged index of high yield bonds. The index is subject to a 2% cap on allocation to any one issuer. The 2% cap is intended to provide broad diversification and better reflect the overall character of the high yield market. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper High Current Yield Bond Funds Index includes the 30 largest high yield bond funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

18 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Income Opportunities Fund

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)


BBB rating	4.7	%

BB rating	44.1

B rating	47.8

Non-investment grade	3.4


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Ally Financial, Inc. 8.000% 03/15/20	1.7	%

CIT Group, Inc. 7.000% 05/02/17	1.7

Ford Motor Credit Co. LLC 5.750% 02/01/21	1.3

Sprint Nextel Corp. 8.375% 08/15/17	1.3

HCA, Inc. 7.25% 09/15/20	1.2

Clear Channel Worldwide Holdings, Inc. 9.250% 12/15/17	1.2

United Rentals North America, Inc. 9.250% 12/15/19	1.2

MGM Resorts International 9.000% 03/15/20	1.0

Frontier Communications Corp. 8.500% 04/15/20	0.9

CCO Holdings LLC/Capital Corp. 8.125% 04/30/20	0.9


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 19

Your Fund at a Glance

(Unaudited)

Columbia VP – Mid Cap Growth Opportunity Fund

FUND SUMMARY


>	Columbia VP – Mid Cap Growth Opportunity Fund (the Fund) Class 3 shares rose 3.37% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Russell Midcap^® Growth Index, which increased 9.59% for the same time period.

>	The Fund also underperformed its peer group represented by the Lipper Mid-Cap Growth Funds Index, which returned 7.57% for the same timeframe.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Mid Cap Growth Opportunity Fund

Class 1

+3.37%

+36.11%

N/A

+11.19%

Class 2

+3.30%

+35.96%

N/A

+11.00%

Class 3

+3.37%

+36.05%

+9.85%

+6.59%

+5.24%

N/A

Russell Midcap^® Growth Index⁽¹⁾ (unmanaged)

+9.59%

+43.25%

+6.58%

+6.28%

+5.52%

+19.60%

Lipper Mid-Cap Growth Funds Index⁽²⁾(unmanaged)

+7.57%

+39.76%

+5.63%

+6.86%

+4.73%

+17.14%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell Midcap Growth Index, an unmanaged index, measures the performance of those stocks in the Russell Midcap Index with higher price-to-book ratios and higher forecasted growth values. The stocks in the index are also members of the Russell 1000^® Growth Index. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Mid-Cap Growth Funds Index includes the 30 largest mid-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

20 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Mid Cap Growth Opportunity Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	12.5	%

Consumer Staples	4.9

Energy	8.6

Financials	5.3

Health Care	14.3

Industrials	14.6

Information Technology	30.1

Materials	7.9

Telecommunication Services	0.8

Other⁽²⁾	1.0


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


PMC — Sierra, Inc.	3.6	%

Clean Energy Fuels Corp.	2.2

Delta Air Lines, Inc.	1.9

Finisar Corp.	1.9

DryShips, Inc.	1.7

Ciena Corp.	1.6

F5 Networks, Inc.	1.6

Mellanox Technologies Ltd.	1.5

Tesla Motors, Inc.	1.5

Akamai Technologies, Inc.	1.5


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 21

Your Fund at a Glance

(Unaudited)

VP – Davis New York Venture Fund

FUND SUMMARY


>	Variable Portfolio – Davis New York Venture Fund (the Fund) Class 3 shares gained 2.80% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Standard & Poor’s 500 Index (S&P 500 Index), which gained 6.02% during the same period.

>	The Fund also underperformed its peer group, as represented by the Lipper Large-Cap Core Funds Index, which increased 5.34% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

5/1/06

5/3/10

VP – Davis New York Venture Fund

Class 1

+2.80%

+24.45%

N/A

+6.66%

Class 2

+2.80%

+24.18%

N/A

+6.57%

Class 3

+2.80%

+24.33%

+1.20%

+1.02%

+0.93%

N/A

S&P 500 Index⁽¹⁾ (unmanaged)

+6.02%

+30.69%

+3.34%

+2.94%

+2.38%

+10.68%

Lipper Large-Cap Core Funds Index⁽²⁾ (unmanaged)

+5.34%

+28.64%

+2.41%

+2.54%

+1.92%

+9.02%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The S&P 500 Index, an unmanaged index of common stocks, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Core Funds Index includes the 30 largest large-cap core funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

22 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Davis New York Venture Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	5.6	%

Consumer Staples	16.7

Energy	15.1

Financials	26.8

Health Care	12.1

Industrials	5.5

Information Technology	6.2

Materials	6.4

Telecommunication Services	0.3

Other⁽²⁾	5.3


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Costco Wholesale Corp.	5.8	%

American Express Co.	5.4

Wells Fargo & Co.	4.6

CVS Caremark Corp.	4.4

EOG Resources, Inc.	4.0

Bank of New York Mellon Corp. (The)	3.7

Loews Corp.	3.6

Occidental Petroleum Corp.	3.4

Merck & Co., Inc.	3.2

Devon Energy Corp.	3.1


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 23

Your Fund at a Glance

(Unaudited)

VP – Goldman Sachs Mid Cap Value Fund

FUND SUMMARY


>	Variable Portfolio – Goldman Sachs Mid Cap Value Fund (the Fund) Class 3 shares gained 5.99% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Russell Midcap Value Index, which increased 6.69% during the same period.

>	The Fund also underperformed its peer group, as represented by the Lipper Mid-Cap Value Funds Index, which rose 6.12% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

2/4/04

5/3/10

VP – Goldman Sachs Mid Cap Value Fund

Class 1

+6.08%

+36.32%

N/A

+11.63%

Class 2

+5.91%

+35.98%

N/A

+11.39%

Class 3

+5.99%

+36.05%

+6.46%

+5.07%

+6.23%

N/A

Russell Midcap^® Value Index⁽¹⁾ (unmanaged)

+6.69%

+34.28%

+6.35%

+4.01%

+8.16%

+12.25%

Lipper Mid-Cap Value Funds Index⁽²⁾ (unmanaged)

+6.12%

+33.35%

+5.59%

+4.53%

+7.11%

+11.61%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell Midcap Value Index, an unmanaged index, measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Mid-Cap Value Funds Index includes the 30 largest mid-cap value funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

24 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Goldman Sachs Mid Cap Value Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	14.6	%

Consumer Staples	5.2

Energy	6.8

Financials	28.6

Health Care	6.4

Industrials	10.3

Information Technology	7.5

Materials	3.9

Telecommunication Services	3.2

Utilities	11.4

Other⁽²⁾	2.1


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments. The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


JM Smucker Co. (The)	2.0	%

Principal Financial Group, Inc.	1.9

PPL Corp.	1.9

Lear Corp.	1.9

Xcel Energy, Inc.	1.8

Sprint Nextel Corp.	1.7

Scripps Networks Interactive, Inc., Class A	1.7

SLM Corp.	1.7

DISH Network Corp., Class A	1.6

Liberty Media Corp. — Interactive, Class A	1.6


⁽¹⁾		Percentages indicated are based upon total investments (excluding Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 25

Your Fund at a Glance

(Unaudited)

VP – Partners Small Cap Value Fund

FUND SUMMARY


>	Variable Portfolio – Partners Small Cap Value Fund (the Fund) Class 3 shares rose 3.60% for the six-months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Russell 2000^® Value Index, which increased 3.77% during the same period.

>	The Fund also underperformed its peer group, as represented by the Lipper Small-Cap Value Funds Index, which advanced 4.49% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

8/14/01

5/3/10

VP – Partners Small Cap Value Fund

Class 1

+3.66%

+30.48%

N/A

+8.96%

Class 2

+3.54%

+30.17%

N/A

+8.67%

Class 3

+3.60%

+30.34%

+8.70%

+4.62%

+8.64%

N/A

Russell 2000^® Value Index⁽¹⁾ (unmanaged)

+3.77%

+31.35%

+7.09%

+2.24%

+7.77%

+6.25%

Lipper Small-Cap Value Funds Index⁽²⁾ (unmanaged)

+4.49%

+33.07%

+8.57%

+4.02%

+8.75%

+9.60%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell 2000^® Value Index, an unmanaged index, measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Small-Cap Value Funds Index includes the 30 largest small-cap value funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

26 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Partners Small Cap Value Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	14.7	%

Consumer Staples	3.2

Energy	5.1

Financials	20.2

Health Care	4.9

Industrials	17.1

Information Technology	14.3

Materials	5.5

Telecommunication Services	0.2

Utilities	5.7

Other⁽²⁾	9.1


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


JetBlue Airways Corp.	1.5	%

MAXIMUS, Inc.	1.1

Dillard’s, Inc., Class A	1.1

Avista Corp.	1.1

Ingram Micro, Inc., Class A	1.1

Brink’s Co. (The)	1.0

Ruddick Corp.	1.0

PNM Resources, Inc.	1.0

Montpelier Re Holdings Ltd.	0.9

Vishay Intertechnology, Inc.	0.9


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 27

Fund Expense Examples

(Unaudited)

You may not buy (nor will you own) shares of the Funds directly. You invest by buying an annuity contract or life insurance policy and allocating your purchase payments to the subaccount that invests in the Fund. Your purchase price will be the next NAV calculated after your request is received by the Fund or an authorized insurance company.

As a contract/policy owner investing in the Funds, you incur, depending on the share class, ongoing costs, which may include management fees and other expenses; distribution and service (Rule 12b-1) fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds that underlie various annuity contracts and/or life insurance policies. In addition to the ongoing expense which each Fund bears directly, each Fund’s shareholders indirectly bear the expense of the funds in which it invests (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds). Each Fund’s indirect expense from investing in the acquired funds is based on the Fund’s pro rata portion of the ongoing expenses charged by the acquired funds using the expense ratio of each of the acquired funds as of the acquired fund’s most recent shareholder report.

These examples are based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

The first line of each table provides information about actual account values and actual expenses for each class (if applicable). You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for each class, (if applicable) and an assumed rate of return of 5% per year before expenses, which is not the actual return for the class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare each 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

Please note that the expenses shown in each table are meant to highlight your ongoing costs only and do not reflect expenses that apply to the subaccount or the contract. Therefore, the second line of each table is useful in comparing ongoing costs of the Fund only, and will not help you determine the relative total costs of owning different funds underlying various annuity contracts and/or life insurance policies. In addition, if the expenses that apply to the subaccount or the contract were included, your costs would have been higher.

28 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 3

Actual^(b)	$	1,000	$	1,051.30	$	4.27		.84%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.63	$	4.21		.84%


^(a)		Expenses are equal to the annualized expense ratio for the class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return of +5.13% for the six months ended June 30, 2011.

Columbia VP – Cash Management Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,000.00	$	0.94	^(c)		.19%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,023.85	$	0.95	^(c)		.19%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,000.00	$	0.99	^(c)		.20%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,023.80	$	1.00	^(c)		.20%^(c	⁾

Class 3

Actual^(b)	$	1,000	$	1,000.00	$	0.99	^(c)		.20%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,023.80	$	1.00	^(c)		.20%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +0.00% for Class 1, +0.00% for Class 2 and +0.00% for Class 3.
^(c)		From time to time, Columbia Management Investment Advisers, LLC (the Investment Manager) and its affiliates may limit the expenses of the Fund for the purpose of increasing the yield. This expense limitation policy may be revised or terminated at any time without notice. Had the Investment Manager and its affiliates not limited the expenses of the Fund during the six months ended June 30, 2011, the annualized expense ratios would have been 0.46% for Class 1, 0.71% for Class 2 and 0.59% for Class 3. The actual expenses paid would have been $2.28 for Class 1, $3.52 for Class 2 and $2.93 for Class 3; the hypothetical expenses paid would have been $2.31 for Class 1, $3.56 for Class 2 and $2.96 for Class 3.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 29

Fund Expense Example (continued)

Columbia VP – Diversified Bond Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,025.50	$	2.86		.57%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.97	$	2.86		.57%

Class 2

Actual^(b)	$	1,000	$	1,024.70	$	4.12		.82%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.73	$	4.11		.82%

Class 3

Actual^(b)	$	1,000	$	1,024.90	$	3.51		.70%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.32	$	3.51		.70%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.55% for Class 1, +2.47% for Class 2 and +2.49% for Class 3.

Columbia VP – Dynamic Equity Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,091.50	$	4.30	^(c)		.83% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.68	$	4.16	^(c)		.83% ^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,089.50	$	5.49	^(c)		1.06% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.54	$	5.31	^(c)		1.06% ^(c	⁾

Class 3

Actual^(b)	$	1,000	$	1,090.60	$	4.92	^(c)		.95% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.08	$	4.76	^(c)		.95% ^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +9.15% for Class 1, +8.95% for Class 2 and +9.06% for Class 3.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), before giving effect to any performance incentive adjustment, will not exceed 0.82% for Class 1 and 1.05% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $4.25 for Class 1 and $5.44 for Class 2; the hypothetical expenses paid would have been $4.11 for Class 1 and $5.26 for Class 2.

30 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Emerging Markets Opportunity Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	991.70	$	6.47		1.31%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.30	$	6.56		1.31%

Class 2

Actual^(b)	$	1,000	$	990.70	$	7.80		1.58%

Hypothetical (5% return before expenses)	$	1,000	$	1,016.96	$	7.90		1.58%

Class 3

Actual^(b)	$	1,000	$	991.10	$	7.06		1.43%

Hypothetical (5% return before expenses)	$	1,000	$	1,017.70	$	7.15		1.43%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: -0.83% for Class 1, -0.93% for Class 2 and -0.89% for Class 3.

Columbia VP – Global Bond Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,047.30	$	3.96		.78%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.93	$	3.91		.78%

Class 2

Actual^(b)	$	1,000	$	1,046.30	$	5.23		1.03%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.69	$	5.16		1.03%

Class 3

Actual^(b)	$	1,000	$	1,047.50	$	4.62		.91%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.28	$	4.56		.91%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +4.73% for Class 1, +4.63% for Class 2 and +4.75% for Class 3.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 31

Fund Expense Example (continued)

Columbia VP – Global Inflation Protected Securities Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,043.40	$	2.84		.56%

Hypothetical (5% return before expenses)	$	1,000	$	1,022.02	$	2.81		.56%

Class 2

Actual^(b)	$	1,000	$	1,042.70	$	4.10		.81%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.78	$	4.06		.81%

Class 3

Actual^(b)	$	1,000	$	1,042.90	$	3.44		.68%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.42	$	3.41		.68%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +4.34% for Class 1, +4.27% for Class 2 and +4.29% for Class 3.

Columbia VP – High Yield Bond Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,044.00	$	3.75		.74%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.12	$	3.71		.74%

Class 2

Actual^(b)	$	1,000	$	1,042.00	$	5.21		1.03%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.69	$	5.16		1.03%

Class 3

Actual^(b)	$	1,000	$	1,044.20	$	4.51		.89%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.38	$	4.46		.89%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +4.40% for Class 1, +4.20% for Class 2 and +4.42% for Class 3.

32 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Income Opportunities Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,044.00	$	3.70	^(c)		.73% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,021.17	$	3.66	^(c)		.73% ^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,042.60	$	4.96	^(c)		.98% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.93	$	4.91	^(c)		.98% ^(c	⁾

Class 3

Actual^(b)	$	1,000	$	1,042.50	$	4.36	^(c)		.86% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.53	$	4.31	^(c)		.86% ^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +4.40% for Class 1, +4.26% for Class 2 and +4.25% for Class 3.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.71% for Class 1, 0.96% for Class 2 and 0.83% for Class 3. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.60 for Class 1, $4.86 for Class 2 and $4.20 for Class 3; the hypothetical expenses paid would have been $3.56 for Class 1, $4.81 for Class 2 and $4.16 for Class 3.

Columbia VP – Mid Cap Growth Opportunity Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,033.70	$	4.59		.91%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.28	$	4.56		.91%

Class 2

Actual^(b)	$	1,000	$	1,033.00	$	5.95		1.18%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.94	$	5.91		1.18%

Class 3

Actual^(b)	$	1,000	$	1,033.70	$	5.09		1.01%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.79	$	5.06		1.01%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +3.37% for Class 1, +3.30% for Class 2 and +3.37% for Class 3.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 33

Fund Expense Example (continued)

VP – Davis New York Venture Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,028.00	$	3.92	^(c)		.78% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.93	$	3.91	^(c)		.78% ^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,028.00	$	5.23	^(c)		1.04% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.64	$	5.21	^(c)		1.04% ^(c	⁾

Class 3

Actual^(b)	$	1,000	$	1,028.00	$	4.58	^(c)		.91% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.28	$	4.56	^(c)		.91% ^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.80% for Class 1, +2.80% for Class 2 and +2.80% for Class 3.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), before giving effect to any performance incentive adjustment, will not exceed 0.78% for Class 1, 1.03% for Class 2 and 0.90% for Class 3. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.72 for Class 1, $5.03 for Class 2 and $4.32 for Class 3; the hypothetical expenses paid would have been $3.71 for Class 1, $5.01 for Class 2 and $4.31 for Class 3.

VP – Goldman Sachs Mid Cap Value Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,060.80	$	4.60		.90%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.33	$	4.51		.90%

Class 2

Actual^(b)	$	1,000	$	1,059.10	$	5.92		1.16%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.04	$	5.81		1.16%

Class 3

Actual^(b)	$	1,000	$	1,059.90	$	5.26		1.03%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.69	$	5.16		1.03%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +6.08% for Class 1, +5.91% for Class 2 and +5.99% for Class 3.

34 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Partners Small Cap Value Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,036.60	$	5.00	^(c)		.99% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.89	$	4.96	^(c)		.99% ^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,035.40	$	6.26	^(c)		1.24% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,018.65	$	6.21	^(c)		1.24% ^(c	⁾

Class 3

Actual^(b)	$	1,000	$	1,036.00	$	5.65	^(c)		1.12% ^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.24	$	5.61	^(c)		1.12% ^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +3.66% for Class 1, +3.54% for Class 2 and +3.60% for Class 3.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), before giving effect to any performance incentive adjustment (PIA), will not exceed 1.02% for Class 1, 1.27% for Class 2 and 1.14% for Class 3. Any amounts waived will not be reimbursed by the Fund. This change, including the elimination of the PIA, was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $5.15 for Class 1, $6.41 for Class 2 and $5.75 for Class 3; the hypothetical expenses paid would have been $5.11 for Class 1, $6.36 for Class 2 and $5.71 for Class 3.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 35

Portfolio of Investments

Columbia VP – Balanced Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 64.1%


CONSUMER DISCRETIONARY (4.3%)

Auto Components (0.9%)
Johnson Controls, Inc.		211,713	$	8,819,964


Automobiles (0.4%)
General Motors Co.(a)		129,994		3,946,618


Hotels, Restaurants & Leisure (0.5%)
Carnival Corp.(b)		125,131		4,708,679


Media (1.2%)
Comcast Corp., Class A		445,348		11,285,118


Multiline Retail (1.0%)
Kohl’s Corp.		179,192		8,961,392


Specialty Retail (0.3%)
Best Buy Co., Inc.(c)		87,939		2,762,164

TOTAL CONSUMER DISCRECTIONARY				40,483,935


CONSUMER STAPLES (6.8%)

Beverages (1.5%)
Diageo PLC, ADR(b)(c)		46,642		3,818,580
PepsiCo, Inc.		147,927		10,418,499

Total				14,237,079


Food & Staples Retailing (0.9%)
CVS Caremark Corp.(c)		233,799		8,786,166


Food Products (0.7%)
Kraft Foods, Inc., Class A(c)		185,489		6,534,778


Household Products (1.2%)
Procter & Gamble Co. (The)		180,078		11,447,558


Personal Products (1.0%)
Avon Products, Inc.		182,553		5,111,484
Herbalife Ltd.(b)		73,286		4,224,205

Total				9,335,689


Tobacco (1.5%)
Philip Morris International, Inc.		206,039		13,757,224

TOTAL CONSUMER STAPLES				64,098,494


ENERGY (8.4%)

Energy Equipment & Services (2.3%)
Baker Hughes, Inc.		116,892		8,481,684
Halliburton Co.		124,503		6,349,653
Schlumberger Ltd.(b)		71,487		6,176,477

Total				21,007,814


Oil, Gas & Consumable Fuels (6.1%)
Alpha Natural Resources, Inc.(a)		27,641		1,256,007
Apache Corp.		62,100		7,662,519
Chevron Corp.		136,659		14,054,011
ConocoPhillips		104,679		7,870,814
Devon Energy Corp.		54,228		4,273,709
Exxon Mobil Corp.		217,919		17,734,248
Occidental Petroleum Corp.		43,195		4,494,008

Total				57,345,316


TOTAL ENERGY				78,353,130


FINANCIALS (10.7%)

Capital Markets (3.7%)
BlackRock, Inc.		40,144		7,700,021
Goldman Sachs Group, Inc. (The)		102,334		13,619,632
Invesco Ltd.(b)		201,299		4,710,397
State Street Corp.		198,534		8,951,898

Total				34,981,948


Commercial Banks (0.8%)
Wells Fargo & Co.		257,521		7,226,039


Consumer Finance (1.6%)
American Express Co.		288,176		14,898,699


Diversified Financial Services (3.2%)
Citigroup, Inc.		212,094		8,831,594
JPMorgan Chase & Co.		522,295		21,382,758

Total				30,214,352


Insurance (1.4%)
Berkshire Hathaway, Inc., Class B(a)		109,414		8,467,549
MetLife, Inc.(c)		114,078		5,004,602

Total				13,472,151


TOTAL FINANCIALS				100,793,189


HEALTH CARE (8.0%)

Biotechnology (0.3%)
Celgene Corp.(a)		48,926		2,951,216


Health Care Equipment & Supplies (0.8%)
Baxter International, Inc.		132,527		7,910,537


Health Care Providers & Services (2.1%)
Cardinal Health, Inc.		92,030		4,180,003
HCA Holdings, Inc.(a)		135,413		4,468,629
Medco Health Solutions, Inc.(a)		69,853		3,948,091
WellPoint, Inc.		88,356		6,959,802

Total				19,556,525


Life Sciences Tools & Services (1.3%)
Thermo Fisher Scientific, Inc.(a)		187,360		12,064,110


Pharmaceuticals (3.5%)
Abbott Laboratories		83,271		4,381,720
Johnson & Johnson(c)		180,281		11,992,292
Merck & Co., Inc.		153,262		5,408,616
Pfizer, Inc.		537,529		11,073,098

Total				32,855,726


TOTAL HEALTH CARE				75,338,114


INDUSTRIALS (8.6%)

Aerospace & Defense (1.5%)
Honeywell International, Inc.		141,884		8,454,867
United Technologies Corp.(c)		60,080		5,317,681

Total				13,772,548


Air Freight & Logistics (0.9%)
FedEx Corp.		88,154		8,361,407


Airlines (0.4%)
Southwest Airlines Co.		305,601		3,489,963


Commercial Services & Supplies (0.3%)
Republic Services, Inc.		92,789		2,862,541


Industrial Conglomerates (2.5%)
General Electric Co.		515,060		9,714,032
Tyco International Ltd.(b)		289,395		14,304,795

Total				24,018,827


Machinery (1.0%)
Illinois Tool Works, Inc.(c)		171,563		9,691,594


Professional Services (1.1%)
Nielsen Holdings NV(a)(b)		325,239		10,134,447


Road & Rail (0.9%)
Con-way, Inc.		54,415		2,111,846
Union Pacific Corp.(c)		58,632		6,121,181

Total				8,233,027


TOTAL INDUSTRIALS				80,564,354


INFORMATION TECHNOLOGY (13.0%)

Communications Equipment (0.9%)
QUALCOMM, Inc.		142,475		8,091,155


Computers & Peripherals (3.5%)
Apple, Inc.(a)		71,575		24,025,580
EMC Corp.(a)		319,877		8,812,612

Total				32,838,192


Electronic Equipment, Instruments & Components (0.9%)
TE Connectivity Ltd.(b)		243,012		8,933,121


Internet Software & Services (2.8%)
AOL, Inc.(a)(c)		126,748		2,517,215
eBay, Inc.(a)		444,585		14,346,758
Google, Inc., Class A(a)		17,659		8,942,165

Total				25,806,138


IT Services (3.0%)
IBM Corp.		88,525		15,186,464
Mastercard, Inc., Class A		43,677		13,161,627

Total				28,348,091


Semiconductors & Semiconductor Equipment (0.4%)
Advanced Micro Devices, Inc.(a)(c)		249,181		1,741,775
Atmel Corp.(a)		129,656		1,824,260

Total				3,566,035


Software (1.5%)
Microsoft Corp.		547,254		14,228,604

TOTAL INFORMATION TECHNOLOGY				121,811,336


MATERIALS (3.5%)

Chemicals (3.5%)
Air Products & Chemicals, Inc.		110,102		10,523,549
Celanese Corp., Series A		184,600		9,841,026
EI du Pont de Nemours & Co.		165,009		8,918,736
Syngenta AG, ADR(b)		46,678		3,153,566

Total				32,436,877


TOTAL MATERIALS				32,436,877

The accompanying Notes to Financial Statements are an integral part of this statement.

36 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund


Issuer	Shares		Value

Common Stocks (continued)
TELECOMMUNICATION SERVICES (0.8%)

Wireless Telecommunication Services (0.8%)
MetroPCS Communications, Inc.(a)		242,557		$4,174,406
Millicom International Cellular SA, SDR(b)		30,047		3,135,240

Total				7,309,646


TOTAL TELECOMMUNICATION SERVICES				7,309,646


Total Common Stocks
(Cost: $537,484,073)			$	601,189,075


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes 11.5%


Aerospace & Defense (0.2%)
ADS Tactical, Inc. Senior Secured(d)
04/01/18	11.000%	$	110,000	$	116,325
Ducommun, Inc. Senior Notes(d)
07/15/18	9.750%		14,000		14,333
Huntington Ingalls Industries, Inc.(d)
03/15/18	6.875%		36,000		36,900
03/15/21	7.125%		47,000		48,645
Kratos Defense & Security Solutions, Inc. Senior Secured(d)
06/01/17	10.000%		103,000		108,665
L-3 Communications Corp.
02/15/21	4.950%		900,000		898,042
Moog, Inc. Senior Subordinated Notes
06/15/18	7.250%		42,000		44,572
Oshkosh Corp.
03/01/17	8.250%		38,000		40,755
03/01/20	8.500%		54,000		58,455
TransDigm, Inc.(d)
12/15/18	7.750%		39,000		40,950

Total					1,407,642


Automotive (0.1%)
Allison Transmission, Inc.(d)
05/15/19	7.125%		36,000		35,010
Chrysler Group LLC/Co-Issuer, Inc. Senior Secured(d)
06/15/21	8.250%		105,000		103,162
Dana Holding Corp. Senior Unsecured
02/15/19	6.500%		61,000		60,542
02/15/21	6.750%		95,000		94,050
Delphi Corp. (d) Senior Notes
05/15/19	5.875%		26,000		25,740
05/15/21	6.125%		17,000		16,915
International Automotive Components Group SL Senior Secured(b)(d)
06/01/18	9.125%		15,000		15,338
Lear Corp.
03/15/18	7.875%		159,000		170,925
03/15/20	8.125%		88,000		95,260
Visteon Corp. Senior Notes(d)
04/15/19	6.750%		105,000		100,800

Total					717,742


Banking (2.8%)
BB&T Corp. Senior Unsecured(e)
04/28/14	0.973%		1,250,000		1,251,756
BNP Paribas SA Bank Guaranteed(b)
02/23/16	3.600%		1,550,000		1,567,312
Bank of America Corp. Senior Unsecured
01/05/21	5.875%		1,365,000		1,432,533
Barclays Bank PLC Senior Unsecured(b)
05/22/19	6.750%		1,400,000		1,571,570
Bear Stearns Companies LLC (The) Senior Unsecured
02/01/18	7.250%		1,200,000		1,424,989
Capital One Financial Corp. Senior Unsecured
09/15/17	6.750%		1,150,000		1,329,554
Citigroup, Inc. Senior Unsecured
05/15/18	6.125%		1,700,000		1,872,091
Commonwealth Bank of Australia Senior Unsecured(b)(d)
10/15/14	3.750%		1,000,000		1,050,641
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA(b)
01/11/21	4.500%		1,500,000		1,531,679
Goldman Sachs Group, Inc. (The) Senior Unsecured
01/18/18	5.950%		1,600,000		1,724,597
HSBC Holdings PLC Senior Unsecured(b)
04/05/21	5.100%		1,500,000		1,537,176
ING Bank NV Senior Unsecured(b)(d)
06/09/14	1.652%		1,525,000		1,529,805
KeyCorp Senior Unsecured
08/13/15	3.750%		1,050,000		1,084,406
Lloyds Banking Group PLC(b)(d)
11/29/49	6.267%		33,000		24,255
Lloyds TSB Bank PLC Bank Guaranteed(b)
01/21/21	6.375%		1,250,000		1,301,319
Morgan Stanley Senior Unsecured
04/01/18	6.625%		1,500,000		1,652,389
Royal Bank of Scotland PLC (The) Bank Guaranteed(b)
01/11/21	6.125%		1,200,000		1,230,137
Santander U.S. Debt SA Unipersonal Bank Guaranteed(b)(d)
10/07/15	3.781%		1,200,000		1,159,460
Wachovia Corp. Subordinated Notes
08/01/14	5.250%		1,425,000		1,527,408

Total					25,803,077


Brokerage ( — %)
E*Trade Financial Corp. Senior Notes
06/01/16	6.750%		65,000		63,700
Senior Unsecured PIK
11/30/17	12.500%		44,000		51,480
Nuveen Investments, Inc.
11/15/15	10.500%		20,000		20,450

Total					135,630


Building Materials ( — %)
Building Materials Corp. of America Senior Notes(d)
05/01/21	6.750%		130,000		130,650
Euramax International, Inc. Senior Secured(d)
04/01/16	9.500%		45,000		43,425
Interface, Inc.
12/01/18	7.625%		25,000		26,000
Nortek, Inc.(d)
04/15/21	8.500%		60,000		55,500

Total					255,575


Chemicals (0.1%)
CF Industries, Inc.
05/01/18	6.875%		105,000		118,387
05/01/20	7.125%		71,000		82,360
Celanese U.S. Holdings LLC Senior Notes
06/15/21	5.875%		10,000		10,225
Hexion U.S. Finance Corp./Nova Scotia ULC Secured
11/15/20	9.000%		38,000		38,950
Senior Secured
02/01/18	8.875%		124,000		128,960
Lyondell Chemical Co. Senior Secured(d)
11/01/17	8.000%		125,000		139,687
MacDermid, Inc. Senior Subordinated Notes(d)
04/15/17	9.500%		42,000		43,785
Nalco Co.(d)
01/15/19	6.625%		81,000		83,025
Nova Chemicals Corp. Senior Unsecured(b)
11/01/16	8.375%		84,000		92,400
Polypore International, Inc.
11/15/17	7.500%		75,000		79,313

Total					817,092


Construction Machinery (0.1%)
Case New Holland, Inc. Senior Notes(d)
12/01/17	7.875%		108,000		119,070
Columbus McKinnon Corp.
02/01/19	7.875%		49,000		49,735
Manitowoc Co., Inc. (The)
11/01/20	8.500%		91,000		97,142
Neff Rental LLC/Finance Corp. Secured(d)
05/15/16	9.625%		77,000		73,150
RSC Equipment Rental, Inc./Holdings III LLC
11/15/19	10.250%		38,000		41,610
02/01/21	8.250%		42,000		41,790
United Rentals North America, Inc.
12/15/19	9.250%		78,000		85,410
09/15/20	8.375%		82,000		83,025
Xerium Technologies, Inc.(d)
06/15/18	8.875%		45,000		45,000

Total					635,932

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 37

Portfolio of Investments (continued)

Columbia VP – Balanced Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)
Consumer Cyclical Services ( — %)
Garda World Security Corp. Senior Unsecured(b)(d)
03/15/17	9.750%		$12,000		$12,900
West Corp.(d)
10/01/18	8.625%		50,000		50,500

Total					63,400


Consumer Products ( — %)
Central Garden and Pet Co.
03/01/18	8.250%		67,000		69,178
Sealy Mattress Co.
06/15/14	8.250%		38,000		38,095
Spectrum Brands Holdings, Inc. Senior Secured(d)
06/15/18	9.500%		113,000		125,430
Visant Corp.
10/01/17	10.000%		40,000		41,400

Total					274,103


Diversified Manufacturing (0.1%)
Amsted Industries, Inc. Senior Notes(d)
03/15/18	8.125%		82,000		86,510
CPM Holdings, Inc. Senior Secured
09/01/14	10.625%		80,000		86,800
SPX Corp.(d)
09/01/17	6.875%		56,000		59,920
Tomkins LLC/Inc. Secured(d)
10/01/18	9.000%		80,000		86,400
Tyco International Ltd./Finance SA(b)
12/15/19	7.000%		650,000		772,210
WireCo WorldGroup Senior Unsecured(d)
05/15/17	9.750%		117,000		123,435

Total					1,215,275


Electric (0.8%)
AES Corp. (The) Senior Notes(d)
07/01/21	7.375%		65,000		65,975
Arizona Public Service Co. Senior Unsecured
08/01/16	6.250%		420,000		480,194
CMS Energy Corp. Senior Unsecured
12/15/15	6.875%		70,000		78,213
Calpine Corp. Senior Secured(d)
02/15/21	7.500%		96,000		98,160
Commonwealth Edison Co. 1st Mortgage
09/15/17	6.150%		850,000		983,736
DTE Energy Co. Senior Unsecured
05/15/14	7.625%		1,130,000		1,304,326
Dominion Resources, Inc. Senior Unsecured
08/15/19	5.200%		160,000		174,240
Edison Mission Energy Senior Unsecured
05/15/17	7.000%		88,000		71,280
Energy Future Intermediate Holding Co. LLC/Finance, Inc. Senior Secured
12/01/20	10.000%		50,000		53,323
GenOn Energy, Inc. Senior Unsecured
10/15/18	9.500%		58,000		60,320
Indiana Michigan Power Co. Senior Unsecured
03/15/37	6.050%		485,000		509,797
KCP&L Greater Missouri Operations Co. Senior Unsecured
07/01/12	11.875%		205,000		225,859
Midwest Generation LLC Pass-Through Certificates
01/02/16	8.560%		43,532		44,620
NRG Energy, Inc.
01/15/17	7.375%		132,000		138,270
Nevada Power Co.
08/01/18	6.500%		605,000		706,720
Ohio Edison Co. Senior Unsecured
05/01/15	5.450%		170,000		185,771
Pacific Gas & Electric Co. Senior Unsecured
03/01/37	5.800%		800,000		821,685
Progress Energy, Inc. Senior Unsecured
12/01/19	4.875%		835,000		886,183
Tampa Electric Co. Senior Unsecured
05/15/18	6.100%		720,000		826,698
Texas Competitive Electric Holdings Co. LLC/Finance, Inc. Senior Secured(d)
10/01/20	11.500%		21,000		20,685

Total					7,736,055


Entertainment (0.2%)
AMC Entertainment, Inc.
06/01/19	8.750%		32,000		33,760
Cinemark U.S.A., Inc. Senior Subordinated Notes(d)
06/15/21	7.375%		12,000		11,910
National CineMedia LLC Senior Notes(d)(f)
07/15/21	7.875%		52,000		52,845
Regal Cinemas Corp.
07/15/19	8.625%		39,000		40,950
Speedway Motorsports, Inc.
06/01/16	8.750%		70,000		75,775
02/01/19	6.750%		10,000		9,975
Time Warner, Inc.
03/15/40	6.200%		850,000		870,805
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates(g)(h)
07/01/15	9.300%		748,021		749,891
Vail Resorts, Inc.(d)
05/01/19	6.500%		60,000		60,300

Total					1,906,211


Environmental ( — %)
Clean Harbors, Inc. Senior Secured(d)
08/15/16	7.625%		20,000		21,200


Food and Beverage (0.4%)
ARAMARK Holdings Corp. Senior Notes PIK(d)
05/01/16	8.625%		39,000		39,682
Anheuser-Busch InBev Worldwide, Inc.(b)
11/15/14	5.375%		1,125,000		1,256,328
Bacardi Ltd.(b)(d)
04/01/14	7.450%		150,000		172,783
Darling International, Inc.(d)
12/15/18	8.500%		47,000		50,760
Dean Foods Co. Senior Notes(d)
12/15/18	9.750%		38,000		40,375
Kraft Foods, Inc. Senior Unsecured
08/11/17	6.500%		865,000		1,012,723
SABMiller PLC Senior Unsecured(b)(d)
01/15/14	5.700%		1,195,000		1,314,886

Total					3,887,537


Gaming (0.1%)
Boyd Gaming Corp. Senior Notes(d)
12/01/18	9.125%		57,000		58,425
Caesars Entertainment Operating Co., Inc. Secured
12/15/18	10.000%		69,000		62,272
Senior Secured
06/01/17	11.250%		46,000		50,772
MGM Resorts International Senior Secured
03/15/20	9.000%		74,000		81,030
Senior Unsecured
03/01/18	11.375%		35,000		39,288
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19	8.750%		7,000		7,613
Seneca Gaming Corp.(d)
12/01/18	8.250%		72,000		74,340
Tunica-Biloxi Gaming Authority Senior Unsecured(d)
11/15/15	9.000%		26,000		25,935

Total					399,675


Gas Distributors (0.1%)
Energy Transfer Equity LP Senior Secured
10/15/20	7.500%		76,000		80,940
Sempra Energy Senior Unsecured
06/01/16	6.500%		900,000		1,042,281

Total					1,123,221


Gas Pipelines (0.5%)
Colorado Interstate Gas Co. Senior Unsecured
11/15/15	6.800%		1,009,000		1,174,951
El Paso Corp. Senior Unsecured
09/15/20	6.500%		129,000		141,255
01/15/32	7.750%		43,000		50,021
Nisource Finance Corp.
09/15/17	5.250%		1,040,000		1,124,891
Plains All American Pipeline LP/Finance Corp.
02/01/21	5.000%		1,000,000		1,016,849

The accompanying Notes to Financial Statements are an integral part of this statement.

38 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Gas Pipelines (cont.)
Regency Energy Partners LP/Finance Corp.
06/01/16	9.375%		$36,000		$40,140
12/01/18	6.875%		94,000		97,055
07/15/21	6.500%		87,000		88,087
Southern Star Central Corp. Senior Unsecured
03/01/16	6.750%		255,000		256,275
Williams Partners LP/Finance Corp. Senior Unsecured
02/01/17	7.250%		850,000		1,002,134

Total					4,991,658


Health Care (0.3%)
AMGH Merger Sub, Inc. Senior Secured(d)
11/01/18	9.250%		66,000		69,465
American Renal Associates Holdings, Inc. Senior Unsecured PIK(d)
03/01/16	9.750%		10,000		10,275
American Renal Holdings Co., Inc. Senior Secured
05/15/18	8.375%		62,000		63,163
CDRT Merger Sub, Inc.(d)
06/01/19	8.125%		22,000		22,000
CHS/Community Health Systems, Inc.
07/15/15	8.875%		35,000		36,050
ConvaTec Healthcare E SA Senior Unsecured(b)(d)
12/15/18	10.500%		118,000		122,130
Express Scripts, Inc.
06/15/14	6.250%		750,000		841,459
Fresenius Medical Care U.S. Finance, Inc.(d)
02/15/21	5.750%		43,000		41,603
HCA, Inc. Senior Secured
09/15/20	7.250%		184,000		197,570
Hanger Orthopedic Group, Inc.
11/15/18	7.125%		60,000		61,950
Healthsouth Corp.
02/15/20	8.125%		93,000		99,975
09/15/22	7.750%		8,000		8,430
Hospira, Inc. Senior Unsecured
03/30/17	6.050%		750,000		851,248
InVentiv Health, Inc.(d)
08/15/18	10.000%		77,000		75,845
Multiplan, Inc.(d)
09/01/18	9.875%		82,000		87,125
Radnet Management, Inc.
04/01/18	10.375%		26,000		26,585
STHI Holding Corp. Secured(d)
03/15/18	8.000%		18,000		18,270
Tenet Healthcare Corp. Senior Unsecured
08/01/20	8.000%		17,000		17,276
Vanguard Health Holding Co. II LLC/Inc.
02/01/18	8.000%		97,000		100,153
WP Rocket Merger Sub, Inc. Senior Unsecured(d)
07/15/19	10.125%		41,000		41,410

Total					2,791,982


Healthcare Insurance (0.1%)
UnitedHealth Group, Inc. Senior Unsecured
03/15/15	4.875%		1,000,000		1,092,911


Home Construction ( — %)
K Hovnanian Enterprises, Inc. Senior Secured
10/15/16	10.625%		39,000		38,903
Shea Homes LP/Funding Corp. Senior Secured(d)
05/15/19	8.625%		70,000		68,950

Total					107,853


Independent Energy (0.6%)
Anadarko Petroleum Corp. Senior Unsecured
09/15/16	5.950%		1,000,000		1,125,587
Berry Petroleum Co. Senior Unsecured
11/01/20	6.750%		30,000		30,150
Brigham Exploration Co.
10/01/18	8.750%		54,000		58,860
Brigham Exploration Co.(d)
06/01/19	6.875%		12,000		11,910
Canadian Natural Resources Ltd. Senior Unsecured(b)
05/15/17	5.700%		775,000		881,845
Carrizo Oil & Gas, Inc.
10/15/18	8.625%		100,000		103,000
Chaparral Energy, Inc.
10/01/20	9.875%		40,000		43,200
09/01/21	8.250%		73,000		73,548
Chesapeake Energy Corp.
08/15/20	6.625%		120,000		126,000
02/15/21	6.125%		156,000		157,950
Comstock Resources, Inc.
04/01/19	7.750%		51,000		51,383
Concho Resources, Inc.
01/15/21	7.000%		81,000		83,835
01/15/22	6.500%		19,000		19,048
Continental Resources, Inc.
04/01/21	7.125%		80,000		84,400
Denbury Resources, Inc.
03/01/16	9.750%		73,000		81,578
EXCO Resources, Inc.
09/15/18	7.500%		84,000		81,690
Goodrich Petroleum Corp.(d)
03/15/19	8.875%		36,000		36,000
Hilcorp Energy I LP/Finance Co. Senior Notes(d)
04/15/21	7.625%		97,000		101,365
Laredo Petroleum, Inc. Senior Notes(d)
02/15/19	9.500%		114,000		120,270
Linn Energy LLC/Finance Corp.(d)
05/15/19	6.500%		89,000		88,110
MEG Energy Corp.(b)(d)
03/15/21	6.500%		69,000		69,345
Nexen, Inc. Senior Unsecured(b)
03/10/35	5.875%		850,000		804,873
Oasis Petroleum, Inc. Senior Unsecured(d)
02/01/19	7.250%		86,000		84,280
Petrohawk Energy Corp.
08/15/18	7.250%		97,000		99,546
Petrohawk Energy Corp.(d)
06/01/19	6.250%		48,000		46,920
QEP Resources, Inc. Senior Unsecured
03/01/21	6.875%		40,000		42,200
Range Resources Corp.
05/15/19	8.000%		67,000		72,695
06/01/21	5.750%		20,000		19,650
Venoco, Inc.(d)
02/15/19	8.875%		86,000		86,000
Woodside Finance Ltd.(b)(d)
11/10/14	4.500%		825,000		884,656

Total					5,569,894


Integrated Energy (0.1%)
Petro-Canada Senior Unsecured(b)
05/15/18	6.050%		1,025,000		1,160,523



Life Insurance (0.4%)
ING Groep NV(b)(e)
12/29/49	5.775%		142,000		130,640
Lincoln National Corp. Senior Unsecured
07/01/19	8.750%		600,000		757,139
MetLife, Inc. Senior Unsecured
08/15/18	6.817%		1,250,000		1,463,570
Prudential Financial, Inc. Senior Unsecured
06/15/17	6.100%		1,100,000		1,235,454

Total					3,586,803


Media Cable (0.2%)
CCO Holdings LLC/Capital Corp.
04/30/18	7.875%		48,000		50,760
01/15/19	7.000%		90,000		92,700
CSC Holdings LLC Senior Unsecured
02/15/18	7.875%		60,000		65,550
02/15/19	8.625%		35,000		39,463
Cablevision Systems Corp. Senior Unsecured
09/15/17	8.625%		74,000		80,197
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured(d)
11/15/17	8.625%		126,000		131,040
DIRECTV Holdings LLC/Financing Co., Inc.
03/01/21	5.000%		1,050,000		1,087,525
DISH DBS Corp.
02/01/16	7.125%		79,000		83,345
09/01/19	7.875%		120,000		129,450
Insight Communications Co., Inc. Senior Notes(d)
07/15/18	9.375%		45,000		49,388
Kabel BW Erste Beteiligungs GmbH/Co. KG Senior Secured(b)(d)
03/15/19	7.500%		60,000		60,650
Videotron Ltee(b)
04/15/18	9.125%		54,000		60,277

Total					1,930,345

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 39

Portfolio of Investments (continued)

Columbia VP – Balanced Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)
Media Non-Cable (0.4%)
AMC Networks, Inc.(d)
07/15/21	7.750%		$76,000		$79,420
Clear Channel Communications, Inc.(d)
03/01/21	9.000%		85,000		81,387
Clear Channel Worldwide Holdings, Inc.
12/15/17	9.250%		110,000		119,900
Cumulus Media, Inc.(d)
05/01/19	7.750%		14,000		13,510
EH Holding Corp.(d) Senior Secured
06/15/19	6.500%		41,000		41,718
Senior Secured
06/15/21	7.625%		59,000		60,180
Entravision Communications Corp. Senior Secured
08/01/17	8.750%		65,000		67,275
Intelsat Jackson Holdings SA(b)(d)
10/15/20	7.250%		167,000		165,747
Intelsat Luxembourg SA PIK(b)
02/04/17	11.500%		56,000		60,200
NBCUniversal Media LLC Senior Unsecured(d)
04/01/41	5.950%		1,050,000		1,067,737
Nielsen Finance LLC/Co.(d)
10/15/18	7.750%		117,000		122,850
Salem Communications Corp. Secured
12/15/16	9.625%		45,000		47,419
Sinclair Television Group, Inc. Secured(d)
11/01/17	9.250%		76,000		83,220
TCM Sub LLC(d)
01/15/15	3.550%		1,185,000		1,242,398
Univision Communications, Inc.(d)
05/15/21	8.500%		50,000		48,875
Senior Secured
11/01/20	7.875%		94,000		96,350
XM Satellite Radio, Inc.(d)
11/01/18	7.625%		95,000		99,275

Total					3,497,461


Metals (0.3%)
Alpha Natural Resources, Inc.
06/01/19	6.000%		35,000		35,131
06/01/21	6.250%		35,000		35,087
ArcelorMittal Senior Unsecured(b)
03/01/21	5.500%		985,000		986,538
Arch Coal, Inc.(d)
06/15/19	7.000%		95,000		95,475
06/15/21	7.250%		63,000		63,315
Calcipar SA Senior Secured(b)(d)
05/01/18	6.875%		23,000		23,058
Consol Energy, Inc.
04/01/20	8.250%		165,000		179,850
FMG Resources August 2006 Proprietary Ltd.(b)(d)
11/01/15	7.000%		64,000		65,261
02/01/16	6.375%		61,000		60,847
02/01/18	6.875%		62,000		62,930
JMC Steel Group Senior Notes(d)
03/15/18	8.250%		54,000		54,810
Noranda Aluminum Acquisition Corp. PIK(e)
05/15/15	4.417%		39,790		37,701
Novelis, Inc.(b)
12/15/20	8.750%		108,000		116,640
Rain CII Carbon LLC/Corp. Senior Secured(d)
12/01/18	8.000%		80,000		85,400
United States Steel Corp. Senior Unsecured
02/01/18	7.000%		40,000		40,400
Vale Overseas Ltd.(b)
01/23/17	6.250%		800,000		904,997

Total					2,847,440


Non-Captive Consumer ( — %)
SLM Corp. Senior Notes
01/25/16	6.250%		43,000		44,613
Senior Unsecured
03/25/20	8.000%		89,000		95,569
Springleaf Finance Corp. Senior Unsecured
12/15/17	6.900%		107,000		98,172

Total					238,354


Non-Captive Diversified (0.4%)
Ally Financial, Inc.
03/15/20	8.000%		366,000		388,875
CIT Group, Inc. (d) Secured
05/02/16	7.000%		140,000		139,475
04/01/18	6.625%		158,000		165,110
Ford Motor Credit Co. LLC Senior Unsecured
01/15/20	8.125%		87,000		100,782
02/01/21	5.750%		160,000		159,803
General Electric Capital Corp. Senior Unsecured(e)
09/15/14	0.507%		2,800,000		2,751,957
International Lease Finance Corp. Senior Unsecured
05/15/19	6.250%		57,000		55,693
12/15/20	8.250%		181,000		195,480

Total					3,957,175


Oil Field Services (0.1%)
Offshore Group Investments Ltd.(b) Senior Secured
08/01/15	11.500%		108,000		117,450
Offshore Group Investments Ltd. (b)(d) Senior Secured
08/01/15	11.500%		30,000		32,236
Oil States International, Inc.(d)
06/01/19	6.500%		86,000		86,430
Trinidad Drilling Ltd. Senior Unsecured(b)(d)
01/15/19	7.875%		48,000		49,870
Weatherford International Ltd.(b)
09/15/40	6.750%		875,000		929,654

Total					1,215,640


Other Industry ( — %)
Aquilex Holdings LLC/Finance Corp.
12/15/16	11.125%		66,000		64,185
Interline Brands, Inc.
11/15/18	7.000%		42,000		42,525
Seminole Indian Tribe of Florida(d)
10/01/17	7.750%		8,000		8,280

Total					114,990


Packaging (0.1%)
Ardagh Packaging Finance PLC Senior Secured(b)(d)
10/15/17	7.375%		68,000		70,040
Ball Corp.
09/01/19	7.375%		56,000		61,180
Crown Americas LLC/Capital Corp. III Senior Notes(d)
02/01/21	6.250%		46,000		46,460
Graham Packaging Co. LP/GPC Capital Corp. I
10/01/18	8.250%		7,000		7,788
Greif, Inc. Senior Unsecured
02/01/17	6.750%		85,000		88,400
Reynolds Group Issuer, Inc./LLC (d) Senior Secured
04/15/19	7.125%		118,000		117,115
02/15/21	6.875%		30,000		29,250

Total					420,233


Paper ( — %)
Cascades, Inc.(b)
12/15/17	7.750%		96,000		100,080
Graphic Packaging International, Inc.
06/15/17	9.500%		95,000		104,025
10/01/18	7.875%		21,000		22,365
Verso Paper Holdings LLC/Inc. Secured(d)
02/01/19	8.750%		96,000		85,440

Total					311,910


Pharmaceuticals (0.2%)
Endo Pharmaceuticals Holdings, Inc.(d)
07/15/19	7.000%		9,000		9,225
01/15/22	7.250%		41,000		41,615
Grifols, Inc. Senior Secured(d)
02/01/18	8.250%		96,000		98,160
Mylan, Inc.(d)
11/15/18	6.000%		85,000		86,382
Roche Holdings, Inc.(d)
03/01/19	6.000%		1,100,000		1,267,377
Valeant Pharmaceuticals International(b)(d)
10/01/20	7.000%		40,000		38,700
Warner Chilcott Co./Finance LLC(d)
09/15/18	7.750%		3,000		3,026

Total					1,544,485


Property & Casualty (0.4%)
CNA Financial Corp. Senior Unsecured
11/15/19	7.350%		825,000		940,449
Chubb Corp. Senior Unsecured
05/15/18	5.750%		1,000,000		1,129,065
Transatlantic Holdings, Inc. Senior Unsecured
11/30/39	8.000%		650,000		711,393

The accompanying Notes to Financial Statements are an integral part of this statement.

40 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Property & Casualty (cont.)
Travelers Companies, Inc. (The) Senior Unsecured
05/15/18	5.800%		$850,000		$952,479

Total					3,733,386


Railroads (0.2%)
CSX Corp. Senior Unsecured
06/01/21	4.250%		1,200,000		1,194,370
Canadian Pacific Railway Co. Senior Unsecured(b)
03/15/23	4.450%		825,000		816,945

Total					2,011,315


Refining ( — %)
United Refining Co. Senior Secured
02/28/18	10.500%		44,000		44,000


REITs (0.3%)
Duke Realty LP Senior Unsecured
08/15/19	8.250%		700,000		848,618
Kimco Realty Corp. Senior Unsecured
02/01/18	4.300%		750,000		766,936
Simon Property Group LP Senior Unsecured
02/01/40	6.750%		750,000		837,599

Total					2,453,153


Retailers (0.1%)
Asbury Automotive Group, Inc. Subordinated Notes(d)
11/15/20	8.375%		10,000		10,175
CVS Caremark Corp. Senior Unsecured
06/01/17	5.750%		850,000		954,700
Ltd Brands, Inc.
04/01/21	6.625%		35,000		35,787
QVC, Inc. Senior Secured(d)
10/15/20	7.375%		44,000		46,420
Rite Aid Corp.
06/15/17	9.500%		22,000		20,075
Senior Secured
08/15/20	8.000%		82,000		88,355
Toys R Us — Delaware, Inc. Senior Secured(d)
09/01/16	7.375%		81,000		81,810

Total					1,237,322


Technology (0.4%)
Amkor Technology, Inc. Senior Unsecured
05/01/18	7.375%		129,000	��	131,096
Amkor Technology, Inc. (d) Senior Unsecured
06/01/21	6.625%		14,000		13,580
Brocade Communications Systems, Inc. Senior Secured
01/15/18	6.625%		38,000		40,090
01/15/20	6.875%		43,000		46,333
CDW LLC/Finance Corp(d)
04/01/19	8.500%		96,000		94,320
Cardtronics, Inc.
09/01/18	8.250%		104,000		111,280
Cisco Systems, Inc. Senior Unsecured
02/15/19	4.950%		800,000		868,629
CommScope, Inc.(d)
01/15/19	8.250%		26,000		26,780
First Data Corp.(d)
01/15/21	12.625%		126,000		134,820
Senior Secured
06/15/19	7.375%		59,000		59,442
08/15/20	8.875%		80,000		85,400
Freescale Semiconductor, Inc. Senior Secured(b)(d)
04/15/18	9.250%		47,000		50,642
Hewlett-Packard Co. Senior Unsecured
06/01/21	4.300%		1,050,000		1,060,266
Interactive Data Corp.(d)
08/01/18	10.250%		92,000		100,050
NXP BV/Funding LLC Senior Secured(b)(d)
08/01/18	9.750%		44,000		49,280
Oracle Corp. Senior Unsecured
04/15/38	6.500%		700,000		811,691
SunGard Data Systems, Inc.
11/15/18	7.375%		86,000		86,000
iGate Corp.(d)
05/01/16	9.000%		71,000		71,355

Total					3,841,054


Transportation Services (0.1%)
Avis Budget Car Rental LLC/Finance, Inc.
01/15/19	8.250%		36,000		36,450
ERAC U.S.A. Finance LLC(d)
10/15/37	7.000%		720,000		792,235
Hertz Corp. (The)(d)
10/15/18	7.500%		81,000		82,823
01/15/21	7.375%		40,000		40,500

Total					952,008


Wireless (0.5%)
America Movil SAB de CV(b)
11/15/17	5.625%		500,000		561,074
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured(d)
05/01/17	7.750%		74,000		80,105
Clearwire Communications LLC/Finance, Inc. (d) Secured
12/01/17	12.000%		21,000		21,998
Senior Secured
12/01/15	12.000%		25,000		26,500
Cricket Communications, Inc. Senior Secured
05/15/16	7.750%		119,000		126,140
Cricket Communications, Inc. (d) Senior Notes
10/15/20	7.750%		36,000		35,190
Goodman Networks, Inc. Senior Secured(d)
07/01/18	12.125%		44,000		43,560
MetroPCS Wireless, Inc.
09/01/18	7.875%		40,000		42,300
11/15/20	6.625%		43,000		42,570
NII Capital Corp.
04/01/21	7.625%		40,000		41,800
Nextel Communications, Inc.
08/01/15	7.375%		120,000		120,000
Rogers Communications, Inc.(b)
08/15/18	6.800%		840,000		992,313
SBA Telecommunications, Inc.
08/15/16	8.000%		80,000		85,100
08/15/19	8.250%		133,000		142,310
Sprint Nextel Corp. Senior Unsecured
08/15/17	8.375%		166,000		182,392
United States Cellular Corp. Senior Unsecured
12/15/33	6.700%		1,205,000		1,199,537
Vodafone Group PLC Senior Unsecured(b)
03/15/16	5.750%		500,000		565,177
Wind Acquisition Finance SA Senior Secured(b)(d)
02/15/18	7.250%		168,000		175,560

Total					4,483,626


Wirelines (0.8%)
AT&T, Inc. Senior Unsecured
02/15/39	6.550%		1,100,000		1,206,513
Cincinnati Bell, Inc.
10/15/17	8.250%		34,000		34,170
10/15/20	8.375%		66,000		65,835
Embarq Corp. Senior Unsecured
06/01/36	7.995%		915,000		937,520
Frontier Communications Corp. Senior Unsecured
04/15/15	7.875%		39,000		42,315
04/15/17	8.250%		28,000		30,450
04/15/20	8.500%		67,000		73,030
Integra Telecom Holdings, Inc. Senior Secured(d)
04/15/16	10.750%		25,000		25,313
Level 3 Communications, Inc. Senior Unsecured(d)
02/01/19	11.875%		40,000		43,150
Level 3 Escrow, Inc. Senior Unsecured(d)
07/01/19	8.125%		10,000		10,050
Level 3 Financing, Inc.
02/15/17	8.750%		54,000		55,080
Level 3 Financing, Inc.(d)
04/01/19	9.375%		78,000		81,315
PAETEC Holding Corp. Senior Secured
06/30/17	8.875%		64,000		67,200
PAETEC Holding Corp.(d)
12/01/18	9.875%		84,000		87,045
Qwest Communications International, Inc.
04/01/18	7.125%		154,000		165,357
Telecom Italia Capital SA(b)
07/18/36	7.200%		1,040,000		980,531

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 41

Portfolio of Investments (continued)

Columbia VP – Balanced Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Wirelines (cont.)
Telefonica Emisiones SAU(b)
01/15/15	4.949%		$1,290,000		$1,372,741
Tw telecom holdings, inc.
03/01/18	8.000%		65,000		69,306
Verizon New York, Inc. Senior Unsecured
04/01/32	7.375%		1,570,000		1,805,775
Windstream Corp.
11/01/17	7.875%		102,000		108,247

Total					7,260,943


Total Corporate Bonds & Notes
(Cost: $106,191,101)				$	107,795,831


Residential Mortgage-Backed Securities — Agency 11.8%

Federal Home Loan Mortgage Corp.(f)(i)
06/01/41	5.000%	$	27,990,000	$	29,729,411

Federal Home Loan Mortgage Corp.(i)
07/01/15	7.500%		15,784		16,010
02/01/17-
07/01/32	6.500%		1,747,295		1,991,976
05/01/18-
02/01/38	5.500%		9,524,665		10,319,484
08/01/18-
01/01/34	5.000%		3,140,857		3,379,181
11/01/22-
08/01/24	8.000%		45,946		54,316
12/01/23-
06/01/37	6.000%		12,805,933		14,112,057
04/01/32	7.000%		260,625		302,752
04/01/41-
06/01/41	4.500%		15,274,085		15,802,559
CMO Series 3840 Class AU
05/15/37	3.500%		3,574,614		3,730,352
CMO Series 3856 Class EA
10/15/18	3.000%		3,029,178		3,133,768
Federal Home Loan Mortgage Corp.(i)(n) CMO IO Series 2795 Class IY
07/15/17	721.908%		40,911		139
Federal National Mortgage Association(e)(i)
08/01/34	5.470%		389,725		415,728
Federal National Mortgage Association(i)
11/01/16-
12/01/28	6.000%		681,545		752,987
06/01/17-
09/01/32	6.500%		878,450		991,262
04/01/18-
10/01/40	4.500%		3,211,623		3,338,335
11/01/18-
12/01/32	7.000%		2,242,393		2,589,849
04/01/23-
05/01/25	8.500%		142,550		164,434
07/01/23-
08/01/40	5.000%		8,873,409		9,472,584
08/01/23-
03/01/38	5.500%		7,166,357		7,799,656
08/01/25-
05/01/32	7.500%		182,250		213,117
Federal National Mortgage Association(i)(n) CMO IO Series 2003-63 Class IP
07/25/33	1.000%		1,682,548		371,401
CMO IO Series 2003-71 Class IM
12/25/31	20.000%		732,175		77,650
CMO IO Series 2004-84 Class GI
12/25/22	24.840%		181,707		9,269
Government National Mortgage Association(i)
09/15/33	5.000%		956,938		1,043,561
10/15/33	5.500%		945,701		1,047,068


Total Residential Mortgage-Backed Securities — Agency
(Cost: $108,168,172)				$	110,858,906


Residential Mortgage-Backed Securities — Non-Agency 0.3%

BCAP LLC Trust CMO Series 2006-RR1 Class PB(i)
11/25/36	5.000%	$	1,125,834	$	1,128,373
Citigroup Mortgage Loan Trust, Inc. CMO Series 2010-6 Class 1A1(d)(i)
05/25/35	4.750%		1,400,950		1,429,549


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $2,533,386)				$	2,557,922




Commercial Mortgage-Backed Securities — Agency 0.8%

Federal National Mortgage Association(i) CMO Series 2002-M2 Class C
08/25/12	4.717%	$	181,945	$	187,406
Government National Mortgage Association(i) CMO Series 2011-64 Class A
08/16/34	2.380%		2,794,216		2,850,018
CMO Series 2011-64 Class AD
11/16/38	2.700%		825,000		845,687
CMO Series 2011-78 Class A
08/16/34	2.250%		3,175,000		3,224,609


Total Commercial Mortgage-Backed Securities — Agency
(Cost: $7,075,102)				$	7,107,720


Commercial Mortgage-Backed Securities — Non-Agency 4.0%

Americold LLC Trust Series 2010-ARTA Class A1(d)(i)
01/14/29	3.847%	$	628,850	$	641,827
Banc of America Merrill Lynch Commercial Mortgage, Inc.(i) Series 2005-3 Class A3A
07/10/43	4.621%		675,000		687,041
Series 2005-3 Class A4
07/10/43	4.668%		625,000		668,838
Bear Stearns Commercial Mortgage Securities Series 2007-PW18 Class A1(i)
06/13/50	5.038%		53,956		54,355
CDC Commercial Mortgage Trust Series 2002-FX1 Class A2(i)
11/15/30	5.676%		822,684		828,943
CW Capital Cobalt Ltd. Series 2007-C3 Class A1(i)
05/15/46	5.324%		42,800		42,783
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4(i)
12/11/49	5.322%		1,075,000		1,138,001
Commercial Mortgage Pass-Through Certificates Series 2006-C8 Class AAB(i)
12/10/46	5.291%		1,180,000		1,255,710
Credit Suisse First Boston Mortgage Securities Corp.(e)(i) Series 2004-C1 ClassA4
01/15/37	4.750%		705,000		744,167
Credit Suisse First Boston Mortgage Securities Corp.(i) Series 2004-C2 ClassA1
05/15/36	3.819%		131,986		133,711
DBUBS Mortgage Trust Series 2011-LC1A Class A3(d)(i)
11/10/46	5.002%		225,000		233,066
GE Capital Commercial Mortgage Corp.
Series 2001-3 Class A2(i)
06/10/38	6.070%		466,074		468,670
GMAC Commercial Mortgage Securities, Inc. Series 2004-C3 Class AAB(i)
12/10/41	4.702%		1,355,798		1,411,030
GS Mortgage Securities Corp. II(i) Series 2004-GG2 Class A3
08/10/38	4.602%		68,308		68,277
Series 2007-GG10 Class F
08/10/45	5.992%		1,050,000		95,033
General Electric Capital Assurance Co.(d)(e)(i)
Series 2003-1 Class A5
05/12/35	5.743%		400,000		439,560
General Electric Capital Assurance Co.(d)(i) Series 2003-1 Class A4
05/12/35	5.254%		723,837		773,597
Greenwich Capital Commercial Funding Corp.(i) Series 2004-GG1 Class A5
06/10/36	4.883%		15,235		15,223
Series 2005-GG3 Class AAB
08/10/42	4.619%		1,646,804		1,702,579
Series 2007-GG9 Class A4
03/10/39	5.444%		4,250,000		4,558,958
JP Morgan Chase Commercial Mortgage Securities Corp.(d)(i) Series 2009-IWST Class A2
12/05/27	5.633%		500,000		546,110
Series 2010-C1 Class A1
06/15/43	3.853%		489,504		506,498
Series 2010-C2 Class A3
11/15/43	4.070%		300,000		290,011
Series 2010-CNTR Class A2
08/05/32	4.311%		700,000		678,795
Series 2011-C3 Class A4
02/16/46	4.717%		650,000		656,616
JP Morgan Chase Commercial Mortgage Securities Corp.(e)(i) Series 2005-LDP3 Class ASB
08/15/42	4.893%		664,362		693,989
JP Morgan Chase Commercial Mortgage Securities Corp.(i) Series 2002-CIB5 Class A2
10/12/37	5.161%		1,240,000		1,289,630
Series 2003-LN1 Class A1
10/15/37	4.134%		434,978		446,374
Series 2003-ML1A Class A1
03/12/39	3.972%		261,231		264,772

The accompanying Notes to Financial Statements are an integral part of this statement.

42 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Series 2004-CBX Class A3
01/12/37	4.184%		$348,942		$348,728
Series 2005-LDP2 Class A3
07/15/42	4.697%		327,682		333,865
Series 2005-LDP4 Class AM
10/15/42	4.999%		400,000		410,382
Series 2005-LDP5 Class A4
12/15/44	5.371%		950,000		1,035,217
Series 2006-LDP6 Class ASB
04/15/43	5.490%		250,931		266,727
LB-UBS Commercial Mortgage Trust(i) Series 2004-C2 Class A3
03/15/29	3.973%		585,826		600,586
Series 2006-C4 Class AAB
06/15/32	6.042%		1,065,918		1,140,829
Series 2007-C7 Class A3
09/15/45	5.866%		850,000		922,342
Merrill Lynch Mortgage Trust Series 2008-C1 Class A1(i)
02/12/51	4.706%		33,728		34,255
Morgan Stanley Capital I(d)(i) Series 2011-C1 Class A4
09/15/47	5.033%		450,000		469,271
Morgan Stanley Capital I(i) Series 2006-T23 Class AAB
08/12/41	5.976%		850,000		914,255
Morgan Stanley Reremic Trust(d)(i) Series 2009-GG10 Class A4A
08/12/45	5.992%		1,325,000		1,450,015
Series 2010-GG10 Class A4A
08/15/45	5.992%		4,775,000		5,225,525
Wachovia Bank Commercial Mortgage Trust(e)(i) Series 2005- C22 Class AM
12/15/44	5.490%		300,000		309,510
Series 2006-C27 Class APB
07/15/45	5.727%		900,000		931,102
Wachovia Bank Commercial Mortgage Trust(i) Series 2005-C20 Class A5
07/15/42	5.087%		666,330		673,685
Series 2006-C24 Class APB
03/15/45	5.576%		601,486		628,369


Total Commercial Mortgage-Backed Securities – Non-Agency
(Cost: $36,814,608)				$	37,028,827


Asset-Backed Securities — Non-Agency 1.2%

Access Group, Inc. Series 2005-1 Class A1(e)
06/22/18	0.327%	$	305,969	$	305,763
AmeriCredit Automobile Receivables Trust Series 2010-1 Class A3
03/17/14	1.660%		550,000		552,888
Avis Budget Rental Car Funding AESOP LLC Series 2010-2A Class A(d)
08/20/14	3.630%		400,000		413,447
CitiFinancial Auto Issuance Trust Series 2009-1 Class A2(d)
11/15/12	1.830%		621,555		622,258
Citibank Credit Card Issuance Trust Series 2008-C6 Class C6
06/20/14	6.300%		800,000		839,082
Crown Castle Towers LLC Senior Secured(d)
01/15/15	4.523%		1,000,000		1,047,500
DT Auto Owner Trust (d) Series 2009-1 Class A1
10/15/15	2.980%		666,457		669,051
Series 2010-1A Class A2
12/17/12	0.990%		942,241		942,574
Deutsche Mortgage Securities, Inc. CMO Series 2009-RS2 Class 4A1(d)(e)
04/26/37	0.324%		481,244		474,769
GTP Towers Issuer LLC(d)
02/15/15	4.436%		300,000		312,981
Hertz Vehicle Financing LLC (d) Series 2009-2A Class A1
03/25/14	4.260%		900,000		944,545
Series 2010-1A Class A1
02/25/15	2.600%		500,000		513,893
National Collegiate Student Loan Trust(n) CMO IO Series 2006-2 Class AIO
08/25/11	50.000%		1,890,325		4,603
CMO IO Series 2006-3 Class AIO
01/25/12	20.000%		2,990,804		77,378
SBA Tower Trust(d)
04/15/40	4.254%		1,000,000		1,036,438
SLM Student Loan Trust Series 2006-C Class A2(e)
09/15/20	0.297%		456,588		452,782
Santander Drive Auto Receivables Trust Series 2010-2 Class A2
08/15/13	0.950%		825,722		826,905
Sierra Receivables Funding Co. LLC (d) Series 2010-1A Class A1
07/20/26	4.480%		129,525		132,972
Series 2010-2A Class A
11/20/25	3.840%		259,956		264,697
Series 2010-3A Class A
11/20/25	3.510%		246,351		248,537
Sierra Receivables Funding Co. LLC (d)(e) Series 2007-2A Class A2 (NPFGC)
09/20/19	1.186%		539,141		527,143


Total Asset-Backed Securities — Non-Agency
(Cost: $10,959,825)				$	11,210,206


Inflation-Indexed Bonds 0.3%

U.S. Treasury Inflation-Indexed Bond
07/15/15	1.875%	$	679,740	$	749,681
07/15/17	2.625%		1,084,930		1,262,346
01/15/29	2.500%		811,665		942,880


Total Inflation-Indexed Bonds
(Cost: $2,782,007)				$	2,954,907


U.S. Treasury Obligations 3.7%

U.S. Treasury
03/31/13	0.750%	$	14,500,000	$	14,584,970
02/15/21	3.625%		7,468,000		7,787,138
05/15/21	3.125%		2,500,000		2,492,975
11/15/40	4.250%		10,496,000		10,259,840


Total U.S. Treasury Obligations
(Cost: $34,615,781)				$	35,124,923


U.S. Government & Agency Obligations 0.6%

Federal Home Loan Banks
12/28/11	1.000%	$	1,000,000	$	1,004,138
Federal Home Loan Mortgage Corp.
04/18/16	5.250%		4,000,000		4,606,956
Federal National Mortgage Association
04/01/22	8.000%		42,252		49,483


Total U.S. Government & Agency Obligations
(Cost: $5,258,580)				$	5,660,577


Foreign Government Obligations 0.8%


CANADA (0.5%)
Province of Ontario Senior Unsecured(b)
12/15/17	3.150%	$	2,000,000	$	2,040,120
Province of Quebec Senior Unsecured(b)
05/14/18	4.625%		2,000,000		2,206,616


Total					4,246,736




MEXICO (0.1%)
Pemex Project Funding Master Trust(b)
01/21/21	5.500%		900,000		943,650




SWEDEN (0.2%)
Svensk Exportkredit AB Senior Unsecured(b)
03/01/17	5.125%		1,750,000		1,981,136


Total Foreign Government Obligations
(Cost: $7,052,198)				$	7,171,522




Issue	Coupon	Principal
Description	Rate	Amount		Value

Municipal Bonds 0.2%

State of Illinois Unlimited General Obligation Bonds Taxable Series 2011
03/01/15	4.511%	$	1,550,000	$	1,599,895


Total Municipal Bonds
(Cost: $1,585,427)				$	1,599,895

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 43

Portfolio of Investments (continued)

Columbia VP – Balanced Fund


	Weighted
	Average	Principal
Borrower	Coupon	Amount		Value

Senior Loans — %


Gaming ( — %)
Caesars Octavius LLC Tranche B Term Loan(j)
04/25/17	9.250%		$43,000		$43,333


Total Senior Loans
(Cost: $42,570)				$	43,333


	Shares		Value

Money Market Fund 3.4%

Columbia Short-Term Cash Fund, 0.166%(k)(l)		32,216,306	$	32,216,306


Total Money Market Fund
(Cost: $32,216,306)			$	32,216,306


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 5.0%


Certificates of Deposit (0.8%)
Commerzbank AG
07/20/11	0.220%	$	2,000,000	$	2,000,000
DZ Bank AG
07/27/11	0.150%		1,000,000		1,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		1,500,000		1,500,000
Societe Generale
09/23/11	0.410%		3,000,000		3,000,000

Total					7,500,000


Money Market Fund (2.1%)
JPMorgan Prime Money Market Fund, 0.010%(k)			20,000,000		20,000,000


Repurchase Agreements (2.1%)
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $15,000,050(m)
07/01/11	0.120%		15,000,000		15,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $4,257,066(m)
07/01/11	0.080%		4,257,057		4,257,057

Total					19,257,057


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $46,757,057)				$	46,757,057


Total Investments
(Cost: $939,536,193)				$	1,009,277,007
Other Assets & Liabilities, Net					(71,940,367)


Net Assets				$	937,336,640

Notes to Portfolio of Investments


^(a)		Non-income producing.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 10.68% of net assets.

^(c)		At June 30, 2011, security was partially or fully on loan.

^(d)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $40,089,216 or 4.28% of net assets.

^(e)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(f)		Represents a security purchased on a when-issued or delayed delivery basis.

^(g)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $749,891, representing 0.08% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


^(h)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $749,891, which represents 0.08% of net assets.

⁽ⁱ⁾		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

The accompanying Notes to Financial Statements are an integral part of this statement.

44 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund

Notes to Portfolio of Investments (continued)


^(j)		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.

^(k)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(l)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

or interest

Issuer

cost

from sales

gain/loss

Ending cost

income

Value

Columbia Short-Term Cash Fund

$15,311,808

$251,810,203

$(234,905,705

)

$—

$32,216,306

$34,153

$32,216,306


^(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.


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$531,788
Ginnie Mae I Pool		13,061,706
Government National Mortgage Association		1,706,506

Total Market Value of Collateral Securities		$15,300,000


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$4,342,217

Total Market Value of Collateral Securities		$4,342,217


⁽ⁿ⁾		Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only 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 rate disclosed represents yield based upon the estimated timing and amount of future cash flows at June 30, 2011.

Abbreviation Legend


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

Currency Legend


SEK		Swedish Krona
USD		US Dollar

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 45

Portfolio of Investments (continued)

Columbia VP – Balanced Fund

Fair Value Measurements

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

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

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


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

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

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

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

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

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 June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$40,483,935		$—		$—		$40,483,935
Consumer Staples		64,098,494		—		—		64,098,494
Energy		78,353,130		—		—		78,353,130
Financials		100,793,189		—		—		100,793,189
Health Care		75,338,114		—		—		75,338,114
Industrials		80,564,354		—		—		80,564,354
Information Technology		121,811,336		—		—		121,811,336
Materials		32,436,877		—		—		32,436,877
Telecommunication Services		4,174,406		3,135,240		—		7,309,646

Total Equity Securities		598,053,835		3,135,240		—		601,189,075

The accompanying Notes to Financial Statements are an integral part of this statement.

46 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Balanced Fund

Fair Value Measurements (continued)


	Fair Value at June 30, 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
Electric		$—		$7,691,435		$44,620		$7,736,055
Entertainment		—		1,156,320		749,891		1,906,211
All Other Industries		—		98,153,565		—		98,153,565
Residential Mortgage-Backed Securities — Agency		—		110,858,906		—		110,858,906
Residential Mortgage-Backed Securities — Non-Agency		—		2,557,922		—		2,557,922
Commercial Mortgage-Backed Securities — Agency		—		7,107,720		—		7,107,720
Commercial Mortgage-Backed Securities — Non-Agency		—		37,028,827		—		37,028,827
Asset-Backed Securities — Non-Agency		—		11,210,206		—		11,210,206
Inflation-Indexed Bonds		—		2,954,907		—		2,954,907
U.S. Government & Agency Obligations		—		5,660,577		—		5,660,577
U.S. Treasury Obligations		35,124,923		—		—		35,124,923
Foreign Government Obligations		—		7,171,522		—		7,171,522
Municipal Bonds		—		1,599,895		—		1,599,895

Total Bonds		35,124,923		293,151,802		794,511		329,071,236

Other
Senior Loans		—		43,333		—		43,333
Affiliated Money Market Fund(c)		32,216,306		—		—		32,216,306
Investments of Cash Collateral Received for Securities on Loan		20,000,000		26,757,057		—		46,757,057

Total Other		52,216,306		26,800,390		—		79,016,696

Total		$685,395,064		$323,087,432		$794,511		$1,009,277,007


•	The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

•	Certain Corporate Bonds classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, observed yields on securities management deemed comparable and

•	Certain Residential Mortgage-Backed Non-Agency Bonds classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers.


^(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 June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 47

Portfolio of Investments (continued)

Columbia VP – Balanced Fund

Fair Value Measurements (continued)

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


				Residential
	Corporate			Mortgage-Backed
	Bonds &			Securities –
	Notes			Non-Agency			Total
Balance as of December 31, 2010		$813,215			$850,000			$1,663,215
Accrued discounts/premiums		1,019			—			1,019
Realized gain (loss)		(14,807	)		(21,250	)		(36,057	)
Change in unrealized appreciation (depreciation)*		18,984			—			18,984
Sales		(1,159,990	)		(828,750	)		(1,988,740	)
Purchases		764,492			—			764,492
Transfers into Level 3		371,598			—			371,598
Transfers out of Level 3		—			—			—

Balance as of June 30, 2011		$794,511			$—			$794,511


•	Financial Assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, as of period end, management determined to fair value the security under consistently applied procedures established by and under the general supervision of the Board of Trustees.


*	Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $18,984, which is comprised of Corporate Bonds & Notes.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

48 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Cash Management Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Effective	Par/
Issuer	Yield	Principal		Value

Asset-Backed Commercial Paper 24.6%

Amsterdam Funding Corp.
08/24/11	0.180%	$	15,000,000	$	14,996,175
Chariot Funding LLC
07/01/11	0.132%		12,000,000		12,000,000
FCAR Owner Trust Series I
07/15/11	0.140%		7,300,000		7,299,574
08/02/11	0.180%		5,000,000		4,999,200
Fairway Finance Co. LLC
07/08/11	0.110%		5,500,000		5,499,872
Falcon Asset Securitization Co.
07/07/11	0.170%		10,000,000		9,999,667
Grampian Funding LLC
07/11/11	0.250%		20,000,000		19,998,500
Jupiter Securitization Co. LLC
07/14/11	0.120%		5,000,000		4,999,765
Market Street Funding LLC
08/10/11	0.180%		12,000,000		11,997,600
MetLife Short Term Funding LLC
07/19/11	0.180%		3,000,000		2,999,715
08/01/11	0.190%		6,000,000		5,999,018
Metlife Short Term Funding LLC
08/05/11	0.140%		9,000,000		8,998,775
Salisbury Receivables Co. LLC
07/20/11	0.130%		8,500,000		8,499,417
07/21/11	0.130%		9,000,000		8,999,350
Salisbury Receivables Co. LLC(a)
07/06/11	0.140%		10,000,000		9,999,764
Sheffield Receivables Corp.(a)
07/12/11	0.190%		12,000,000		11,999,266
08/10/11	0.170%		7,000,000		6,998,678
Thunder Bay Funding LLC
07/11/11	0.180%		5,000,000		4,999,722
07/21/11	0.130%		5,000,000		4,999,639
09/08/11	0.170%		17,000,000		16,994,461


Total Asset-Backed Commercial Paper
(Cost: $183,278,158)				$	183,278,158


Commercial Paper 22.9%


Banking (19.5%)
ANZ National International Ltd.(a)
08/15/11	0.180%	$	19,995,500	$	19,995,500
BNP Paribas Finance, Inc.
07/01/11	0.030%		15,000,000		15,000,000
Bank Of Nova Scotia
07/06/11	0.030%		27,999,845		27,999,845
HSBC U.S.A., Inc.
07/06/11	0.070%		27,999,689		27,999,689
Royal Bank Of Scotland Group PLC
08/09/11	0.220%		23,000,000		22,994,518
08/10/11	0.190%		5,000,000		4,998,944
Westpac Banking Corp.
08/19/11	0.220%		11,000,000		10,996,706
Westpac Banking Corp.(b)
07/03/12	0.282%		15,000,000		15,000,000

Total					144,985,202


Life Insurance (1.5%)
New York Life Capital Corp.(a)
07/28/11	0.150%		11,703,683		11,703,683


Other Financial Institutions (0.2%)
Cafco LLC
07/01/11	0.020%		1,300,000		1,300,000


Pharmaceuticals (1.7%)
Sanofi
12/15/11	0.220%		12,487,243		12,487,243


Total Commercial Paper
(Cost: $170,476,128)				$	170,476,128


Certificates of Deposit 13.4%

Bank Of Montreal Chicago Branch
07/01/11	0.110%	$	28,000,000	$	28,000,000
Canadian Imperial Bank of Commerce
07/05/11	0.070%		28,000,000		28,000,000
Royal Bank Of Canada
07/01/11	0.020%		18,100,000		18,100,000
Toronto Dominion Bank
08/05/11	0.130%		25,500,000		25,500,000


Total Certificates of Deposit
(Cost: $99,600,000)				$	99,600,000


U.S. Government & Agency Obligations 6.7%

Federal Home Loan Banks
04/27/12	0.410%	$	8,000,000	$	8,000,000
Federal Home Loan Banks(b)
01/19/12	0.180%		4,000,000		4,000,000
01/24/12	0.180%		8,000,000		8,000,000
02/02/12	0.170%		9,000,000		9,000,000
Federal Home Loan Banks(c)
07/24/12	0.375%		10,000,000		10,000,000
Federal National Mortgage Association Discount Notes
07/05/11	0.001%		10,700,000		10,699,999


Total U.S. Government & Agency Obligations
(Cost: $49,699,999)				$	49,699,999


U.S. Government-Insured Debt 18.9%

Straight-A Funding LLC(a)(d)
U.S. Treasury Government Guaranty
07/13/11	0.180%	$	20,000,000	$	19,998,733
07/14/11	0.180%		19,000,000		18,998,697
07/18/11	0.110%		12,200,000		12,199,309
08/08/11	0.170%		14,033,000		14,030,482
08/11/11	0.170%		3,000,000		2,999,419
08/12/11	0.140%		20,000,000		19,996,733
08/16/11	0.150%		10,000,000		9,998,083
08/17/11	0.140%		15,000,000		14,997,258
08/26/11	0.160%		13,500,000		13,496,640
09/01/11	0.160%		9,000,000		8,997,520
Straight-A Funding LLC(d)
U.S. Treasury Government Guaranty
08/18/11	0.140%		5,000,000		4,999,067


Total U.S. Government-Insured Debt
(Cost: $140,711,941)				$	140,711,941


Repurchase Agreements 2.0%

Barclays Bank PLC dated 06/30/11, matures 07/01/11, repurchase price $14,800,004 (collateralized by U.S. Treasury Bond) Total market value $14,800,068
	0.625%	$	14,800,000	$	14,800,000


Total Repurchase Agreements
(Cost: $14,800,000)				$	14,800,000


Treasury Note Short-Term 9.5%

U.S. Treasury Bills
08/11/11	0.130%	$	27,000,000	$	26,996,057
08/18/11	0.030%		44,000,000		43,998,240


Total Treasury Note Short-Term
(Cost: $70,994,297)				$	70,994,297




	Coupon	Principal
Issuer	Rate	Amount		Value

Asset-Backed Securities – Non-Agency 3.5%


Car Loan (3.5%)
Enterprise Fleet Financing LLC Series 2011-2 Class A1(e)
07/20/12	0.384%	$	10,000,000	$	10,000,000
Honda Auto Receivables Owner Trust Series 2010-3 Class A1
10/21/11	0.310%		186,299		186,299
SMART Trust Series 2011-1USA Class A1(e)
03/14/12	0.432%		4,661,581		4,661,581
Santander Drive Auto Receivables Trust Series 2010-3 Class A1
12/15/11	0.357%		567,982		567,908
Series 2011-1 Class A1
05/15/12	0.312%		5,588,788		5,588,788
Santander Drive Auto Receivables Trust (b)(e) Series 2010-B Class A1
12/15/11	0.374%		1,739,515		1,739,515
Westlake Automobile Receivables Trust Series 2011-1A Class A1(e)
05/15/12	0.391%		2,933,696		2,933,696

Total					25,677,787


Total Asset-Backed Securities — Non-Agency
(Cost: $25,677,787)				$	25,677,787


Total Investments
(Cost: $755,238,310)				$	755,238,310
Other Assets & Liabilities, Net					(10,862,874)


Net Assets				$	744,375,436

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 49

Portfolio of Investments (continued)

Columbia VP – Cash Management Fund

Notes to Portfolio of Investments


^(a)		Represents a security sold within terms of a private placement memorandum, exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” This security may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $196,409,765 or 26.39% of net assets.

^(b)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(c)		Represents a security purchased on a when-issued or delayed delivery basis.

^(d)		Funding for this debt is provided by the Federal Financing Bank, which is funded by the U.S. Department of the Treasury.

^(e)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $19,334,792 or 2.60% of net assets.

The accompanying Notes to Financial Statements are an integral part of this statement.

50 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Cash Management Fund

Fair Value Measurements

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).

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

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 51

Portfolio of Investments (continued)

Columbia VP – Cash Management Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Short-Term Securities
Asset-Backed Commercial Paper		$—		$183,278,158		$—		$183,278,158
Commercial Paper		—		170,476,128		—		170,476,128
Certificates of Deposit		—		99,600,000		—		99,600,000
U.S. Government & Agency Obligations		—		49,699,999		—		49,699,999
U.S. Government-Insured Debt		—		140,711,941		—		140,711,941
Repurchase Agreements		—		14,800,000		—		14,800,000
Treasury Note Short-Term		—		70,994,297		—		70,994,297

Total Short-Term Securities		—		729,560,523		—		729,560,523

Bonds
Asset-Backed Securities — Non-Agency		—		25,677,787		—		25,677,787

Total Bonds		—		25,677,787		—		25,677,787

Total		$—		$755,238,310		$—		$755,238,310


^(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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

52 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Diversified Bond Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon			Principal
Issuer	Rate			Amount		Value

Corporate Bonds & Notes 38.1%
Aerospace & Defense (0.5%)
ADS Tactical, Inc. Senior Secured(a)
04/01/18		11.000	%		$995,000	$1,052,213
Ducommun, Inc. Senior Notes(a)
07/15/18		9.750	%		103,000	105,446
Huntington Ingalls Industries, Inc.(a)(b)
03/15/18		6.875	%		320,000	328,000
03/15/21		7.125	%		432,000	447,120
Kratos Defense & Security Solutions, Inc. Senior Secured(a)
06/01/17		10.000	%		926,000	976,930
L-3 Communications Corp.
02/15/21		4.950	%		12,340,000	12,313,160
Moog, Inc. Senior Subordinated Notes
06/15/18		7.250	%		368,000	390,540
Oshkosh Corp.(b)
03/01/17		8.250	%		350,000	375,375
03/01/20		8.500	%		485,000	525,013
Raytheon Co. Senior Unsecured
10/15/40		4.875	%		2,410,000	2,208,548
TransDigm, Inc.(a)(b)
12/15/18		7.750	%		349,000	366,450

Total						19,088,795


Automotive (0.4%)
Allison Transmission, Inc.(a)
05/15/19		7.125	%		287,000	279,108
Chrysler Group LLC/Co-Issuer, Inc. (a)(b) Senior Secured
06/15/19		8.000	%		179,000	174,973
06/15/21		8.250	%		490,000	481,425
Dana Holding Corp.(b) Senior Unsecured
02/15/19		6.500	%		295,000	292,787
02/15/21		6.750	%		850,000	841,500
Delphi Corp.(a)(b) Senior Notes
05/15/19		5.875	%		205,000	202,950
05/15/21		6.125	%		137,000	136,315
FUEL Trust Secured(a)
06/15/16		3.984	%		9,990,000	9,908,831
International Automotive Components Group SL Senior Secured(a)(c)
06/01/18		9.125	%		116,000	118,610
Lear Corp.(b)
03/15/18		7.875	%		711,000	764,325
03/15/20		8.125	%		1,454,000	1,573,955
Visteon Corp. Senior Notes(a)(b)
04/15/19		6.750	%		787,000	755,520

Total						15,530,299


Banking (8.8%)
Bank of New York Mellon Corp. (The) Senior Unsecured
05/15/19		5.450	%		3,619,000	4,013,949
Bank of New York Mellon Corp. (The)(b) Senior Unsecured
02/01/21		4.150	%		18,859,000	18,802,480
Barclays Bank PLC(a)(c)(d)
09/29/49		7.434	%		11,982,000	12,221,640
12/31/49		6.860	%		22,920,000	21,029,100
12/31/49		7.375	%		2,775,000	2,820,788
Barclays Bank PLC (b)(c) Senior Unsecured
09/22/16		5.000	%		950,000	1,021,955
Capital One/IV(d)
02/17/37		6.745	%		15,905,000	16,123,694
Capital One/V(b)
08/15/39		10.250	%		17,990,000	19,069,400
Discover Bank Subordinated Notes(b)
11/18/19		8.700	%		10,183,000	12,284,364
Fifth Third Bank Senior Unsecured(d)
05/17/13		0.371	%		3,270,000	3,218,874
HBOS PLC Subordinated Notes(a)(c)
05/21/18		6.750	%		14,605,000	14,054,917
HSBC U.S.A., Inc. Subordinated Notes
09/27/20		5.000	%		21,060,000	20,831,710
ING Bank NV Senior Unsecured(a)(c)
03/15/16		4.000	%		3,505,000	3,547,193
JP Morgan Chase Capital XVII
08/01/35		5.850	%		905,000	890,154
JP Morgan Chase Capital XX
09/29/36		6.550	%		810,000	811,989
JP Morgan Chase Capital XXIII(d)
05/15/47		1.261	%		4,025,000	3,182,737
JP Morgan Chase Capital XXV
10/01/37		6.800	%		8,930,000	8,832,868
JPMorgan Chase & Co. Senior Unsecured
07/05/16		3.150	%		25,735,000	25,892,447
JPMorgan Chase & Co.(d)
04/29/49		7.900	%		7,430,000	7,980,489
Lloyds Banking Group PLC(a)(c)
11/29/49		6.267	%		750,000	551,250
Lloyds TSB Bank PLC Bank Guaranteed(a)(c)
01/12/15		4.375	%		3,270,000	3,318,736
Merrill Lynch & Co., Inc. Senior Unsecured
04/25/13		6.150	%		270,000	289,908
Subordinated Notes
05/02/17		5.700	%		7,130,000	7,426,608
National City Preferred Capital Trust I(d)
12/31/49		12.000	%		14,390,000	15,839,936
PNC Funding Corp. Bank Guaranteed
02/08/20		5.125	%		825,000	883,327
State Street Corp.
03/15/18		4.956	%		26,910,000	28,537,221
Senior Unsecured
03/07/16		2.875	%		685,000	694,911
U.S. Bancorp
02/01/16		3.442	%		26,975,000	27,405,170
USB Capital XIII Trust
12/15/39		6.625	%		25,247,000	25,951,896
Wells Fargo & Co. Senior Unsecured(b)
06/15/16		3.676	%		38,670,000	39,727,199
Wells Fargo Capital X
12/15/36		5.950	%		4,420,000	4,323,975

Total						351,580,885


Brokerage (0.1%)
E*Trade Financial Corp. Senior Unsecured PIK
11/30/17		12.500	%		400,000	468,000
E*Trade Financial Corp.(b) Senior Notes
06/01/16		6.750	%		530,000	519,400
Eaton Vance Corp. Senior Unsecured
10/02/17		6.500	%		2,735,000	3,158,132
Nuveen Investments, Inc.
11/15/15		10.500	%		145,000	148,262

Total						4,293,794


Building Materials (0.1%)
Building Materials Corp. of America Senior Notes(a)
05/01/21		6.750	%		1,049,000	1,054,245
Euramax International, Inc. Senior Secured(a)
04/01/16		9.500	%		420,000	405,300
Interface, Inc.
12/01/18		7.625	%		321,000	333,840
Nortek, Inc.(a)(b)
04/15/21		8.500	%		540,000	499,500

Total						2,292,885

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 53

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund

				��
	Coupon			Principal
Issuer	Rate			Amount		Value

Corporate Bonds & Notes (continued)
Chemicals (0.5%)
CF Industries, Inc.
05/01/18		6.875	%		$496,000	$559,240
CF Industries, Inc.(b)
05/01/20		7.125	%		805,000	933,800
Celanese U.S. Holdings LLC Senior Notes(b)
06/15/21		5.875	%		90,000	92,025
Chemtura Corp.
09/01/18		7.875	%		446,000	467,185
Dow Chemical Co. (The) Senior Unsecured
02/15/15		5.900	%		4,320,000	4,852,729
Dow Chemical Co. (The)(b) Senior Unsecured
11/15/20		4.250	%		6,900,000	6,734,083
Hexion U.S. Finance Corp./Nova Scotia ULC(b) Secured
11/15/20		9.000	%		384,000	393,600
Senior Secured
02/01/18		8.875	%		1,114,000	1,158,560
Lubrizol Corp. Senior Unsecured
02/01/19		8.875	%		310,000	403,174
Lyondell Chemical Co. Senior Secured(a)(b)
11/01/17		8.000	%		870,000	972,225
MacDermid, Inc. Senior Subordinated Notes(a)
04/15/17		9.500	%		368,000	383,640
Nalco Co.(a)(b)
01/15/19		6.625	%		710,000	727,750
Nova Chemicals Corp. Senior Unsecured(c)
11/01/16		8.375	%		680,000	748,000
Polypore International, Inc.
11/15/17		7.500	%		887,000	938,003

Total						19,364,014


Construction Machinery (0.1%)
Case New Holland, Inc. Senior Notes(a)
12/01/17		7.875	%		809,000	891,922
Columbus McKinnon Corp.
02/01/19		7.875	%		382,000	387,730
Manitowoc Co., Inc. (The)(b)
11/01/20		8.500	%		645,000	688,538
Neff Rental LLC/Finance Corp. Secured(a)(b)
05/15/16		9.625	%		595,000	565,250
RSC Equipment Rental, Inc./Holdings III LLC
11/15/19		10.250	%		352,000	385,440
RSC Equipment Rental, Inc./Holdings III LLC(b)
02/01/21		8.250	%		384,000	382,080
United Rentals North America, Inc.(b)
12/15/19		9.250	%		704,000	770,880
09/15/20		8.375	%		646,000	654,075
Xerium Technologies, Inc.(a)(b)
06/15/18		8.875	%		355,000	355,000

Total						5,080,915


Consumer Cyclical Services ( — %)
Garda World Security Corp. Senior Unsecured(a)(c)
03/15/17		9.750	%		105,000	112,875
West Corp.(a)(b)
10/01/18		8.625	%		448,000	452,480

Total						565,355


Consumer Products (0.1%)
Central Garden and Pet Co.
03/01/18		8.250	%		597,000	616,402
Sealy Mattress Co.(b)
06/15/14		8.250	%		303,000	303,758
Spectrum Brands Holdings, Inc. Senior Secured(a)(b)
06/15/18		9.500	%		996,000	1,105,560
Visant Corp.(b)
10/01/17		10.000	%		368,000	380,880

Total						2,406,600


Diversified Manufacturing (0.1%)
Amsted Industries, Inc. Senior Notes(a)
03/15/18		8.125	%		737,000	777,535
CPM Holdings, Inc. Senior Secured(b)
09/01/14		10.625	%		721,000	782,285
SPX Corp.(a)
09/01/17		6.875	%		506,000	541,420
Tomkins LLC/Inc. Secured(a)
10/01/18		9.000	%		721,000	778,680
WireCo WorldGroup Senior Unsecured(a)(b)
05/15/17		9.750	%		878,000	926,290

Total						3,806,210


Electric (4.5%)
AES Corp. (The) Senior Notes(a)(b)
07/01/21		7.375	%		508,000	515,620
Alabama Power Co. Senior Unsecured(b)
03/15/41		5.500	%		9,977,000	10,259,269
Arizona Public Service Co. Senior Unsecured
08/01/16		6.250	%		5,685,000	6,499,768
CMS Energy Corp. Senior Unsecured
09/30/15		4.250	%		295,000	306,062
12/15/15		6.875	%		695,000	776,544
Calpine Corp. Senior Secured(a)
02/15/21		7.500	%		769,000	786,302
Commonwealth Edison Co. 1st Mortgage
08/15/16		5.950	%		470,000	537,183
Consolidated Edison Co. of New York, Inc. Senior Unsecured
04/01/38		6.750	%		335,000	397,543
DTE Energy Co. Senior Unsecured
05/15/14		7.625	%		16,980,000	19,599,522
Detroit Edison Co. (The) Senior Secured
10/01/13		6.400	%		7,450,000	8,294,130
Dominion Resources, Inc. Senior Unsecured
08/01/33		5.250	%		9,775,000	10,762,226
Dominion Resources, Inc.(b) Senior Unsecured
08/15/19		5.200	%		6,190,000	6,740,929
Duke Energy Corp. Senior Unsecured
06/15/18		6.250	%		4,310,000	4,975,020
Duke Energy Ohio, Inc. 1st Mortgage
04/01/19		5.450	%		8,145,000	9,137,737
Edison Mission Energy Senior Unsecured(b)
05/15/17		7.000	%		685,000	554,850
Energy Future Intermediate Holding Co. LLC/Finance, Inc. Senior Secured(b)
12/01/20		10.000	%		448,000	477,774
Florida Power Corp. 1st Mortgage
06/15/18		5.650	%		3,730,000	4,255,363
GenOn Energy, Inc. Senior Unsecured(b)
10/15/18		9.500	%		304,000	316,160
Georgia Power Co. Senior Unsecured(b)
09/01/40		4.750	%		430,000	393,929
Indiana Michigan Power Co. Senior Unsecured
03/15/37		6.050	%		5,795,000	6,091,281
KCP&L Greater Missouri Operations Co. Senior Unsecured
07/01/12		11.875	%		2,430,000	2,677,257
Midwest Generation LLC Pass-Through Certificates(b)
01/02/16		8.560	%		360,239	369,245
NRG Energy, Inc.(b)
01/15/17		7.375	%		1,123,000	1,176,342
Nevada Power Co.
04/15/12		6.500	%		1,000,000	1,043,574
01/15/15		5.875	%		9,959,000	11,155,295
08/01/18		6.500	%		1,469,000	1,715,985
Nevada Power Co.(b)
05/15/18		6.500	%		7,270,000	8,484,083

The accompanying Notes to Financial Statements are an integral part of this statement.

54 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

Corporate Bonds & Notes (continued)

Electric (cont.)
Niagara Mohawk Power Corp. Senior Unsecured(a)
08/15/19		4.881	%		$3,010,000	$3,190,260
Ohio Power Co. Senior Unsecured
01/15/14		4.850	%		950,000	1,025,543
Oncor Electric Delivery Co. LLC Senior Secured
09/30/40		5.250	%		2,070,000	1,980,793
PPL Electric Utilities Corp. 1st Mortgage
11/30/13		7.125	%		6,860,000	7,781,398
PacifiCorp 1st Mortgage
09/15/13		5.450	%		5,605,000	6,125,665
Progress Energy, Inc. Senior Unsecured
12/01/19		4.875	%		2,400,000	2,547,113
Sierra Pacific Power Co.
05/15/16		6.000	%		12,141,000	13,883,695
Southern California Edison Co. 1st Mortgage(b)
09/01/40		4.500	%		480,000	435,227
Tampa Electric Co. Senior Unsecured
05/15/18		6.100	%		7,510,000	8,622,914
Texas Competitive Electric Holdings Co. LLC/Finance, Inc. Senior Secured(a)
10/01/20		11.500	%		191,000	188,135
Toledo Edison Co. (The) Senior Secured(b)
05/15/37		6.150	%		3,255,000	3,429,318
TransAlta Corp. Senior Unsecured(c)
01/15/15		4.750	%		9,770,000	10,481,079

Total						177,990,133


Entertainment (0.2%)
AMC Entertainment, Inc.(b)
06/01/19		8.750	%		288,000	303,840
Cinemark U.S.A., Inc. Senior Subordinated Notes(a)(b)
06/15/21		7.375	%		97,000	96,273
National CineMedia LLC Senior Notes(a)(e)
07/15/21		7.875	%		381,000	387,191
Regal Cinemas Corp.(b)
07/15/19		8.625	%		334,000	350,700
Speedway Motorsports, Inc.
06/01/16		8.750	%		792,000	857,340
02/01/19		6.750	%		221,000	220,447
Time Warner, Inc.
03/29/41		6.250	%		3,850,000	3,999,284
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates(f)(g)
07/01/15		9.300	%		1,387,238	1,390,706
Vail Resorts, Inc.(a)(b)
05/01/19		6.500	%		110,000	110,550

Total						7,716,331


Environmental ( — %)
Clean Harbors, Inc. Senior Secured(a)(b)
08/15/16		7.625	%		170,000	180,200


Food and Beverage 1.0%
ARAMARK Holdings Corp. Senior Notes PIK(a)(b)
05/01/16		8.625	%		351,000	357,143
ConAgra Foods, Inc. Senior Unsecured
10/01/28		7.000	%		5,338,000	5,600,752
Dean Foods Co. Senior Notes(a)(b)
12/15/18		9.750	%		289,000	307,063
Hershey Co. (The) Senior Unsecured
12/01/20		4.125	%		300,000	306,947
Kraft Foods, Inc. Senior Unsecured
08/11/17		6.500	%		6,795,000	7,955,434
02/01/18		6.125	%		3,468,000	3,989,709
08/23/18		6.125	%		2,350,000	2,694,989
SABMiller PLC (a)(c) Senior Unsecured
01/15/14		5.700	%		14,000,000	15,404,522
07/15/18		6.500	%		4,414,000	5,105,016

Total						41,721,575


Gaming (0.1%)
Boyd Gaming Corp. Senior Notes(a)(b)
12/01/18		9.125	%		495,000	507,375
Caesars Entertainment Operating Co., Inc. Secured
12/15/18		10.000	%		513,000	462,982
Senior Secured
06/01/17		11.250	%		322,000	355,408
MGM Resorts International(b) Senior Secured
03/15/20		9.000	%		681,000	745,695
Senior Unsecured
03/01/18		11.375	%		309,000	346,853
Penn National Gaming, Inc. Senior Subordinated Notes(b)
08/15/19		8.750	%		57,000	61,988
Seminole Indian Tribe of Florida(a)
10/01/17		7.750	%		71,000	73,485
Seneca Gaming Corp.(a)
12/01/18		8.250	%		925,000	955,062
Tunica-Biloxi Gaming Authority Senior Unsecured(a)
11/15/15		9.000	%		232,000	231,420

Total						3,740,268


Gas Distributors ( — %)
Energy Transfer Equity LP Senior Secured(b)
10/15/20		7.500	%		670,000	713,550


Gas Pipelines (4.4%)
Colorado Interstate Gas Co. Senior Unsecured
11/15/15		6.800	%		44,670,000	52,016,920
Copano Energy LLC/Finance Corp.
04/01/21		7.125	%		220,000	217,800
El Paso Corp. Senior Unsecured
01/15/32		7.750	%		390,000	453,676
El Paso Corp.(b) Senior Unsecured
09/15/20		6.500	%		1,172,000	1,283,340
Kinder Morgan Energy Partners LP Senior Unsecured(b)
09/01/39		6.500	%		345,000	358,241
NGPL PipeCo LLC Senior Unsecured(a)
12/15/12		6.514	%		495,000	520,539
Nisource Finance Corp.
03/01/13		6.150	%		22,425,000	24,122,371
09/15/17		5.250	%		15,350,000	16,602,959
Nisource Finance Corp.(b)
09/15/20		5.450	%		10,900,000	11,480,392
Northwest Pipeline GP Senior Unsecured
06/15/16		7.000	%		1,895,000	2,258,247
04/15/17		5.950	%		8,185,000	9,471,842
Plains All American Pipeline LP/Finance Corp.
02/01/21		5.000	%		8,510,000	8,653,385
Regency Energy Partners LP/Finance Corp.
06/01/16		9.375	%		90,000	100,350
12/01/18		6.875	%		610,000	629,825
Regency Energy Partners LP/Finance Corp.(b)
07/15/21		6.500	%		687,000	695,587
Southern Natural Gas Co. Senior Unsecured
03/01/32		8.000	%		350,000	438,559
Southern Natural Gas Co. (a) Senior Unsecured
04/01/17		5.900	%		4,728,000	5,374,091
Southern Star Central Corp. Senior Unsecured
03/01/16		6.750	%		1,734,000	1,742,670
TransCanada PipeLines Ltd.(c)(d)
05/15/67		6.350	%		8,010,000	8,052,173
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16		6.400	%		19,510,000	22,611,719
Transcontinental Gas Pipe Line Co. LLC(b) Senior Unsecured
08/15/11		7.000	%		6,972,000	7,024,418

Total						174,109,104

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 55

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

Corporate Bonds & Notes (continued)
Health Care (0.5%)
AMGH Merger Sub, Inc. Senior Secured(a)(b)
11/01/18		9.250	%		$592,000	$623,080
American Renal Associates Holdings, Inc. Senior Unsecured PIK(a)
03/01/16		9.750	%		100,000	102,750
American Renal HoldingsCo., Inc. Senior Secured
05/15/18		8.375	%		542,000	552,163
CDRT Merger Sub, Inc.(a)(b)
06/01/19		8.125	%		174,000	174,000
CHS/Community Health Systems, Inc.(b)
07/15/15		8.875	%		259,000	266,770
Cardinal Health, Inc. Senior Unsecured
12/15/20		4.625	%		11,335,000	11,505,501
ConvaTec Healthcare E SA Senior Unsecured(a)(c)
12/15/18		10.500	%		881,000	911,835
Fresenius Medical Care U.S. Finance, Inc.(a)(b)
02/15/21		5.750	%		384,000	371,520
HCA, Inc. Senior Secured(b)
09/15/20		7.250	%		1,758,000	1,887,652
Hanger Orthopedic Group, Inc.
11/15/18		7.125	%		544,000	561,680
Healthsouth Corp.(b)
02/15/20		8.125	%		368,000	395,600
09/15/22		7.750	%		73,000	76,924
Multiplan, Inc.(a)(b)
09/01/18		9.875	%		738,000	784,125
Radnet Management, Inc.
04/01/18		10.375	%		240,000	245,400
STHI Holding Corp. Secured(a)
03/15/18		8.000	%		158,000	160,370
Tenet Healthcare Corp. Senior Unsecured(b)
08/01/20		8.000	%		133,000	135,161
Vanguard Health Holding Co. II LLC/Inc.
02/01/18		8.000	%		607,000	626,728
WP Rocket Merger Sub, Inc. Senior Unsecured(a)
07/15/19		10.125	%		301,000	304,010

Total						19,685,269


Healthcare Insurance (0.1%)
UnitedHealth Group, Inc. Senior Unsecured
02/15/18		6.000	%		680,000	771,039
02/15/41		5.950	%		1,700,000	1,738,434

Total						2,509,473


Home Construction ( — %)
K Hovnanian Enterprises, Inc. Senior Secured(b)
10/15/16		10.625	%		325,000	324,188
Shea Homes LP/Funding Corp. Senior Secured(a)
05/15/19		8.625	%		560,000	551,600

Total						875,788


Independent Energy (2.0%)
Anadarko Petroleum Corp. Senior Unsecured(b)
09/15/16		5.950	%		24,775,000	27,886,418
Berry Petroleum Co. Senior Unsecured(b)
11/01/20		6.750	%		360,000	361,800
Brigham Exploration Co.
10/01/18		8.750	%		496,000	540,640
Brigham Exploration Co.(a)(b)
06/01/19		6.875	%		91,000	90,318
Carrizo Oil & Gas, Inc.
10/15/18		8.625	%		896,000	922,880
Chaparral Energy, Inc.
10/01/20		9.875	%		352,000	380,160
Chaparral Energy, Inc.(b)
09/01/21		8.250	%		660,000	664,950
Chesapeake Energy Corp.(b)
08/15/20		6.625	%		1,086,000	1,140,300
02/15/21		6.125	%		1,115,000	1,128,937
Comstock Resources, Inc.(b)
04/01/19		7.750	%		461,000	464,457
Concho Resources, Inc.
01/15/22		6.500	%		137,000	137,343
Concho Resources, Inc.(b)
01/15/21		7.000	%		707,000	731,745
Continental Resources, Inc.(b)
04/01/21		7.125	%		727,000	766,985
Denbury Resources, Inc.
03/01/16		9.750	%		257,000	287,197
EXCO Resources, Inc.
09/15/18		7.500	%		762,000	741,045
Encana Corp. Senior Unsecured(c)
11/01/11		6.300	%		22,855,000	23,280,766
Goodrich Petroleum Corp.(a)
03/15/19		8.875	%		320,000	320,000
Laredo Petroleum, Inc. Senior Notes(a)
02/15/19		9.500	%		912,000	962,160
Linn Energy LLC/Finance Corp.(a)
05/15/19		6.500	%		678,000	671,220
MEG Energy Corp.(a)(b)(c)
03/15/21		6.500	%		460,000	462,300
Nexen, Inc. (c) Senior Unsecured
05/15/37		6.400	%		6,145,000	6,129,730
07/30/39		7.500	%		3,140,000	3,512,266
Oasis Petroleum, Inc. Senior Unsecured(a)(b)
02/01/19		7.250	%		768,000	752,640
Petrohawk Energy Corp.
08/15/18		7.250	%		866,000	888,732
Petrohawk Energy Corp.(a)
06/01/19		6.250	%		265,000	259,037
QEP Resources, Inc. Senior Unsecured(b)
03/01/21		6.875	%		369,000	389,295
Range Resources Corp.
06/01/21		5.750	%		368,000	361,560
Range Resources Corp.(b)
05/15/19		8.000	%		570,000	618,450
Venoco, Inc.(a)(b)
02/15/19		8.875	%		694,000	694,000
Woodside Finance Ltd.(a)(c)
05/10/21		4.600	%		3,330,000	3,268,312

Total						78,815,643


Integrated Energy (0.5%)
Hess Corp. Senior Unsecured
08/15/31		7.300	%		4,540,000	5,427,479
Marathon Petroleum Corp.(a)(b)
03/01/41		6.500	%		4,890,000	5,053,972
Shell International Finance BV(b)(c)
03/25/40		5.500	%		8,680,000	9,080,009

Total						19,561,460


Life Insurance (1.2%)
ING Groep NV(c)(d)
12/29/49		5.775	%		7,210,000	6,633,200
MetLife Capital Trust X(a)
04/08/38		9.250	%		9,845,000	12,010,900
MetLife, Inc.
08/01/69		10.750	%		7,811,000	10,993,983
Prudential Financial, Inc. Senior Unsecured
06/13/15		4.750	%		160,000	171,131
12/01/17		6.000	%		1,960,000	2,199,753
Prudential Financial, Inc.(b) Senior Unsecured
11/15/20		4.500	%		2,315,000	2,299,522
Prudential Financial, Inc.(b)(d)
06/15/38		8.875	%		13,034,000	15,217,195

Total						49,525,684


Media Cable (1.2%)
CCO Holdings LLC/Capital Corp.(b)
01/15/19		7.000	%		1,190,000	1,225,700
CSC Holdings LLC Senior Unsecured(b)
02/15/18		7.875	%		1,005,000	1,097,963
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured(a)
11/15/17		8.625	%		1,136,000	1,181,440

The accompanying Notes to Financial Statements are an integral part of this statement.

56 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

Corporate Bonds & Notes (continued)

Media Cable (cont.)
Comcast Corp.
02/15/18		5.875	%		$3,565,000	$3,998,422
Comcast Corp.(b)
03/01/40		6.400	%		5,135,000	5,495,600
DIRECTV Holdings LLC/Financing Co., Inc.
02/15/16		3.125	%		10,800,000	10,956,643
03/01/16		3.500	%		9,545,000	9,852,492
DIRECTV Holdings LLC/Financing Co., Inc.(b)
03/01/21		5.000	%		7,205,000	7,462,492
DISH DBS Corp.
09/01/19		7.875	%		1,075,000	1,159,656
DISH DBS Corp.(b)
02/01/16		7.125	%		691,000	729,005
Kabel BW Erste Beteiligungs GmbH/Co. KG Senior Secured(a)(b)(c)
03/15/19		7.500	%		270,000	272,926
Time Warner Cable, Inc.(b)
02/15/21		4.125	%		3,050,000	2,948,048
11/15/40		5.875	%		2,835,000	2,798,046
Videotron Ltee(b)(c)
04/15/18		9.125	%		496,000	553,660

Total						49,732,093


Media Non-Cable (1.1%)
AMC Networks, Inc.(a)(b)
07/15/21		7.750	%		538,000	562,210
Clear Channel Communications, Inc.(a)
03/01/21		9.000	%		771,000	738,232
Clear Channel Worldwide Holdings, Inc.(b)
12/15/17		9.250	%		864,000	941,760
Cumulus Media, Inc.(a)(b)
05/01/19		7.750	%		108,000	104,220
EH Holding Corp. (a) Senior Unsecured
06/15/21		7.625	%		426,000	434,520
EH Holding Corp.(a)(b) Senior Secured
06/15/19		6.500	%		323,000	328,653
Entravision Communications Corp. Senior Secured(b)
08/01/17		8.750	%		507,000	524,745
Intelsat Jackson Holdings SA(a)(c)
10/15/20		7.250	%		1,475,000	1,463,937
NBCUniversal Media LLC Senior Unsecured(a)(b)
04/01/41		5.950	%		355,000	360,997
News America, Inc.(a)
02/15/41		6.150	%		12,615,000	12,496,873
Nielsen Finance LLC/Co.(a)
10/15/18		7.750	%		913,000	958,650
RR Donnelley & Sons Co. Senior Unsecured(b)
01/15/17		6.125	%		7,804,000	7,628,519
Reed Elsevier Capital, Inc.
08/01/11		6.750	%		3,494,000	3,510,684
Salem Communications Corp. Secured(b)
12/15/16		9.625	%		405,000	426,769
Sinclair Television Group, Inc. Secured(a)
11/01/17		9.250	%		684,000	748,980
TCM Sub LLC(a)
01/15/15		3.550	%		9,605,000	10,070,241
Univision Communications, Inc.(a)(b)
05/15/21		8.500	%		465,000	454,538
Senior Secured
11/01/20		7.875	%		448,000	459,200
XM Satellite Radio, Inc.(a)
11/01/18		7.625	%		840,000	877,800

Total						43,091,528


Metals (0.5%)
Alpha Natural Resources, Inc.
06/01/19		6.000	%		279,000	280,046
06/01/21		6.250	%		279,000	279,698
ArcelorMittal(b)(c) Senior Unsecured
03/01/21		5.500	%		7,020,000	7,030,958
10/15/39		7.000	%		380,000	384,216
03/01/41		6.750	%		5,060,000	5,015,259
Arch Coal, Inc.(a)
06/15/21		7.250	%		472,000	474,360
Arch Coal, Inc.(a)(b)
06/15/19		7.000	%		708,000	711,540
Calcipar SA Senior Secured(a)(c)
05/01/18		6.875	%		570,000	571,425
Consol Energy, Inc.
04/01/20		8.250	%		1,124,000	1,225,160
FMG Resources August 2006 Proprietary Ltd.(a)(b)(c)
11/01/15		7.000	%		326,000	332,421
02/01/16		6.375	%		764,000	762,090
FMG Resources August 2006 Proprietary Ltd.(a)(c)
02/01/18		6.875	%		379,000	384,685
JMC Steel Group Senior Notes(a)(b)
03/15/18		8.250	%		301,000	305,515
Noranda Aluminum Acquisition Corp. PIK
05/15/15		4.417	%		356,220	337,518
Novelis, Inc.(b)(c)
12/15/20		8.750	%		688,000	743,040
Rain CII Carbon LLC/Corp. Senior Secured(a)
12/01/18		8.000	%		706,000	753,655
United States Steel Corp. Senior Unsecured(b)
02/01/18		7.000	%		330,000	333,300
Vale Overseas Ltd.(c)
11/21/36		6.875	%		1,245,000	1,351,804

Total						21,276,690


Non-Captive Consumer (0.4%)
Discover Financial Services Senior Unsecured
07/15/19		10.250	%		3,415,000	4,412,689
HSBC Finance Capital Trust IX(d)
11/30/35		5.911	%		10,740,000	10,149,300
SLM Corp. Senior Unsecured
03/25/20		8.000	%		645,000	692,603
SLM Corp.(b) Senior Notes
01/25/16		6.250	%		570,000	591,375
Springleaf Finance Corp. Senior Unsecured(b)
12/15/17		6.900	%		838,000	768,865

Total						16,614,832


Non-Captive Diversified (0.2%)
Ally Financial, Inc.(b)
03/15/20		8.000	%		2,850,000	3,028,125
CIT Group, Inc.(a) Secured
05/02/16		7.000	%		1,547,000	1,541,199
CIT Group, Inc.(a)(b) Secured
04/01/18		6.625	%		285,000	297,825
Ford Motor Credit Co. LLC Senior Unsecured(b)
02/01/21		5.750	%		1,987,000	1,984,554
International Lease Finance Corp. Senior Unsecured
05/15/19		6.250	%		230,000	224,725
International Lease Finance Corp.(b) Senior Unsecured
12/15/20		8.250	%		1,749,000	1,888,920

Total						8,965,348


Oil Field Services (0.1%)
Offshore Group Investments Ltd. (a)(c) Senior Secured
08/01/15		11.500	%		225,000	241,773
Offshore Group Investments Ltd.(c) Senior Secured
08/01/15		11.500	%		704,000	765,600
Oil States International, Inc.(a)(b)
06/01/19		6.500	%		682,000	685,410
SESI LLC(a)
05/01/19		6.375	%		384,000	380,160
Trinidad Drilling Ltd. Senior Unsecured(a)(c)
01/15/19		7.875	%		434,000	450,910
Weatherford International Ltd.(c)
03/15/38		7.000	%		405,000	440,300

Total						2,964,153


Other Industry (0.4%)
Aquilex Holdings LLC/Finance Corp.
12/15/16		11.125	%		593,000	576,693

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 57

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

Corporate Bonds & Notes (continued)

Other Industry (cont.)
Interline Brands, Inc.
11/15/18		7.000	%		$528,000	$534,600
President and Fellows of Harvard College Senior Notes
10/15/40		4.875	%		650,000	636,282
President and Fellows of Harvard College(a)
01/15/39		6.500	%		10,460,000	12,648,755
Valmont Industries, Inc.
04/20/20		6.625	%		1,075,000	1,175,666

Total						15,571,996


Packaging (0.1%)
Ardagh Packaging Finance PLC Senior Secured(a)(b)(c)
10/15/17		7.375	%		803,000	827,090
Crown Americas LLC/Capital Corp. III Senior Notes(a)(b)
02/01/21		6.250	%		424,000	428,240
Graham Packaging Co. LP/GPC Capital Corp. I
10/01/18		8.250	%		51,000	56,738
Greif, Inc. Senior Unsecured
02/01/17		6.750	%		747,000	776,880
Reynolds Group Issuer, Inc./LLC(a)(b)
04/15/19		9.000	%		359,000	354,512
Senior Secured
04/15/19		7.125	%		724,000	718,570
02/15/21		6.875	%		390,000	380,250

Total						3,542,280


Paper (0.7%)
Cascades, Inc.(b)(c)
12/15/17		7.750	%		845,000	880,913
Georgia-Pacific LLC(a)
05/01/16		8.250	%		21,675,000	24,569,891
Graphic Packaging International, Inc.(b)
06/15/17		9.500	%		800,000	876,000
10/01/18		7.875	%		273,000	290,745
Verso Paper Holdings LLC/Inc. Secured(a)
02/01/19		8.750	%		704,000	626,560

Total						27,244,109


Pharmaceuticals (0.6%)
Endo Pharmaceuticals Holdings, Inc.(a)(b)
07/15/19		7.000	%		74,000	75,850
01/15/22		7.250	%		324,000	328,860
Grifols, Inc. Senior Secured(a)
02/01/18		8.250	%		905,000	925,362
Johnson & Johnson(b) Senior Unsecured
05/15/21		3.550	%		11,187,000	11,086,574
05/15/41		4.850	%		9,789,000	9,475,096
Mylan, Inc.(a)
11/15/18		6.000	%		755,000	767,269
Roche Holdings, Inc.(a)
03/01/19		6.000	%		280,000	322,605
Valeant Pharmaceuticals International(a)(c)
10/01/20		7.000	%		320,000	309,600
Warner Chilcott Co./Finance LLC(a)
09/15/18		7.750	%		290,000	292,538

Total						23,583,754


Property & Casualty (0.8%)
Berkshire Hathaway Finance Corp.
01/15/15		4.850	%		1,605,000	1,771,965
CNA Financial Corp. Senior Unsecured
12/15/14		5.850	%		285,000	308,744
CNA Financial Corp.(b) Senior Unsecured
11/15/19		7.350	%		6,015,000	6,856,727
08/15/21		5.750	%		1,780,000	1,838,010
Liberty Mutual Group, Inc. (a) Senior Unsecured
03/15/35		6.500	%		4,400,000	4,089,769
Liberty Mutual Group, Inc.(a)(d)
06/15/58		10.750	%		5,645,000	7,493,738
Transatlantic Holdings, Inc. Senior Unsecured
11/30/39		8.000	%		9,100,000	9,959,495

Total						32,318,448


Railroads (0.4%)
BNSF Funding Trust I(d)
12/15/55		6.613	%		2,155,000	2,235,813
CSX Corp. Senior Unsecured
03/15/12		6.300	%		4,310,000	4,478,275
03/15/18		6.250	%		8,685,000	10,021,031
Canadian Pacific Railway Co. Senior Unsecured(b)(c)
05/15/18		6.500	%		1,040,000	1,206,168

Total						17,941,287


Refining ( — %)
United Refining Co. Senior Secured
02/28/18		10.500	%		386,000	386,000


REITs (0.9%)
Boston Properties LP Senior Unsecured(b)
05/15/21		4.125	%		20,645,000	19,719,093
Brandywine Operating Partnership LP
05/15/15		7.500	%		2,740,000	3,142,629
Duke Realty LP Senior Unsecured
02/15/15		7.375	%		4,630,000	5,277,311
Duke Realty LP(b) Senior Unsecured
08/15/19		8.250	%		6,890,000	8,352,823

Total						36,491,856


Restaurants (0.9%)
McDonald’s Corp. Senior Unsecured(b)
05/20/21		3.625	%		31,240,000	31,074,709
Yum! Brands, Inc. Senior Unsecured
03/15/18		6.250	%		4,899,000	5,619,437

Total						36,694,146


Retailers (0.3%)
Asbury Automotive Group, Inc. Subordinated Notes(a)(b)
11/15/20		8.375	%		70,000	71,225
Best Buy Co., Inc. Senior Unsecured
03/15/21		5.500	%		4,760,000	4,686,610
CVS Caremark Corp. Senior Unsecured
06/01/17		5.750	%		330,000	370,648
09/15/39		6.125	%		2,500,000	2,562,992
Home Depot, Inc. Senior Unsecured(b)
04/01/41		5.950	%		2,880,000	2,965,899
Ltd Brands, Inc.
04/01/21		6.625	%		295,000	301,638
QVC, Inc. Senior Secured(a)(b)
10/15/20		7.375	%		415,000	437,825
Rite Aid Corp.
06/15/17		9.500	%		175,000	159,688
Rite Aid Corp.(b) Senior Secured
08/15/20		8.000	%		737,000	794,117
Toys R Us — Delaware, Inc. Senior Secured(a)(b)
09/01/16		7.375	%		733,000	740,330

Total						13,090,972


Supermarkets (0.1%)
Kroger Co. (The)
12/15/18		6.800	%		1,910,000	2,270,434


Technology (0.5%)
Amkor Technology, Inc. Senior Unsecured(b)
05/01/18		7.375	%		1,124,000	1,142,265
Brocade Communications Systems, Inc. Senior Secured
01/15/18		6.625	%		531,000	560,205
01/15/20		6.875	%		724,000	780,110
CDW LLC/Finance Corp(a)(b)
04/01/19		8.500	%		592,000	581,640
Cardtronics, Inc.
09/01/18		8.250	%		938,000	1,003,660
Cisco Systems, Inc. Senior Unsecured
02/15/39		5.900	%		4,490,000	4,743,887
01/15/40		5.500	%		345,000	345,538
CommScope, Inc.(a)(b)
01/15/19		8.250	%		238,000	245,140

The accompanying Notes to Financial Statements are an integral part of this statement.

58 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

Corporate Bonds & Notes (continued)

Technology (cont.)
First Data Corp.(a) Senior Secured
08/15/20		8.875	%		$721,000	$769,668
First Data Corp.(a)(b)
01/15/21		12.625	%		1,104,000	1,181,280
Senior Secured
06/15/19		7.375	%		531,000	534,983
Oracle Corp. Senior Unsecured
04/15/38		6.500	%		1,155,000	1,339,289
Oracle Corp.(a) Senior Notes
07/15/40		5.375	%		3,690,000	3,692,840
SunGard Data Systems, Inc.(b)
11/15/18		7.375	%		768,000	768,000
iGate Corp.(a)(b)
05/01/16		9.000	%		523,000	525,615

Total						18,214,120


Transportation Services (0.2%)
Avis Budget Car Rental LLC/Finance, Inc.(b)
01/15/19		8.250	%		325,000	329,062
ERAC U.S.A. Finance LLC(a)
07/01/13		2.750	%		375,000	383,378
10/15/37		7.000	%		6,306,000	6,938,662
Hertz Corp. (The)(a)(b)
10/15/18		7.500	%		714,000	730,065
01/15/21		7.375	%		346,000	350,325

Total						8,731,492


Wireless (0.8%)
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured(a)
05/01/17		7.750	%		1,022,000	1,106,315
Clearwire Communications LLC/Finance, Inc.(a)(b) Secured
12/01/17		12.000	%		211,000	221,023
Senior Secured
12/01/15		12.000	%		208,000	220,480
Cricket Communications, Inc. Senior Secured
05/15/16		7.750	%		1,061,000	1,124,660
Cricket Communications, Inc. (a) Senior Notes
10/15/20		7.750	%		280,000	273,700
Goodman Networks, Inc. Senior Secured(a)
07/01/18		12.125	%		334,000	330,660
MetroPCS Wireless, Inc.
09/01/18		7.875	%		359,000	379,642
MetroPCS Wireless, Inc.(b)
11/15/20		6.625	%		381,000	377,190
NII Capital Corp.(b)
04/01/21		7.625	%		341,000	356,345
Nextel Communications, Inc.(b)
08/01/15		7.375	%		1,430,000	1,430,000
SBA Telecommunications, Inc.
08/15/19		8.250	%		709,000	758,630
SBA Telecommunications, Inc.(b)
08/15/16		8.000	%		700,000	744,625
Sprint Nextel Corp. Senior Unsecured(b)
08/15/17		8.375	%		1,414,000	1,553,632
United States Cellular Corp. Senior Unsecured
12/15/33		6.700	%		22,433,000	22,331,289
Wind Acquisition Finance SA Senior Secured(a)(b)(c)
02/15/18		7.250	%		1,474,000	1,540,330

Total						32,748,521


Wirelines (2.7%)
AT&T, Inc. Senior Unsecured(b)
02/15/39		6.550	%		17,499,000	19,193,428
Cincinnati Bell, Inc.(b)
10/15/17		8.250	%		320,000	321,600
10/15/20		8.375	%		430,000	428,925
Embarq Corp. Senior Unsecured
06/01/36		7.995	%		12,340,000	12,643,712
Frontier Communications Corp.(b) Senior Unsecured
04/15/15		7.875	%		332,000	360,220
04/15/17		8.250	%		260,000	282,750
04/15/20		8.500	%		443,000	482,870
Integra Telecom Holdings, Inc. Senior Secured(a)
04/15/16		10.750	%		226,000	228,825
Level 3 Communications, Inc. Senior Unsecured(a)
02/01/19		11.875	%		365,000	393,744
Level 3 Escrow, Inc. Senior Unsecured(a)
07/01/19		8.125	%		345,000	346,725
Level 3 Financing, Inc.(a)
04/01/19		9.375	%		90,000	93,825
Level 3 Financing, Inc.(b)
02/15/17		8.750	%		480,000	489,600
PAETEC Holding Corp. Senior Secured
06/30/17		8.875	%		577,000	605,850
PAETEC Holding Corp.(a)(b)
12/01/18		9.875	%		752,000	779,260
Qwest Communications International, Inc.
04/01/18		7.125	%		1,378,000	1,479,627
Telefonica Emisiones SAU(b)(c)
01/15/15		4.949	%		13,790,000	14,674,491
Telefonica Emisiones SAU(c)
06/20/16		6.421	%		335,000	374,041
Tw telecom holdings, inc.
03/01/18		8.000	%		578,000	616,293
Verizon New York, Inc. Senior Unsecured
04/01/12		6.875	%		24,260,000	25,340,079
04/01/32		7.375	%		25,918,000	29,810,236
Windstream Corp.(b)
11/01/17		7.875	%		644,000	683,445

Total						109,629,546


Total Corporate Bonds & Notes
(Cost: $1,489,395,231)						$1,522,257,835


Residential Mortgage-Backed Securities — Agency 20.5%

Federal Home Loan Mortgage Corp.(b)(h)
07/01/37		6.000	%		25,767,493	28,708,285
Federal Home Loan Mortgage Corp.(h)(o) CMO IO Series 3517 Class JI
12/15/12		0.000	%		8,541,764	52,019
CMO IO Series 3630 Class AI
03/15/17		0.000	%		59,343,424	2,431,858
Federal Home Loan Mortgage Corp.(e)(h)
07/01/41		4.000	%		33,000,000	32,969,046
07/01/41		6.000	%		13,300,000	14,607,137
Federal Home Loan Mortgage Corp.(h)
11/01/40-06/01/41		4.500	%		52,462,243	54,441,831
07/01/39		5.000	%		10,553,291	11,269,805
12/01/30-
06/01/33		5.500	%		1,733,164	1,886,244
09/01/28-
09/01/37		6.000	%		7,377,590	8,090,802
08/01/29-
10/01/34		6.500	%		817,153	925,960
04/01/30-
04/01/32		7.000	%		861,935	999,185
08/01/24		8.000	%		66,691	79,156
01/01/25		9.000	%		29,454	36,194
Federal Home Loan Mortgage Corp.(h)(o)
CMO IO Series 2795 Class IY
07/15/17		721.908	%		4,423	15
CMO IO Series 3430 Class IA
07/15/12		81.545	%		21,012,846	90,801
CMO IO Series 3447 Class AI
03/15/12		0.000	%		10,152,737	64,688
Federal National Mortgage Association(b)(h)
04/01/34		5.500	%		19,798,473	21,559,380
Federal National Mortgage Association(e)(h)
07/01/41		4.000	%		72,660,000	72,660,000
07/01/41		5.000	%		2,315,000	2,459,688
07/01/41		6.000	%		45,645,000	50,138,203
07/01/41		6.500	%		51,500,000	58,307,682
Federal National Mortgage Association(h)
10/01/40-07/01/41		4.500	%		54,991,792	57,021,375
04/01/29-
08/01/40		5.000	%		87,108,996	92,867,625

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 59

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

Residential Mortgage-Backed Securities — Agency (cont.)
07/01/28-
02/01/38		5.500	%		$79,276,860	$86,254,204
10/01/28-
08/01/35		6.000	%		25,373,611	28,161,381
11/01/28-
10/01/37		6.500	%		15,649,325	17,777,911
05/01/29-
07/01/38		7.000	%		30,507,401	35,146,092
02/01/27-
09/01/31		7.500	%		337,231	394,515
11/01/21		8.000	%		10,512	12,280
04/01/23		8.500	%		75,123	83,377
06/01/24		9.000	%		94,542	111,714
Federal National Mortgage Association(h)(o)
CMO IO Series 2003-63 Class IP
07/25/33		1.000	%		8,599,125	1,898,149
07/25/33		20.000	%		371,150	81,927
CMO IO Series 2003-71 Class IM
12/25/31		20.000	%		889,560	94,341
CMO IO Series 2004-84 Class GI
12/25/22		24.840	%		363,415	18,538
CMO IO Series 2008-40 Class AI
08/25/12		0.396	%		35,841,994	368,886
Federal National Mortgage Association(h)(i)
01/01/36		5.500	%		24,477,896	26,632,050
Government National Mortgage Association(e)(h)
07/01/41		4.000	%		35,000,000	35,650,790
07/01/41		4.500	%		68,000,000	71,761,216
Government National Mortgage Association(h)
10/15/33		5.500	%		2,043,934	2,263,018
Government National Mortgage Association(h)(o)
CMO IO Series 2002-70 Class IC
08/20/32		20.795	%		1,023,896	119,964


Total Residential Mortgage-Backed Securities — Agency
(Cost: $799,072,337)						$818,497,332


Residential Mortgage-Backed Securities — Non-Agency 1.2%

American General Mortgage Loan Trust CMO Series 2009-1 Class A7(a)(d)(h)
09/25/48		5.750	%		10,593,000	10,749,204
BCAP LLC Trust CMO Series 2006-RR1 Class PB(h)
11/25/36		5.000	%		2,470,093	2,475,663
Credit Suisse Mortgage Capital Certificates(a)(d)(h) CMO Series 2009-12R Class 30A1
12/27/36		5.300	%		2,133,712	2,163,300
CMO Series 2010-11R Class A1
06/28/47		1.191	%		8,224,256	8,124,624
CMO Series 2010-12R Class 13A1
12/26/37		4.250	%		8,220,586	8,282,126
Fadr LLC Series 2009-2 Class A(a)(d)(h)
01/28/40		2.441	%		2,124,143	1,978,109
Indymac Index Mortgage Loan Trust CMO Series 2006-AR13 Class A1(d)(h)
07/25/36		5.434	%		102,144	83,332
JP Morgan Alternative Loan Trust CMO Series 2006-A4 Class A1(d)(h)
09/25/36		5.950	%		3,276,612	3,260,547
LVII Resecuritization Trust CMO Series 2009-3 Class A1(a)(d)(h)
11/27/37		5.670	%		2,803,219	2,814,080
Nomura Asset Acceptance Corp.(d)(h) CMO Series 2007-1 Class 1A3 (FSA)
03/25/47		5.957	%		439,237	358,473
CMO Series 2007-1 Class 1A4 (FSA)
03/25/47		6.138	%		2,780,059	2,268,525
Prime Mortgage Trust CMO Series 2005-1 Class 2A1(a)(h)
09/25/34		5.000	%		987,906	994,409
Structured Asset Securities Corp. CMO Series 2004-21XS Class 2A6A(d)(h)
12/25/34		4.740	%		2,227,508	2,245,761
Wells Fargo Mortgage-Backed Securities Trust CMO Series 2005-2 Class 1A2(h)
04/25/35		8.000	%		1,704,869	1,738,845


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $47,485,505)						$47,536,998


Commercial Mortgage-Backed Securities — Non-Agency 15.7%

Banc of America Merrill Lynch Commercial Mortgage, Inc.(h) Series 2005-3 Class A3A
07/10/43		4.621	%		8,050,000	8,193,598
Series 2005-3 Class A4
07/10/43		4.668	%		10,284,000	11,005,329
Series 2005-4 Class A5A
07/10/45		4.933	%		10,833,000	11,555,735
Bear Stearns Commercial Mortgage Securities(d)(h) Series 2005-T18 Class A4
02/13/42		4.933	%		2,000,000	2,142,942
Series 2005-T20 Class A4A
10/12/42		5.296	%		6,525,000	7,146,561
Bear Stearns Commercial Mortgage Securities(h) Series 2006-PW14 Class A4
12/11/38		5.201	%		25,575,000	27,527,618
Series 2007-PW18 Class A1
06/13/50		5.038	%		809,333	815,332
Series 2007-T28 Class A1
09/11/42		5.422	%		24,179	24,342
CDC Commercial Mortgage Trust Series 2002-FX1 Class A2(h)
11/15/30		5.676	%		4,888,510	4,925,702
Citigroup Commercial Mortgage Trust(h) Series 2005-C3 Class A4
05/15/43		4.860	%		11,000,000	11,733,730
Series 2006-C5 Class A4
10/15/49		5.431	%		5,950,000	6,457,947
Citigroup/Deutsche Bank Commercial Mortgage Trust (b)(h) Series 2007-CD4 Class A4
12/11/49		5.322	%		18,742,000	19,840,386
Citigroup/Deutsche Bank Commercial Mortgage Trust(d)(h) Series 2007-CD5 Class A4
11/15/44		5.886	%		10,900,000	11,889,820
Commercial Mortgage Pass-Through Certificates Series 2007-C9 Class A4(b)(d)(h)
12/10/49		6.008	%		8,405,000	9,231,886
Credit Suisse First Boston Mortgage Securities Corp.(d)(h) Series 2004-C1 Class A4
01/15/37		4.750	%		11,155,000	11,774,735
Series 2005-C6 Class A4
12/15/40		5.230	%		13,380,000	14,480,394
Credit Suisse First Boston Mortgage Securities Corp.(h) Series 2004-C2 Class A1
05/15/36		3.819	%		843,496	854,519
GE Capital Commercial Mortgage Corp.(d)(h) Series 2005-C1 Class A5
06/10/48		4.772	%		3,900,000	4,170,093
GE Capital Commercial Mortgage Corp.(h) Series 2001-3 Class A2
06/10/38		6.070	%		7,600,113	7,642,440
GS Mortgage Securities Corp. II (a)(d)(h) Series 2010-C2 Class A2
12/10/43		5.162	%		5,250,000	5,529,720
GS Mortgage Securities Corp. II (a)(h) Series 2011-GC3 Class A4
03/10/44		4.753	%		10,900,000	11,199,264
GS Mortgage Securities Corp. II(h) Series 2004-GG2 Class A3
08/10/38		4.602	%		987,616	987,168
Series 2005-GG4 Class A4A
07/10/39		4.751	%		29,935,000	31,909,090
Series 2006-GG8 Class A4
11/10/39		5.560	%		4,355,000	4,719,276
General Electric Capital Assurance Co. (a)(d)(h) Series 2003-1 Class A4
05/12/35		5.254	%		8,320,832	8,892,845
Series 2003-1 Class A5
05/12/35		5.743	%		6,500,000	7,142,844
Greenwich Capital Commercial Funding Corp. (b)(h) Series 2007-GG9 Class A2
03/10/39		5.381	%		10,043,796	10,217,672
Series 2007-GG9 Class A4
03/10/39		5.444	%		34,365,000	36,863,198
Greenwich Capital Commercial Funding Corp.(h) Series 2003-C2 Class A3
01/05/36		4.533	%		1,365,350	1,382,196
Series 2004-GG1 Class A5
06/10/36		4.883	%		33,911	33,884
JP Morgan Chase Commercial Mortgage Securities Corp. (a)(h) Series 2010-C1 Class A3
06/15/20		5.058	%		3,125,000	3,274,291
Series 2010-C2 Class A3
11/15/43		4.070	%		10,850,000	10,488,746

The accompanying Notes to Financial Statements are an integral part of this statement.

60 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

Commercial Mortgage-Backed Securities — Non-Agency (cont.)
Series 2011-C3 Class A4
02/16/46		4.717	%		$18,175,000	$18,360,001
Series 2011-C4 Class A4
07/15/46		4.388	%		10,000,000	9,805,970
JP Morgan Chase Commercial Mortgage Securities Corp.(d)(h) Series 2005-LDP3 Class ASB
08/15/42		4.893	%		7,698,788	8,042,108
Series 2005-LDP4 Class A4
10/15/42		4.918	%		6,529,000	7,043,560
Series 2005-LDP5 Class A4
12/15/44		5.371	%		30,027,000	32,720,491
Series 2006-LDP6 Class ASB
04/15/43		5.490	%		9,143,021	9,718,552
Series 2007-CB19 Class A4
02/12/49		5.932	%		9,500,000	10,310,547
JP Morgan Chase Commercial Mortgage Securities Corp.(h) Series 2003-CB6 Class A1
07/12/37		4.393	%		876,391	892,446
Series 2003-LN1 Class A1
10/15/37		4.134	%		898,230	921,762
Series 2003-ML1A Class A1
03/12/39		3.972	%		522,461	529,543
Series 2004-CBX Class A3
01/12/37		4.184	%		1,219,553	1,218,805
Series 2004-LN2 Class A1
07/15/41		4.475	%		6,077,045	6,171,035
Series 2005-LDP2 Class A3
07/15/42		4.697	%		5,617,404	5,723,398
Series 2007-CB20 Class ASB
02/12/51		5.688	%		3,665,000	3,899,771
LB-UBS Commercial Mortgage Trust(d)(h) Series 2004-C6 Class A6
08/15/29		5.020	%		4,000,000	4,274,010
Series 2005-C7 Class A4
11/15/30		5.197	%		6,375,000	6,915,917
Series 2006-C4 Class AAB
06/15/32		6.042	%		7,139,171	7,640,899
Series 2007-C7 Class A3
09/15/45		5.866	%		11,340,000	12,305,126
LB-UBS Commercial Mortgage Trust(h) Series 2004-C2 Class A3
03/15/29		3.973	%		1,171,652	1,201,172
Series 2006-C1 Class A4
02/15/31		5.156	%		6,170,000	6,675,726
Merrill Lynch Mortgage Trust Series 2008-C1 Class A1(h)
02/12/51		4.706	%		308,486	313,306
Morgan Stanley Capital I (a)(d)(h) Series 2011-C1 Class A4
09/15/47		5.033	%		5,850,000	6,100,526
Morgan Stanley Capital I(d)(h) Series 2006-T23 Class AAB
08/12/41		5.976	%		5,575,000	5,996,440
Morgan Stanley Capital I(h) Series 2007-IQ16 Class A4
12/12/49		5.809	%		26,100,000	28,639,418
Morgan Stanley Reremic Trust (a)(b)(d)(h) Series 2010-GG10 Class A4A
08/15/45		5.992	%		35,850,000	39,232,473
Morgan Stanley Reremic Trust (a)(d)(h) Series 2009-GG10 Class A4A
08/12/45		5.992	%		18,150,000	19,862,465
TIAA Seasoned Commercial Mortgage Trust(d)(h) Series 2007-C4 Class A2
08/15/39		5.698	%		2,100,000	2,168,670
Series 2007-C4 Class A3
08/15/39		5.979	%		3,605,000	3,940,990
WF-RBS Commercial Mortgage Trust (a)(d)(h) Series 2011-C2 Class A4
02/15/44		4.869	%		5,250,000	5,381,590
WF-RBS Commercial Mortgage Trust(a)(h)
03/15/44		4.375	%		13,000,000	12,926,088
Wachovia Bank Commercial Mortgage Trust(d)(h) Series 2005-C20 Class A5
07/15/42		5.087	%		1,679,150	1,697,687
Series 2005-C22 Class A4
12/15/44		5.440	%		9,800,000	10,621,744
Series 2006-C24 Class A3
03/15/45		5.558	%		9,850,000	10,709,403
Wachovia Bank Commercial Mortgage Trust(h) Series 2005-C16 Class A2
10/15/41		4.380	%		2,149,025	2,159,117
Series 2005-C18 Class A4
04/15/42		4.935	%		5,096,000	5,488,418
Series 2006-C24 Class APB
03/15/45		5.576	%		3,701,453	3,866,888
Series 2006-C27 Class APB
07/15/45		5.727	%		4,550,000	4,707,237
Series 2006-C29 Class A4
11/15/48		5.308	%		3,000,000	3,239,924


Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $615,494,712)						$625,476,526


Commercial Mortgage-Backed Securities — Agency — %

Federal National Mortgage Association(h)
03/01/16		4.854	%		1,480,540	1,526,479
09/01/13		5.322	%		100,706	106,876
CMO Series 2002-M2 Class C
08/25/12		4.717	%		56,858	58,564


Total Commercial Mortgage-Backed Securities — Agency
(Cost: $1,618,346)						$1,691,919


Asset-Backed Securities — Non-Agency 1.3%

Bear Stearns Asset-Backed Securities Trust Series 2006-HE9 Class 1A1(d)
11/25/36		0.236	%		1,676,687	1,640,717
CitiFinancial Auto Issuance Trust Series 2009-1 Class A2(a)
11/15/12		1.830	%		5,893,265	5,899,925
Citibank Credit Card Issuance Trust Series 2008-C6 Class C6
06/20/14		6.300	%		8,000,000	8,390,821
Citicorp Residential Mortgage Securities, Inc. Series 2007-2 Class A3(d)
06/25/37		6.080	%		4,951,000	4,996,336
Countrywide Asset-Backed Certificates (d) Series 2005-1 Class MV1
07/25/35		0.586	%		872,797	871,927
Series 2007-S2 Class A3 (NPFGC)
05/25/37		5.813	%		1,843,056	1,319,805
Series 2007-S2 Class A6 (NPFGC)
05/25/37		5.779	%		1,034,434	782,378
Ford Credit Auto Lease Trust Series 2011-A Class A3(e)
07/15/14		1.030	%		3,755,000	3,754,878
JP Morgan Mortgage Acquisition Corp. Series 2007-CH2 Class AV2(d)
09/25/29		0.256	%		2,157,331	2,063,668
National Collegiate Student Loan Trust(o) CMO IO Series 2006-2 Class AIO
08/25/11		50.000	%		5,691,300	13,858
CMO IO Series 2006-3 Class AIO
01/25/12		11.010	%		615,754	15,931
01/25/12		20.000	%		10,291,883	266,272
CMO IO Series 2006-4 Class AIO
02/27/12		7.420	%		11,633,000	382,227
Navistar Financial Corp. Owner Trust Series 2010-A Class A2(a)
10/18/12		1.470	%		7,299,723	7,308,709
Northstar Education Finance, Inc. Series 2004-1 Class A3(d)
04/28/17		0.443	%		3,555,000	3,552,194
SLM Student Loan Trust Series 2006-A Class A2(d)
12/15/20		0.327	%		344,118	343,392
Soundview Home Equity Loan Trust Series 2006-WF2 Class A2B(d)
12/25/36		0.286	%		2,648,493	2,617,338
Triad Auto Receivables Owner Trust Series 2007-A Class A4 (AGM)(d)
02/12/14		0.250	%		9,634,207	9,588,751


Total Asset-Backed Securities — Non-Agency
(Cost: $53,184,531)						$53,809,127

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 61

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund


	Coupon			Principal
Issuer	Rate			Amount		Value

U.S. Treasury Obligations 16.3%

U.S. Treasury
02/15/41		4.750	%		$37,095,000	$39,430,835
U.S. Treasury(b)
06/15/14		0.750	%		96,802,000	96,688,548
04/30/16		2.000	%		6,451,000	6,548,797
05/31/16		1.750	%		795,000	796,240
05/31/18		2.375	%		197,593,000	196,543,781
05/15/21		3.125	%		39,589,000	39,477,755

U.S. Treasury(b)(j) STRIPS
11/15/21		0.000	%		301,213,000	209,146,946
02/15/40		0.000	%		245,439,000	63,924,833


Total U.S. Treasury Obligations
(Cost: $661,965,139)						$652,557,735


U.S. Government & Agency Obligations — %

Federal National Mortgage Association
04/01/22		8.000	%		38,951	45,617


Total U.S. Government & Agency Obligations
(Cost: $38,708)						$45,617


Foreign Government Obligations 0.3%


ITALY (0.3%)
Republic of Italy Senior Unsecured(c)
09/20/16		5.250	%		9,308,000	10,091,752


Total Foreign Government Obligations
(Cost: $10,208,652)						$10,091,752




Issue	Coupon			Principal
Description	Rate			Amount		Value

Municipal Bonds 0.4%

Commonwealth of Massachusetts Revenue Bonds Build America Bonds-Recovery Series 2010Z
06/01/30		5.631	%		$740,000	$783,593
06/01/40		5.731	%		1,945,000	2,089,358
Kentucky Asset Liability Commission Revenue Bonds Taxable Series 2010
04/01/18		3.165	%		8,375,000	8,398,199
Los Angeles Unified School District Unlimited General Obligation Bonds Build America Bonds Series 2009
07/01/34		5.750	%		1,850,000	1,858,232
State of California Unlimited General Obligation Bonds Taxable Series 2010
11/01/15		3.950	%		1,550,000	1,586,937


Total Municipal Bonds
(Cost: $14,448,301)						$14,716,319


	Weighted
	Average			Principal
Borrower	Coupon			Amount		Value

Senior Loans — %


Gaming ( — %)
Caesars Octavius LLC Tranche B Term Loan(k)
04/25/17		9.250	%		$397,000	$400,077


Total Senior Loans
(Cost: $393,030)						$400,077


Issuer	Shares		Value

Preferred Stocks 0.8%


FINANCIALS (0.8%)

Commercial Banks (0.8%)
Citigroup Capital XIII, 7.875%		1,003,600	$	27,880,008
Lloyds Banking Group PLC, 6.657%(a)(c)		6,315,000		4,578,375

Total				32,458,383


TOTAL FINANCIALS				32,458,383


Total Preferred Stocks
(Cost: $33,053,546)			$	32,458,383


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Treasury Note Short-Term 8.5%

U.S. Treasury Bills(b)
08/25/11	0.010%	$	339,000,000	$	338,992,220


Total Treasury Note Short-Term
(Cost: $338,984,464)				$	338,992,220


	Shares		Value

Money Market Fund 4.4%

Columbia Short-Term Cash Fund, 0.166%(l)(m)		176,678,397	$	176,678,397


Total Money Market Fund
(Cost: $176,678,397)			$	176,678,397


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 18.9%


Asset-Backed Commercial Paper (1.4%)
Rhein-Main Securitisation Ltd.
07/11/11	0.481%	$	4,994,068	$	4,994,068
09/06/11	0.430%		4,994,924		4,994,924
Royal Park Investments Funding Corp.
07/08/11	0.531%		4,993,669		4,993,669
07/20/11	0.400%		14,996,333		14,996,333
09/16/11	0.410%		9,989,636		9,989,636
Scaldis Capital LLC
07/01/11	0.200%		15,999,911		15,999,911

Total					55,968,541


Certificates of Deposit (8.9%)
Australia and New Zealand Bank Group, Ltd.
07/25/11	0.190%		15,000,000		15,000,000
Bank of America, National Association
10/03/11	0.350%		15,000,000		15,000,000
Barclays Bank PLC
09/13/11	0.310%		10,000,000		10,000,000
Clydesdale Bank PLC
07/21/11	0.280%		14,989,391		14,989,391
Commerzbank AG
07/20/11	0.220%		20,000,000		20,000,000
07/27/11	0.180%		10,000,000		10,000,000
Credit Industrial et Commercial
07/01/11	0.430%		10,000,000		10,000,000
11/21/11	0.410%		10,000,000		10,000,000
DZ Bank AG
07/27/11	0.150%		15,000,000		15,000,000
Den Danske Bank
07/26/11	0.230%		9,996,104		9,996,104
Deutsche Bank AG
07/08/11	0.260%		20,000,000		20,000,000
Development Bank of Singapore Ltd.
07/18/11	0.180%		8,000,000		8,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/25/11	0.240%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11	0.300%		25,000,000		25,000,000
KBC Bank NV
07/05/11	0.300%		15,000,000		15,000,000
07/07/11	0.300%		4,000,000		4,000,000
07/14/11	0.280%		4,000,000		4,000,000
07/27/11	0.280%		12,000,000		12,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		4,998,900		4,998,900
Lloyds Bank PLC
10/03/11	0.260%		11,000,000		11,000,000
N.V. Bank Nederlandse Gemeenten
07/07/11	0.320%		10,000,000		10,000,000
07/27/11	0.270%		10,000,000		10,000,000
08/05/11	0.260%		5,000,000		5,000,000
National Bank of Canada
10/07/11	0.240%		15,000,000		15,000,000
11/18/11	0.186%		5,000,000		5,000,000
Natixis
09/07/11	0.544%		19,000,000		19,000,000
Overseas Chinese Banking Corp.
07/15/11	0.450%		7,000,000		7,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

62 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)

Certificates of Deposit (cont.)
Societe Generale
09/23/11	0.411%		$15,000,000		$15,000,000
Union Bank of Switzerland
11/14/11	0.224%		10,000,000		10,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		10,000,000		10,000,000
08/26/11	0.300%		5,000,000		5,000,000

Total					354,984,395


Commercial Paper (1.2%)
Danske Corp.
07/11/11	0.240%		9,996,867		9,996,867
Erste Finance (Delaware) LLC
07/18/11	0.210%		14,997,287		14,997,287
Macquarie Bank Ltd.
07/26/11	0.380%		19,980,789		19,980,789
Suncorp Metway Ltd.
07/11/11	0.200%		4,999,111		4,999,111

Total					49,974,054


Money Market Fund (3.8%)
JPMorgan Prime Money Market Fund, 0.010%(l)		$	150,000,000	$	150,000,000


Other Short-Term Obligations (0.5%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		20,000,000		20,000,000


Repurchase Agreements (3.1%)
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $15,000,017(n)
	0.040%		15,000,000		15,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $40,000,133(n)
	0.120%		40,000,000		40,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $25,000,021(n)
07/01/11	0.030%		25,000,000		25,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $35,000,117(n)
	0.120%	$	35,000,000	$	35,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $7,588,324(n)
	0.080%		7,588,308		7,588,308

Total					122,588,308


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $753,515,298)				$	753,515,298


Total Investments
(Cost: $4,995,536,197)				$	5,048,725,535
Other Assets & Liabilities, Net					(1,057,474,849)


Net Assets				$	3,991,250,686

Investments in Derivatives

Futures Contracts Outstanding at June 30, 2011


	Number of
	contracts			Notional			Expiration		Unrealized		Unrealized
Contract description	long (short)			market value			date		appreciation		depreciation
U.S. Treasury Long Bond, 20-year		696			$85,629,750			Sept. 2011		$—		$(2,053,954	)
U.S. Treasury Note, 2-year		(896	)		(196,532,000	)		Oct. 2011		—		(533,882	)
U.S. Treasury Note, 5-year		(2,561	)		(305,259,189	)		Oct. 2011		161,205		—
U.S. Treasury Note, 10-year		(3,015	)		(368,819,312	)		Sept. 2011		475,314		—
U.S. Treasury Ultra Bond, 30-year		(111	)		(14,013,750	)		Sept. 2011		425,983		—

Total										$1,062,502		$(2,587,836	)

Credit Default Swap Contracts Outstanding at June 30, 2011

Buy Protection


												Unamortized			Periodic
				Pay								premium			payments
	Reference	Expiration		fixed			Notional		Market			(paid)			receivable			Unrealized		Unrealized
Counterparty	entity	date		rate			amount		value			received			(payable)			appreciation		depreciation
Morgan Stanley	Home Depot, Inc.		6/20/16		1.000	%		$15,500,000		$(297,464	)		$228,177			$(44,347	)		$—		$(113,634	)

JPMorgan	Limited Brands, Inc.		6/20/16		1.000			4,430,000		218,489			(213,240	)		(12,552	)		—		(7,303	)

Morgan Stanley	Toll Brothers, Inc.		6/20/16		1.000			13,925,000		524,122			(676,278	)		(3,868	)		—		(156,024	)

Barclays Capital	Textron, Inc.		9/20/16		1.000			8,905,000		308,139			(282,226	)		(2,721	)		23,192		—

Morgan Stanley	Limited Brands, Inc.		9/20/16		1.000			4,430,000		245,993			(243,638	)		(1,354	)		1,001		—

Morgan Stanley	Toll Brothers, Inc.		9/20/16		1.000			9,370,000		394,299			(457,335	)		(2,082	)		—		(65,118	)

JPMorgan	D.R. Horton, Inc.		9/20/16		1.000			7,970,000		562,564			(583,943	)		(2,435	)		—		(23,845	)

Morgan Stanley	Home Depot, Inc.		9/20/16		1.000			12,215,000		(229,357	)		188,237			(3,732	)		—		(44,852	)

JPMorgan	Morgan Stanley		9/20/16		1.000			15,500,000		459,959			(501,722	)		(4,736	)		—		(46,499	)

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 63

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund

Credit Default Swap Contracts Outstanding at June 30, 2011 (continued)


											Unamortized			Periodic
				Pay							premium			payments
	Reference	Expiration		fixed			Notional		Market		(paid)			receivable			Unrealized		Unrealized
Counterparty	entity	date		rate			amount		value		received			(payable)			appreciation		depreciation
Barclays Capital	Marriott International, Inc.		9/20/16		1.000	%		$8,235,000		$21,299		$(48,189	)		$(2,516	)		$—		$(29,406	)

Barclays Capital	Toll Brothers, Inc.		6/20/16		1.000			15,510,000		583,779		(724,050	)		(4,739	)		—		(145,010	)

JPMorgan	D.R. Horton, Inc.		6/20/16		1.000			15,510,000		994,246		(1,055,181	)		(4,739	)		—		(65,675	)

Total																		$24,193		$(697,366	)

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 June 30, 2011, the value of these securities amounted to $474,618,974 or 11.89% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 5.19% of net assets.

^(d)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(e)		Represents a security purchased on a when-issued or delayed delivery basis.

^(f)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $1,390,706, representing 0.03% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


^(g)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $1,390,706, which represents 0.03% of net assets.

^(h)		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

⁽ⁱ⁾		At June 30, 2011, investments in securities included securities valued at $8,701,909 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

^(j)		Zero coupon bond.

^(k)		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.

^(l)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(m)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$322,075,929

$1,170,908,645

$(1,316,306,177

)

$—

$176,678,397

$448,757

$176,678,397


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

The accompanying Notes to Financial Statements are an integral part of this statement.

64 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund

Notes to Portfolio of Investments (continued)


Deutsche Bank AG (0.040%)
Security Description	Value
Fannie Mae Pool		$14,241,658
Freddie Mac Non Gold Pool		1,058,342

Total Market Value of Collateral Securities		$15,300,000


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$1,418,102
Ginnie Mae I Pool		34,831,216
Government National Mortgage Association		4,550,682

Total Market Value of Collateral Securities		$40,800,000


Natixis Financial Products, Inc. (0.030%)
Security Description	Value
Fannie Mae Interest Strip		$579,725
Fannie Mae REMICS		14,170,163
Federal Farm Credit Bank		1,836,725
Freddie Mac REMICS		4,183,387
Government National Mortgage Association		4,730,021

Total Market Value of Collateral Securities		$25,500,021


Pershing LLC (0.120%)
Security Description	Value
Fannie Mae Pool		$310,718
Fannie Mae REMICS		8,706,640
Fannie Mae Whole Loan		55,408
Freddie Mac Reference REMIC		833,352
Freddie Mac REMICS		22,253,628
Freddie Mac Strips		354,462
Government National Mortgage Association		3,185,792

Total Market Value of Collateral Securities		$35,700,000


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$7,740,109

Total Market Value of Collateral Securities		$7,740,109


^(o)		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 rate disclosed represents yield based upon the estimated timing and amount of future cash flows at June 30, 2011.

Abbreviation Legend


AGM		Assured Guaranty Municipal Corporation
CMO		Collateralized Mortgage Obligation
IO		Interest Only
NPFGC		National Public Finance Guarantee Corporation
PIK		Payment-in-Kind
STRIPS		Separate Trading of Registered Interest and Principal Securities

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 65

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

66 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Electric		$—			$177,620,888			$369,245		$177,990,133
Entertainment		—			6,325,625			1,390,706		7,716,331
All Other Industries		—			1,336,551,371			—		1,336,551,371
Residential Mortgage-Backed Securities — Agency		—			818,497,332			—		818,497,332
Residential Mortgage-Backed Securities — Non-Agency		—			45,558,889			1,978,109		47,536,998
Commercial Mortgage-Backed Securities — Non-Agency		—			625,476,526			—		625,476,526
Commercial Mortgage-Backed Securities — Agency		—			1,691,919			—		1,691,919
Asset-Backed Securities- Non-Agency		—			53,809,127			—		53,809,127
U.S. Treasury Obligations		379,485,956			273,071,779			—		652,557,735
U.S. Government & Agency Obligations		—			45,617			—		45,617
Foreign Government Obligations		—			10,091,753			—		10,091,753
Municipal Bonds		—			14,716,319			—		14,716,319

Total Bonds		379,485,956			3,363,457,145			3,738,060		3,746,681,161

Equity Securities
Preferred Stocks
Financials		—			32,458,383			—		32,458,383

Total Equity Securities		—			32,458,383			—		32,458,383

Short-Term Securities
Treasury Note Short-Term		338,992,220			—			—		338,992,220

Total Short-Term Securities		338,992,220			—			—		338,992,220

Other
Senior Loans		—			400,077			—		400,077
Affiliated Money Market Fund(c)		176,678,397			—			—		176,678,397
Investments of Cash Collateral Received for Securities on Loan		150,000,000			603,515,297			—		753,515,297

Total Other		326,678,397			603,915,374			—		930,593,771

Investments in Securities		1,045,156,573			3,999,830,902			3,738,060		5,048,725,535
Derivatives(d)
Assets
Futures Contracts		1,062,502			—			—		1,062,502
Swap Contracts		—			24,193			—		24,193
Liabilities
Futures Contracts		(2,587,836	)		—			—		(2,587,836	)
Swap Contracts		—			(697,366	)		—		(697,366	)

Total		$1,043,631,239			$3,999,157,729			$3,738,060		$5,046,527,028


•	The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through its correlation to prices and information from market transactions for similar or identical assets.

•	Certain Corporate and Residential Mortgage Backed Securities classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, observed yields on securities management deemed comparable and single market quotations from broker dealers.


^(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 June 30, 2011.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 67

Portfolio of Investments (continued)

Columbia VP – Diversified Bond Fund

Fair Value Measurements (continued)

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


				Residential			Asset-
	Corporate			Mortgage-Backed			Backed
	Bonds &			Securities-			Securities-
	Notes			Non-Agency			Non-Agency			Total
Balance as of December 31, 2010		$1,508,144			$26,338,013			$12,547,813			$40,393,970
Accrued discounts/premiums		(14,894	)		(38,216	)		9,795			(43,315	)
Realized gain (loss)		(1,157	)		223,853			(1,777	)		220,919
Change in unrealized appreciation (depreciation)*		58,204			(90,166	)		(103,605	)		(135,567	)
Sales		(5,143,454	)		(24,455,375	)		(12,452,226	)		(42,051,055	)
Purchases		—			—			—			—
Transfers into Level 3		5,353,108			—			—			5,353,108
Transfers out of Level 3		—			—			—			—

Balance as of June 30, 2011		$1,759,951			$1,978,109			$—			$3,738,060


•	Financial Assets were transferred from Level 2 to Level 3 due to utilizing single market quotations from broker dealers. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $96,904, which is comprised of Corporate Bonds & Notes of $58,204 and Residential Mortgage-Backed Securities — Non-Agency of $38,700.

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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

68 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Dynamic Equity Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 98.8%


CONSUMER DISCRETIONARY (11.2%)

Auto Components (1.4%)
Lear Corp.		355,200	$	18,996,096
TRW Automotive Holdings Corp.(a)(b)		14,900		879,547

Total				19,875,643


Diversified Consumer Services (0.7%)
Apollo Group, Inc., Class A(b)		60,227		2,630,715
Bridgepoint Education, Inc.(a)(b)		71,900		1,797,500
ITT Educational Services, Inc.(a)(b)		61,100		4,780,464

Total				9,208,679


Media (1.8%)
Comcast Corp., Class A		276,800		7,014,112
DISH Network Corp., Class A(b)		233,645		7,165,892
Viacom, Inc., Class B		206,795		10,546,545

Total				24,726,549


Multiline Retail (2.2%)
Dillard’s, Inc., Class A(a)		404,101		21,069,826
Dollar Tree, Inc.(b)		140,800		9,380,096

Total				30,449,922


Specialty Retail (4.7%)
Aaron’s, Inc.(a)		71,700		2,026,242
Advance Auto Parts, Inc.(a)		115,818		6,774,195
Aeropostale, Inc.(a)(b)		301,141		5,269,968
AutoZone, Inc.(b)		50,900		15,007,865
Finish Line, Inc., Class A (The)(a)		265,100		5,673,140
Limited Brands, Inc.		110,035		4,230,846
Rent-A-Center, Inc.(a)		500,179		15,285,470
Ross Stores, Inc.(a)		102,952		8,248,514
TJX Companies, Inc.		58,617		3,079,151

Total				65,595,391


Textiles, Apparel & Luxury Goods (0.4%)
Deckers Outdoor Corp.(a)(b)		55,455		4,887,804


TOTAL CONSUMER DISCRECTIONARY				154,743,988


CONSUMER STAPLES (8.8%)

Beverages (0.1%)
Coca-Cola Enterprises, Inc.		70,200		2,048,436


Food & Staples Retailing (2.4%)
Wal-Mart Stores, Inc.		563,810		29,960,863
Walgreen Co.(a)		78,689		3,341,135

Total				33,301,998


Food Products (2.3%)
Hershey Co. (The)		322,700		18,345,495
Hormel Foods Corp.(a)		24,460		729,153
Smithfield Foods, Inc.(b)		52,300		1,143,801
Tyson Foods, Inc., Class A(a)		597,600		11,605,392

Total				31,823,841


Personal Products (0.7%)
Herbalife Ltd.(c)		121,000		6,974,440
Nu Skin Enterprises, Inc., Class A(a)		56,485		2,121,012

Total				9,095,452


Tobacco (3.3%)
Lorillard, Inc.(a)		251,471		27,377,648
Philip Morris International, Inc.		267,584		17,866,583

Total				45,244,231


TOTAL CONSUMER STAPLES				121,513,958


ENERGY (11.3%)

Energy Equipment & Services (1.9%)
Diamond Offshore Drilling, Inc.(a)		17,497		1,231,964
Halliburton Co.		54,344		2,771,544
National Oilwell Varco, Inc.		94,072		7,357,371
Oceaneering International, Inc.		330,800		13,397,400
SEACOR Holdings, Inc.		20,700		2,069,172

Total				26,827,451


Oil, Gas & Consumable Fuels (9.4%)
Apache Corp.		198,439		24,485,388
Chevron Corp.		447,114		45,981,204
ConocoPhillips		383,942		28,868,599
Exxon Mobil Corp.		172,416		14,031,214
James River Coal Co.(a)(b)		153,500		3,195,870
Marathon Oil Corp.		29,784		1,569,021
QEP Resources, Inc.		73,349		3,068,189
Tesoro Corp.(b)		86,900		1,990,879
Valero Energy Corp.		128,722		3,291,421
W&T Offshore, Inc.(a)		104,400		2,726,928

Total				129,208,713


TOTAL ENERGY				156,036,164


FINANCIALS (15.5%)

Capital Markets (1.1%)
Franklin Resources, Inc.		40,458		5,311,731
Goldman Sachs Group, Inc. (The)		22,767		3,030,060
T Rowe Price Group, Inc.(a)		52,223		3,151,136
Waddell & Reed Financial, Inc., Class A		112,500		4,089,375

Total				15,582,302


Commercial Banks (0.8%)
KeyCorp		1,320,835		11,002,555


Consumer Finance (2.8%)
Capital One Financial Corp.(a)		502,600		25,969,342
Discover Financial Services		467,704		12,511,082

Total				38,480,424


Diversified Financial Services (3.0%)
Citigroup, Inc.		240,106		9,998,014
JPMorgan Chase & Co.		535,400		21,919,276
NASDAQ OMX Group, Inc. (The)(b)		364,880		9,231,464

Total				41,148,754


Insurance (4.6%)
Allstate Corp. (The)		13,741		419,513
American Equity Investment Life Holding Co.		174,300		2,215,353
Brown & Brown, Inc.(a)		446,200		11,449,492
CNO Financial Group, Inc.(a)(b)		94,345		746,269
Hartford Financial Services Group, Inc.		613,243		16,171,218
Lincoln National Corp.(a)		268,019		7,635,861
Protective Life Corp.		378,500		8,754,705
Reinsurance Group of America, Inc.		274,300		16,693,898

Total				64,086,309


Real Estate Investment Trusts (REITs) (3.2%)
American Capital Agency Corp.		24,800		721,928
Anworth Mortgage Asset Corp.(a)		205,700		1,544,807
Apartment Investment & Management Co., Class A		586,800		14,981,004
CBL & Associates Properties, Inc.(a)		410,619		7,444,523
Colonial Properties Trust(a)		67,400		1,374,960
MFA Financial, Inc.(a)		170,679		1,372,259
Public Storage		60,500		6,897,605
Simon Property Group, Inc.		82,622		9,603,155

Total				43,940,241


TOTAL FINANCIALS				214,240,585


HEALTH CARE (11.9%)

Biotechnology (2.5%)
Biogen Idec, Inc.(b)		179,836		19,228,065
Gilead Sciences, Inc.(b)		363,500		15,052,535

Total				34,280,600


Health Care Equipment & Supplies (0.7%)
Baxter International, Inc.(a)		173,155		10,335,622


Health Care Providers & Services (3.0%)
Healthsouth Corp.(a)(b)		105,800		2,777,250
Humana, Inc.		112,470		9,058,334
McKesson Corp.		55,697		4,659,054
UnitedHealth Group, Inc.		487,127		25,126,011

Total				41,620,649


Pharmaceuticals (5.7%)
Bristol-Myers Squibb Co.(a)		182,234		5,277,497
Eli Lilly & Co.(a)		685,112		25,712,253
Forest Laboratories, Inc.(a)(b)		128,182		5,042,680
Johnson & Johnson(a)		242,160		16,108,483
Pfizer, Inc.		1,100,000		22,660,000
Warner Chilcott PLC, Class A(c)		151,400		3,653,282

Total				78,454,195


TOTAL HEALTH CARE				164,691,066


INDUSTRIALS (11.7%)

Aerospace & Defense (3.0%)
General Dynamics Corp.		109,901		8,189,823
Lockheed Martin Corp.(a)		102,652		8,311,732
Raytheon Co.		231,278		11,529,208
United Technologies Corp.		150,462		13,317,392

Total				41,348,155


Air Freight & Logistics (0.3%)
United Parcel Service, Inc., Class B		47,800		3,486,054


Commercial Services & Supplies (2.4%)
Deluxe Corp.(a)		33,100		817,901
Pitney Bowes, Inc.(a)		597,339		13,732,824
RR Donnelley & Sons Co.(a)		945,774		18,546,628

Total				33,097,353

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 69

Portfolio of Investments (continued)

Columbia VP – Dynamic Equity Fund


Issuer	Shares		Value

Common Stocks (continued)

INDUSTRIALS (cont.)
Construction & Engineering (0.2%)
KBR, Inc.		77,683		$2,927,872


Electrical Equipment (1.2%)
Emerson Electric Co.		302,345		17,006,906


Industrial Conglomerates (2.6%)
General Electric Co.		1,892,736		35,697,001


Machinery (0.7%)
Illinois Tool Works, Inc.		31,469		1,777,684
Toro Co. (The)		120,000		7,260,000

Total				9,037,684


Professional Services (1.2%)
Dun & Bradstreet Corp.		227,700		17,200,458


Road & Rail (0.1%)
Ryder System, Inc.		29,702		1,688,559


TOTAL INDUSTRIALS				161,490,042


INFORMATION TECHNOLOGY (17.7%)

Computers & Peripherals (4.3%)
Apple, Inc.(b)(d)		155,774		52,288,659
Dell, Inc.(a)(b)		93,794		1,563,546
Lexmark International, Inc., Class A(b)		184,948		5,411,578

Total				59,263,783


Electronic Equipment, Instruments & Components (1.3%)
Vishay Intertechnology, Inc.(a)(b)		1,198,955		18,032,283


IT Services (3.9%)
DST Systems, Inc.		27,500		1,452,000
IBM Corp.		267,509		45,891,169
Teradata Corp.(b)		83,100		5,002,620
Total System Services, Inc.		42,766		794,592

Total				53,140,381


Semiconductors & Semiconductor Equipment (5.0%)
Atmel Corp.(b)		307,200		4,322,304
GT Solar International, Inc.(a)(b)		552,700		8,953,740
Intel Corp.(a)		1,164,900		25,814,184
Novellus Systems, Inc.(a)(b)		104,000		3,758,560
Teradyne, Inc.(a)(b)		91,000		1,346,800
Texas Instruments, Inc.(a)		762,000		25,016,460

Total				69,212,048


Software (3.2%)
Intuit, Inc.(b)		17,200		891,992
Microsoft Corp.		1,544,769		40,163,994
Oracle Corp.		101,500		3,340,365

Total				44,396,351


TOTAL INFORMATION TECHNOLOGY				244,044,846


MATERIALS (3.8%)

Chemicals (1.2%)
Eastman Chemical Co.		79,324		8,096,601
Ferro Corp.(a)(b)		81,800		1,099,392
PPG Industries, Inc.		78,332		7,111,762

Total				16,307,755


Metals & Mining (1.2%)
Freeport-McMoRan Copper & Gold, Inc.		310,372		16,418,679


Paper & Forest Products (1.4%)
Buckeye Technologies, Inc.		89,500		2,414,710
Domtar Corp.(a)		180,118		17,060,777

Total				19,475,487


TOTAL MATERIALS				52,201,921


TELECOMMUNICATION SERVICES (3.1%)

Diversified Telecommunication Services (3.1%)
AT&T, Inc.		638,421		20,052,804
Verizon Communications, Inc.		591,110		22,007,025

Total				42,059,829


TOTAL TELECOMMUNICATION SERVICES				42,059,829


UTILITIES (3.8%)

Electric Utilities (2.1%)
DPL, Inc.		47,600		1,435,616
El Paso Electric Co.(a)		69,900		2,257,770
Entergy Corp.		58,300		3,980,724
Exelon Corp.(a)		505,476		21,654,592

Total				29,328,702


Gas Utilities (0.4%)
Energen Corp.(a)		45,600		2,576,400
Questar Corp.		117,801		2,086,255

Total				4,662,655


Independent Power Producers & Energy Traders (0.3%)
AES Corp. (The)(b)		364,400		4,642,456


Multi-Utilities (1.0%)
OGE Energy Corp.		102,600		5,162,832
Public Service Enterprise Group, Inc.		267,800		8,740,992

Total				13,903,824


TOTAL UTILITIES				52,537,637


Total Common Stocks
(Cost: $1,126,783,606)			$	1,363,560,036




	Shares		Value

Money Market Fund 0.7%

Columbia Short-Term Cash Fund, 0.166%(e)(f)		9,276,673	$	9,276,673


Total Money Market Fund
(Cost: $9,276,673)			$	9,276,673


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 18.2%


Asset-Backed Commercial Paper (0.4%)
Cancara Asset Securitisation LLC
07/19/11	0.250%	$	4,996,875	$	4,996,875

Total					4,996,875


Certificates of Deposit (12.1%)
Australia and New Zealand Bank Group, Ltd.
07/29/11	0.230%		1,000,000		1,000,000
Bank of America, National Association
10/03/11	0.350%		5,000,000		5,000,000
Barclays Bank PLC
09/13/11	0.310%		3,000,000		3,000,000
Commerzbank AG
07/20/11	0.220%		10,000,000		10,000,000
07/27/11	0.180%		2,000,000		2,000,000
Credit Agricole
08/23/11	0.230%		9,994,126		9,994,126
Credit Industrial et Commercial
11/21/11	0.410%		10,000,000		10,000,000
Credit Suisse
10/25/11	0.236%		6,000,000		6,000,000
DZ Bank AG
07/12/11	0.200%		5,000,000		5,000,000
07/27/11	0.150%		7,000,000		7,000,000
Deutsche Bank AG
07/08/11	0.260%		8,000,000		8,000,000
Development Bank of Singapore Ltd.
08/09/11	0.300%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		10,000,000		10,000,000
07/25/11	0.240%		2,000,000		2,000,000
KBC Bank NV
07/05/11	0.300%		12,000,000		12,000,000
La Banque Postale
09/20/11	0.380%		5,000,000		5,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		4,998,900		4,998,900
07/27/11	0.218%		7,000,015		7,000,015
Lloyds Bank PLC
10/03/11	0.260%		8,000,000		8,000,000
National Australia Bank
11/18/11	0.211%		5,499,976		5,499,976
National Bank of Canada
10/07/11	0.240%		6,000,000		6,000,000
11/18/11	0.186%		5,000,000		5,000,000
Societe Generale
09/23/11	0.411%		5,000,000		5,000,000
Svenska Handelsbank
07/01/11	0.020%		10,000,000		10,000,000
Swedbank AB
08/05/11	0.240%		5,000,000		5,000,000
Union Bank of Switzerland
08/15/11	0.287%		5,000,000		5,000,000
United Overseas Bank Ltd.
08/26/11	0.300%		5,000,000		5,000,000

Total					167,493,017

The accompanying Notes to Financial Statements are an integral part of this statement.

70 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Dynamic Equity Fund


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (cont.)

Commercial Paper (1.0%)
PB Capital Corp.
08/12/11	0.491%		$4,994,011		$4,994,011
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
Westpac Securities NZ Ltd.
09/02/11	0.290%		4,000,000		4,000,000

Total					13,992,844


Money Market Fund (2.3%)
JPMorgan Prime Money Market Fund, 0.010%(e)			32,000,000		32,000,000


Other Short-Term Obligations (0.6%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		3,000,000		3,000,000
08/08/11	0.300%		5,000,000		5,000,000

Total					8,000,000


Repurchase Agreements (1.8%)
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $5,000,006(g)
	0.040%		5,000,000		5,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(g)
	0.120%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $10,000,008(g)
	0.030%		10,000,000		10,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,348,375(g)
	0.080%		5,348,363		5,348,363

Total					25,348,363


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $251,831,099)				$	251,831,099


Total Investments
(Cost: $1,387,891,378)				$	1,624,667,808
Other Assets & Liabilities, Net					(244,581,007)


Net Assets				$	1,380,086,801

Investments in Derivatives

Futures Contracts Outstanding at June 30, 2011

Number of

��

contracts

Notional

Expiration

Unrealized

Contract description

long (short)

market value

date

appreciation

depreciation

S&P 500 Index

$17,759,250

Sept. 2011

$396,014

$—

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 0.77% of net assets.

^(d)		At June 30, 2011, investments in securities included securities valued at $2,450,391 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(f)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

Dividends or

Issuer

cost

from sales

gain/loss

cost

interest income

Value

Columbia Short-Term Cash Fund

$9,630,191

$102,104,348

$(102,457,866

)

$—

$9,276,673

$11,148

$9,276,673


^(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.


Deutsche Bank AG (0.040%)
Security Description	Value

Fannie Mae Pool		$4,747,219
Freddie Mac Non Gold Pool		352,781

Total Market Value of Collateral Securities		$5,100,000

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 71

Portfolio of Investments (continued)

Columbia VP – Dynamic Equity Fund

Notes to Portfolio of Investments (continued)


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000


Natixis Financial Products, Inc. (0.030%)
Security Description	Value
Fannie Mae Interest Strip		$231,890
Fannie Mae REMICS		5,668,065
Federal Farm Credit Bank		734,690
Freddie Mac REMICS		1,673,355
Government National Mortgage Association		1,892,008

Total Market Value of Collateral Securities		$10,200,008


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$5,455,355

Total Market Value of Collateral Securities		$5,455,355

The accompanying Notes to Financial Statements are an integral part of this statement.

72 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Dynamic Equity Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 73

Portfolio of Investments (continued)

Columbia VP – Dynamic Equity Fund

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$154,743,988		$—		$—		$154,743,988
Consumer Staples		121,513,958		—		—		121,513,958
Energy		156,036,164		—		—		156,036,164
Financials		214,240,585		—		—		214,240,585
Health Care		164,691,066		—		—		164,691,066
Industrials		161,490,042		—		—		161,490,042
Information Technology		244,044,846		—		—		244,044,846
Materials		52,201,921		—		—		52,201,921
Telecommunication Services		42,059,829		—		—		42,059,829
Utilities		52,537,637		—		—		52,537,637

Total Equity Securities		1,363,560,036		—		—		1,363,560,036

Other
Affiliated Money Market Fund(c)		9,276,673		—		—		9,276,673
Investments of Cash Collateral Received for Securities on Loan		32,000,000		219,831,099		—		251,831,099

Total Other		41,276,673		219,831,099		—		261,107,772

Investments in Securities		1,404,836,709		219,831,099		—		1,624,667,808
Derivatives(d)
Assets
Futures Contracts		396,014		—		—		396,014

Total		$1,405,232,723		$219,831,099		$—		$1,625,063,822


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

74 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Emerging Markets Opportunity Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 95.9%

BRAZIL (13.4%)
Anhanguera Educacional Participacoes SA(a)		390,700	$	8,301,420
Banco Bradesco SA, ADR(a)		268,061		5,492,570
BM&FBovespa SA(a)		726,300		4,802,753
Cia de Bebidas das Americas, ADR(a)		173,814		5,862,746
Itaú Unibanco Holding SA, ADR(a)		831,518		19,582,249
Localiza Rent a Car SA(a)		304,213		5,411,177
Lojas Renner SA(a)		318,500		12,144,898
MRV Engenharia e Participacoes SA(a)		737,000		6,176,888
PDG Realty SA Empreendimentos e Participacoes(a)		1,175,300		6,619,605
Petroleo Brasileiro SA, ADR(a)		506,020		17,133,837
Tim Participacoes SA, ADR(a)		64,338		3,166,073
Totvs SA(a)		262,500		4,765,082
Vale SA, ADR(a)		1,290,160		41,220,612

Total				140,679,910


CHINA (13.7%)
Agile Property Holdings Ltd.(a)(c)		4,268,000		6,642,369
Agricultural Bank of China Ltd., Series H(a)(c)		28,728,000		15,169,146
Bank of China Ltd., Series H(a)(c)		6,143,599		3,007,035
China Construction Bank Corp., Series H(a)		13,561,460		11,289,715
China National Building Material Co., Ltd., Series H(a)(c)		3,960,000		7,817,973
China Yurun Food Group Ltd.(a)(c)		2,902,000		8,205,563
Dongfeng Motor Group Co., Ltd., Series H(a)		5,484,000		10,410,942
ENN Energy Holdings Ltd.(a)		1,494,000		5,084,860
Golden Eagle Retail Group Ltd.(a)		2,140,000		5,448,487
Harbin Power Equipment Co., Ltd., Series H(a)		2,752,000		3,156,704
International Mining Machinery Holdings Ltd.(a)		6,042,500		5,816,866
New Oriental Education & Technology Group, ADR(a)(b)		85,112		9,508,713
PetroChina Co., Ltd., Series H(a)		5,380,000		7,902,066
Ping An Insurance Group Co., Series H(a)(c)		1,192,000		12,363,040
Tencent Holdings Ltd.(a)		494,700		13,501,546
Yanzhou Coal Mining Co., Ltd., Series H(a)(c)		3,752,000		14,456,067
Zhuzhou CSR Times Electric Co., Ltd., Series H(a)		1,370,000		4,634,738

Total				144,415,830


GUERNSEY (0.5%)
Etalon Group Ltd., GDR(a)(b)(d)		709,131		4,885,913


HONG KONG (6.1%)
Belle International Holdings Ltd.(a)		5,959,000		12,589,511
Brilliance China Automotive Holdings Ltd.(a)(b)		5,526,000		6,261,379
China Unicom Hong Kong Ltd.(a)(c)		4,524,000		9,183,794
China Unicom Hong Kong Ltd., ADR(a)		211,912		4,295,456
CNOOC Ltd.(a)		3,635,000		8,561,811
CNOOC Ltd., ADR(a)		71,624		16,898,250
Samsonite International SA(a)(b)		3,422,400		6,465,076

Total				64,255,277


INDIA (7.5%)
Bharat Heavy Electricals Ltd.(a)		178,598		8,210,131
ICICI Bank Ltd.(a)		579,627		14,246,769
Infosys Ltd.(a)		130,843		8,536,272
Jain Irrigation Systems Ltd.(a)		623,067		2,381,613
Jaiprakash Associates Ltd.(a)		3,840,768		6,983,513
Larsen & Toubro Ltd.(a)		325,787		13,325,580
Maruti Suzuki India Ltd.(a)		304,708		7,930,347
Reliance Industries Ltd.(a)		340,111		6,851,894
State Bank of India(a)		189,496		10,217,449

Total				78,683,568


INDONESIA (2.8%)
PT Astra International Tbk(a)		705,500		5,244,312
PT Bank Mandiri Tbk(a)		10,206,560		8,596,896
PT Bank Rakyat Indonesia Persero Tbk(a)		9,049,500		6,883,462
PT Semen Gresik Persero Tbk(a)		7,901,000		8,857,976

Total				29,582,646


KOREA (14.8%)
Hana Financial Group, Inc.(a)		187,970		6,595,832
Hyundai Department Store Co., Ltd.(a)		75,618		12,312,295
Hyundai Heavy Industries Co., Ltd.(a)		39,669		16,556,192
Hyundai Mobis(a)		51,935		19,540,799
Hyundai Motor Co.(a)		73,793		16,450,943
Hyundai Steel Co.(a)		63,027		7,683,017
LG Chem Ltd.(a)		40,871		18,782,179
Samsung Electronics Co., Ltd.(a)		39,147		30,426,198
Samsung Engineering Co., Ltd.(a)		65,985		15,824,240
Shinhan Financial Group Co., Ltd.(a)		235,050		11,240,004

Total				155,411,699


MALAYSIA (2.9%)
Axiata Group Bhd(a)		7,076,100		11,759,182
CIMB Group Holdings Bhd(a)		1,900,200		5,628,171
Genting Bhd(a)		3,489,200		12,995,971

Total				30,383,324


MEXICO (3.8%)
America Movil SAB de CV, Series L, ADR(a)		237,450		12,793,806
Grupo Financiero Banorte SAB de CV, Series O(a)		2,246,600		10,200,218
Grupo Televisa SA, ADR(a)		320,060		7,873,476
Wal-Mart de Mexico SAB de CV, Series V(a)		3,090,100		9,171,198

Total				40,038,698


PERU (0.6%)
Credicorp Ltd.(a)		73,350		6,315,435


PHILIPPINES (0.8%)
Ayala Corp.(a)		1,176,516		8,660,635


RUSSIAN FEDERATION (7.9%)
Evraz Group SA, GDR(a)(b)(d)		281,661		8,773,740
Magnit OJSC, GDR(a)(b)(d)		222,137		6,972,880
Mechel, ADR(a)		318,746		7,614,842
MMC Norilsk Nickel OJSC, ADR(a)(b)		166,829		4,349,232
NovaTek OAO, GDR(a)(d)		71,365		9,855,507
Rosneft Oil Co.(a)		1,505,075		12,672,731
Sberbank of Russia(a)		7,558,440		27,815,059
TMK OAO, GDR(a)(d)		274,310		5,115,882

Total				83,169,873


SOUTH AFRICA (7.6%)
Harmony Gold Mining Co., Ltd., ADR(a)		438,846		5,801,544
Impala Platinum Holdings Ltd.(a)		343,231		9,248,019
Kumba Iron Ore Ltd.(a)		153,921		11,017,446
Life Healthcare Group Holdings Ltd.(a)		3,906,696		10,162,794
MTN Group Ltd.(a)		464,512		9,885,427
Naspers Ltd., Series N(a)		172,100		9,721,316
Sasol Ltd.(a)		305,759		16,096,910
Shoprite Holdings Ltd.(a)		556,534		8,378,710

Total				80,312,166


TAIWAN (8.3%)
Chinatrust Financial Holding Co., Ltd.(a)		11,438,000		9,988,459
Delta Electronics, Inc.(a)		2,177,000		8,019,998
Formosa Plastics Corp.(a)		2,984,000		10,783,883

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 75

Portfolio of Investments (continued)

Columbia VP – Emerging Markets Opportunity Fund


Issuer	Shares		Value

Common Stocks (continued)

TAIWAN (CONT.)
Hon Hai Precision Industry Co., Ltd.(a)		3,932,042		$13,537,211
HTC Corp.(a)		182,000		6,153,644
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		8,557,838		21,567,979
Taiwan Semiconductor Manufacturing Co., Ltd., ADR(a)		571,497		7,206,577
Tripod Technology Corp.(a)		1,354,161		5,630,743
Yuanta Financial Holding Co., Ltd.(a)		6,895,000		4,790,359

Total				87,678,853


THAILAND (2.2%)
Bangkok Bank PCL, NVDR(a)		1,217,432		6,282,968
Banpu PCL, Foreign Registered Shares(a)		260,250		6,082,040
PTT Aromatics & Refining PCL(a)		3,888,900		4,766,232
Siam Commercial Bank PCL, Foreign Registered Shares(a)		1,696,800		6,153,208

Total				23,284,448


TURKEY (2.7%)
BIM Birlesik Magazalar AS(a)		211,309		6,867,868
Koc Holding AS(a)		1,501,938		6,459,351
Turkiye Garanti Bankasi AS(a)		1,858,291		8,427,001
Turkiye Is Bankasi, Series C(a)		1,989,538		6,104,682

Total				27,858,902


UNITED KINGDOM (0.3%)
Antofagasta PLC(a)		149,708		3,349,419


Total Common Stocks
(Cost: $862,147,018)			$	1,008,966,596


Preferred Stocks 2.4%


BRAZIL (2.0%)
Cia Energetica Minas Gerais(a)		277,000	$	5,601,589
Itaú Unibanco Holding SA(a)		523,100		12,130,195
Petroleo Brasileiro SA(a)		249,300		3,769,891

Total				21,501,675


RUSSIAN FEDERATION (0.4%)
Mechel(a)(e)		256,596		3,784,791


Total Preferred Stocks
(Cost: $24,900,435)			$	25,286,466




	Shares		Value

Money Market Fund 0.3%

Columbia Short-Term Cash Fund, 0.166%(f)(g)		2,957,881	$	2,957,881


Total Money Market Fund
(Cost: $2,957,881)			$	2,957,881


		Par/
	Effective	Principal
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 3.1%


Certificates of Deposit (0.1%)
Commerzbank AG
07/27/11	0.180%	$	1,000,000	$	1,000,000


Money Market Fund (0.9%)
JPMorgan Prime Money Market Fund, 0.010%(f)			10,000,000		10,000,000


Repurchase Agreements (2.1%)
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $10,000,033(h)
	0.120%		10,000,000		10,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $8,000,027(h)
	0.120%		8,000,000		8,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,713,753(h)
	0.080%		3,713,745		3,713,745

Total					21,713,745


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $32,713,745)				$	32,713,745


Total Investments
(Cost: $922,719,079)				$	1,069,924,688
Other Assets & Liabilities, Net					(17,900,822)


Net Assets				$	1,052,023,866

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 June 30, 2011:


	Percentage of
Industry	Net Assets			Value
Auto Components		1.9	%		$19,540,799
Automobiles		4.4			46,297,922
Beverages		0.5			5,862,746
Capital Markets		0.4			4,790,359
Chemicals		2.8			29,566,062
Commercial Banks		20.1			211,366,524
Communications Equipment		0.6			6,153,644
Construction & Engineering		2.8			29,149,820
Construction Materials		1.6			16,675,949
Diversified Consumer Services		1.7			17,810,133
Diversified Financial Services		1.3			13,463,387
Diversified Telecommunication Services		1.3			13,479,250
Electric Utilities		0.5			5,601,589
Electrical Equipment		1.5			16,001,573
Electronic Equipment, Instruments & Components		2.6			27,187,952
Energy Equipment & Services		0.5			5,115,882
Food & Staples Retailing		3.0			31,390,657
Food Products		0.8			8,205,563
Gas Utilities		0.5			5,084,860

The accompanying Notes to Financial Statements are an integral part of this statement.

76 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Emerging Markets Opportunity Fund

Summary of Investments in Securities by Industry (continued)


	Percentage of
Industry	Net Assets			Value
Health Care Providers & Services		1.0	%		$10,162,794
Hotels, Restaurants & Leisure		1.2			12,995,971
Household Durables		1.2			12,796,493
Industrial Conglomerates		1.3			13,442,864
Insurance		1.2			12,363,040
Internet Software & Services		1.3			13,501,546
IT Services		0.8			8,536,272
Machinery		2.3			24,754,671
Media		1.7			17,594,792
Metals & Mining		9.8			102,842,662
Multiline Retail		2.8			29,905,680
Oil, Gas & Consumable Fuels		11.9			125,047,237
Real Estate Management & Development		1.1			11,528,281
Road & Rail		0.5			5,411,177
Semiconductors & Semiconductor Equipment		5.6			59,200,754
Software		0.4			4,765,082
Specialty Retail		1.2			12,589,511
Textiles, Apparel & Luxury Goods		0.6			6,465,076
Wireless Telecommunication Services		3.6			37,604,488
Other⁽¹⁾		3.4			35,671,626

Total					$1,069,924,688


⁽¹⁾		Cash & Cash Equivalents.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
Royal Bank of Scotland		July 1, 2011		19,160,000			2,770,989			$—		$(62,577	)
				(ZAR	)		(USD	)

J.P. Morgan Securities, Inc.		July 11, 2011		12,913,259			35,547,000			46,855		—
				(USD	)		(PLN	)

J.P. Morgan Securities, Inc.		July 27, 2011		14,025,000			1,802,267			—		(302	)
				(HKD	)		(USD	)

Total										$46,855		$(62,879	)

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 98.31% of net assets.

^(b)		Non-income producing.

^(c)		At June 30, 2011, security was partially or fully on loan.

^(d)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $35,603,922 or 3.38% of net assets.

^(e)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $3,784,791, representing 0.36% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


^(f)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 77

Portfolio of Investments (continued)

Columbia VP – Emerging Markets Opportunity Fund

Notes to Portfolio of Investments (continued)


^(g)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

Dividends or

Issuer

cost

from sales

gain/loss

Cost

interest income

Value

Columbia Short-Term Cash Fund

$10,923,710

$176,458,148

$(184,423,977

)

$—

$2,957,881

$13,058

$2,957,881


^(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.


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS	$	354,526
Ginnie Mae I Pool		8,707,804
Government National Mortgage Association		1,137,670

Total Market Value of Collateral Securities	$	10,200,000


Pershing LLC (0.120%)
Security Description	Value
Fannie Mae Pool	$	71,021
Fannie Mae REMICS		1,990,089
Fannie Mae Whole Loan		12,665
Freddie Mac Reference REMIC		190,480
Freddie Mac REMICS		5,086,544
Freddie Mac Strips		81,020
Government National Mortgage Association		728,181

Total Market Value of Collateral Securities		$8,160,000


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool	$	3,788,037

Total Market Value of Collateral Securities		$3,788,037

Abbreviation Legend


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
NVDR		Non-voting Depository Receipt

Currency Legend


HKD		Hong Kong Dollar
PLN		Polish Zloty
USD		US Dollar
ZAR		South African Rand

The accompanying Notes to Financial Statements are an integral part of this statement.

78 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Emerging Markets Opportunity Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 79

Portfolio of Investments (continued)

Columbia VP – Emerging Markets Opportunity Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$50,625,000		$125,371,377			$—		$175,996,377
Consumer Staples		15,033,944		30,425,021			—		45,458,965
Energy		34,032,088		92,361,140			—		126,393,228
Financials		46,393,225		194,988,171			—		241,381,396
Health Care		—		10,162,794			—		10,162,794
Industrials		5,411,177		83,348,929			—		88,760,106
Information Technology		11,971,659		107,373,591			—		119,345,250
Materials		54,636,998		90,662,884			—		145,299,882
Telecommunication Services		20,255,335		30,828,403			—		51,083,738
Utilities		—		5,084,860			—		5,084,860
Preferred Stocks
Energy		3,769,891		—			—		3,769,891
Financials		12,130,195		—			—		12,130,195
Materials		—		3,784,791			—		3,784,791
Utilities		5,601,589		—			—		5,601,589

Total Equity Securities		259,861,101		774,391,961			—		1,034,253,062

Other
Affiliated Money Market Fund(c)		2,957,881		—			—		2,957,881
Investments of Cash Collateral Received for Securities on Loan		10,000,000		22,713,745			—		32,713,745

Total Other		12,957,881		22,713,745			—		35,671,626

Investments in Securities		272,818,982		797,105,706			—		1,069,924,688
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		46,855			—		46,855
Liabilities
Forward Foreign Currency Exchange Contracts		—		(62,879	)		—		(62,879	)

Total		$272,818,982		$797,089,682			$—		$1,069,908,664


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

80 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Global Bond Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes(a) 29.4%

AUSTRALIA (0.7%)
Australia & New Zealand Banking Group Ltd.(b)
11/08/11	6.500%	AUD	1,680,000	$	1,809,040
FMG Resources August 2006 Proprietary Ltd.(b)(c)
11/01/15	7.000%	$	797,000		812,699
02/01/16	6.375%		303,000		302,243
02/01/18	6.875%		72,000		73,080
Telstra Corp., Ltd. Senior Unsecured(b)
04/01/12	6.375%		1,050,000		1,093,336
Westpac Banking Corp. Senior Unsecured(b)
09/24/12	7.250%	AUD	1,700,000		1,863,221
Woodside Finance Ltd.(b)(c)
11/10/14	4.500%		3,535,000		3,790,619
05/10/21	4.600%		3,140,000		3,081,831

Total					12,826,069


BELGIUM (0.2%)
Fortis Bank SA/NV Senior Unsecured(b)
05/30/14	4.500%	EUR	1,910,000		2,861,590


BERMUDA (0.1%)
Bacardi Ltd.(b)(c)
04/01/14	7.450%		810,000		933,029


CANADA (1.5%)
Bank of Nova Scotia(b)(c)
10/29/15	1.650%		4,290,000		4,213,941
Cascades, Inc.(b)
12/15/17	7.750%		1,275,000		1,329,187
Devon Financing Corp. ULC(b)
09/30/11	6.875%		355,000		360,337
Encana Corp. Senior Unsecured(b)
11/01/11	6.300%		95,000		96,770
MEG Energy Corp.(b)(c)
03/15/21	6.500%		480,000		482,400
Nexen, Inc. Senior Unsecured(b)
05/15/37	6.400%		1,090,000		1,087,291
Novelis, Inc.(b)
12/15/20	8.750%		545,000		588,600
Rogers Communications, Inc.(b)
08/15/18	6.800%		4,430,000		5,233,267
Royal Bank of Canada Senior Unsecured(b)
01/18/13	3.250%	EUR	2,235,000		3,291,179
Suncor Energy, Inc. Senior Unsecured(b)
06/01/18	6.100%		4,725,000		5,373,676
Toronto-Dominion Bank (The) Senior Unsecured(b)
05/14/15	5.375%	EUR	2,100,000		3,317,395

Total					25,374,043


FRANCE (1.2%)
BNP Paribas Home Loan Covered Bonds SA(b)(c)
11/02/15	2.200%		3,815,000		3,728,155
BNP Paribas Subordinated Notes(b)
12/17/12	5.250%	EUR	1,965,000		2,945,172
Cie de Financement Foncier(b)(c)
09/16/15	2.500%		3,900,000		3,888,807
Credit Agricole SA Senior Unsecured(b)
06/24/13	6.000%	EUR	1,950,000		2,991,744
France Telecom SA Senior Unsecured(b)
02/21/17	4.750%	EUR	3,435,000		5,252,643
Veolia Environnement SA Senior Unsecured(b)
01/16/17	4.375%	EUR	1,050,000		1,579,600

Total					20,386,121


GERMANY (0.2%)
E.ON International Finance BV(b)
05/29/12	6.375%	GBP	945,000		1,582,794
10/02/17	5.500%	EUR	1,040,000		1,663,057

Total					3,245,851


IRELAND ( — %)
Ardagh Packaging Finance PLC Senior Secured(b)(c)
10/15/17	7.375%		807,000		831,210


ITALY (0.1%)
Intesa Sanpaolo SpA Senior Unsecured(b)
12/19/13	5.375%	EUR	1,200,000		1,811,447


JAPAN (0.1%)
Bayer Holding Ltd.(b)
06/28/12	1.955%	JPY	130,000,000		1,627,827


LUXEMBOURG (0.4%)
ArcelorMittal Senior Unsecured(b)
03/01/21	5.500%		5,535,000		5,543,640
Calcipar SA Senior Secured(b)(c)
05/01/18	6.875%		602,000		603,505
Intelsat Jackson Holdings SA(b)(c)
04/01/19	7.250%		150,000		148,875
10/15/20	7.250%		680,000		674,900
Telecom Italia Capital SA(b)
07/18/36	7.200%		110,000		103,710
Wind Acquisition Finance SA Senior Secured(b)(c)
02/15/18	7.250%		495,000		517,275

Total					7,591,905


NETHERLANDS (1.4%)
Allianz Finance II BV(b)
11/23/16	4.000%	EUR	750,000		1,113,591
BMW Finance NV(b)
09/19/13	8.875%	EUR	1,950,000		3,198,117
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA(b) Senior Unsecured
04/04/12	4.125%	EUR	2,290,000		3,374,507
07/03/14	6.750%	AUD	2,300,000		2,509,316
Deutsche Telekom International Finance BV(b)
09/26/12	7.125%	GBP	2,272,000		3,876,795
01/19/15	4.000%	EUR	3,755,000		5,639,492
ING Groep NV Senior Unsecured(b)
05/31/17	4.750%	EUR	3,125,000		4,640,007

Total					24,351,825


NEW ZEALAND (0.2%)
ANZ National International Ltd. Senior Unsecured(b)(c)
08/10/15	3.125%		3,730,000		3,782,799


SPAIN (0.5%)
Santander U.S. Debt SA Unipersonal Bank Guaranteed(b)(c)(d)
10/07/15	3.781%		900,000		869,595
Telefonica Emisiones SAU(b)
01/15/15	4.949%		3,940,000		4,192,712
02/02/16	4.375%	EUR	1,850,000		2,695,466

Total					7,757,773


SUPRA-NATIONAL (0.1%)
Council of Europe Development Bank(b)
09/16/14	5.750%	AUD	2,300,000		2,487,837


UNITED KINGDOM (0.6%)
MetLife of Connecticut Institutional Funding Ltd. Senior Secured(b)
12/06/11	5.750%	GBP	1,110,000		1,804,250
MetLife of Connecticut(b)(e)
05/24/12	0.653%	JPY	400,000,000		4,900,317
SABMiller PLC Senior Unsecured(b)(c)
07/15/18	6.500%		2,680,000		3,099,557

Total					9,804,124


UNITED STATES (22.1%)
ADS Tactical, Inc. Senior Secured(c)
04/01/18	11.000%		1,050,000		1,110,375
AES Corp. (The) Senior Notes(c)(d)
07/01/21	7.375%		536,000		544,040
AMC Networks, Inc.(c)
07/15/21	7.750%		620,000		647,900
ARAMARK Holdings Corp. Senior Notes PIK(c)(d)
05/01/16	8.625%		368,000		374,440
AT&T, Inc. Senior Unsecured
02/15/39	6.550%		7,390,000		8,105,574
Ally Financial, Inc.
09/15/20	7.500%		1,450,000		1,515,250

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 81

Portfolio of Investments (continued)

Columbia VP – Global Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes(a) (continued)

UNITED STATES (cont.)
Alpha Natural Resources, Inc.
06/01/19	6.000%		$367,000		$368,376
06/01/21	6.250%		367,000		367,917
Amkor Technology, Inc.(c)(d) Senior Unsecured
06/01/21	6.625%		587,000		569,390
Amkor Technology, Inc.(d) Senior Unsecured
05/01/18	7.375%		952,000		967,470
Anadarko Petroleum Corp. Senior Unsecured
09/15/16	5.950%		2,690,000		3,027,829
Arch Coal, Inc.(c)
06/15/19	7.000%		258,000		259,290
06/15/21	7.250%		172,000		172,860
Ball Corp.
09/01/19	7.375%		95,000		103,787
09/15/20	6.750%		538,000		571,625
Bank of America Corp. Senior Unsecured
05/13/21	5.000%		4,940,000		4,879,969
Best Buy Co., Inc. Senior Unsecured
03/15/21	5.500%		5,660,000		5,572,734
Brocade Communications Systems, Inc. Senior Secured
01/15/18	6.625%		512,000		540,160
01/15/20	6.875%		219,000		235,972
Building Materials Corp. of America Senior Notes(c)
05/01/21	6.750%		1,123,000		1,128,615
Burlington Northern Santa Fe LLC Senior Unsecured(d)
06/01/41	5.400%		2,330,000		2,289,400
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured(c)
05/01/17	7.750%		945,000		1,022,962
CCO Holdings LLC/Capital Corp.
01/15/19	7.000%		735,000		757,050
04/30/20	8.125%		400,000		434,000
CF Industries, Inc.
05/01/18	6.875%		724,000		816,310
05/01/20	7.125%		240,000		278,400
CHS/Community Health Systems, Inc.(d)
07/15/15	8.875%		278,000		286,340
CIGNA Corp. Senior Unsecured
03/15/41	5.875%		1,725,000		1,716,635
CIT Group, Inc. Secured(c)(d)
04/01/18	6.625%		390,000		407,550
CMS Energy Corp. Senior Unsecured
12/15/15	6.875%		1,880,000		2,100,579
CSX Corp. Senior Unsecured
03/15/18	6.250%		8,614,000		9,939,109
CVS Caremark Corp. Senior Unsecured
06/01/17	5.750%		6,180,000		6,941,228
05/15/41	5.750%		2,095,000		2,059,877
Cardinal Health, Inc. Senior Unsecured
12/15/20	4.625%		6,860,000		6,963,188
Cardtronics, Inc.
09/01/18	8.250%		550,000		588,500
Case New Holland, Inc. Senior Notes(c)
12/01/17	7.875%		741,000		816,952
Celanese U.S. Holdings LLC Senior Notes
06/15/21	5.875%		190,000		194,275
Chemtura Corp.
09/01/18	7.875%		185,000		193,787
Chesapeake Energy Corp.
08/15/20	6.625%		1,645,000		1,727,250
02/15/21	6.125%		1,320,000		1,336,500
Chrysler Group LLC/Co-Issuer, Inc.(c)(d) Senior Secured
06/15/19	8.000%		251,000		245,352
06/15/21	8.250%		259,000		254,467
Cinemark U.S.A., Inc. Senior Subordinated Notes(c)
06/15/21	7.375%		103,000		102,227
Citigroup, Inc. Senior Unsecured
08/02/19	5.000%	EUR	1,905,000		2,739,192
Clean Harbors, Inc. Senior Secured(c)
08/15/16	7.625%		180,000		190,800
Cleveland Electric Illuminating Co. (The) 1st Mortgage
11/15/18	8.875%		2,450,000		3,140,065
Senior Unsecured
12/15/13	5.650%		2,900,000		3,169,509
Clorox Co. Senior Unsecured
03/01/13	5.000%		55,000		58,276
Colorado Interstate Gas Co. Senior Unsecured
11/15/15	6.800%		2,231,000		2,597,935
Columbus McKinnon Corp.
02/01/19	7.875%		161,000		163,415
Comcast Corp.
02/15/18	5.875%		1,260,000		1,413,187
03/01/40	6.400%		1,240,000		1,327,078
CommScope, Inc.(c)(d)
01/15/19	8.250%		67,000		69,010
Concho Resources, Inc.
01/15/21	7.000%		774,000		801,090
01/15/22	6.500%		471,000		472,177
Consol Energy, Inc.
04/01/20	8.250%		399,000		434,910
Consol Energy, Inc.(c)(d)
03/01/21	6.375%		800,000		796,000
Continental Resources, Inc.
04/01/21	7.125%		61,000		64,355
Cott Beverages, Inc.
09/01/18	8.125%		99,000		103,702
Cricket Communications, Inc. Senior Secured
05/15/16	7.750%		986,000		1,045,160
Crown Americas LLC/Capital Corp. III Senior Notes(c)
02/01/21	6.250%		810,000		818,100
DIRECTV Holdings LLC/Financing Co., Inc.
03/01/21	5.000%		2,490,000		2,578,988
DISH DBS Corp.(c)
06/01/21	6.750%		685,000		702,125
DISH DBS Corp.(d)
02/01/16	7.125%		710,000		749,050
Dana Holding Corp. Senior Unsecured
02/15/19	6.500%		120,000		119,100
02/15/21	6.750%		354,000		350,460
Dean Foods Co. Senior Notes(c)(d)
12/15/18	9.750%		496,000		527,000
Delphi Corp.(c) Senior Notes
05/15/19	5.875%		217,000		214,830
05/15/21	6.125%		145,000		144,275
Detroit Edison Co. (The) Senior Secured
10/01/13	6.400%		2,375,000		2,644,102
Dominion Resources, Inc. Senior Unsecured
06/15/18	6.400%		3,200,000		3,712,282
08/15/19	5.200%		2,210,000		2,406,697
08/01/33	5.250%		5,075,000		5,587,550
Dow Chemical Co. (The) Senior Unsecured
11/15/20	4.250%		100,000		97,595
Ducommun, Inc. Senior Notes(c)
07/15/18	9.750%		119,000		121,826
Duke Energy Corp. Senior Unsecured
02/01/14	6.300%		2,200,000		2,456,876
06/15/18	6.250%		1,460,000		1,685,274
09/15/19	5.050%		4,240,000		4,561,010
Duke Energy Indiana, Inc. 1st Mortgage(d)
08/15/38	6.350%		1,770,000		2,002,424
E*Trade Financial Corp. Senior Notes
06/01/16	6.750%		280,000		274,400
EH Holding Corp. Senior Secured(c)(d)
06/15/19	6.500%		2,139,000		2,176,432
ERAC U.S.A. Finance LLC(c)
10/15/37	7.000%		2,770,000		3,047,906
EXCO Resources, Inc.
09/15/18	7.500%		800,000		778,000
El Paso Corp. Senior Unsecured
09/15/20	6.500%		1,305,000		1,428,975
Embarq Corp. Senior Unsecured
06/01/36	7.995%		5,960,000		6,106,688
Endo Pharmaceuticals Holdings, Inc.(c)
07/15/19	7.000%		79,000		80,975
01/15/22	7.250%		346,000		351,190

The accompanying Notes to Financial Statements are an integral part of this statement.

82 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes(a) (continued)

UNITED STATES (cont.)
First Data Corp. Senior Secured(c)(d)
06/15/19	7.375%		$858,000		$864,435
Florida Power Corp. 1st Mortgage
06/15/18	5.650%		1,200,000		1,369,018
Ford Motor Credit Co. LLC Senior Unsecured
05/15/18	5.000%		728,000		725,511
02/01/21	5.750%		1,083,000		1,081,667
Fresenius Medical Care U.S. Finance, Inc.(c)
02/15/21	5.750%		1,220,000		1,180,350
Frontier Communications Corp. Senior Unsecured
04/15/20	8.500%		723,000		788,070
General Electric Capital Corp. Senior Unsecured
05/17/12	6.125%	GBP	1,375,000		2,288,512
01/07/21	4.625%		12,245,000		12,317,074
Georgia-Pacific LLC(c)
11/01/20	5.400%		760,000		774,540
Goldman Sachs Group, Inc. (The) Senior Unsecured
02/07/16	3.625%		1,410,000		1,425,310
05/02/18	6.375%	EUR	1,125,000		1,747,238
Goldman Sachs Group, Inc. (The)(d) Senior Notes
06/15/20	6.000%		5,205,000		5,600,518
Graphic Packaging International, Inc.
10/01/18	7.875%		98,000		104,370
Greif, Inc. Senior Unsecured
02/01/17	6.750%		625,000		650,000
Grifols, Inc. Senior Secured(c)
02/01/18	8.250%		508,000		519,430
HCA, Inc. Senior Secured
09/15/20	7.250%		447,000		479,966
HJ Heinz Finance Co.
07/15/11	6.625%		1,605,000		1,607,477
Healthsouth Corp.
09/15/22	7.750%		827,000		871,451
Hertz Corp. (The)(c)
10/15/18	7.500%		445,000		455,012
04/15/19	6.750%		680,000		673,200
Hertz Corp. (The)(c)(d)
01/15/21	7.375%		442,000		447,525
Home Depot, Inc. Senior Unsecured
04/01/41	5.950%		545,000		561,255
Huntington Ingalls Industries, Inc.(c)
03/15/21	7.125%		460,000		476,100
Indiana Michigan Power Co. Senior Unsecured
03/15/37	6.050%		3,215,000		3,379,373
Interface, Inc.
12/01/18	7.625%		129,000		134,160
Interline Brands, Inc.
11/15/18	7.000%		212,000		214,650
International Lease Finance Corp. Senior Unsecured
05/15/19	6.250%		491,000		479,740
International Lease Finance Corp.(d) Senior Unsecured
12/15/20	8.250%		755,000		815,400
Ipalco Enterprises, Inc. Senior Secured(c)
05/01/18	5.000%		203,000		200,970
JMC Steel Group Senior Notes(c)
03/15/18	8.250%		335,000		340,025
JPMorgan Chase & Co.
05/10/21	4.625%		2,655,000		2,633,518
Senior Unsecured
03/01/16	3.450%		10,165,000		10,354,425
07/05/16	3.150%		3,465,000		3,486,199
K Hovnanian Enterprises, Inc. Senior Secured(d)
10/15/16	10.625%		470,000		468,825
Kansas Gas & Electric 1st Mortgage(c)
06/15/19	6.700%		1,000,000		1,155,768
Kraft Foods, Inc. Senior Unsecured
02/01/18	6.125%		9,290,000		10,687,541
08/23/18	6.125%		975,000		1,118,134
Kratos Defense & Security Solutions, Inc. Senior Secured(c)
06/01/17	10.000%		84,000		88,620
Lear Corp.
03/15/18	7.875%		874,000		939,550
03/15/20	8.125%		507,000		548,827
Linn Energy LLC/Finance Corp.(c)
05/15/19	6.500%		361,000		357,390
Ltd Brands, Inc.
04/01/21	6.625%		310,000		316,975
MGM Resorts International Senior Secured
03/15/20	9.000%		609,000		666,855
Manitowoc Co., Inc. (The)
11/01/20	8.500%		260,000		277,550
Marathon Petroleum Corp.(c)
03/01/41	6.500%		1,255,000		1,297,083
Mellon Funding Corp.
11/08/11	6.375%	GBP	1,240,000		2,020,443
MetroPCS Wireless, Inc.
11/15/20	6.625%		855,000		846,450
Midwest Generation LLC Pass-Through Certificates
01/02/16	8.560%		295,257		302,639
Morgan Stanley Senior Unsecured
10/02/17	5.500%	EUR	2,475,000		3,680,794
01/25/21	5.750%		6,285,000		6,359,345
Mylan, Inc.(c)
11/15/18	6.000%		430,000		436,987
NII Capital Corp.
04/01/21	7.625%		361,000		377,245
Nalco Co.(c)
01/15/19	6.625%		1,630,000		1,670,750
National CineMedia LLC Senior Notes(c)(f)
07/15/21	7.875%		427,000		433,939
Nevada Power Co.
05/15/18	6.500%		1,200,000		1,400,399
08/01/18	6.500%		1,625,000		1,898,214
News America, Inc.(c)
02/15/41	6.150%		2,685,000		2,659,858
Nextel Communications, Inc.
08/01/15	7.375%		715,000		715,000
Nisource Finance Corp.
09/15/17	5.250%		7,707,000		8,336,092
09/15/20	5.450%		2,505,000		2,638,384
Northern States Power Co. 1st Mortgage
08/28/12	8.000%		1,635,000		1,768,915
Northwest Pipeline GP Senior Unsecured
06/15/16	7.000%		2,515,000		2,997,093
04/15/17	5.950%		1,105,000		1,278,728
Oil States International, Inc.(c)
06/01/19	6.500%		718,000		721,590
Oshkosh Corp.
03/01/17	8.250%		497,000		533,032
03/01/20	8.500%		398,000		430,835
PPL Electric Utilities Corp. 1st Mortgage
11/30/13	7.125%		9,275,000		10,520,768
PacifiCorp 1st Mortgage
09/15/13	5.450%		850,000		928,959
10/15/37	6.250%		1,425,000		1,613,546
01/15/39	6.000%		1,480,000		1,633,939
Pacific Gas & Electric Co. Senior Unsecured
10/01/20	3.500%		4,585,000		4,358,749
Peabody Energy Corp.(d)
09/15/20	6.500%		730,000		784,750
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19	8.750%		140,000		152,250
Polypore International, Inc.
11/15/17	7.500%		440,000		465,300
Progress Energy, Inc. Senior Unsecured
03/15/14	6.050%		2,870,000		3,200,239
12/01/39	6.000%		1,445,000		1,533,110
Prudential Financial, Inc. Senior Unsecured
12/01/17	6.000%		1,145,000		1,285,060
QEP Resources, Inc. Senior Unsecured
03/01/21	6.875%		505,000		532,775
QVC, Inc. Senior Secured(c)
10/15/20	7.375%		848,000		894,640
Qwest Communications International, Inc.
04/01/18	7.125%		1,160,000		1,245,550
RR Donnelley & Sons Co. Senior Unsecured(d)
01/15/17	6.125%		4,605,000		4,501,452

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 83

Portfolio of Investments (continued)

Columbia VP – Global Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes(a) (continued)

UNITED STATES (cont.)
Rain CII Carbon LLC/Corp. Senior Secured(c)
12/01/18	8.000%		$465,000		$496,387
Range Resources Corp.
05/15/19	8.000%		455,000		493,675
Regal Cinemas Corp.
07/15/19	8.625%		500,000		525,000
Regency Energy Partners LP/Finance Corp.
06/01/16	9.375%		30,000		33,450
12/01/18	6.875%		253,000		261,222
07/15/21	6.500%		724,000		733,050
Reynolds Group Issuer, Inc./LLC Senior Secured(c)
10/15/16	8.500%		848,000		886,160
SBA Telecommunications, Inc.
08/15/16	8.000%		740,000		787,175
08/15/19	8.250%		240,000		256,800
SPX Corp.(c)
09/01/17	6.875%		289,000		309,230
STHI Holding Corp. Secured(c)
03/15/18	8.000%		164,000		166,460
Seneca Gaming Corp.(c)
12/01/18	8.250%		372,000		384,090
Sierra Pacific Power Co.
05/15/16	6.000%		8,251,000		9,435,332
Southern California Gas Co. 1st Mortgage
03/15/14	5.500%		1,900,000		2,108,232
Southern Natural Gas Co. Senior Unsecured(c)
04/01/17	5.900%		11,898,000		13,523,885
Southern Star Central Corp. Senior Unsecured
03/01/16	6.750%		446,000		448,230
Spectrum Brands Holdings, Inc. Senior Secured(c)
06/15/18	9.500%		1,464,000		1,625,040
Speedway Motorsports, Inc.
06/01/16	8.750%		725,000		784,812
Sprint Nextel Corp. Senior Unsecured(d)
08/15/17	8.375%		375,000		412,031
TCM Sub LLC(c)
01/15/15	3.550%		4,120,000		4,319,562
Tampa Electric Co. Senior Unsecured
05/15/18	6.100%		1,805,000		2,072,485
Time Warner Cable, Inc.
07/01/18	6.750%		5,915,000		6,859,584
Time Warner, Inc.
03/29/41	6.250%		575,000		597,296
Toledo Edison Co. (The) Senior Secured
05/15/37	6.150%		5,225,000		5,504,820
Tomkins LLC/Inc. Secured(c)
10/01/18	9.000%		95,000		102,600
TransDigm, Inc.(c)
12/15/18	7.750%		483,000		507,150
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16	6.400%		6,860,000		7,950,610
06/15/18	6.050%		1,108,000		1,254,644
Tw telecom holdings, inc.
03/01/18	8.000%		746,000		795,422
United States Cellular Corp. Senior Unsecured
12/15/33	6.700%		483,000		480,810
United States Steel Corp. Senior Unsecured
02/01/18	7.000%		33,000		33,330
United States Steel Corp.(d) Senior Unsecured
04/01/20	7.375%		570,000		591,375
UnitedHealth Group, Inc. Senior Unsecured
02/15/18	6.000%		3,315,000		3,758,816
Vail Resorts, Inc.(c)
05/01/19	6.500%		116,000		116,580
Verizon New York, Inc. Senior Unsecured
04/01/12	6.875%		5,740,000		5,995,551
04/01/32	7.375%		4,009,000		4,611,052
Visteon Corp. Senior Notes(c)
04/15/19	6.750%		849,000		815,040
Wal-Mart Stores, Inc. Senior Unsecured
04/15/41	5.625%		3,790,000		3,910,132
Wells Fargo & Co. Senior Unsecured
11/03/16	4.125%	EUR	1,150,000		1,694,787
04/01/21	4.600%		2,685,000		2,699,907
Windstream Corp.
03/15/19	7.000%		90,000		90,900
10/15/20	7.750%		490,000		513,275
WireCo WorldGroup Senior Unsecured(c)
05/15/17	9.750%		500,000		527,500
Yum! Brands, Inc. Senior Unsecured
03/15/18	6.250%		1,600,000		1,835,293

Total					380,281,710


Total Corporate Bonds & Notes
(Cost: $480,739,167)				$	505,955,160




Residential Mortgage-Backed Securities — Agency 4.4%


UNITED STATES (4.4%)
Federal Home Loan Mortgage Corp.(g)
05/01/18	4.500%		194,507		206,961
10/01/18- 11/01/33	5.000%		794,879		858,444
04/01/33	6.000%		418,591		471,994
09/01/17- 08/01/33	6.500%		92,347		103,484
Federal National Mortgage Association(g)
08/01/18- 09/01/40	4.500%		2,741,666		2,886,148
12/01/18- 02/01/36	5.000%		12,293,865		13,166,600
02/01/17- 06/01/34	5.500%		12,039,250		13,116,436
07/01/17- 01/01/36	6.000%		10,505,871		11,676,880
04/01/17- 11/01/33	6.500%		3,877,221		4,408,157
06/01/32- 07/01/36	7.000%		1,562,233		1,809,829
05/01/32-11/01/32	7.500%		190,465		223,912
Federal National Mortgage Association(g)(h)
01/01/41	4.000%		22,637,233		22,669,181
09/01/33-01/01/36	5.500%		3,448,354		3,758,884
Government National Mortgage Association(g)
10/15/33	5.500%		366,078		405,317

Total					75,762,227


Total Residential Mortgage-Backed Securities — Agency
(Cost: $71,336,180)				$	75,762,227




Residential Mortgage-Backed Securities — Non-Agency 0.4%


UNITED STATES (0.4%)
Harborview Mortgage Loan Trust CMO Series 2004-1 Class 4A(e)(g)
04/19/34	4.712%		1,653,877		1,608,503
Wells Fargo Mortgage-Backed Securities Trust CMO Series 2005-14 Class 2A1(g)
12/25/35	5.500%		5,032,276		5,124,366

Total					6,732,869


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $6,270,634)				$	6,732,869




Commercial Mortgage-Backed Securities — Agency — %


UNITED STATES ( — %)
Federal National Mortgage Association(g)	5.322%		469,963		498,755


Total Commercial Mortgage-Backed Securities — Agency
(Cost: $474,579)				$	498,755




Commercial Mortgage-Backed Securities — Non-Agency 2.5%


UNITED STATES (2.5%)
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4(g)
12/11/49	5.322%		1,300,000		1,376,187

The accompanying Notes to Financial Statements are an integral part of this statement.

84 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Commercial Mortgage-Backed Securities — Non-Agency (continued)
UNITED STATES (cont.)
Credit Suisse First Boston Mortgage Securities Corp.(e)(g) Series 2004-C1 Class A4
01/15/37	4.750%		$4,225,000		$4,459,727
Credit Suisse First Boston Mortgage Securities Corp.(g) Series 2004-C2 Class A1
05/15/36	3.819%		84,957		86,067
GE Capital Commercial Mortgage Corp. Series 2005-C1 Class A5(e)(g)
06/10/48	4.772%		500,000		534,627
GS Mortgage Securities Corp. II Series 2007-GG10 Class F(e)(g)
08/10/45	5.993%		1,475,000		133,499
General Electric Capital Assurance Co. Series 2003-1 Class A4(c)(e)(g)
05/12/35	5.254%		756,738		808,760
Greenwich Capital Commercial Funding Corp.(g) Series 2004-GG1 Class A5
06/10/36	4.883%		9,829		9,822
Series 2007-GG9 Class A4
03/10/39	5.444%		7,050,000		7,562,507
JP Morgan Chase Commercial Mortgage Securities Corp.(e)(g) Series 2005-LDP3 Class ASB
08/15/42	4.893%		3,009,171		3,143,362
Series 2006-LDP6 Class ASB
04/15/43	5.490%		2,418,064		2,570,276
Series 2006-LDP7 Class ASB
04/15/45	5.875%		2,540,545		2,702,883
JP Morgan Chase Commercial Mortgage Securities Corp.(g) Series 2003-LN1 Class A1
10/15/37	4.134%		1,391,930		1,428,396
Series 2003-ML1A Class A1
03/12/39	3.972%		97,962		99,290
Series 2004-CBX Class A3
01/12/37	4.184%		348,942		348,728
Series 2005-LDP2 Class A3
07/15/42	4.697%		1,685,221		1,717,019
LB-UBS Commercial Mortgage Trust(e)(g) Series 2006-C4 Class AAB
06/15/32	6.055%		917,185		981,643
Series 2007-C7 Class A3
09/15/45	5.866%		1,475,000		1,600,534
LB-UBS Commercial Mortgage Trust(g) Series 2004-C2 Class A3
03/15/29	3.973%		304,629		312,305
Morgan Stanley Capital I(c)(e)(g) Series 2011-C1 Class A4
09/15/47	5.033%		2,400,000		2,502,780
Morgan Stanley Capital I(e)(g) Series 2006-T23 Class AAB
08/12/41	5.790%		775,000		833,586
Morgan Stanley Reremic Trust Series 2010-GG10 Class A4A(c)(e)(g)
08/15/45	6.002%		1,800,000		1,969,831
Wachovia Bank Commercial Mortgage Trust(e)(g) Series 2005-C20 Class A5
07/15/42	5.087%		493,084		498,527
Series 2006-C24 Class A3
03/15/45	5.558%		2,500,000		2,718,123
Series 2006-C27 Class APB
07/15/45	5.727%		850,000		879,374
Wachovia Bank Commercial Mortgage Trust(g) Series 2006-C24 Class APB
03/15/45	5.576%		1,110,436		1,160,066
Series 2006-C29 Class A4
11/15/48	5.308%		2,702,500		2,918,631

Total					43,356,550


Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $41,616,720)				$	43,356,550



Asset-Backed Securities — Non-Agency 0.9%


DENMARK (0.3%)
Nykredit Realkredit A/S Mortgage(b)
04/01/28	5.000%	DKK	23,929,524		4,792,046


UNITED STATES (0.6%)
CitiFinancial Auto Issuance Trust Series 2009-1 Class A2(c)
11/15/12	1.830%		2,808,509		2,811,683
GTP Towers Issuer LLC(c)
02/15/15	4.436%		1,600,000		1,669,230
Hertz Vehicle Financing LLC Series 2009-2A Class A1(c)
03/25/14	4.260%		5,100,000		5,352,420
National Collegiate Student Loan Trust(m) CMO IO Series 2006-3 Class AIO
01/25/12	20.000%		2,990,804		77,378
World Omni Auto Receivables Trust Series 2010-A Class A4
05/15/15	2.210%		1,000,000		1,025,176

Total					10,935,887


Total Asset-Backed Securities — Non-Agency
(Cost: $15,183,541)				$	15,727,933




Inflation-Indexed Bonds(a) 0.8%


JAPAN (0.8%)
Japanese Government CPI-Linked Bond Senior Unsecured(b)
03/10/18	1.400%	JPY	1,094,704,000		14,319,944


Total Inflation-Indexed Bonds
(Cost: $10,142,474)				$	14,319,944


U.S. Treasury Obligations 0.5%


UNITED STATES (0.5%)
U.S. Treasury
03/15/14	1.250%		935,000		948,587
U.S. Treasury(d)
10/31/11	1.000%		2,545,000		2,552,755
02/15/41	4.750%		4,637,000		4,928,987

Total					8,430,329


Total U.S. Treasury Obligations
(Cost: $8,496,214)				$	8,430,329


U.S. Government & Agency Obligations 0.3%


UNITED STATES (0.3%)
Federal National Mortgage Association
10/15/14	4.625%		5,255,000		5,847,554


Total U.S. Government & Agency Obligations
(Cost: $5,365,536)				$	5,847,554


Foreign Government Obligations(a) 53.2%


ARGENTINA (0.2%)
Argentina Bonos(b) Senior Unsecured
09/12/13	7.000%		2,322,000		2,400,911
10/03/15	7.000%		300,000		296,100
Argentina Republic Government International Bond Senior Unsecured(b)(i)
12/15/35	0.000%		4,700,000		827,200

Total					3,524,211


AUSTRALIA (1.2%)
New South Wales Treasury Corp. Local Government Guaranteed(b)
05/01/12	6.000%	AUD	18,390,000		19,908,685


BELGIUM (1.5%)
Belgium Government Bond(b)
09/28/12	5.000%	EUR	17,530,000		26,355,350


BRAZIL (2.3%)
Banco Nacional de Desenvolvimento Economico e Social(b)(c) Senior Unsecured
06/16/18	6.369%		1,165,000		1,304,800
06/10/19	6.500%		2,260,000		2,534,733
Brazil Notas do Tesouro Nacional(b)
01/01/12	10.000%	BRL	21,780,000		13,790,516
01/01/13	10.000%	BRL	26,909,000		16,648,375
Brazilian Government International Bond(b)
01/05/16	12.500%	BRL	2,400,000		1,810,784
01/15/18	8.000%		1,053,889		1,267,301
Senior Unsecured
10/14/19	8.875%		335,000		459,788
01/07/41	5.625%		1,830,000		1,871,193

Total					39,687,490


CANADA (2.5%)
Canadian Government Bond(b)
06/01/18	4.250%	CAD	2,600,000		2,958,007
06/01/19	3.750%	CAD	7,285,000		8,018,070
Province of British Columbia Canada(b)
06/18/14	5.300%	CAD	6,140,000		6,957,372
Province of Ontario Canada(b)
03/08/14	5.000%	CAD	10,866,000		12,145,539
Province of Quebec Canada(b)
12/01/17	4.500%	CAD	11,100,000		12,403,527

Total					42,482,515


COLOMBIA (0.5%)
Colombia Government International Bond(b) Senior Unsecured
03/18/19	7.375%		550,000		685,575
09/18/37	7.375%		1,350,000		1,701,000
01/18/41	6.125%		1,665,000		1,802,344

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 85

Portfolio of Investments (continued)

Columbia VP – Global Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Foreign Government Obligations(a) (continued)

COLOMBIA (cont.)
Corp. Andina de Fomento Senior Unsecured(b)
06/04/19	8.125%		$2,620,000		$3,183,033
Ecopetrol SA Senior Unsecured(b)
07/23/19	7.625%		455,000		544,863

Total					7,916,815


CZECH REPUBLIC (0.1%)
Czech Republic Government Bond(b)
06/16/13	3.700%	CZK	42,800,000		2,638,160


DENMARK (0.2%)
Nordea Kredit Realkreditaktieselsk(b)
01/01/13	2.000%	DKK	14,380,000		2,791,270


EL SALVADOR (0.1%)
El Salvador Government International Bond Senior Unsecured(b)(c)
01/24/23	7.750%		760,000		858,800


FRANCE (3.5%)
EDF SA Senior Unsecured(b)
02/05/18	5.000%	EUR	1,450,000		2,255,435
France Government Bond OAT(b)
04/25/12	5.000%	EUR	1,860,000		2,773,962
04/25/13	4.000%	EUR	21,085,000		31,826,980
10/25/16	5.000%	EUR	8,420,000		13,548,505
10/25/19	3.750%	EUR	6,400,000		9,615,629

Total					60,020,511


GERMANY (5.8%)
Bayerische Landesbank Senior Unsecured(b)
04/22/13	1.400%	JPY	576,000,000		7,255,389
Bundesobligation(b)
04/12/13	3.500%	EUR	5,400,000		8,092,592
Bundesrepublik Deutschland(b)
01/04/15	3.750%	EUR	5,250,000		8,068,560
07/04/19	3.500%	EUR	12,320,000		18,753,776
07/04/27	6.500%	EUR	13,140,000		25,772,224
07/04/28	4.750%	EUR	6,610,000		10,881,639
07/04/34	4.750%	EUR	12,725,000		21,130,707

Total					99,954,887


GREECE (0.3%)
Hellenic Republic Government Bond Senior Unsecured(b)
03/20/24	4.700%	EUR	8,380,000		5,534,137


INDONESIA (1.6%)
Indonesia Government International Bond(b)(c) Senior Unsecured
01/17/18	6.875%		1,880,000		2,185,500
03/13/20	5.875%		300,000		330,750
02/17/37	6.625%		400,000		441,000
01/17/38	7.750%		610,000		764,787
Indonesia Treasury Bond(b) Senior Unsecured
11/15/20	11.000%	IDR	70,820,000,000		10,136,745
07/15/22	10.250%	IDR	62,417,000,000		8,511,348
05/15/16	10.750%	IDR	32,410,000,000		4,383,549

Total					26,753,679


ITALY (2.7%)
Italy Buoni Poliennali Del Tesoro(b)
04/15/12	4.000%	EUR	6,060,000		8,903,028
08/01/15	3.750%	EUR	2,410,000		3,484,027
02/01/19	4.250%	EUR	8,530,000		12,199,074
11/01/26	7.250%	EUR	10,475,191		18,368,467
11/01/27	6.500%	EUR	1,800,000		2,920,108

Total					45,874,704


JAPAN (10.3%)
Development Bank of Japan Government Guaranteed(b)
06/20/12	1.400%	JPY	1,227,000,000		15,402,314
Japan Government 10-Year Bond(b) Senior Unsecured
12/20/12	1.000%	JPY	2,229,500,000		28,030,330
09/20/17	1.700%	JPY	2,538,000,000		33,653,650
Japan Government 20-Year Bond(b) Senior Unsecured
03/20/20	2.400%	JPY	400,000,000		5,569,880
12/20/22	1.400%	JPY	2,756,000,000		34,560,045
12/20/26	2.100%	JPY	2,383,000,000		31,294,809
09/20/29	2.100%	JPY	945,000,000		12,227,435
Japan Government 30-Year Bond(b) Senior Unsecured
12/20/34	2.400%	JPY	890,000,000		11,942,196
03/20/39	2.300%	JPY	420,000,000		5,521,801

Total					178,202,460


KAZAKHSTAN (0.1%)
KazMunayGas National Co. Senior Unsecured(b)(c)
07/02/18	9.125%		750,000		918,750


KOREA (0.3%)
Export-Import Bank of Korea(b) Senior Unsecured
01/21/14	8.125%		3,430,000		3,898,311
01/14/15	5.875%		1,820,000		1,997,490

Total					5,895,801


LITHUANIA (0.1%)
Lithuania Government International Bond Senior Unsecured(b)(c)
09/14/17	5.125%		2,205,000		2,267,219


MALAYSIA (0.6%)
Petronas Capital Ltd.(b)(c)
05/22/12	7.000%		315,000		331,978
05/22/12	7.000%		1,895,000		1,991,594
08/12/19	5.250%		6,025,000		6,473,245
Wakala Global Sukuk Bhd(b)(c)(f)
07/06/16	2.991%		2,075,000		2,068,028

Total					10,864,845


MEXICO (1.6%)
Mexican Bonos(b)
12/19/13	8.000%	MXN	10,991,000		9,937,897
12/17/15	8.000%	MXN	17,168,000		15,723,093
Mexican Government International Bond Senior Unsecured(b)
09/27/34	6.750%		315,000		366,188
Pemex Project Funding Master Trust(b)
03/01/18	5.750%		1,513,000		1,659,014
Petroleos Mexicanos(b)
05/03/19	8.000%		100,000		123,300

Total					27,809,492


NETHERLANDS (5.3%)
Netherlands Government Bond(b)
07/15/12	5.000%	EUR	14,305,000		21,474,593
07/15/13	4.250%	EUR	8,141,000		12,382,966
07/15/16	4.000%	EUR	11,300,000		17,468,213
07/15/20	3.500%	EUR	26,380,000		39,051,033

Total					90,376,805


NEW ZEALAND (0.9%)
New Zealand Government Bond Senior Unsecured(b)
04/15/13	6.500%	NZD	16,830,000		14,734,395


NORWAY (1.1%)
Norway Government Bond(b)
05/15/13	6.500%	NOK	93,860,000		18,640,965


PHILIPPINES (0.3%)
Philippine Government International Bond(b) Senior Unsecured
01/14/31	7.750%		1,645,000		2,068,588
10/23/34	6.375%		300,000		327,750
Power Sector Assets & Liabilities Management Corp.(b)(c) Government Guaranteed
05/27/19	7.250%		2,000,000		2,365,000
Power Sector Assets & Liabilities Management Corp.(b)(c)(d) Government Guaranteed
12/02/24	7.390%		200,000		235,196

Total					4,996,534


POLAND (1.7%)
Poland Government Bond(b)
04/25/13	5.250%	PLN	23,790,000		8,737,361
10/25/17	5.250%	PLN	57,170,000		20,657,675

Total					29,395,036


QATAR (0.2%)
Qatar Government International Bond(b)(c) Senior Unsecured
04/09/19	6.550%		1,100,000		1,277,569
01/20/40	6.400%		200,000		221,000
Qatari Diar Finance QSC Government Guaranteed(b)(c)
07/21/20	5.000%		1,800,000		1,845,000
Ras Laffan Liquefied Natural Gas Co., Ltd. III Senior Secured(b)(c)
09/30/14	5.500%		890,000		963,954

Total					4,307,523


RUSSIAN FEDERATION (0.4%)
AK Transneft OJSC Via TransCapitalInvest Ltd. Senior Unsecured(b)(c)
03/05/14	5.670%		470,000		500,550

The accompanying Notes to Financial Statements are an integral part of this statement.

86 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Foreign Government Obligations(a) (continued)

RUSSIAN FEDERATION (cont.)
Gazprom OAO Via Gaz Capital SA(b)(c) Senior Unsecured
08/16/37	7.288%		$570,000		$621,300
Gazprom OAO Via Gaz Capital SA(b)(c)(d) Senior Unsecured
11/22/16	6.212%		600,000		647,250
Russian Foreign Bond — Eurobond(b)(c)(e)
03/31/30	7.500%		3,663,275		4,322,665

Total					6,091,765


SOUTH AFRICA (0.5%)
South Africa Government Bond Senior Unsecured(b)(d)
12/21/14	8.750%	ZAR	52,890,000		8,191,075


SPAIN (1.1%)
Ayt Cedulas Cajas Global(b)
06/14/18	4.250%	EUR	4,900,000		5,990,844
Spain Government Bond(b)
07/30/12	5.000%	EUR	2,250,000		3,335,924
07/30/17	5.500%	EUR	6,950,000		10,388,556

Total					19,715,324


SUPRA-NATIONAL (0.2%)
European Investment Bank Senior Unsecured(b)
12/07/11	5.500%	GBP	1,685,000		2,762,085


SWEDEN (1.2%)
Sweden Government Bond(b)(d)
05/05/14	6.750%	SEK	114,630,000		20,296,389


TURKEY (0.2%)
Turkey Government International Bond(b) Senior Unsecured
07/14/17	7.500%		950,000		1,116,250
11/07/19	7.500%		225,000		264,252
06/05/20	7.000%		1,330,000		1,530,830
03/17/36	6.875%		1,010,000		1,111,000

Total					4,022,332


UNITED KINGDOM (4.1%)
Network Rail Infrastructure Finance PLC Government Guaranteed(b)
03/07/12	4.875%	GBP	2,870,000		4,724,018
United Kingdom Gilt(b)
09/07/16	4.000%	GBP	9,440,000		16,473,548
03/07/19	4.500%	GBP	6,900,000		12,214,468
03/07/25	5.000%	GBP	3,215,000		5,755,578
12/07/27	4.250%	GBP	5,500,000		8,936,953
03/07/36	4.250%	GBP	4,360,000		6,968,756
12/07/38	4.750%	GBP	5,200,000		9,009,065
12/07/49	4.250%	GBP	3,750,000		6,024,163

Total					70,106,549


URUGUAY (0.2%)
Uruguay Government International Bond(b)
11/18/22	8.000%		1,485,000		1,921,590
Senior Unsecured
03/21/36	7.625%		1,500,000		1,890,000

Total					3,811,590


VENEZUELA (0.3%)
Petroleos de Venezuela SA(b)
04/12/17	5.250%		2,890,000		1,813,475
Petroleos de Venezuela SA(b)(c)
11/02/17	8.500%		510,000		378,165
Venezuela Government International Bond(b)(c) Senior Unsecured
02/26/16	5.750%		1,650,000		1,278,750
05/07/23	9.000%		3,484,000		2,517,190

Total					5,987,580


Total Foreign Government Obligations
(Cost: $820,933,401)				$	913,695,728


	Shares		Value

Money Market Fund 3.6%

Columbia Short-Term Cash Fund, 0.166%(j)(k)		62,042,904	$62,042,904


Total Money Market Fund
(Cost: $62,042,904)			$62,042,904


				Par/
	Effective			Principal/
Issuer	Yield			Shares		Value

Investments of Cash Collateral Received for Securities on Loan 2.5%
Certificates of Deposit (0.2%)
Commerzbank AG
07/20/11		0.220	%		$1,000,000	$1,000,000
DZ Bank AG
07/27/11		0.150	%		1,000,000	1,000,000
KBC Bank NV
07/05/11		0.300	%		1,000,000	1,000,000

Total						3,000,000


Money Market Fund (0.3%)
JPMorgan Prime Money Market Fund, 0.010%(j)					5,000,000	5,000,000


Repurchase Agreements (2.0%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $5,000,014(l)
		0.100	%		5,000,000	5,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $15,000,050(l)
		0.120	%		15,000,000	15,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014(l)
		0.100	%		5,000,000	5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $9,183,783(l)
		0.080	%		9,183,762	9,183,762

Total						34,183,762


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $42,183,762)						$42,183,762


Total Investments
(Cost: $1,564,785,112)						$1,694,553,715
Other Assets & Liabilities, Net						22,996,954


Net Assets						$1,717,550,669

Investments in Derivatives

Futures Contracts Outstanding at June 30, 2011


	Number of
	contracts			Notional			Expiration		Unrealized		Unrealized
Contract description	long (short)			market value			date		appreciation		depreciation
Australian Government Bond, 10-year		(570	)		$(57,947,170	)		Sept. 2011		$64,437		$—
Euro-Bobl, 5-year		(28	)		(4,733,637	)		Sept. 2011		—		(24,991	)
Euro-Bund, 10-year		325			59,138,553			Sept. 2011		—		(624,637	)
Japanese Government Bond, 10-year		25			43,798,522			Sept. 2011		151,532		—
United Kingdom Short GILT, 2-year		(175	)		(30,184,714	)		Sept. 2011		25,133		—
U.S. Treasury Long Bond, 20-year		(43	)		(5,290,344	)		Sept. 2011		70,483		—
U.S. Treasury Note, 2-year		(661	)		(144,986,219	)		Oct. 2011		57,018		—
U.S. Treasury Note, 5-year		523			62,339,147			Oct. 2011		—		(619,608	)

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 87

Portfolio of Investments (continued)

Columbia VP – Global Bond Fund

Futures Contracts Outstanding at June 30, 2011 (continued)


	Number of
	contracts			Notional			Expiration		Unrealized		Unrealized
Contract description	long (short)			market value			date		appreciation		depreciation
U.S. Treasury Note, 10-year		(539	)		$(65,934,862	)		Sept. 2011		$98,384		$—
U.S. Treasury Ultra Bond, 30-year		1			126,250			Sept. 2011		—		(3,502	)

Total										$466,987		$(1,272,738	)

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
Barclays Bank PLC		July 11, 2011		6,643,000			7,454,028			$146,714		$—
				(GBP	)		(EUR	)

UBS Securities		July 11, 2011		17,688,000			14,407,407			—		(240,978	)
				(NZD	)		(USD	)

HSBC Securities (USA), Inc.		July 12, 2011		20,386,534			19,909,000			252,577		—
				(USD	)		(CAD	)

Citigroup Global Markets, Inc.		July 19, 2011		8,597,817			9,350,000,000			151,903		—
				(USD	)		(KRW	)

Citigroup Global Markets, Inc.		July 19, 2011		4,315,511			13,035,000			—		(3,264	)
				(USD	)		(MYR	)

Standard Chartered Bank		July 20, 2011		20,213,218			908,382,000			50,604		—
				(USD	)		(INR	)

HSBC Securities (USA), Inc.		July 22, 2011		12,761,000			13,403,644			—		(252,797	)
				(AUD	)		(USD	)

State Street Bank & Trust Company		July 22, 2011		32,506,000			46,017,968			—		(1,097,568	)
				(EUR	)		(USD	)

Citigroup Global Markets, Inc.		July 22, 2011		240,138,000			8,529,142			—		(54,971	)
				(RUB	)		(USD	)

State Street Bank & Trust Company		July 22, 2011		27,991,000			16,975,251			—		(215,466	)
				(TRY	)		(USD	)

Standard Chartered Bank		July 22, 2011		493,767,000			17,085,363			—		(108,039	)
				(TWD	)		(USD	)

Barclays Bank PLC		July 22, 2011		17,076,565			27,121,000			229,729		—
				(USD	)		(BRL	)

Citigroup Global Markets, Inc.		July 22, 2011		8,523,060			384,390,000			48,554		—
				(USD	)		(INR	)

Standard Chartered Bank		July 22, 2011		17,105,128			18,494,920,000			199,089		—
				(USD	)		(KRW	)

Barclays Bank PLC		August 1, 2011		4,106,273			2,568,000			13,831		—
				(USD	)		(GBP	)

HSBC Securities (USA), Inc.		August 3, 2011		80,101,000			96,107,168			817,466		—
				(CHF	)		(USD	)

Goldman, Sachs & Co.		August 3, 2011		27,044,000			38,535,131			—		(650,034	)
				(EUR	)		(USD	)

Barclays Bank PLC		August 3, 2011		4,659,296,000			57,623,904			—		(260,329	)
				(JPY	)		(USD	)

J.P. Morgan Securities, Inc.		August 3, 2011		38,309,589			36,845,000			1,058,919		—
				(USD	)		(AUD	)

HSBC Securities (USA), Inc.		August 3, 2011		96,154,898			527,150,000			1,374,474		—
				(USD	)		(NOK	)

Barclays Bank PLC		August 3, 2011		57,595,149			71,708,000			1,695,020		—
				(USD	)		(NZD	)

The accompanying Notes to Financial Statements are an integral part of this statement.

88 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund

Futures Contracts Outstanding at June 30, 2011 (continued)


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
J.P. Morgan Securities, Inc.		August 4, 2011		26,615,893			2,160,585,000			$226,023		$—
				(USD	)		(JPY	)

J.P. Morgan Securities, Inc.		August 5, 2011		9,861,482			116,970,000			100,940		—
				(USD	)		(MXN	)

Goldman, Sachs & Co.		August 10, 2011		2,273,000			2,361,192			—		(65,216	)
				(AUD	)		(USD	)

Goldman, Sachs & Co.		August 10, 2011		1,404,000			1,421,542			—		(32,850	)
				(CAD	)		(USD	)

Goldman, Sachs & Co.		August 10, 2011		5,993,000			8,549,434			—		(132,252	)
				(EUR	)		(USD	)

Goldman, Sachs & Co.		August 10, 2011		2,669,000			4,269,039			—		(12,610	)
				(GPB	)		(USD	)

Goldman, Sachs & Co.		August 10, 2011		12,983,000			2,367,579			—		(33,276	)
				(NOK	)		(USD	)

Goldman, Sachs & Co.		August 10, 2011		2,948,000			2,367,362			—		(68,918	)
				(NZD	)		(USD	)

Goldman, Sachs & Co.		August 10, 2011		15,306,000			2,370,175			—		(44,447	)
				(SEK	)		(USD	)

Total										$6,365,843		$(3,273,015	)

Notes to Portfolio of Investments


^(a)		Principal amounts are denominated in United States Dollars unless otherwise noted.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 61.63% of net assets.

^(c)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $142,918,787 or 8.32% of net assets.

^(d)		At June 30, 2011, security was partially or fully on loan.

^(e)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(f)		Represents a security purchased on a when-issued or delayed delivery basis.

^(g)		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

^(h)		At June 30, 2011, investments in securities included securities valued at $2,296,412 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

⁽ⁱ⁾		Zero coupon bond.

^(j)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(k)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$67,602,669

$157,963,779

$(163,523,544

)

$—

$62,042,904

$67,461

$62,042,904


^(l)		The table below represents securities received as collateral for repurchase agreements. This collateral, which is generally high quality short-term obligations, is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 89

Portfolio of Investments (continued)

Columbia VP – Global Bond Fund

Notes to Portfolio of Investments (continued)


		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 (0.100%)
Security Description	Value(a)
Fannie Mae Interest Strip		$53,170
Fannie Mae Pool		1,990,066
Fannie Mae Principal Strip		148,588
Fannie Mae REMICS		117,596
Federal Home Loan Banks		44,317
Federal National Mortgage Association		136,190
Freddie Mac Non Gold Pool		937,411
Freddie Mac REMICS		597,172
Ginnie Mae II Pool		344,833
Government National Mortgage Association		84,370
United States Treasury Note/Bond		646,287

Total Market Value of Collateral Securities		$5,100,000


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$531,788
Ginnie Mae I Pool		13,061,706
Government National Mortgage Association		1,706,506

Total Market Value of Collateral Securities		$15,300,000



Nomura Securities (0.100%)
Security Description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool	$	9,367,479

Total Market Value of Collateral Securities	$	9,367,479


^(m)		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 rate disclosed represents yield based upon the estimated timing and amount of future cash flows at June 30, 2011.

Abbreviation Legend


CMO		Collateralized Mortgage Obligation
IO		Interest Only
PIK		Payment-in-Kind

The accompanying Notes to Financial Statements are an integral part of this statement.

90 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund

Currency Legend


AUD		Australian Dollar
VRL		Brazilian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
CZK		Czech Koruna
DKK		Danish Krone
EUR		Euro
GBP		Pound Sterling
IDR		Indonesian Rupiah
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
MYR		Malaysia Ringts
NOK		Norwegian Krone
NZD		New Zealand Dollar
PLN		Polish Zloty
RUV		Russian Rouble
SEK		Swedish Krona
TRY		Turkish Lira
TWD		Taiwan Dollar
USD		US Dollar
ZAR		South African Rand

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 91

Portfolio of Investments (continued)

Columbia VP – Global Bond Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

92 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Life Insurance		$—			$3,345,768			$4,900,317		$8,246,085
All Other Industries		—			497,709,075					497,709,075
Residential Mortgage-Backed Securities — Agency		—			75,762,227			—		75,762,227
Residential Mortgage-Backed Securities — Non-Agency		—			6,732,869			—		6,732,869
Commercial Mortgage-Backed Securities — Agency		—			498,755			—		498,755
Commercial Mortgage-Backed Securities — Non-Agency		—			43,356,550			—		43,356,550
Asset-Backed Securities — Non-Agency		—			15,727,933			—		15,727,933
Inflation-Indexed Bonds		—			14,319,944			—		14,319,944
U.S. Treasury Obligations		8,430,329			—			—		8,430,329
U.S. Government & Agency Obligations		—			5,847,554			—		5,847,554
Foreign Government Obligations		—			913,695,728			—		913,695,728

Total Bonds		8,430,329			1,576,996,403			4,900,317		1,590,327,049

Other
Affiliated Money Market Fund(c)		62,042,904			—			—		62,042,904
Investments of Cash Collateral Received for Securities on Loan		5,000,000			37,183,762			—		42,183,762

Total Other		67,042,904			37,183,762			—		104,226,666

Investments in Securities		75,473,233			1,614,180,165			4,900,317		1,694,553,715
Derivatives(d)
Assets
Futures Contracts		466,987			—			—		466,987
Forward Foreign Currency Exchange Contracts		—			6,365,843			—		6,365,843
Liabilities
Futures Contracts		(1,272,738	)		—			—		(1,272,738	)
Forward Foreign Currency Exchange Contracts		—			(3,273,015	)		—		(3,273,015	)

Total		$74,667,482			$1,617,272,993			$4,900,317		$1,696,840,792


•	The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

•	Certain Corporate Bonds classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers.


^(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 June 30, 2011.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 93

Portfolio of Investments (continued)

Columbia VP – Global Bond Fund

Fair Value Measurements (continued)

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


	Corporate Bonds
	& Notes
Balance as of December 31, 2010		$4,818,630
Accrued discounts/premiums		210,211
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)*		(128,524	)
Sales		—
Purchases
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of June 30, 2011		$4,900,317


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $(128,524) which is comprised of Corporate Bonds & Notes.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

94 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Global Inflation Protected Securities Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes 1.7%


AUSTRALIA (0.1%)
Woodside Finance Ltd.(a)(b)
11/10/14	4.500%	$	1,400,000	$	1,501,235


BELGIUM (0.1%)
Anheuser-Busch InBev Worldwide, Inc.(b)
11/15/14	5.375%		1,900,000		2,121,798


CANADA (0.1%)
Rogers Communications, Inc.(b)
08/15/18	6.800%		2,400,000		2,835,179


FRANCE (0.4%)
BNP Paribas Home Loan Covered Bonds SA(a)(b)(c)
11/02/15	2.200%		5,935,000		5,799,896
Cie de Financement Foncier(a)(b)(c)
09/16/15	2.500%		5,600,000		5,583,927

Total					11,383,823


UNITED KINGDOM (0.1%)
BSKYB Finance UK PLC(a)(b)
10/15/15	5.625%		2,500,000		2,796,792


UNITED STATES (0.9%)
AT&T, Inc. Senior Unsecured
05/15/16	2.950%		2,650,000		2,683,878
CenterPoint Energy Houston Electric LLC
01/15/14	5.750%		2,800,000		3,098,177
Colorado Interstate Gas Co. Senior Unsecured
11/15/15	6.800%		1,080,000		1,257,629
Comcast Corp.
02/15/18	5.875%		2,100,000		2,355,312
Enterprise Products Operating LLC
02/01/16	3.200%		1,318,000		1,338,859
Kraft Foods, Inc. Senior Unsecured
08/23/18	6.125%		2,000,000		2,293,608
Nevada Power Co.
01/15/15	5.875%		2,450,000		2,744,299
TCM Sub LLC(a)
01/15/15	3.550%		2,100,000		2,201,718
Time Warner Cable, Inc.
07/01/18	6.750%		2,180,000		2,528,131
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
06/15/18	6.050%		1,397,000		1,581,893
UnitedHealth Group, Inc. Senior Unsecured
08/15/14	5.000%		2,200,000		2,411,347
Waste Management, Inc.
03/11/15	6.375%		2,370,000		2,711,842

Total					27,206,693


Total Corporate Bonds & Notes
(Cost: $47,818,159)				$	47,845,520


Residential Mortgage-Backed Securities – Non-Agency 0.8%


UNITED STATES (0.8%)
Castle Peak Loan Trust CMO Series 2010-NPL1 Class A(a)(d)
12/25/50	7.750%	$	4,245,988	$	4,245,988
JP Morgan Mortgage Trust CMO Series 2007-A1 Class 1A1(d)(e)
07/25/35	2.968%		9,708,137		9,190,528
Morgan Stanley Reremic Trust CMO Series 2010-R9 Class 3A(a)(d)
11/26/36	3.250%		4,773,630		4,692,770
Prime Mortgage Trust CMO Series 2004-CL1 Class 3A1(d)(e)
02/25/34	6.919%		3,917,537		4,245,999

Total					22,375,285


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $22,580,640)				$	22,375,285


Commercial Mortgage-Backed Securities – Non-Agency 2.9%


UNITED STATES (2.9%)
Bear Stearns Commercial Mortgage Securities Series 2005-T18 Class A4(d)(e)
02/13/42	4.933%	$	6,125,000	$	6,562,759
Commercial Mortgage Pass-Through Certificates Series 2007-C9 Class A4(d)(e)
12/10/49	6.008%		3,200,000		3,514,817
GS Mortgage Securities Corp. II Series 2005-GG4 Class A4A(d)
07/10/39	4.751%		1,500,000		1,598,919
Greenwich Capital Commercial Funding Corp.(c)(d) Series 2007-GG9 Class A2
03/10/39	5.381%		1,053,545		1,071,784
Series 2007-GG9 Class A4
03/10/39	5.444%		15,910,000		17,066,593
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-CB20 Class ASB(d)
02/12/51	5.688%		4,500,000		4,788,259
LB-UBS Commercial Mortgage Trust Series 2007-C7 Class A3(d)(e)
09/15/45	5.866%		10,425,000		11,312,252
Morgan Stanley Capital I(a)(d)(e) Series 2011-C1 Class A4
09/15/47	5.033%		3,250,000		3,389,181
Morgan Stanley Capital I (d) Series 2007-IQ16 Class A4
12/12/49	5.809%		6,500,000		7,132,422
Morgan Stanley Reremic Trust Series 2010-GG10 Class A4A(a)(d)(e)
08/15/45	5.992%		20,903,000		22,875,213

Total					79,312,199


Total Commercial Mortgage-Backed Securities – Non-Agency
(Cost: $77,599,197)				$	79,312,199


Asset-Backed Securities – Non-Agency 0.1%


UNITED STATES (0.1%)
Carrington Mortgage Loan Trust Series 2006-RFC1 Class A2(e)
05/25/36	0.286%	$	2,632,070	$	2,570,701
Structured Asset Securities Corp. CMO Series 2006-NC1 Class A6(e)
05/25/36	0.236%		536,325		529,625

Total					3,100,326


Total Asset-Backed Securities – Non-Agency
(Cost: $3,061,009)				$	3,100,326


Inflation-Indexed Bonds 92.7%(f)


AUSTRALIA (2.7%)
Australia Government Index-Linked Bond(b) Senior Unsecured
08/20/15	4.000%	AUD	11,914,440	$	22,045,547
08/20/20	4.000%	AUD	16,083,308		29,060,689
09/20/25	3.000%	AUD	7,993,120		9,554,623
New South Wales Treasury Corp.(b)
11/20/25	2.750%	AUD	12,457,125		14,405,828

Total					75,066,687


CANADA (2.6%)
Canadian Government Bond(b)
12/01/26	4.250%	CAD	34,179,585		52,737,294
12/01/31	4.000%	CAD	9,175,810		14,833,266
12/01/44	1.500%	CAD	4,144,880		4,822,881

Total					72,393,441


FRANCE (10.3%)
France Government Bond OAT(b)
07/25/29	3.400%	EUR	6,078,850		11,460,755
07/25/32	3.150%	EUR	13,670,050		25,102,126
07/25/40	1.800%	EUR	15,856,128		24,011,926
07/25/23	2.100%	EUR	6,931,990		11,097,547
07/25/22	1.100%	EUR	7,300,650		10,329,964
07/25/12	3.000%	EUR	8,243,980		12,361,225
07/25/20	2.250%	EUR	64,937,174		102,940,016
07/25/15	1.600%	EUR	45,410,385		68,547,836
07/25/17	1.000%	EUR	11,001,000		16,253,073
07/25/27	1.850%	EUR	2,569,475		3,867,275

Total					285,971,743


GERMANY (0.2%)
Deutsche Bundesrepublik Inflation-Linked Bond(b)
04/15/16	1.500%	EUR	4,749,035		7,196,628


GREECE (0.8%)
Hellenic Republic Government Inflation-Linked Bond(b)
07/25/30	2.300%	EUR	14,314,560		7,658,003
07/25/25	2.900%	EUR	26,151,400		14,312,940

Total					21,970,943

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 95

Portfolio of Investments (continued)

Columbia VP – Global Inflation Protected Securities Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Inflation-Indexed Bonds (continued)
ITALY (7.7%)
Italy Buoni Poliennali Del Tesoro(b)
09/15/21	2.100%	EUR	4,687,425		$6,354,351
09/15/12	1.850%	EUR	8,605,733		12,627,912
09/15/41	2.550%	EUR	8,356,800		10,684,498
09/15/17	2.100%	EUR	63,692,940		90,348,449
09/15/14	2.150%	EUR	28,395,796		41,434,696
09/15/35	2.350%	EUR	17,412,804		22,395,373
09/15/23	2.600%	EUR	21,953,400		30,752,536

Total					214,597,815


SWEDEN (1.8%)
Sweden Government Bond(b)
12/01/15	3.500%	SEK	50,000,000		10,802,030
Sweden Government Inflation-Linked Bond(b)
12/01/20	4.000%	SEK	80,400,000		20,634,500
12/01/28	3.500%	SEK	68,930,000		18,225,606

Total					49,662,136


UNITED KINGDOM (22.4%)
United Kingdom Gilt Inflation-Linked(b)
08/16/13	2.500%	GBP	10,750,000		49,490,869
11/22/55	1.250%	GBP	16,581,528		34,664,228
11/22/27	1.250%	GBP	19,561,662		33,999,355
03/22/40	0.625%	GBP	18,182,136		29,161,795
11/22/37	1.125%	GBP	41,770,775		75,104,938
11/22/47	0.750%	GBP	12,632,256		21,751,018
07/22/30	4.125%	GBP	13,450,000		60,332,361
07/26/16	2.500%	GBP	20,710,000		109,830,089
04/16/20	2.500%	GBP	21,990,000		118,162,298
07/17/24	2.500%	GBP	6,900,000		32,315,511
11/22/42	0.625%	GBP	4,742,642		7,715,422
03/22/50	0.500%	GBP	14,604,863		23,321,054
11/22/17	1.250%	GBP	6,266,975		11,806,330
11/22/22	1.875%	GBP	6,653,020		11,550,947
11/22/32	1.250%	GBP	2,158,460		3,850,861

Total					623,057,076


UNITED STATES (44.2%)
U.S. Treasury Inflation-Indexed Bond
04/15/29	3.875%	$	28,724,010		39,366,960
01/15/27	2.375%		48,056,931		54,811,690
07/15/17	2.625%		28,750,645		33,452,169
01/15/18	1.625%		16,314,616		17,944,832
01/15/19	2.125%		36,153,141		41,088,028
07/15/19	1.875%		3,159,330		3,534,003
04/15/15	0.500%		38,390,830		40,048,935
02/15/41	2.125%		57,243,543		62,207,558
U.S. Treasury Inflation-Indexed Bond(c)
01/15/25	2.375%		77,419,210		89,003,099
01/15/26	2.000%		5,437,968		5,943,140
01/15/28	1.750%		15,563,285		16,289,005
01/15/29	2.500%		125,258,276		145,507,661
01/15/14	2.000%		90,235,360		97,235,293
07/15/14	2.000%		63,223,700		68,963,444
07/15/15	1.875%		72,944,862		80,450,484
01/15/16	2.000%		26,963,258		29,973,740
07/15/16	2.500%		53,166,283		60,854,733
01/15/17	2.375%		30,149,870		34,401,803
07/15/18	1.375%		22,940,500		24,913,614
04/15/14	1.250%		59,499,440		63,134,180
07/15/20	1.250%		83,386,978		88,226,567
01/15/21	1.125%		95,564,793		99,244,400
01/15/20	1.375%		12,737,795		13,662,319
04/15/16	$0.125%	$	17,317,900	$	17,712,728

Total					1,227,970,385


Total Inflation-Indexed Bonds
(Cost: $2,493,944,112)				$	2,577,886,854


Foreign Government Obligations 2.0%(f)


BRAZIL (0.3%)
Brazil Notas do Tesouro Nacional(b)
01/01/13	10.000%	BRL	12,660,000	$	7,832,637


MEXICO (1.7%)
Mexican Bonos(b)
12/17/15	8.000%	MXN	50,723,000		46,454,011


Total Foreign Government Obligations
(Cost: $47,348,403)				$	54,286,648


	Shares		Value

Money Market Fund 0.8%

Columbia Short-Term Cash Fund, 0.166%(g)(h)		22,498,886	$	22,498,886


Total Money Market Fund
(Cost: $22,498,886)			$	22,498,886


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 26.0%


Asset-Backed Commercial Paper (1.6%)
Antalis US Funding Corp.
08/09/11	0.230%	$	9,996,167	$	9,996,167
Cancara Asset Securitisation LLC
07/19/11	0.250%		4,996,875		4,996,875
07/13/11	0.150%		14,998,125		14,998,125
Rhein-Main Securitisation Ltd.
09/06/11	0.430%		9,989,847		9,989,847
Versailles Commercial Paper LLC
08/17/11	0.310%		4,996,039		4,996,039

Total					44,977,053


Certificates of Deposit (15.8%)
Australia and New Zealand Bank Group, Ltd.
07/25/11	0.190%		15,000,000		15,000,000
Banco Popular Caisse d’Epargne
07/28/11	0.550%		5,000,000		5,000,000
Bank of America, National Association
10/03/11	0.350%		20,000,000		20,000,000
Barclays Bank PLC
08/19/11	0.330%		5,000,000		5,000,000
09/13/11	0.310%		10,000,000		10,000,000
Commerzbank AG
07/27/11	0.180%		12,000,000		12,000,000
Credit Agricole
08/23/11	0.230%		9,994,126		9,994,126
Credit Industrial et Commercial
09/14/11	0.270%		2,000,000		2,000,000
11/21/11	0.410%		15,000,000		15,000,000
Credit Suisse
10/25/11	0.236%		12,000,000		12,000,000
DZ Bank AG
07/27/11	0.150%		17,000,000		17,000,000
Den Danske Bank
07/26/11	0.230%		14,994,156		14,994,156
Deutsche Bank AG
07/08/11	0.260%		15,000,000		15,000,000
Development Bank of Singapore Ltd.
07/18/11	0.180%		10,000,000		10,000,000
08/09/11	0.300%		10,000,000		10,000,000
Erste Bank der Oesterreichische
08/02/11	0.240%		15,000,138		15,000,138
Erste Bank der Oesterreichischen Sparkassen AG
07/25/11	0.240%		20,000,000		20,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11	0.300%		10,000,000		10,000,000
08/12/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		15,000,000		15,000,000
07/14/11	0.280%		5,000,000		5,000,000
07/27/11	0.280%		14,000,000		14,000,000
La Banque Postale
09/20/11	0.380%		15,000,000		15,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		4,998,900		4,998,900
07/27/11	0.217%		20,000,042		20,000,042
Lloyds Bank PLC
10/03/11	0.260%		16,000,000		16,000,000
N.V. Bank Nederlandse Gemeenten
07/27/11	0.270%		10,000,000		10,000,000
08/05/11	0.260%		10,000,000		10,000,000
National Australia Bank
11/18/11	0.211%		11,999,948		11,999,948
National Bank of Canada
10/07/11	0.240%		15,000,000		15,000,000
11/18/11	0.186%		8,000,000		8,000,000
Nationwide Building Society
08/24/11	0.250%		9,993,615		9,993,615
Natixis
09/07/11	0.544%		15,000,000		15,000,000
Societe Generale
09/23/11	0.411%		20,000,000		20,000,000
Swedbank AB
08/05/11	0.240%		5,000,000		5,000,000
Union Bank of Switzerland
08/15/11	0.287%		8,000,000		8,000,000
11/14/11	0.224%		3,000,000		3,000,000
United Overseas Bank Ltd.
08/26/11	0.300%		10,000,000		10,000,000

Total					438,980,925


Commercial Paper (1.4%)
Danske Corp.
08/08/11	0.240%		4,998,133		4,998,133
Macquarie Bank Ltd.
11/10/11	0.461%		5,985,970		5,985,970
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
07/18/11	0.210%		12,997,498		12,997,498

The accompanying Notes to Financial Statements are an integral part of this statement.

96 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Inflation Protected Securities Fund


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)

Commercial Paper (cont.)
Westpac Securities NZ Ltd.
09/02/11	0.290%		$10,000,000		$10,000,000

Total					38,980,434


Money Market Fund (3.6%)
JPMorgan Prime Money Market Fund, 0.010%(g)			100,000,000		100,000,000


Other Short-Term Obligations (0.6%)
The Goldman Sachs Group, Inc.
08/08/11	0.300%		15,000,000		15,000,000


Repurchase Agreements (3.0%)
Deutsche Bank AG dated 06/24/2011, matures 07/01/2011, repurchase price $10,000,011(i)
	0.040%		10,000,000		10,000,000
MF Global Holdings Ltd. dated 06/30/2011, matures 07/01/2011, repurchase price $25,000,104(i)
	0.150%		25,000,000		25,000,000
Mizuho Securities USA, Inc. dated 06/30/2011, matures 07/01/2011, repurchase price $15,000,050(i)
	0.120%		15,000,000		15,000,000
Natixis Financial Products, Inc. dated 06/30/2011, matures 07/01/2011, repurchase price $25,000,021(i)
	0.030%		25,000,000		25,000,000
RBS Securities, Inc. dated 06/30/2011, matures 07/01/2011, repurchase price $9,451,462(i)
	0.080%		9,451,441		9,451,441

Total					84,451,441


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $722,389,853)				$	722,389,853


Total Investments
(Cost: $3,437,240,259)				$	3,529,695,571
Other Assets & Liabilities, Net					(750,202,547)


Net Assets				$	2,779,493,024

Investments in Derivatives

At June 30, 2011, $1,889,427 was held in a margin deposit account as collateral to cover initial margin requirements on open interest rate futures contracts.

Futures Contracts Outstanding at June 30, 2011


	Number of
	contracts			Notional			Expiration		Unrealized		Unrealized
Contract description	long (short)			market value			date		appreciation		depreciation
Euro-Bund, 10-year		208			$37,848,674			Sept. 2011		$205,926		$—
Euro-Schatz, 2-year		(750	)		(116,978,135	)		Sept. 2011		—		(328,660	)
United Kingdom Long GILT, 10-year		30			5,785,046			Sept. 2011		221		—
U.S. Treasury Long Bond, 20-year		205			25,221,406			Sept. 2011		—		(352,522	)
U.S. Treasury Note, 2-year		(259	)		(56,810,031	)		Oct. 2011		116,973		—
U.S. Treasury Note, 5-year		(1,857	)		(221,345,691	)		Oct. 2011		—		(320,956	)
U.S. Treasury Note, 10-year		206			12,966,782			Sept. 2011		—		(77,965	)

Total										$323,120		$(1,080,103	)

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
Barclys Bank PLC		July 12, 2011		44,375,000			45,398,138			$—		$(604,200	)
				(CAD	)		(USD	)

Goldman Sachs & Co.		July 14, 2011		50,887,000			73,774,955			275		—
				(EUR	)		(USD	)

Goldman Sachs & Co.		July 14, 2011		192,646,000			315,236,282			6,084,169		—
				(GBP	)		(USD	)

HSBC Securities (USA), Inc.		July 14, 2011		190,290,000			311,476,187			6,104,907		—
				(GBP	)		(USD	)

HSBC Securities (USA), Inc.		July 14, 2011		7,614,000			12,192,489			—		(27,608	)
				(GBP	)		(USD	)

Citigroup Global Markets Inc.		July 19, 2011		13,840,202			15,047,530,000			241,261		—
				(USD	)		(KRW	)

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 97

Portfolio of Investments (continued)

Columbia VP – Global Inflation Protected Securities Fund


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
HSBC Securities (USA), Inc.		July 22, 2011		50,084,000			52,606,230			$—		$(992,170	)
				(AUD	)		(USD	)

State Street Bank & Trust Company		July 22, 2011		317,960,000			449,525,489			—		(11,338,871	)
				(EUR	)		(USD	)

Barclys Bank PLC		July 25, 2011		143,442,000			22,334,057			—		(316,818	)
				(SEK	)		(USD	)

J.P. Morgan Securities, Inc.		Aug. 04, 2011		3,325,758,000			40,969,468			—		(347,915	)
				(JPY	)		(USD	)

Total										$12,430,612		$(13,627,582	)

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 June 30, 2011, the value of these securities amounted to $53,086,720 or 1.91% of net assets.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 51.26% of net assets.

^(c)		At June 30, 2011, security was partially or fully on loan.

^(d)		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

^(e)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(f)		Principal amounts are denominated in United States Dollars unless otherwise noted.

^(g)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(h)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$12,386,908

$317,402,111

$(307,290,133

)

$—

$22,498,886

$24,642

$22,498,886


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


Deutsche Bank AG (0.040%)
Security Description	Value
Fannie Mae Pool		$9,494,439
Freddie Mac Non Gold Pool		705,561

Total Market Value of Collateral Securities		$10,200,000



MF Global Holdings Ltd. (0.150%)
Security Description	Value
Fannie Mae Pool		$17,344,226
Fannie Mae REMICS		468,561
Freddie Mac Gold Pool		24,337
Freddie Mac Non Gold Pool		287,781
Freddie Mac REMICS		348,862
Ginnie Mae I Pool		2,797,280
Ginnie Mae II Pool		3,151,574
Government National Mortgage Association		1,077,532

Total Market Value of Collateral Securities		$25,500,153

The accompanying Notes to Financial Statements are an integral part of this statement.

98 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Inflation Protected Securities Fund

Notes to Portfolio of Investments (continued)


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$531,788
Ginnie Mae I Pool		13,061,706
Government National Mortgage Association		1,706,506

Total Market Value of Collateral Securities		$15,300,000



Natixis Financial Products, Inc. (0.030%)
Security Description	Value
Fannie Mae Interest Strip		$579,725
Fannie Mae REMICS		14,170,163
Federal Farm Credit Bank		1,836,725
Freddie Mac REMICS		4,183,387
Government National Mortgage Association		4,730,021

Total Market Value of Collateral Securities		$25,500,021



RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$9,640,512

Total Market Value of Collateral Securities		$9,640,512

Abbreviation Legend


CMO		Collateralized Mortgage Obligation

Currency Legend


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

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 99

Portfolio of Investments (continued)

Columbia VP – Global Inflation Protected Securities Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

100 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Inflation Protected Securities Fund

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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		$—			$47,845,520			$—		$47,845,520
Residential Mortgage-Backed Securities — Non-Agency		—			18,129,297			4,245,988		22,375,285
Commercial Mortgage-Backed Securities — Non-Agency		—			79,312,199			—		79,312,199
Asset-Backed Securities — Non-Agency		—			3,100,326			—		3,100,326
Inflation-Indexed Bonds		—			2,577,886,854			—		2,577,886,854
Foreign Government Obligations		—			54,286,648			—		54,286,648

Total Bonds		—			2,780,560,844			4,245,988		2,784,806,832

Other
Affiliated Money Market Fund(c)		22,498,886			—			—		22,498,886
Investments of Cash Collateral Received for Securities on Loan		100,000,000			622,389,853			—		722,389,853

Total Other		122,498,886			622,389,853			—		744,888,739

Investments in Securities		122,498,886			3,402,950,697			4,245,988		3,529,695,571
Derivatives(d)
Assets
Futures Contracts		323,120			—			—		323,120
Forward Foreign Currency Exchange Contracts		—			12,430,612			—		12,430,612
Liabilities
Futures Contracts		(1,080,103	)		—			—		(1,080,103	)
Forward Foreign Currency Exchange Contracts		—			(13,627,582	)		—		(13,627,582	)

Total		$121,741,903			$3,401,753,727			$4,245,988		$3,527,741,618


•	The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which as security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

•	Certain Residential Mortgage-Backed Non-Agency Bonds classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers.


^(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 June 30, 2011.

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

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


	Residential
	Mortgage-Backed			Asset-Backed
	Securities-Non-Agency			Securities-Non-Agency			Total
Balance as of December 31, 2010		$—			$1,440,331			$1,440,331
Accrued discounts/premiums		—			266			266
Realized gain (loss)		2,809			1,878			4,687
Change in unrealized appreciation (depreciation)*		5,308			(15,776	)		(10,468	)
Sales		(2,247,568	)		(1,426,699	)		(3,674,267	)
Purchases		6,485,439			—			6,485,439
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—

Balance as of June 30, 2011		$4,245,988			$—			$4,245,988


*	Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $5,308, which is comprised of Residential Mortgage-Backed Securities-Non-Agency.

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.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 101

Portfolio of Investments (continued)

Columbia VP – Global Inflation Protected Securities Fund

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

102 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – High Yield Bond Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes 94.0%


Aerospace & Defense (2.6%)
ADS Tactical, Inc. Senior Secured(a)
04/01/18	11.000%	$	4,305,000	$	4,552,537
Ducommun, Inc. Senior Notes(a)
07/15/18	9.750%		458,000		468,878
Huntington Ingalls Industries, Inc.(a)
03/15/18	6.875%		1,402,000		1,437,050
03/15/21	7.125%		755,000		781,425
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17	10.000%		2,295,000		2,421,225
Kratos Defense & Security Solutions, Inc. (a) Senior Secured
06/01/17	10.000%		3,048,000		3,215,640
Oshkosh Corp.
03/01/17	8.250%		1,529,000		1,639,852
03/01/20	8.500%		1,710,000		1,851,075
TransDigm, Inc.(a)
12/15/18	7.750%		989,000		1,038,450

Total					17,406,132


Automotive (2.8%)
Accuride Corp. Senior Secured(b)
08/01/18	9.500%		645,000		690,150
Allison Transmission, Inc.(a)(b)
05/15/19	7.125%		1,230,000		1,196,175
Chrysler Group LLC/Co-Issuer, Inc. (a)(b) Senior Secured
06/15/19	8.000%		756,000		738,990
06/15/21	8.250%		2,144,000		2,106,480
Dana Holding Corp. Senior Unsecured
02/15/19	6.500%		515,000		511,137
02/15/21	6.750%		3,390,000		3,356,100
Delphi Corp. (a) Senior Notes
05/15/19	5.875%		873,000		864,270
Delphi Corp. (a)(b) Senior Notes
05/15/21	6.125%		582,000		579,090
International Automotive Components Group SL Senior Secured(a)(c)
06/01/18	9.125%		487,000		497,958
Lear Corp.
03/15/18	7.875%		2,040,000		2,193,000
03/15/20	8.125%		2,070,000		2,240,775
Visteon Corp. Senior Notes(a)
04/15/19	6.750%		3,744,000		3,594,240

Total					18,568,365


Banking (0.1%)
Lloyds Banking Group PLC(a)(c)
11/29/49	6.267%		1,078,000		792,330


Brokerage (1.1%)
E*Trade Financial Corp. Senior Notes
06/01/16	6.750%		2,235,000		2,190,300
Senior Secured
12/01/15	7.875%		1,800,000		1,809,000
Senior Secured PIK
11/30/17	12.500%		2,330,000		2,726,100
Nuveen Investments, Inc.
11/15/15	10.500%		645,000		659,512

Total					7,384,912


Building Materials (2.5%)
Building Materials Corp. of America Senior Notes(a)
05/01/21	6.750%		4,521,000		4,543,605
Euramax International, Inc. Senior Secured(a)
04/01/16	9.500%		1,830,000		1,765,950
Gibraltar Industries, Inc.
12/01/15	8.000%		5,128,000		5,172,870
Interface, Inc.
12/01/18	7.625%		560,000		582,400
Norcraft Companies LP/Finance Corp. Secured
12/15/15	10.500%		2,081,000		2,112,215
Norcraft Holdings LP/Capital Corp. Senior Discount Notes
09/01/12	9.750%		27,901		28,076
Nortek, Inc.(a)
04/15/21	8.500%		2,480,000		2,294,000

Total					16,499,116


Chemicals (3.7%)
CF Industries, Inc.
05/01/18	6.875%		3,033,000		3,419,707
05/01/20	7.125%		2,465,000		2,859,400
Chemtura Corp.
09/01/18	7.875%		777,000		813,908
Hexion U.S. Finance Corp./Nova Scotia ULC Senior Secured
02/01/18	8.875%		5,884,000		6,119,360
Lyondell Chemical Co. Senior Secured(a)
11/01/17	8.000%		1,724,000		1,926,570
MacDermid, Inc. Senior Subordinated Notes(a)
04/15/17	9.500%		1,594,000		1,661,745
Nalco Co.(a)
01/15/19	6.625%		1,670,000		1,711,750
Nova Chemicals Corp. Senior Unsecured(c)
11/01/19	8.625%		1,780,000		1,982,475
Polypore International, Inc.
11/15/17	7.500%		1,920,000		2,030,400
Reichhold Industries, Inc. Senior Notes(a)
08/15/14	9.000%		2,320,000		2,082,200

Total					24,607,515


Construction Machinery (3.1%)
Case New Holland, Inc. Senior Notes(a)
12/01/17	7.875%		4,081,000		4,499,302
Columbus McKinnon Corp.
02/01/19	7.875%		674,000		684,110
Manitowoc Co., Inc. (The)(b)
02/15/18	9.500%		2,748,000		2,995,320
Neff Rental LLC/Finance Corp. Secured(a)
05/15/16	9.625%		2,536,000		2,409,200
RSC Equipment Rental, Inc./Holdings III LLC
02/01/21	8.250%		1,025,000		1,019,875
United Rentals North America, Inc.
12/15/19	9.250%		3,688,000		4,038,360
United Rentals North America, Inc.(b)
09/15/20	8.375%		3,017,000		3,054,713
Xerium Technologies, Inc.(a)
06/15/18	8.875%		1,495,000		1,495,000

Total					20,195,880


Consumer Cyclical Services (0.7%)
Garda World Security Corp. Senior Unsecured(a)(c)
03/15/17	9.750%		2,395,000		2,574,625
West Corp.(a)(b)
01/15/19	7.875%		1,962,000		1,912,950

Total					4,487,575


Consumer Products (1.8%)
Central Garden and Pet Co.
03/01/18	8.250%		2,936,000		3,031,420
Libbey Glass, Inc. Senior Secured
02/15/15	10.000%		1,570,000		1,703,450
NBTY, Inc.(a)
10/01/18	9.000%		133,000		140,315
Sealy Mattress Co.(b)
06/15/14	8.250%		1,265,000		1,268,162
Spectrum Brands Holdings, Inc. Senior Secured(a)
06/15/18	9.500%		3,531,000		3,919,410
Visant Corp.
10/01/17	10.000%		1,738,000		1,798,830

Total					11,861,587


Diversified Manufacturing (1.5%)
Amsted Industries, Inc. Senior Notes(a)
03/15/18	8.125%		2,451,000		2,585,805
CPM Holdings, Inc. Senior Secured
09/01/14	10.625%		2,154,000		2,337,090
Tomkins LLC/Inc. Secured(a)
10/01/18	9.000%		1,002,000		1,082,160
WireCo WorldGroup Senior Unsecured(a)
05/15/17	9.750%		3,839,000		4,050,145

Total					10,055,200

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 103

Portfolio of Investments (continued)

Columbia VP – High Yield Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)
Electric (2.4%)
AES Corp. (The) Senior Notes(a)(b)
07/01/21	7.375%		$2,122,000		$2,153,830
Calpine Corp. Senior Secured(a)
02/15/21	7.500%		2,550,000		2,607,375
Edison Mission Energy Senior Unsecured
05/15/17	7.000%		2,934,000		2,376,540
Energy Future Intermediate Holding Co. LLC/Finance, Inc. Senior Secured
12/01/20	10.000%		2,388,000		2,546,706
GenOn Energy, Inc. Senior Unsecured(b)
10/15/18	9.500%		1,559,000		1,621,360
Midwest Generation LLC Pass-Through Certificates
01/02/16	8.560%		2,158,909		2,212,882
NRG Energy, Inc.
01/15/17	7.375%		1,686,000		1,766,085
Texas Competitive Electric Holdings Co. LLC/Finance, Inc. Senior Secured(a)
10/01/20	11.500%		824,000		811,640

Total					16,096,418


Entertainment (1.8%)
AMC Entertainment, Inc.
06/01/19	8.750%		898,000		947,390
AMC Entertainment, Inc.(a)
12/01/20	9.750%		2,125,000		2,172,812
National CineMedia LLC Senior Notes(a)(d)
07/15/21	7.875%		1,615,000		1,641,244
Regal Cinemas Corp.
07/15/19	8.625%		1,845,000		1,937,250
Speedway Motorsports, Inc.
06/01/16	8.750%		2,920,000		3,160,900
02/01/19	6.750%		59,000		58,853
United Artists Theatre Circuit, Inc. (e)(f) 1995-A Pass-Through Certificates
07/01/15	9.300%		1,198,628		1,201,624
07/01/15	9.300%		390,926		391,904

Total					11,511,977


Food and Beverage (0.6%)
ARAMARK Holdings Corp. Senior Notes PIK(a)(b)
05/01/16	8.625%		1,518,000		1,544,565
Cott Beverages, Inc.
11/15/17	8.375%		205,000		214,738
09/01/18	8.125%		898,000		940,655
Darling International, Inc.(a)
12/15/18	8.500%		410,000		442,800
Dean Foods Co. Senior Notes(a)(b)
12/15/18	9.750%		915,000		972,187

Total					4,114,945


Gaming (4.4%)
Boyd Gaming Corp. Senior Notes(a)(b)
12/01/18	9.125%		2,110,000		2,162,750
Caesars Entertainment Operating Co., Inc. Senior Secured
06/01/17	11.250%		1,028,000		1,134,655
Caesars Entertainment Operating Co., Inc. (b) Secured
12/15/18	10.000%		3,575,000		3,226,438
MGM Resorts International Senior Secured
03/15/20	9.000%		1,690,000		1,850,550
MGM Resorts International(b)
06/01/16	7.500%		1,122,000		1,065,900
Senior Secured
03/01/18	11.375%		3,254,000		3,652,615
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19	8.750%		572,000		622,050
San Pasqual Casino(a)
09/15/13	8.000%		630,000		623,700
Seminole Indian Tribe of Florida(a)
10/01/20	7.804%		905,000		889,434
Senior Secured
10/01/20	6.535%		3,265,000		3,092,706
Seneca Gaming Corp.(a)
12/01/18	8.250%		1,634,000		1,687,105
Shingle Springs Tribal Gaming Authority Senior Notes(a)
06/15/15	9.375%		4,780,000		3,298,200
Tunica-Biloxi Gaming Authority Senior Unsecured(a)
11/15/15	9.000%		5,483,000		5,469,292

Total					28,775,395


Gas Distributors (0.4%)
Energy Transfer Equity LP Senior Secured
10/15/20	7.500%		2,356,000		2,509,140


Gas Pipelines (2.3%)
El Paso Corp. Senior Unsecured
06/01/18	7.250%		130,000		147,875
09/15/20	6.500%		4,372,000		4,787,340
Regency Energy Partners LP/Finance Corp.
06/01/16	9.375%		1,360,000		1,516,400
12/01/18	6.875%		2,083,000		2,150,697
07/15/21	6.500%		2,902,000		2,938,275
Southern Star Central Corp. Senior Unsecured
03/01/16	6.750%		3,629,000		3,647,145

Total					15,187,732


Health Care (5.3%)
AMGH Merger Sub, Inc. Senior Secured(a)
11/01/18	9.250%		1,666,000		1,753,465
American Renal Associates Holdings, Inc. Senior Unsecured PIK(a)
03/01/16	9.750%		445,000		457,238
American Renal HoldingsCo., Inc. Senior Secured
05/15/18	8.375%		1,380,000		1,405,875
CDRT Merger Sub, Inc.(a)(b)
06/01/19	8.125%		733,000		733,000
CHS/Community Health Systems, Inc.(b)
07/15/15	8.875%		1,112,000		1,145,360
ConvaTec Healthcare E SA Senior Unsecured(a)(c)
12/15/18	10.500%		3,147,000		3,257,145
HCA, Inc. Senior Secured
04/15/19	8.500%		1,655,000		1,828,775
02/15/20	7.875%		5,930,000		6,434,050
Hanger Orthopedic Group, Inc.
11/15/18	7.125%		1,489,000		1,537,392
Healthsouth Corp.
02/15/20	8.125%		3,435,000		3,692,625
09/15/22	7.750%		314,000		330,878
InVentiv Health, Inc.(a)
08/15/18	10.000%		3,098,000		3,051,530
Multiplan, Inc.(a)
09/01/18	9.875%		1,929,000		2,049,562
Radnet Management, Inc.
04/01/18	10.375%		385,000		393,663
STHI Holding Corp. Secured(a)
03/15/18	8.000%		686,000		696,290
Tenet Healthcare Corp. Senior Unsecured
08/01/20	8.000%		1,075,000		1,092,469
Vanguard Health Holding Co. II LLC/Inc.
02/01/18	8.000%		2,565,000		2,648,362
Vanguard Health Holding Co. II LLC/Inc.(b)
02/01/19	7.750%		1,100,000		1,113,750
WP Rocket Merger Sub, Inc. Senior Unsecured(a)
07/15/19	10.125%		1,335,000		1,348,350

Total					34,969,779


Home Construction (1.2%)
K Hovnanian Enterprises, Inc. Senior Secured(b)
10/15/16	10.625%		1,524,000		1,520,190
Shea Homes LP/Funding Corp. Senior Secured(a)
05/15/19	8.625%		2,395,000		2,359,075
William Lyon Homes, Inc.
02/15/14	7.500%		7,228,000		3,722,420

Total					7,601,685


Independent Energy (8.9%)
Brigham Exploration Co.
10/01/18	8.750%		1,520,000		1,656,800
Brigham Exploration Co.(a)(b)
06/01/19	6.875%		442,000		438,685
Carrizo Oil & Gas, Inc.
10/15/18	8.625%		3,426,000		3,528,780
Chaparral Energy, Inc.
10/01/20	9.875%		779,000		841,320
09/01/21	8.250%		2,078,000		2,093,585
Chesapeake Energy Corp.
08/15/20	6.625%		4,955,000		5,202,750
02/15/21	6.125%		3,500,000		3,543,750
Comstock Resources, Inc.
10/15/17	8.375%		1,831,000		1,904,240
04/01/19	7.750%		548,000		552,110
Concho Resources, Inc.
10/01/17	8.625%		1,129,000		1,230,610
01/15/21	7.000%		1,582,000		1,637,370
01/15/22	6.500%		1,515,000		1,518,787
Continental Resources, Inc.
10/01/20	7.375%		610,000		648,125
04/01/21	7.125%		1,511,000		1,594,105

The accompanying Notes to Financial Statements are an integral part of this statement.

104 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – High Yield Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Independent Energy (cont.)
EXCO Resources, Inc.
09/15/18	7.500%		$3,846,000		$3,740,235
Goodrich Petroleum Corp.(a)
03/15/19	8.875%		1,402,000		1,402,000
Laredo Petroleum, Inc. Senior Notes(a)
02/15/19	9.500%		3,741,000		3,946,755
Linn Energy LLC/Finance Corp.(a)
05/15/19	6.500%		2,893,000		2,864,070
MEG Energy Corp.(a)(c)
03/15/21	6.500%		2,000,000		2,010,000
Oasis Petroleum, Inc. Senior Unsecured(a)
02/01/19	7.250%		1,025,000		1,004,500
Petrohawk Energy Corp.
08/15/18	7.250%		3,462,000		3,552,877
Petrohawk Energy Corp.(a)
06/01/19	6.250%		1,335,000		1,304,963
QEP Resources, Inc. Senior Unsecured
03/01/21	6.875%		2,280,000		2,405,400
Range Resources Corp.
05/15/19	8.000%		3,515,000		3,813,775
Southwestern Energy Co.
02/01/18	7.500%		3,190,000		3,628,625
Venoco, Inc.(a)(d)
02/15/19	8.875%		2,454,000		2,454,000

Total					58,518,217


Life Insurance (1.0%)
ING Groep NV(c)(g)
12/29/49	5.775%		7,076,000		6,509,920


Media Cable (3.9%)
CCO Holdings LLC/Capital Corp.
04/30/18	7.875%		1,331,000		1,407,533
01/15/19	7.000%		2,465,000		2,538,950
04/30/20	8.125%		2,764,000		2,998,940
CSC Holdings LLC Senior Unsecured
02/15/19	8.625%		1,788,000		2,015,970
Cablevision Systems Corp. Senior Unsecured
09/15/17	8.625%		2,378,000		2,577,157
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured(a)
11/15/17	8.625%		2,796,000		2,907,840
DISH DBS Corp.
09/01/19	7.875%		1,540,000		1,661,275
DISH DBS Corp.(a)
06/01/21	6.750%		3,107,000		3,184,675
DISH DBS Corp.(b)
02/01/16	7.125%		1,661,000		1,752,355
Insight Communications Co., Inc. Senior Notes(a)
07/15/18	9.375%		1,435,000		1,574,912
Quebecor Media, Inc. (c) Senior Unsecured
03/15/16	7.750%		1,385,000		1,431,744
03/15/16	7.750%		1,345,000		1,390,394

Total					25,441,745


Media Non-Cable (7.0%)
AMC Networks, Inc.(a)(b)
07/15/21	7.750%		2,392,000		2,499,640
Clear Channel Communications, Inc.(a)
03/01/21	9.000%		5,093,000		4,876,547
Clear Channel Worldwide Holdings, Inc.
12/15/17	9.250%		939,000		1,021,163
12/15/17	9.250%		3,604,000		3,928,360
Cumulus Media, Inc.(a)(b)
05/01/19	7.750%		1,754,000		1,692,610
EH Holding Corp.(a) Senior Secured
06/15/19	6.500%		1,461,000		1,486,568
Senior Secured
06/15/21	7.625%		2,480,000		2,529,600
Entravision Communications Corp. Senior Secured
08/01/17	8.750%		606,000		627,210
Intelsat Jackson Holdings SA(a)(c)
04/01/19	7.250%		320,000		317,600
10/15/20	7.250%		2,496,000		2,477,280
04/01/21	7.500%		1,225,000		1,217,344
Intelsat Luxembourg SA(a)(c) PIK
02/04/17	11.500%		1,496,000		1,608,200
Intelsat Luxembourg SA(c) PIK
02/04/17	11.500%		1,497,000		1,609,275
Nielsen Finance LLC/Co.(a)
10/15/18	7.750%		3,096,000		3,250,800
RR Donnelley & Sons Co. Senior Unsecured
06/15/20	7.625%		1,178,000		1,164,222
RR Donnelley & Sons Co.(b) Senior Unsecured
05/15/18	7.250%		957,000		957,000
Salem Communications Corp. Secured
12/15/16	9.625%		2,107,000		2,220,251
Sinclair Television Group, Inc. Secured(a)
11/01/17	9.250%		2,935,000		3,213,825
Univision Communications, Inc.(a) Senior Secured
11/01/20	7.875%		2,400,000		2,460,000
Univision Communications, Inc.(a)(b)
05/15/21	8.500%		3,952,000		3,863,080
XM Satellite Radio, Inc.(a)
11/01/18	7.625%		3,056,000		3,193,520

Total					46,214,095


Metals (5.0%)
Alpha Natural Resources, Inc.
06/01/19	6.000%		1,177,000		1,181,414
06/01/21	6.250%		1,177,000		1,179,943
Arch Coal, Inc.(a)
06/15/19	7.000%		3,127,000		3,142,635
06/15/21	7.250%		2,085,000		2,095,425
Calcipar SA Senior Secured(a)(c)
05/01/18	6.875%		2,438,000		2,444,095
Consol Energy, Inc.
04/01/17	8.000%		2,445,000		2,665,050
04/01/20	8.250%		1,699,000		1,851,910
FMG Resources August 2006 Proprietary Ltd.(a)(c)
11/01/15	7.000%		3,495,000		3,563,841
02/01/16	6.375%		1,317,000		1,313,707
02/01/18	6.875%		2,111,000		2,142,665
JMC Steel Group Senior Notes(a)
03/15/18	8.250%		1,327,000		1,346,905
Noranda Aluminum Acquisition Corp. PIK(g)
05/15/15	4.417%		3,198,400		3,030,484
Novelis, Inc.(c)
12/15/17	8.375%		505,000		539,088
12/15/20	8.750%		2,380,000		2,570,400
Rain CII Carbon LLC/Corp. Senior Secured(a)
12/01/18	8.000%		2,286,000		2,440,305
United States Steel Corp. Senior Unsecured
02/01/18	7.000%		1,450,000		1,464,500

Total					32,972,367


Non-Captive Consumer (1.2%)
SLM Corp. Senior Notes
01/25/16	6.250%		1,293,000		1,341,488
Senior Secured
03/25/20	8.000%		2,766,000		2,970,142
Springleaf Finance Corp. Senior Unsecured
12/15/17	6.900%		4,059,000		3,724,132

Total					8,035,762


Non-Captive Diversified (6.4%)
Ally Financial, Inc.
03/15/20	8.000%		13,499,000		14,342,687
09/15/20	7.500%		880,000		919,600
CIT Group, Inc.(a) Secured
05/02/17	7.000%		6,665,000		6,648,338
CIT Group, Inc.(a)(b) Secured
04/01/18	6.625%		2,400,000		2,508,000
Ford Motor Credit Co. LLC Senior Unsecured
04/15/15	7.000%		3,935,000		4,250,426
05/15/18	5.000%		2,617,000		2,608,052
02/01/21	5.750%		1,886,000		1,883,678
International Lease Finance Corp. Senior Unsecured
03/15/17	8.750%		2,099,000		2,295,781
09/01/17	8.875%		2,605,000		2,858,988
05/15/19	6.250%		1,727,000		1,687,395
International Lease Finance Corp.(b) Senior Unsecured
12/15/20	8.250%		1,660,000		1,792,800

Total					41,795,745


Oil Field Services (1.5%)
Offshore Group Investments Ltd.(a)(c) Senior Secured
08/01/15	11.500%		960,000		1,031,564
Offshore Group Investments Ltd.(c) Senior Secured
08/01/15	11.500%		4,085,000		4,442,438

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 105

Portfolio of Investments (continued)

Columbia VP – High Yield Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Oil Field Services (cont.)
Oil States International, Inc.(a)
06/01/19	6.500%		$2,871,000		$2,885,355
Trinidad Drilling Ltd. Senior Unsecured(a)(c)
01/15/19	7.875%		1,184,000		1,230,133

Total					9,589,490


Other Industry (0.5%)
Aquilex Holdings LLC/Finance Corp.
12/15/16	11.125%		1,826,000		1,775,785
Chart Industries, Inc.
10/15/15	9.125%		590,000		613,600
Interline Brands, Inc.
11/15/18	7.000%		930,000		941,625

Total					3,331,010


Packaging (1.7%)
ARD Finance SA Senior Secured PIK(a)(c)
06/01/18	11.125%		589,000		592,681
Ardagh Packaging Finance PLC(a)(c)
10/15/20	9.125%		1,410,000		1,484,025
Senior Secured
10/15/17	7.375%		645,000		664,350
Graham Packaging Co. LP/GPC Capital Corp. I
10/01/18	8.250%		222,000		246,975
Greif, Inc. Senior Unsecured
08/01/19	7.750%		390,000		421,200
Reynolds Group Issuer, Inc./LLC(a)
04/15/19	9.000%		2,475,000		2,444,063
02/15/21	8.250%		2,076,000		1,941,060
Senior Secured
04/15/19	7.125%		3,136,000		3,112,480

Total					10,906,834


Paper (0.9%)
Cascades, Inc.(c)
01/15/20	7.875%		3,254,000		3,388,228
Verso Paper Holdings LLC/Inc. Secured(a)(b)
02/01/19	8.750%		3,173,000		2,823,970

Total					6,212,198


Pharmaceuticals (0.8%)
Endo Pharmaceuticals Holdings, Inc.(a)
07/15/19	7.000%		311,000		318,775
01/15/22	7.250%		1,359,000		1,379,385
Grifols, Inc. Senior Secured(a)
02/01/18	8.250%		2,386,000		2,439,685
Warner Chilcott Co./Finance LLC(a)
09/15/18	7.750%		1,321,000		1,332,559

Total					5,470,404


Refining (0.3%)
United Refining Co. Senior Secured
02/28/18	10.500%		2,236,000		2,236,000


Retailers (1.7%)
Asbury Automotive Group, Inc. Subordinated Notes(a)
11/15/20	8.375%		290,000		295,075
Ltd Brands, Inc.
04/01/21	6.625%		1,280,000		1,308,800
QVC, Inc.(a) Senior Secured
04/15/17	7.125%		1,141,000		1,203,755
10/01/19	7.500%		1,025,000		1,089,063
10/15/20	7.375%		421,000		444,155
Rite Aid Corp.(b)
06/15/17	9.500%		750,000		684,375
Senior Secured
08/15/20	8.000%		2,005,000		2,160,387
Toys R Us Property Co. II LLC Senior Secured
12/01/17	8.500%		2,555,000		2,669,975
Toys R Us, Inc. Senior Unsecured
10/15/18	7.375%		1,365,000		1,325,756

Total					11,181,341


Technology (4.9%)
Amkor Technology, Inc.(a)(b) Senior Unsecured
06/01/21	6.625%		2,941,000		2,852,770
Amkor Technology, Inc.(b) Senior Unsecured
05/01/18	7.375%		1,521,000		1,545,716
CDW LLC/Finance Corp(a)
04/01/19	8.500%		2,549,000		2,504,393
Cardtronics, Inc.
09/01/18	8.250%		2,190,000		2,343,300
CommScope, Inc.(a)(b)
01/15/19	8.250%		585,000		602,550
First Data Corp.
09/24/15	9.875%		1,714,000		1,761,135
09/24/15	9.875%		210,000		213,150
First Data Corp.(a)
01/15/21	12.625%		3,876,000		4,147,320
Senior Secured
08/15/20	8.875%		2,605,000		2,780,837
First Data Corp.(a)(b) Senior Secured
06/15/19	7.375%		1,332,000		1,341,990
Freescale Semiconductor, Inc. Senior Secured(a)(c)
04/15/18	9.250%		1,400,000		1,508,500
Interactive Data Corp.(a)
08/01/18	10.250%		3,140,000		3,414,750
NXP BV/Funding LLC Senior Secured(a)(c)
08/01/18	9.750%		2,505,000		2,805,600
SunGard Data Systems, Inc.
11/15/18	7.375%		1,871,000		1,871,000
iGate Corp.(a)
05/01/16	9.000%		2,325,000		2,336,625

Total					32,029,636


Transportation Services (1.1%)
Avis Budget Car Rental LLC/Finance, Inc.
03/15/18	9.625%		1,144,000		1,221,220
Hertz Corp. (The)(a)
10/15/18	7.500%		2,005,000		2,050,113
04/15/19	6.750%		1,440,000		1,425,600
Hertz Corp. (The)(a)(b)
01/15/21	7.375%		2,460,000		2,490,750

Total					7,187,683


Wireless (4.5%)
Clearwire Communications LLC/Finance, Inc.(a) Senior Secured
12/01/15	12.000%		625,000		662,500
Clearwire Communications LLC/Finance, Inc.(a)(b) Secured
12/01/17	12.000%		1,157,000		1,211,958
Cricket Communications, Inc. Senior Secured
05/15/16	7.750%		3,445,000		3,651,700
Cricket Communications, Inc.(a) Senior Notes
10/15/20	7.750%		1,202,000		1,174,955
Goodman Networks, Inc. Senior Secured(a)
07/01/18	12.125%		1,451,000		1,436,490
MetroPCS Wireless, Inc.
09/01/18	7.875%		3,370,000		3,563,775
11/15/20	6.625%		714,000		706,860
NII Capital Corp.
04/01/21	7.625%		1,481,000		1,547,645
SBA Telecommunications, Inc.
08/15/16	8.000%		1,535,000		1,632,856
08/15/19	8.250%		1,529,000		1,636,030
Sprint Nextel Corp. Senior Unsecured(b)
08/15/17	8.375%		6,064,000		6,662,820
Wind Acquisition Finance SA(a)(c) Secured
07/15/17	11.750%		3,105,000		3,516,412
Senior Secured
02/15/18	7.250%		2,170,000		2,267,650

Total					29,671,651


Wirelines (4.4%)
CenturyLink, Inc. Senior Unsecured
06/15/21	6.450%		4,321,000		4,271,607
Cincinnati Bell, Inc.
10/15/17	8.250%		1,599,000		1,606,995
10/15/20	8.375%		1,691,000		1,686,772
Frontier Communications Corp. Senior Unsecured
04/15/17	8.250%		934,000		1,015,725
04/15/20	8.500%		234,000		255,060
Frontier Communications Corp.(b) Senior Unsecured
03/15/19	7.125%		3,204,000		3,284,100
Integra Telecom Holdings, Inc. Senior Secured(a)
04/15/16	10.750%		1,021,000		1,033,763
Level 3 Communications, Inc. Senior Unsecured(a)(b)
02/01/19	11.875%		1,575,000		1,699,031
Level 3 Escrow, Inc. Senior Unsecured(a)(b)
07/01/19	8.125%		1,842,000		1,851,210
Level 3 Financing, Inc.
02/15/17	8.750%		991,000		1,010,820
02/01/18	10.000%		1,610,000		1,728,737
Level 3 Financing, Inc.(a)
04/01/19	9.375%		795,000		828,788
PAETEC Holding Corp. Senior Secured
06/30/17	8.875%		1,793,000		1,882,650

The accompanying Notes to Financial Statements are an integral part of this statement.

106 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – High Yield Bond Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Wirelines (cont.)
PAETEC Holding Corp.(a)(b)
12/01/18	9.875%		$3,025,000		$3,134,656
Windstream Corp.
10/15/20	7.750%		1,200,000		1,257,000
Windstream Corp.(b)
09/01/18	8.125%		355,000		376,300
10/01/21	7.750%		1,820,000		1,901,900

Total					28,825,114


Total Corporate Bonds & Notes
(Cost: $601,790,693)				$	618,754,895




	Weighted
	Average	Principal
Borrower	Coupon	Amount		Value

Senior Loans 0.3%


Gaming (0.3%)
Caesars Octavius LLC Tranche B Term Loan(h)
04/25/17	9.250%	$	1,747,000	$	1,760,539


Total Senior Loans
(Cost: $1,729,530)				$	1,760,539


Issuer	Shares		Value

Limited Partnerships — %


FINANCIALS ( — %)
Varde Fund V LP(e)(f)(i)		5,000,000	$	80,364


Total Limited Partnerships
(Cost: $—)			$	80,364




	Shares		Value

Money Market Fund 3.7%

Columbia Short-Term Cash Fund, 0.166%(j)(k)		24,389,411	$	24,389,411


Total Money Market Fund
(Cost: $24,389,411)			$	24,389,411


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 8.4%


Certificates of Deposit (0.8%)
Commerzbank AG
07/20/11	0.220%	$	2,000,000	$	2,000,000
DZ Bank AG
07/12/11	0.200%		2,000,000		2,000,000
KBC Bank NV
07/05/11	0.300%		1,000,000		1,000,000

Total					5,000,000


Money Market Fund (4.6%)
JPMorgan Prime Money Market Fund, 0.010%(j)			30,000,000		30,000,000


Repurchase Agreements (3.0%)
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004(l)
	0.030%		5,000,000		5,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(l)
	0.120%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $10,042,295(l)
	0.080%		10,042,273		10,042,273

Total					20,042,273


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $55,042,273)				$	55,042,273


Total Investments
(Cost: $682,951,907)				$	700,027,482
Other Assets & Liabilities, Net					(41,811,475)


Net Assets				$	658,216,007

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 June 30, 2011, the value of these securities amounted to $269,009,814 or 40.87% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 9.60% of net assets.

^(d)		Represents a security purchased on a when-issued or delayed delivery basis.

^(e)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $1,673,892, representing 0.25% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


	Acquisition
Security description	dates	Cost
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates 9.300% 2015	02-09-00 thru 04-09-02		$1,108,429
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates 9.300% 2015	12-11-01 thru 08-28-02		342,156
Varde Fund V LP	04-27-00 thru 06-19-00	–*


	*	The original cost for this position was $5,000,000. From September 29, 2004 through May 7, 2005, $5,000,000 was returned to the fund in the form of return of capital.


^(f)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $1,673,892, which represents 0.25% of net assets.

^(g)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(h)		Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 107

Portfolio of Investments (continued)

Columbia VP – High Yield Bond Fund

Notes to Portfolio of Investments (continued)


⁽ⁱ⁾		The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. At June 30, 2011, there was no capital committed to the LLC or LP for future investment.

^(j)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(k)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$7,909,130

$156,566,411

$(140,086,130

)

$—

$24,389,411

$18,799

$24,389,411


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


Citigroup Global Markets, Inc. (0.030%)
Security Description	Value
Fannie Mae REMICS		$1,746,884
Fannie Mae-Aces		86,912
Freddie Mac REMICS		2,490,181
Government National Mortgage Association		776,023

Total Market Value of Collateral Securities		$5,100,000



Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$10,243,163

Total Market Value of Collateral Securities		$10,243,163

Abbreviation Legend


PIK		Payment-in-Kind

The accompanying Notes to Financial Statements are an integral part of this statement.

108 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – High Yield Bond Fund

Fair Value Measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


			Fair value at June 30, 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
Electric		$—		$13,883,536		$2,212,882		$16,096,418
Entertainment		—		9,918,449		1,593,528		11,511,977
All Other Industries		—		591,146,500		—		591,146,500

Total Bonds		—		614,948,485		3,806,410		618,754,895

Other
Senior Loans
Gaming		—		1,760,539		—		1,760,539
Limited Partnerships
Financials		—		—		80,364		80,364
Affiliated Money Market Fund(c)		24,389,411		—		—		24,389,411
Investments of Cash Collateral Received for Securities on Loan		30,000,000		25,042,273		—		55,042,273

Total Other		54,389,411		26,802,812		80,364		81,272,587

Investments in Securities		54,389,411		641,751,297		3,886,774		700,027,482

Total		$54,389,411		$641,751,297		$3,886,774		$700,027,482

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 109

Portfolio of Investments (continued)

Columbia VP – High Yield Bond Fund

Fair Value Measurements (continued)


•	The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

•	Certain Corporate Bonds and Limited Partnerships classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, observed yields on securities management deemed comparable. Certain Corporate Bonds, Senior Loans and classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers.


^(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 June 30, 2011.

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


	Corporate			Senior			Limited
	Bonds & Notes			Loans			Partnerships			Total
Balance as of December 31, 2010		$1,728,094			$2,403,005			$100,860			$4,231,959
Accrued discounts/premiums		9,217			3,083			—			12,300
Realized gain (loss)		5,900			12,123			17,904			35,927
Change in unrealized appreciation (depreciation)*		25,188			12,504			(20,496	)		17,196
Sales		(704,098	)		(2,430,715	)		(17,904	)		(3,152,717	)
Purchases		—			—			—			—
Transfers into Level 3		2,742,109			—			—			2,742,109
Transfers out of Level 3		—			—			—			—

Balance as of June 30, 2011		$3,806,410			$—			$80,364			$3,886,774


•	Financial Assets were transferred from Level 2 to Level 3 due to utilizing single market quotations from broker dealers. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.


*	Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $4,692, which is comprised of Corporate Bonds & Notes of $25,188 and Limited Partnerships of $(20,496).

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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

110 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Income Opportunities Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes 94.8%


Aerospace & Defense (3.3%)
ADS Tactical, Inc. Senior Secured(a)
04/01/18	11.000%	$	7,350,000	$	7,772,625
Ducommun, Inc. Senior Notes(a)
07/15/18	9.750%		830,000		849,713
Huntington Ingalls Industries, Inc.(a)(b)
03/15/18	6.875%		2,372,000		2,431,300
03/15/21	7.125%		3,221,000		3,333,735
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17	10.000%		3,660,000		3,861,300
Kratos Defense & Security Solutions, Inc.(a) Senior Secured
06/01/17	10.000%		5,202,000		5,488,110
L-3 Communications Corp.
10/15/15	6.375%		3,357,000		3,449,317
Oshkosh Corp.
03/01/20	8.500%		5,143,000		5,567,297
Oshkosh Corp.(b)
03/01/17	8.250%		2,904,000		3,114,540
TransDigm, Inc.(a)
12/15/18	7.750%		3,351,000		3,518,550

Total					39,386,487


Automotive (2.9%)
Accuride Corp. Senior Secured
08/01/18	9.500%		965,000		1,032,550
Chrysler Group LLC/Co-Issuer, Inc.(a)(b) Senior Secured
06/15/19	8.000%		1,345,000		1,314,738
06/15/21	8.250%		3,815,000		3,748,237
Dana Holding Corp.(b) Senior Unsecured
02/15/19	6.500%		850,000		843,625
02/15/21	6.750%		6,811,000		6,742,890
Delphi Corp.(a)(b) Senior Notes
05/15/19	5.875%		1,535,000		1,519,650
05/15/21	6.125%		1,023,000		1,017,885
International Automotive Components Group SL Senior Secured(a)(c)
06/01/18	9.125%		869,000		888,553
Lear Corp.(b)
03/15/18	7.875%		4,336,000		4,661,200
03/15/20	8.125%		2,221,000		2,404,232
TRW Automotive, Inc.(a)(b)
12/01/17	8.875%		4,085,000		4,513,925
Visteon Corp. Senior Notes(a)(b)
04/15/19	6.750%		5,716,000		5,487,360

Total					34,174,845


Banking (0.1%)
Lloyds Banking Group PLC(a)(c)
11/29/49	6.267%		1,890,000		1,389,150


Brokerage (0.9%)
E*Trade Financial Corp.(b) Senior Notes
06/01/16	6.750%		3,975,000		3,895,500
Senior Secured
12/01/15	7.875%		6,940,000		6,974,700

Total					10,870,200


Building Materials (1.9%)
Building Materials Corp. of America Senior Notes(a)
05/01/21	6.750%		7,868,000		7,907,340
Euramax International, Inc. Senior Secured(a)
04/01/16	9.500%		3,105,000		2,996,325
Gibraltar Industries, Inc.
12/01/15	8.000%		3,807,000		3,840,311
Interface, Inc.
12/01/18	7.625%		874,000		908,960
Norcraft Companies LP/Finance Corp. Secured
12/15/15	10.500%		4,380,000		4,445,700
Nortek, Inc.(a)(b)
04/15/21	8.500%		2,855,000		2,640,875

Total					22,739,511


Chemicals (2.4%)
CF Industries, Inc.
05/01/18	6.875%		3,625,000		4,087,187
CF Industries, Inc.(b)
05/01/20	7.125%		3,707,000		4,300,120
Chemtura Corp.
09/01/18	7.875%		1,291,000		1,352,323
Hexion U.S. Finance Corp./Nova Scotia ULC Senior Secured
02/01/18	8.875%		2,824,000		2,936,960
Koppers, Inc.
12/01/19	7.875%		1,040,000		1,110,200
Lyondell Chemical Co. Senior Secured(a)(b)
11/01/17	8.000%		6,104,000		6,821,220
Nalco Co.(a)(b)
01/15/19	6.625%		5,310,000		5,442,750
Polypore International, Inc.
11/15/17	7.500%		3,000,000		3,172,500

Total					29,223,260


Construction Machinery (3.5%)
Case New Holland, Inc. Senior Notes(a)
12/01/17	7.875%		6,622,000		7,300,755
Columbus McKinnon Corp.
02/01/19	7.875%		1,100,000		1,116,500
Manitowoc Co., Inc. (The)(b)
02/15/18	9.500%		5,435,000		5,924,150
11/01/20	8.500%		1,550,000		1,654,625
Neff Rental LLC/Finance Corp. Secured(a)
05/15/16	9.625%		4,467,000		4,243,650
RSC Equipment Rental, Inc./Holdings III LLC(a)(b) Senior Secured
07/15/17	10.000%		3,380,000		3,768,700
RSC Equipment Rental, Inc./Holdings III LLC(b)
02/01/21	8.250%		1,675,000		1,666,625
United Rentals North America, Inc.(b)
12/15/19	9.250%		12,620,000		13,818,900
Xerium Technologies, Inc.(a)(b)
06/15/18	8.875%		2,665,000		2,665,000

Total					42,158,905


Consumer Cyclical Services (0.6%)
Garda World Security Corp. Senior Unsecured(a)(c)
03/15/17	9.750%		3,413,000		3,668,975
West Corp.(a)(b)
01/15/19	7.875%		3,118,000		3,040,050

Total					6,709,025


Consumer Products (1.8%)
ACCO Brands Corp. Senior Secured
03/15/15	10.625%		825,000		920,906
Central Garden and Pet Co.
03/01/18	8.250%		4,940,000		5,100,550
Jarden Corp.
05/01/16	8.000%		3,297,000		3,577,245
Libbey Glass, Inc. Senior Secured
02/15/15	10.000%		4,058,000		4,402,930
NBTY, Inc.(a)(b)
10/01/18	9.000%		203,000		214,165
Spectrum Brands Holdings, Inc. Senior Secured(a)
06/15/18	9.500%		6,406,000		7,110,660

Total					21,326,456


Diversified Manufacturing (2.0%)
Amsted Industries, Inc. Senior Notes(a)
03/15/18	8.125%		3,474,000		3,665,070
CPM Holdings, Inc. Senior Secured(b)
09/01/14	10.625%		7,059,000		7,659,015
SPX Corp.(a)
09/01/17	6.875%		4,269,000		4,567,830
Tomkins LLC/Inc. Secured(a)
10/01/18	9.000%		650,000		702,000
WireCo WorldGroup Senior Unsecured(a)(b)
05/15/17	9.750%		6,935,000		7,316,425

Total					23,910,340


Electric (2.7%)
AES Corp. (The) Senior Notes(a)(b)
07/01/21	7.375%		3,798,000		3,854,970
Calpine Corp. Senior Secured(a)(b)
02/15/21	7.500%		2,670,000		2,730,075
Edison Mission Energy Senior Unsecured(b)
05/15/17	7.000%		5,870,000		4,754,700
Energy Future Holdings Corp. Senior Secured
01/15/20	10.000%		3,545,000		3,762,876

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 111

Portfolio of Investments (continued)

Columbia VP – Income Opportunities Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Electric (cont.)
GenOn Energy, Inc. Senior Unsecured(b)
10/15/18	9.500%		$2,407,000		$2,503,280
Ipalco Enterprises, Inc.(a) Senior Secured
04/01/16	7.250%		2,015,000		2,236,650
Ipalco Enterprises, Inc.(a)(b) Senior Secured
05/01/18	5.000%		1,626,000		1,609,740
Midwest Generation LLC Pass-Through Certificates(b)
01/02/16	8.560%		9,523,304		9,761,386
Texas Competitive Electric Holdings Co. LLC/Finance, Inc. Senior Secured(a)
10/01/20	11.500%		1,422,000		1,400,670

Total					32,614,347


Entertainment (1.4%)
AMC Entertainment, Inc.(b)
06/01/19	8.750%		3,867,000		4,079,685
Cinemark U.S.A., Inc. Senior Subordinated Notes(a)(b)
06/15/21	7.375%		730,000		724,525
Cinemark USA, Inc.
06/15/19	8.625%		2,039,000		2,232,705
National CineMedia LLC Senior Notes(a)(d)
07/15/21	7.875%		2,888,000		2,934,930
Regal Cinemas Corp.
07/15/19	8.625%		2,975,000		3,123,750
Speedway Motorsports, Inc.
06/01/16	8.750%		2,800,000		3,031,000
02/01/19	6.750%		645,000		643,387

Total					16,769,982


Environmental (0.2%)
Clean Harbors, Inc. Senior Secured
08/15/16	7.625%		524,000		555,440
Clean Harbors, Inc.(a)(b) Senior Secured
08/15/16	7.625%		1,250,000		1,325,000

Total					1,880,440


Food and Beverage (0.6%)
ARAMARK Holdings Corp. Senior Notes PIK(a)(b)
05/01/16	8.625%		2,603,000		2,648,552
Cott Beverages, Inc.
11/15/17	8.375%		1,205,000		1,262,238
09/01/18	8.125%		1,347,000		1,410,983
Darling International, Inc.(a)
12/15/18	8.500%		650,000		702,000
Dean Foods Co. Senior Notes(a)(b)
12/15/18	9.750%		1,521,000		1,616,062

Total					7,639,835


Gaming (4.0%)
Boyd Gaming Corp. Senior Notes(a)(b)
12/01/18	9.125%		2,271,000		2,327,775
Caesars Entertainment Operating Co., Inc. Senior Secured
06/01/17	11.250%		3,640,000		4,017,650
FireKeepers Development Authority Senior Secured(a)
05/01/15	13.875%		2,750,000		3,190,000
MGM Resorts International Senior Secured(b)
03/15/20	9.000%		11,068,000		12,119,460
Penn National Gaming, Inc. Senior Subordinated Notes(b)
08/15/19	8.750%		3,274,000		3,560,475
San Pasqual Casino(a)
09/15/13	8.000%		1,520,000		1,504,800
Seminole Indian Tribe of Florida(a)
10/01/17	7.750%		4,520,000		4,678,200
10/01/20	7.804%		1,955,000		1,921,374
Senior Secured
10/01/20	6.535%		4,385,000		4,153,604
Seneca Gaming Corp.(a)
12/01/18	8.250%		2,533,000		2,615,322
Shingle Springs Tribal Gaming Authority Senior Notes(a)
06/15/15	9.375%		5,426,000		3,743,940
Tunica-Biloxi Gaming Authority Senior Unsecured(a)
11/15/15	9.000%		4,262,000		4,251,345

Total					48,083,945


Gas Distributors (0.3%)
Energy Transfer Equity LP Senior Secured
10/15/20	7.500%		3,357,000		3,575,205


Gas Pipelines (3.1%)
Copano Energy LLC/Finance Corp.
04/01/21	7.125%		810,000		801,900
El Paso Corp. Senior Unsecured
01/15/32	7.750%		5,720,000		6,653,916
El Paso Corp. (b) Senior Unsecured
09/15/20	6.500%		1,271,000		1,391,745
Regency Energy Partners LP/Finance Corp.
06/01/16	9.375%		4,205,000		4,688,575
12/01/18	6.875%		1,649,000		1,702,593
07/15/21	6.500%		5,169,000		5,233,612
Sonat, Inc. Senior Unsecured
02/01/18	7.000%		2,600,000		2,871,487
Southern Star Central Corp. Senior Unsecured
03/01/16	6.750%		7,827,000		7,866,135
Southern Star Central Corp. (a) Senior Unsecured
03/01/16	6.750%		6,490,000		6,522,450

Total					37,732,413


Health Care (4.7%)
AMGH Merger Sub, Inc. Senior Secured(a)(b)
11/01/18	9.250%		871,000		916,728
American Renal HoldingsCo., Inc. Senior Secured
05/15/18	8.375%		2,999,000		3,055,231
Apria Healthcare Group, Inc. Senior Secured
11/01/14	11.250%		2,930,000		3,032,550
CDRT Merger Sub, Inc.(a)(b)
06/01/19	8.125%		1,303,000		1,303,000
CHS/Community Health Systems, Inc.
07/15/15	8.875%		1,947,000		2,005,410
ConvaTec Healthcare E SA Senior Unsecured(a)(c)
12/15/18	10.500%		5,229,000		5,412,015
Fresenius Medical Care U.S. Finance, Inc.(a)(b)
02/15/21	5.750%		4,230,000		4,092,525
HCA, Inc. Senior Secured
02/15/20	7.875%		3,700,000		4,014,500
HCA, Inc. (b) Senior Secured
09/15/20	7.250%		13,105,000		14,071,494
Hanger Orthopedic Group, Inc.(b)
11/15/18	7.125%		2,321,000		2,396,432
Healthsouth Corp.
02/15/20	8.125%		713,000		766,475
Healthsouth Corp.(b)
09/15/22	7.750%		539,000		567,971
InVentiv Health, Inc.(a)(b)
08/15/18	10.000%		4,583,000		4,514,255
LifePoint Hospitals, Inc.(b)
10/01/20	6.625%		1,251,000		1,288,530
STHI Holding Corp. Secured(a)
03/15/18	8.000%		1,164,000		1,181,460
Tenet Healthcare Corp. Senior Secured
07/01/19	8.875%		2,005,000		2,213,019
Tenet Healthcare Corp.(b) Senior Unsecured
08/01/20	8.000%		1,309,000		1,330,271
Vanguard Health Holding Co. II LLC/Inc.
02/01/19	7.750%		400,000		405,000
Vanguard Health Holding Co. II LLC/Inc.(b)
02/01/18	8.000%		4,132,000		4,266,290

Total					56,833,156


Home Construction (0.8%)
K Hovnanian Enterprises, Inc. Senior Secured(b)
10/15/16	10.625%		2,586,000		2,579,535
KB Home
09/15/17	9.100%		2,155,000		2,181,938
Shea Homes LP/Funding Corp. Senior Secured(a)(b)
05/15/19	8.625%		4,195,000		4,132,075
William Lyon Homes, Inc.
02/15/14	7.500%		518,000		266,770

Total					9,160,318


Independent Energy (8.8%)
Berry Petroleum Co. Senior Unsecured
06/01/14	10.250%		4,735,000		5,409,737
Berry Petroleum Co.(b) Senior Unsecured
11/01/20	6.750%		975,000		979,875
Brigham Exploration Co.(b)
10/01/18	8.750%		2,365,000		2,577,850
Carrizo Oil & Gas, Inc.
10/15/18	8.625%		5,309,000		5,468,270
Chaparral Energy, Inc.
10/01/20	9.875%		1,270,000		1,371,600

The accompanying Notes to Financial Statements are an integral part of this statement.

112 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Income Opportunities Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)

Independent Energy (cont.)
Chaparral Energy, Inc.(b)
09/01/21	8.250%		$3,473,000		$3,499,048
Chesapeake Energy Corp.
02/15/21	6.125%		5,084,000		5,147,550
Chesapeake Energy Corp.(b)
08/15/20	6.625%		8,750,000		9,187,500
Comstock Resources, Inc.(b)
10/15/17	8.375%		3,291,000		3,422,640
04/01/19	7.750%		3,003,000		3,025,523
Concho Resources, Inc.
10/01/17	8.625%		3,251,000		3,543,590
01/15/21	7.000%		2,520,000		2,608,200
01/15/22	6.500%		4,047,000		4,057,117
Continental Resources, Inc.
10/01/20	7.375%		1,008,000		1,071,000
04/01/21	7.125%		2,318,000		2,445,490
Denbury Resources, Inc.
02/15/20	8.250%		493,000		537,370
EXCO Resources, Inc.
09/15/18	7.500%		6,109,000		5,941,002
Hilcorp Energy I LP/Finance Co. Senior Unsecured(a)
11/01/15	7.750%		6,376,000		6,567,280
Linn Energy LLC/Finance Corp.(a)
05/15/19	6.500%		5,087,000		5,036,130
MEG Energy Corp.(a)(c)
03/15/21	6.500%		3,390,000		3,406,950
Oasis Petroleum, Inc. Senior Unsecured(a)(b)
02/01/19	7.250%		1,694,000		1,660,120
Petrohawk Energy Corp.
08/15/18	7.250%		5,558,000		5,703,897
Petrohawk Energy Corp.(a)(b)
06/01/19	6.250%		3,034,000		2,965,735
QEP Resources, Inc. Senior Unsecured(b)
03/01/21	6.875%		5,609,000		5,917,495
Range Resources Corp.
05/15/19	8.000%		2,632,000		2,855,720
06/01/21	5.750%		994,000		976,605
Range Resources Corp.(b)
08/01/20	6.750%		2,920,000		3,000,300
Southwestern Energy Co.(b)
02/01/18	7.500%		2,035,000		2,314,813
Venoco, Inc.(a)(b)
02/15/19	8.875%		4,310,000		4,310,000

Total					105,008,407


Life Insurance (0.9%)
ING Groep NV(c)(e)
12/29/49	5.775%		11,153,000		10,260,760


Lodging (0.2%)
Starwood Hotels & Resorts Worldwide, Inc. Senior Unsecured(b)
12/01/19	7.150%		1,254,000		1,398,210
Wyndham Worldwide Corp. Senior Unsecured
02/01/18	5.750%		553,000		571,023

Total					1,969,233


Media Cable (3.6%)
CCO Holdings LLC/Capital Corp.(b)
01/15/19	7.000%		2,835,000		2,920,050
04/30/20	8.125%		9,461,000		10,265,185
CSC Holdings LLC Senior Unsecured(b)
02/15/19	8.625%		2,789,000		3,144,597
Cablevision Systems Corp. Senior Unsecured(b)
09/15/17	8.625%		2,181,000		2,363,659
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured(a)
11/15/17	8.625%		5,521,000		5,741,840
DISH DBS Corp.(a)(b)
06/01/21	6.750%		7,181,000		7,360,525
DISH DBS Corp.(b)
09/01/19	7.875%		2,058,000		2,220,067
Insight Communications Co., Inc. Senior Notes(a)(b)
07/15/18	9.375%		2,100,000		2,304,750
Videotron Ltee(b)(c)
04/15/18	9.125%		6,495,000		7,250,044

Total					43,570,717


Media Non-Cable (6.7%)
AMC Networks, Inc.(a)(b)
07/15/21	7.750%		4,335,000		4,530,075
Belo Corp. Senior Unsecured(b)
11/15/16	8.000%		7,468,000		8,158,790
Clear Channel Worldwide Holdings, Inc.(b)
12/15/17	9.250%		12,683,000		13,824,470
Cumulus Media, Inc.(a)(b)
05/01/19	7.750%		806,000		777,790
EH Holding Corp. Senior Secured(a)(b)
06/15/19	6.500%		4,859,000		4,944,032
Entravision Communications Corp. Senior Secured(b)
08/01/17	8.750%		3,790,000		3,922,650
Intelsat Jackson Holdings SA(a)(b)(c)
04/01/21	7.500%		2,925,000		2,906,719
Intelsat Jackson Holdings SA(a)(c)
04/01/19	7.250%		3,565,000		3,538,263
Nielsen Finance LLC/Co.(a)
10/15/18	7.750%		3,739,000		3,925,950
RR Donnelley & Sons Co. (b) Senior Unsecured
05/15/18	7.250%		1,704,000		1,704,000
06/15/20	7.625%		2,124,000		2,099,158
Salem Communications Corp. Secured
12/15/16	9.625%		7,294,000		7,686,052
Sinclair Television Group, Inc. Secured(a)(b)
11/01/17	9.250%		8,593,000		9,409,335
Univision Communications, Inc. Senior Secured(a)(b)
11/01/20	7.875%		5,055,000		5,181,375
XM Satellite Radio, Inc.(a)
11/01/18	7.625%		6,883,000		7,192,735

Total					79,801,394


Metals (5.0%)
Alpha Natural Resources, Inc.
06/01/21	6.250%		2,093,000		2,098,233
Alpha Natural Resources, Inc.(b)
06/01/19	6.000%		7,298,000		7,325,367
Arch Coal, Inc.(a)
06/15/21	7.250%		3,743,000		3,761,715
Arch Coal, Inc.(a)(b)
06/15/19	7.000%		5,615,000		5,643,075
Calcipar SA Senior Secured(a)(b)(c)
05/01/18	6.875%		4,220,000		4,230,550
Compass Minerals International, Inc.
06/01/19	8.000%		1,610,000		1,762,950
Consol Energy, Inc.
04/01/20	8.250%		4,490,000		4,894,100
Consol Energy, Inc.(b)
04/01/17	8.000%		6,532,000		7,119,880
FMG Resources August 2006 Proprietary Ltd.(a)(b)(c)
11/01/15	7.000%		5,382,000		5,488,010
02/01/16	6.375%		2,101,000		2,095,748
02/01/18	6.875%		3,671,000		3,726,065
JMC Steel Group Senior Notes(a)
03/15/18	8.250%		2,350,000		2,385,250
Novelis, Inc.(b)(c)
12/15/20	8.750%		3,785,000		4,087,800
Rain CII Carbon LLC/Corp. Senior Secured(a)
12/01/18	8.000%		3,185,000		3,399,987
United States Steel Corp. Senior Unsecured(b)
02/01/18	7.000%		2,391,000		2,414,910

Total					60,433,640


Non-Captive Consumer (1.2%)
SLM Corp.(b) Senior Notes
01/25/16	6.250%		2,904,000		3,012,900
Senior Secured
03/25/20	8.000%		4,832,000		5,188,621
Springleaf Finance Corp. Senior Unsecured
12/15/17	6.900%		7,245,000		6,647,287

Total					14,848,808


Non-Captive Diversified (7.3%)
Ally Financial, Inc.(a)(b)
12/01/17	6.250%		3,735,000		3,710,095
Ally Financial, Inc.(b)
03/15/20	8.000%		19,469,000		20,685,812
09/15/20	7.500%		2,945,000		3,077,525
CIT Group, Inc.(a)(b) Secured
05/02/17	7.000%		19,740,000		19,690,650
04/01/18	6.625%		4,090,000		4,274,050
Ford Motor Credit Co. LLC Senior Unsecured
05/15/18	5.000%		5,487,000		5,468,240
Ford Motor Credit Co. LLC(b) Senior Unsecured
10/01/14	8.700%		839,000		939,252
02/01/21	5.750%		15,056,000		15,037,466
International Lease Finance Corp. (b) Senior Unsecured
03/15/17	8.750%		3,140,000		3,434,375
09/01/17	8.875%		3,905,000		4,285,738
05/15/19	6.250%		3,898,000		3,808,607
12/15/20	8.250%		3,095,000		3,342,600

Total					87,754,410

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 113

Portfolio of Investments (continued)

Columbia VP – Income Opportunities Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)
Oil Field Services (1.3%)
Offshore Group Investments Ltd.(a)(c) Senior Secured
08/01/15	11.500%		$1,705,000		$1,832,101
Offshore Group Investments Ltd. (c) Senior Secured
08/01/15	11.500%		6,515,000		7,085,063
Oil States International, Inc.(a)
06/01/19	6.500%		5,127,000		5,152,635
Trinidad Drilling Ltd. Senior Unsecured(a)(c)
01/15/19	7.875%		1,900,000		1,974,031

Total					16,043,830


Other Industry (1.3%)
Aquilex Holdings LLC/Finance Corp.
12/15/16	11.125%		5,992,000		5,827,220
Chart Industries, Inc.
10/15/15	9.125%		8,195,000		8,522,800
Interline Brands, Inc.
11/15/18	7.000%		1,439,000		1,456,988

Total					15,807,008


Packaging (2.3%)
ARD Finance SA Senior Secured PIK(a)(c)
06/01/18	11.125%		1,035,000		1,041,469
Ardagh Packaging Finance PLC(a)(b)(c)
10/15/20	9.125%		2,160,000		2,273,400
Senior Secured
10/15/17	7.375%		2,715,000		2,796,450
Ball Corp.(b)
09/01/19	7.375%		1,435,000		1,567,738
09/15/20	6.750%		1,500,000		1,593,750
Greif, Inc. Senior Unsecured
02/01/17	6.750%		5,135,000		5,340,400
Greif, Inc.(b) Senior Unsecured
08/01/19	7.750%		905,000		977,400
Reynolds Group Issuer, Inc./LLC(a)(b)
04/15/19	9.000%		3,255,000		3,214,312
Senior Secured
04/15/19	7.125%		2,415,000		2,396,888
02/15/21	6.875%		2,505,000		2,442,375
Sealed Air Corp. Senior Notes
06/15/17	7.875%		4,097,000		4,433,433

Total					28,077,615


Paper (0.9%)
Cascades, Inc.(c)
12/15/17	7.750%		5,255,000		5,478,338
Verso Paper Holdings LLC/Inc. Secured(a)
02/01/19	8.750%		6,099,000		5,428,110

Total					10,906,448


Pharmaceuticals (1.3%)
Endo Pharmaceuticals Holdings, Inc.(a)(b)
07/15/19	7.000%		557,000		570,925
01/15/22	7.250%		2,437,000		2,473,555
Grifols, Inc. Senior Secured(a)
02/01/18	8.250%		3,572,000		3,652,370
Mylan, Inc.(a)
11/15/18	6.000%		6,440,000		6,544,650
Valeant Pharmaceuticals International(a)(c)
10/01/20	7.000%		1,020,000		986,850
Warner Chilcott Co./Finance LLC(a)
09/15/18	7.750%		1,803,000		1,818,776

Total					16,047,126


Railroads (0.2%)
Kansas City Southern Railway(b)
06/01/15	8.000%		2,600,000		2,788,500


Refining (0.3%)
United Refining Co. Senior Secured
02/28/18	10.500%		3,769,000		3,769,000


Retailers (1.9%)
Asbury Automotive Group, Inc. Subordinated Notes(a)
11/15/20	8.375%		510,000		518,925
Limited Brands, Inc.
05/01/20	7.000%		2,770,000		2,915,425
Ltd Brands, Inc.(b)
04/01/21	6.625%		1,615,000		1,651,338
QVC, Inc.(a) Senior Secured
04/15/17	7.125%		2,900,000		3,059,500
QVC, Inc. (a)(b) Senior Secured
10/01/19	7.500%		3,880,000		4,122,500
Rite Aid Corp. Senior Secured(b)
08/15/20	8.000%		3,360,000		3,620,400
Toys R Us Property Co. II LLC Senior Secured
12/01/17	8.500%		3,896,000		4,071,320
Toys R Us, Inc. Senior Unsecured(b)
10/15/18	7.375%		3,057,000		2,969,111

Total					22,928,519


Technology (4.0%)
Amkor Technology, Inc.(a)(b) Senior Unsecured
06/01/21	6.625%		4,866,000		4,720,020
Amkor Technology, Inc. (b) Senior Unsecured
05/01/18	7.375%		3,021,000		3,070,091
Brocade Communications Systems, Inc. Senior Secured
01/15/18	6.625%		5,774,000		6,091,570
01/15/20	6.875%		788,000		849,070
Cardtronics, Inc.
09/01/18	8.250%		3,000,000		3,210,000
CommScope, Inc.(a)(b)
01/15/19	8.250%		954,000		982,620
First Data Corp.
09/24/15	9.875%		941,000		966,878
First Data Corp.(a) Senior Secured
08/15/20	8.875%		3,905,000		4,168,587
First Data Corp.(a)(b)
01/15/21	12.625%		2,914,000		3,117,980
Senior Secured
06/15/19	7.375%		2,465,000		2,483,488
Freescale Semiconductor, Inc. Senior Secured(a)(c)
04/15/18	9.250%		2,045,000		2,203,488
Interactive Data Corp.(a)(b)
08/01/18	10.250%		4,665,000		5,073,187
NXP BV/Funding LLC Senior Secured(a)(c)
08/01/18	9.750%		2,520,000		2,822,400
SunGard Data Systems, Inc.
11/15/18	7.375%		3,801,000		3,801,000
iGate Corp.(a)(b)
05/01/16	9.000%		4,204,000		4,225,020

Total					47,785,399


Transportation Services (1.1%)
Avis Budget Car Rental LLC/Finance, Inc.(b)
03/15/18	9.625%		1,192,000		1,272,460
01/15/19	8.250%		1,988,000		2,012,850
Hertz Corp. (The)(a)
04/15/19	6.750%		2,795,000		2,767,050
Hertz Corp. (The)(a)(b)
10/15/18	7.500%		3,060,000		3,128,850
01/15/21	7.375%		4,050,000		4,100,625

Total					13,281,835


Wireless (5.5%)
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured(a)
05/01/17	7.750%		4,867,000		5,268,527
Clearwire Communications LLC/Finance, Inc. Senior Secured(a)(b)
12/01/15	12.000%		2,536,000		2,726,200
Cricket Communications, Inc. Senior Secured
05/15/16	7.750%		3,865,000		4,096,900
Cricket Communications, Inc.(a) Senior Notes
10/15/20	7.750%		2,153,000		2,104,558
Crown Castle International Corp. Senior Unsecured(b)
11/01/19	7.125%		4,000,000		4,190,000
Goodman Networks, Inc. Senior Secured(a)
07/01/18	12.125%		2,624,000		2,597,760
MetroPCS Wireless, Inc.(b)
09/01/18	7.875%		2,710,000		2,865,825
11/15/20	6.625%		3,060,000		3,029,400
NII Capital Corp.(b)
04/01/21	7.625%		2,530,000		2,643,850
Nextel Communications, Inc.(b)
08/01/15	7.375%		1,948,000		1,948,000
SBA Telecommunications, Inc.
08/15/16	8.000%		2,100,000		2,233,875
08/15/19	8.250%		2,387,000		2,554,090
Sprint Capital Corp.(b)
11/15/28	6.875%		4,095,000		3,880,012
Sprint Nextel Corp. Senior Unsecured(b)
08/15/17	8.375%		13,621,000		14,966,074
Wind Acquisition Finance SA(a)(b)(c) Secured
07/15/17	11.750%		5,470,000		6,194,775
Senior Secured
02/15/18	7.250%		4,341,000		4,536,345

Total					65,836,191

The accompanying Notes to Financial Statements are an integral part of this statement.

114 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Income Opportunities Fund


	Coupon	Principal
Issuer	Rate	Amount		Value

Corporate Bonds & Notes (continued)
Wirelines (3.8%)
CenturyLink, Inc. Senior Unsecured(b)
06/15/21	6.450%		$10,359,000		$10,240,586
Cincinnati Bell, Inc.
10/15/17	8.250%		4,900,000		4,924,500
Frontier Communications Corp. Senior Unsecured
10/01/18	8.125%		20,000		21,725
Frontier Communications Corp.(b) Senior Unsecured
04/15/20	8.500%		9,548,000		10,407,320
Integra Telecom Holdings, Inc. Senior Secured(a)
04/15/16	10.750%		1,602,000		1,622,025
Level 3 Financing, Inc.
02/15/17	8.750%		657,000		670,140
Level 3 Financing, Inc.(a)
04/01/19	9.375%		8,731,000		9,102,068
PAETEC Holding Corp. Senior Secured(b)
06/30/17	8.875%		4,865,000		5,108,250
Windstream Corp.
10/15/20	7.750%		2,730,000		2,859,675

Total					44,956,289


Total Corporate Bonds & Notes
(Cost: $1,098,835,753)				$	1,138,052,949




	Weighted
	Average	Principal
Borrower	Coupon	Amount		Value

Senior Loans 0.2%



Gaming (0.2%)
Caesars Octavius LLC Tranche B Term Loan(f)
04/25/17	9.250%		2,957,000		2,979,917


Total Senior Loans
(Cost: $2,927,430)				$	2,979,917


	Shares		Value

Money Market Fund 3.4%
Columbia Short-Term Cash Fund, 0.166%(g)(h)		41,225,782	$41,225,782


Total Money Market Fund
(Cost: $41,225,782)			$41,225,782


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 25.8%


Asset-Backed Commercial Paper (0.8%)
Cancara Asset Securitisation LLC
07/19/11	0.250%	$	9,993,750	$	9,993,750


Certificates of Deposit (14.1%)
Australia and New Zealand Bank Group, Ltd.
07/29/11	0.230%	$	5,000,000	$	5,000,000
Bank of America, National Association
10/03/11	0.350%		10,000,000		10,000,000
Barclays Bank PLC
09/13/11	0.310%		3,000,000		3,000,000
Clydesdale Bank PLC
07/21/11	0.280%		4,996,464		4,996,464
Commerzbank AG
07/20/11	0.220%		10,000,000		10,000,000
Credit Industrial et Commercial
07/01/11	0.430%		3,000,000		3,000,000
11/21/11	0.410%		7,000,000		7,000,000
Credit Suisse
10/25/11	0.236%		6,000,000		6,000,000
DZ Bank AG
07/12/11	0.200%		10,000,000		10,000,000
Den Danske Bank
07/13/11	0.210%		5,000,042		5,000,042
Deutsche Bank AG
07/08/11	0.260%		9,000,000		9,000,000
Development Bank of Singapore Ltd.
07/18/11	0.180%		5,000,000		5,000,000
08/09/11	0.300%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/25/11	0.240%		2,000,000		2,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
08/12/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		4,000,000		4,000,000
Landesbank Hessen Thuringen
07/27/11	0.218%		10,000,021		10,000,021
Lloyds Bank PLC
10/03/11	0.260%		8,000,000		8,000,000
National Australia Bank
11/18/11	0.211%		4,999,978		4,999,978
National Bank of Canada
10/07/11	0.240%		7,000,000		7,000,000
11/18/11	0.186%		5,000,000		5,000,000
Natixis
09/07/11	0.544%		7,000,000		7,000,000
Overseas Chinese Banking Corp.
07/15/11	0.450%		5,000,000		5,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		4,000,000		4,000,000
Societe Generale
09/01/11	0.310%		4,995,225		4,995,225
Swedbank AB
08/05/11	0.240%		5,000,000		5,000,000
Union Bank of Switzerland
08/15/11	0.287%		5,000,000		5,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		5,000,000		5,000,000
08/26/11	0.300%		5,000,000		5,000,000

Total					169,991,730


Commercial Paper (2.1%)
Danske Corp.
08/02/11	0.220%		6,997,562		6,997,562
Erste Finance (Delaware) LLC
07/18/11	0.210%		4,999,096		4,999,096
Macquarie Bank Ltd.
11/10/11	0.461%		4,988,308		4,988,308
PB Capital Corp.
08/12/11	0.491%		2,996,407		2,996,407
Suncorp Metway Ltd.
07/11/11	0.200%		4,999,111		4,999,111

Total					24,980,484


Money Market Fund (4.2%)
JPMorgan Prime Money Market Fund, 0.010%			50,000,000		50,000,000


Other Short-Term Obligations (0.7%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		8,000,000		8,000,000


Repurchase Agreements (3.9%)
MF Global Holdings Ltd. dated 06/30/11, matures 07/01/11, repurchase price $25,000,104(i)
	0.150%		25,000,000		25,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(i)
	0.120%		5,000,000		5,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014(i)
	0.100%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $11,478,192(i)
	0.080%		11,478,167		11,478,167

Total					46,478,167


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $309,444,131)				$	309,444,131


Total Investments
(Cost: $1,452,433,096)				$	1,491,702,779
Other Assets & Liabilities, Net					(291,066,294)


Net Assets				$	1,200,636,485

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 115

Portfolio of Investments (continued)

Columbia VP – Income Opportunities Fund

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 June 30, 2011, the value of these securities amounted to $461,999,557 or 38.48% of net assets.
^(b)		At June 30, 2011, security was partially or fully on loan.
^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 8.13% of net assets.
^(d)		Represents a security purchased on a when-issued or delayed delivery basis.
^(e)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.
^(f)		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.
^(g)		The rate shown is the seven-day current annualized yield at June 30, 2011.
^(h)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales Cost/

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$28,932,238

$238,018,306

$(225,724,762

)

$—

$41,225,782

$54,313

$41,225,782


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


MF Global Holdings Ltd. (0.150%)
Security Description	Value
Fannie Mae Pool		$17,344,226
Fannie Mae REMICS		468,561
Freddie Mac Gold Pool		24,337
Freddie Mac Non Gold Pool		287,781
Freddie Mac REMICS		348,862
Ginnie Mae I Pool		2,797,280
Ginnie Mae II Pool		3,151,574
Government National Mortgage Association		1,077,532

Total Market Value of Collateral Securities		$25,500,153


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000


Nomura Securities (0.100%)
Security Description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$11,707,782

Total Market Value of Collateral Securities		$11,707,782

Abbreviation Legend


PIK		Payment-in-Kind

The accompanying Notes to Financial Statements are an integral part of this statement.

116 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Income Opportunities Fund

Fair Value Measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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		$—		$1,138,052,949		$—		$1,138,052,949

Total Bonds		—		1,138,052,949		—		1,138,052,949

Other
Senior Loans		—		2,979,917				2,979,917
Affiliated Money Market Fund(c)		41,225,782		—		—		41,225,782
Investments of Cash Collateral Received for Securities on Loan		50,000,000		259,444,131		—		309,444,131

Total Other		91,225,782		280,404,860		—		353,649,830

Total		$91,225,782		$1,400,476,997		$—		$1,491,702,779


^(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 June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 117

Portfolio of Investments (continued)

Columbia VP – Income Opportunities Fund

Fair Value Measurements (continued)

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


	Senior Loans
Balance as of December 31, 2010		$860,335
Accrued discounts/premiums		4,476
Realized gain (loss)		4,340
Change in unrealized appreciation (depreciation)*		1,105
Sales		(870,256	)
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of June 30, 2011		$—


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

118 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia VP – Mid Cap Growth Opportunity Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 98.0%


CONSUMER DISCRETIONARY (12.50%)
Auto Components (0.6%)
BorgWarner, Inc.(a)(b)		13,583	$	1,097,370
Gentex Corp.		43,304		1,309,080

Total				2,406,450


Automobiles (1.5%)
Tesla Motors, Inc.(a)(b)		204,476		5,956,386


Hotels, Restaurants & Leisure (2.3%)
Buffalo Wild Wings, Inc.(b)		28,972		1,921,133
Gaylord Entertainment Co.(a)(b)		66,382		1,991,460
Panera Bread Co., Class A(b)		16,315		2,050,143
Starwood Hotels & Resorts Worldwide, Inc.(a)		52,661		2,951,123

Total				8,913,859


Household Durables (0.4%)
KB Home(a)		146,630		1,434,041


Leisure Equipment & Products (1.8%)
Brunswick Corp.(a)		144,236		2,942,414
Hasbro, Inc.(a)		65,181		2,863,401
Leapfrog Enterprises, Inc.(a)(b)		306,075		1,291,637

Total				7,097,452


Media (0.4%)
Sirius XM Radio, Inc.(a)(b)		780,553		1,709,411


Multiline Retail (1.0%)
Nordstrom, Inc.(a)		80,470		3,777,262


Specialty Retail (2.9%)
Abercrombie & Fitch Co., Class A(a)		27,415		1,834,612
Dick’s Sporting Goods, Inc.(b)		78,284		3,010,020
PetSmart, Inc.		78,970		3,582,869
Rue21, Inc.(a)(b)		35,806		1,163,695
Tiffany & Co.		22,687		1,781,383

Total				11,372,579


Textiles, Apparel & Luxury Goods (1.6%)
Coach, Inc.		32,278		2,063,533
Phillips-Van Heusen Corp.		42,492		2,781,951
Vera Bradley, Inc.(a)(b)		34,030		1,299,946

Total				6,145,430


TOTAL CONSUMER DISCRECTIONARY				48,812,870


CONSUMER STAPLES (4.9%)
Food & Staples Retailing (2.2%)
Andersons, Inc. (The)(a)		107,519		4,542,678
Fresh Market, Inc. (The)(a)(b)		59,503		2,301,576
Whole Foods Market, Inc.(a)		28,519		1,809,530

Total				8,653,784


Food Products (1.0%)
Diamond Foods, Inc.(a)		20,117		1,535,732
HJ Heinz Co.(a)		26,745		1,424,974
Tyson Foods, Inc., Class A		58,836		1,142,595

Total				4,103,301


Household Products (0.8%)
Church & Dwight Co., Inc.		30,816		1,249,281
Clorox Co.(a)		29,535		1,991,840

Total				3,241,121


Personal Products (0.9%)
Avon Products, Inc.		120,591		3,376,548


TOTAL CONSUMER STAPLES				19,374,754


ENERGY (8.6%)
Energy Equipment & Services (1.4%)
Cameron International Corp.(b)		28,101		1,413,199
Ensco PLC, ADR(a)(c)		38,364		2,044,801
Weatherford International Ltd.(b)(c)		103,894		1,948,013

Total				5,406,013


Oil, Gas & Consumable Fuels (7.2%)
Alpha Natural Resources, Inc.(b)		39,960		1,815,782
Arch Coal, Inc.		35,445		944,964
Clean Energy Fuels Corp.(a)(b)		636,338		8,367,845
Consol Energy, Inc.		71,604		3,471,362
Crude Carriers Corp.(c)		257,433		3,462,474
Denbury Resources, Inc.(b)		40,562		811,240
El Paso Corp.		106,641		2,154,148
Petrohawk Energy Corp.(b)		83,371		2,056,763
Range Resources Corp.(a)		59,715		3,314,182
Solazyme, Inc.(a)(b)		82,194		1,887,996

Total				28,286,756


TOTAL ENERGY				33,692,769


FINANCIALS (4.3%)
Capital Markets (1.5%)
Affiliated Managers Group, Inc.(b)		24,044		2,439,264
E*Trade Financial Corp.(b)		131,829		1,819,240
T Rowe Price Group, Inc.		25,899		1,562,746

Total				5,821,250


Commercial Banks (0.6%)
Comerica, Inc.		67,920		2,347,994


Consumer Finance (0.4%)
Green Dot Corp., Class A(a)(b)		41,634		1,414,723


Diversified Financial Services (0.7%)
IntercontinentalExchange, Inc.(b)		23,745		2,961,239


Insurance (1.1%)
Hartford Financial Services Group, Inc.		59,362		1,565,376
Principal Financial Group, Inc.(a)		95,019		2,890,478

Total				4,455,854


TOTAL FINANCIALS				17,001,060


HEALTH CARE (14.3%)
Biotechnology (2.5%)
Alexion Pharmaceuticals, Inc.(b)		65,478		3,079,430
BioMarin Pharmaceutical, Inc.(a)(b)		87,550		2,382,235
Dendreon Corp.(b)		97,893		3,860,900
United Therapeutics Corp.(b)		10,477		577,283

Total				9,899,848


Health Care Equipment & Supplies (3.3%)
CR Bard, Inc.(a)		17,843		1,960,232
Edwards Lifesciences Corp.(b)		23,983		2,090,838
Haemonetics Corp.(a)(b)		24,003		1,545,073
Hologic, Inc.(b)		148,254		2,990,283
Masimo Corp.(a)		67,983		2,017,736
Zoll Medical Corp.(a)(b)		37,376		2,117,724

Total				12,721,886


Health Care Providers & Services (3.6%)
Catalyst Health Solutions, Inc.(b)		27,909		1,557,880
DaVita, Inc.(b)		26,064		2,257,403
Laboratory Corp. of America Holdings(b)		22,481		2,175,936
Mednax, Inc.(b)		35,784		2,583,247
Select Medical Holdings Corp.(a)(b)		286,871		2,544,546
WellCare Health Plans, Inc.(b)		61,283		3,150,559

Total				14,269,571


Health Care Technology (0.5%)
Cerner Corp.(b)		30,792		1,881,699


Life Sciences Tools & Services (1.4%)
Agilent Technologies, Inc.(b)		23,828		1,217,849
Illumina, Inc.(a)(b)		36,560		2,747,484
Life Technologies Corp.(b)		30,165		1,570,692

Total				5,536,025


Pharmaceuticals (3.0%)
Hospira, Inc.(b)		96,582		5,472,336
Mylan, Inc.(a)(b)		195,887		4,832,532
Shire PLC, ADR(c)		16,527		1,557,009

Total				11,861,877


TOTAL HEALTH CARE				56,170,906

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 119

Portfolio of Investments (continued)

Columbia VP – Mid Cap Growth Opportunity Fund


Issuer	Shares		Value

Common Stocks (continued)
INDUSTRIALS (14.6%)
Aerospace & Defense (1.0%)
BE Aerospace, Inc.(b)		56,605		$2,310,050
Spirit Aerosystems Holdings, Inc., Class A(b)		74,343		1,635,546

Total				3,945,596


Air Freight & Logistics (0.7%)
Expeditors International of Washington, Inc.		53,156		2,721,056


Airlines (3.4%)
Delta Air Lines, Inc.(b)		822,092		7,538,584
U.S. Airways Group, Inc.(a)(b)		336,734		3,000,300
United Continental Holdings, Inc.(a)(b)		120,797		2,733,636

Total				13,272,520


Commercial Services & Supplies (1.0%)
Iron Mountain, Inc.(a)		43,375		1,478,654
Steelcase, Inc., Class A		76,709		873,715
Stericycle, Inc.(b)		16,209		1,444,546

Total				3,796,915


Electrical Equipment (0.9%)
American Superconductor Corp.(a)(b)		91,338		825,695
Real Goods Solar, Inc., Class A(b)		343,578		1,016,991
Woodward, Inc.		53,542		1,866,474

Total				3,709,160


Machinery (3.1%)
AGCO Corp.(b)		28,675		1,415,398
CNH Global NV(b)(c)		35,298		1,364,268
Cummins, Inc.		9,323		964,837
Flowserve Corp.		11,847		1,301,867
Joy Global, Inc.		32,325		3,078,633
Kennametal, Inc.		59,675		2,518,882
Manitowoc Co., Inc. (The)		80,616		1,357,573

Total				12,001,458


Marine (2.4%)
Diana Shipping, Inc.(b)(c)		167,105		1,831,471
DryShips, Inc.(b)(c)		1,621,078		6,792,317
Genco Shipping & Trading Ltd.(a)(b)(c)		135,991		1,022,652

Total				9,646,440


Road & Rail (2.1%)
Con-way, Inc.(a)		89,431		3,470,817
Landstar System, Inc.		69,424		3,226,827
Ryder System, Inc.		24,395		1,386,856

Total				8,084,500


TOTAL INDUSTRIALS				57,177,645


INFORMATION TECHNOLOGY (30.1%)
Communications Equipment (9.9%)
Alcatel-Lucent, ADR(b)(c)		363,848		2,099,403
BigBand Networks, Inc.(a)(b)		1,136,330		2,465,836
Brocade Communications Systems, Inc.(b)		333,521		2,154,546
Ciena Corp.(a)(b)		344,999		6,341,082
F5 Networks, Inc.(b)		57,072		6,292,188
Finisar Corp.(a)(b)		402,178		7,251,269
JDS Uniphase Corp.(b)		262,735		4,377,165
Juniper Networks, Inc.(a)(b)		28,538		898,947
Motorola Mobility Holdings, Inc.(a)(b)		133,367		2,939,409
ORBCOMM, Inc.(b)		644,102		2,016,039
Riverbed Technology, Inc.(b)		52,367		2,073,209

Total				38,909,093


Computers & Peripherals (1.7%)
NetApp, Inc.(b)		108,422		5,722,513
Synaptics, Inc.(a)(b)		37,670		969,626

Total				6,692,139


Electronic Equipment, Instruments & Components (0.2%)
Dolby Laboratories, Inc., Class A(a)(b)		20,266		860,495


Internet Software & Services (2.0%)
Akamai Technologies, Inc.(b)		187,972		5,915,479
MercadoLibre, Inc.		19,202		1,523,487
OpenTable, Inc.(b)		4,738		393,822

Total				7,832,788


IT Services (0.7%)
Alliance Data Systems Corp.(b)		17,517		1,647,824
Teradata Corp.(b)		19,174		1,154,275

Total				2,802,099


Semiconductors & Semiconductor Equipment (11.8%)
Altera Corp.		80,834		3,746,656
Analog Devices, Inc.		34,020		1,331,543
ARM Holdings PLC, ADR(a)(c)		107,414		3,053,780
Atmel Corp.(a)(b)		140,885		1,982,252
Cree, Inc.(a)(b)		85,024		2,855,956
Cypress Semiconductor Corp.(a)(b)		42,341		895,089
Marvell Technology Group Ltd.(b)(c)		100,043		1,477,135
Mellanox Technologies Ltd.(b)(c)		199,929		5,959,883
Netlogic Microsystems, Inc.(b)		119,953		4,848,500
NVIDIA Corp.(a)(b)		222,845		3,551,035
PMC — Sierra, Inc.(b)		1,855,260		14,044,318
Xilinx, Inc.(a)		65,546		2,390,463

Total				46,136,610


Software (3.8%)
CommVault Systems, Inc.(b)		42,556		1,891,614
NetSuite, Inc.(a)(b)		49,216		1,929,267
Nuance Communications, Inc.(b)		93,062		1,998,041
Red Hat, Inc.(b)		68,725		3,154,478
Rovi Corp.(b)		22,641		1,298,688
Salesforce.com, Inc.(a)(b)		23,067		3,436,522
TiVo, Inc.(a)(b)		114,367		1,176,836

Total				14,885,446


TOTAL INFORMATION TECHNOLOGY				118,118,670


MATERIALS (7.9%)
Chemicals (3.2%)
Ecolab, Inc.(a)		74,317		4,189,992
Intrepid Potash, Inc.(a)(b)		136,529		4,437,192
PPG Industries, Inc.		24,744		2,246,508
Sigma Aldrich Corp.		23,860		1,750,847

Total				12,624,539


Construction Materials (1.3%)
Martin Marietta Materials, Inc.(a)		35,493		2,838,375
Vulcan Materials Co.(a)		57,747		2,224,992

Total				5,063,367


Metals & Mining (3.1%)
AK Steel Holding Corp.		123,974		1,953,830
Alcoa, Inc.		100,417		1,592,614
Cliffs Natural Resources, Inc.		22,796		2,107,490
Kinross Gold Corp.(c)		152,906		2,415,915
Steel Dynamics, Inc.		72,090		1,171,463
United States Steel Corp.(a)		58,009		2,670,734

Total				11,912,046


Paper & Forest Products (0.3%)
AbitibiBowater, Inc.(a)(b)		62,163		1,261,909


TOTAL MATERIALS				30,861,861


TELECOMMUNICATION SERVICES (0.8%)
Wireless Telecommunication Services (0.8%)
American Tower Corp., Class A(b)		20,788		1,087,212
NII Holdings, Inc.(b)		48,673		2,062,762

Total				3,149,974


TOTAL TELECOMMUNICATION SERVICES				3,149,974


Total Common Stocks
(Cost: $349,513,285)			$	384,360,509




Issuer	Shares		Value

Limited Partnerships 1.0%


FINANCIALS (1.0%)
Capital Markets (1.0%)
Blackstone Group LP(d)		135,879	$	2,250,156
Fortress Investment Group LLC, Class A(d)		334,631		1,612,921

Total				3,863,077


TOTAL FINANCIALS				3,863,077


Total Limited Partnerships
(Cost: $3,438,573)			$	3,863,077

The accompanying Notes to Financial Statements are an integral part of this statement.

120 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Mid Cap Growth Opportunity Fund


Issuer	Shares		Value

Money Market Fund 1.0%

Columbia Short-Term Cash Fund, 0.166%(e)(f)		3,962,396		$3,962,396


Total Money Market Fund
(Cost: $3,962,396)			$	3,962,396


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 26.5%


Asset-Backed Commercial Paper (2.6%)
Cancara Asset Securitisation LLC
07/13/11	0.150%	$	4,999,375	$	4,999,375
Royal Park Investments Funding Corp.
09/16/11	0.410%		4,994,818		4,994,818

Total					9,994,193


Certificates of Deposit (11.1%)
Bank of America, National Association
10/03/11	0.350%		5,000,000		5,000,000
Barclays Bank PLC
09/15/11	0.310%		4,000,000		4,000,000
Commerzbank AG
07/20/11	0.220%		4,000,000		4,000,000
Credit Agricole
08/23/11	0.230%		4,997,063		4,997,063
Credit Suisse
10/25/11	0.236%		2,000,000		2,000,000
DZ Bank AG
07/27/11	0.150%		4,000,000		4,000,000
Deutsche Bank AG
07/08/11	0.260%		4,000,000		4,000,000
Development Bank of Singapore Ltd.
08/09/11	0.300%		2,000,000		2,000,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
Lloyds Bank PLC
10/03/11	0.260%		2,500,000		2,500,000
National Bank of Canada
10/07/11	0.240%		3,000,000		3,000,000
Union Bank of Switzerland
08/15/11	0.287%		3,000,000		3,000,000

Total					43,497,063


Commercial Paper (2.0%)
Erste Finance (Delaware) LLC
07/18/11	0.210%		4,999,096		4,999,096
Suncorp Metway Ltd.
07/11/11	0.200%		2,999,467		2,999,467

Total					7,998,563


Money Market Fund (2.6%)
JPMorgan Prime Money Market Fund,	0.010%		10,000,000		10,000,000


Other Short-Term Obligations (2.0%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		4,000,000		4,000,000
Natixis Financial Products LLC
07/01/11	0.370%		4,000,000		4,000,000

Total					8,000,000


Repurchase Agreements (6.2%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $5,000,014(g)
	0.100%		5,000,000		5,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(g)
	0.120%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004(g)
	0.030%		5,000,000		5,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $1,000,003(g)
	0.100%		1,000,000		1,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $8,488,435(g)
	0.080%		8,488,417		8,488,417

Total					24,488,417


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $103,978,236)				$	103,978,236


Total Investments
(Cost: $460,892,490)				$	496,164,218
Other Assets & Liabilities, Net					(104,034,236)


Net Assets				$	392,129,982

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 8.93% of net assets.

^(d)		The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. At June 30, 2011, there was no capital committed to the LLC or LP for future investment.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$12,143,688

$61,301,345

$(69,482,637

)

$—

$3,962,396

$20,533

$3,962,396


^(f)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 121

Portfolio of Investments (continued)

Columbia VP – Mid Cap Growth Opportunity Fund

Notes to Portfolio of Investments (continued)


^(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. (0.100%)
Security Description	Value
Fannie Mae Interest Strip		$53,170
Fannie Mae Pool		1,990,066
Fannie Mae Principal Strip		148,588
Fannie Mae REMICS		117,596
Federal Home Loan Banks		44,317
Federal National Mortgage Association		136,190
Freddie Mac Non Gold Pool		937,411
Freddie Mac REMICS		597,172
Ginnie Mae II Pool		344,833
Government National Mortgage Association		84,370
United States Treasury Note/Bond		646,287

Total Market Value of Collateral Securities		$5,100,000



Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



Natixis Financial Products, Inc. (0.030%)
Security Description	Value
Federal Farm Credit Bank		$1,468,570
Federal Home Loan Banks		845,849
Federal National Mortgage Association		2,477,486
Ginnie Mae II Pool		14,137
Resolution Funding Corp Interest Strip		11,797
United States Treasury Note/Bond		282,167

Total Market Value of Collateral Securities		$5,100,006



Nomura Securities (0.100%)
Security Description	Value
Fannie Mae Pool		$607,349
Freddie Mac Gold Pool		412,651

Total Market Value of Collateral Securities		$1,020,000



RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$8,658,223

Total Market Value of Collateral Securities		$8,658,223

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

122 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Mid Cap Growth Opportunity Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 123

Portfolio of Investments (continued)

Columbia VP – Mid Cap Growth Opportunity Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$48,812,870		$—		$—		$48,812,870
Consumer Staples		19,374,754		—		—		19,374,754
Energy		33,692,769		—		—		33,692,769
Financials		17,001,060		—		—		17,001,060
Health Care		56,170,906		—		—		56,170,906
Industrials		57,177,645		—		—		57,177,645
Information Technology		118,118,670		—		—		118,118,670
Materials		30,861,861		—		—		30,861,861
Telecommunication Services		3,149,974		—		—		3,149,974

Total Equity Securities		384,360,509		—		—		384,360,509

Other
Limited Partnerships		3,863,077		—		—		3,863,077
Affiliated Money Market Fund(c)		3,962,396		—		—		3,962,396
Investments of Cash Collateral Received for Securities on Loan		10,000,000		93,978,236		—		103,978,236

Total Other		17,825,473		93,978,236		—		111,803,709

Total		$402,185,982		$93,978,236		$—		$496,164,218


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

124 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

VP – Davis New York Venture Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 94.8%


CONSUMER DISCRETIONARY (5.6%)

Automobiles (1.2%)
Harley-Davidson, Inc.(a)		397,805	$	16,298,071


Household Durables (0.2%)
Hunter Douglas NV(b)		49,010		2,398,674


Internet & Catalog Retail (0.8%)
Expedia, Inc.		189,430		5,491,575
Liberty Media Corp. — Interactive, Class A(c)		344,488		5,777,064

Total				11,268,639


Media (0.9%)
Grupo Televisa SA, ADR(a)(b)		132,930		3,270,078
Liberty Media Corp. — Starz, Series A(c)		27,602		2,076,775
Walt Disney Co. (The)		173,750		6,783,200

Total				12,130,053


Specialty Retail (2.5%)
Bed Bath & Beyond, Inc.(c)		470,080		27,438,570
CarMax, Inc.(a)(c)		236,986		7,837,127

Total				35,275,697


TOTAL CONSUMER DISCRECTIONARY				77,371,134


CONSUMER STAPLES (16.7%)

Beverages (4.1%)
Coca-Cola Co. (The)		265,690		17,878,280
Diageo PLC, ADR(b)		245,490		20,098,266
Heineken Holding NV(b)		355,503		18,187,989

Total				56,164,535


Food & Staples Retailing (9.7%)
Costco Wholesale Corp.		923,100		74,992,644
CVS Caremark Corp.		1,528,418		57,437,948

Total				132,430,592


Food Products (1.3%)
Kraft Foods, Inc., Class A(a)		305,900		10,776,857
Nestlé SA(b)		25,920		1,610,847
Unilever NV(b)		178,700		5,870,295

Total				18,257,999


Household Products (0.2%)
Procter & Gamble Co. (The)		52,510		3,338,061


Personal Products (0.1%)
Natura Cosmeticos SA(b)		76,800		1,925,106


Tobacco (1.3%)
Philip Morris International, Inc.		257,529		17,195,211


TOTAL CONSUMER STAPLES				229,311,504


ENERGY (15.1%)

Energy Equipment & Services (1.0%)
Schlumberger Ltd.(b)		32,400		2,799,360
Transocean Ltd.(b)		165,265		10,669,508

Total				13,468,868


Oil, Gas & Consumable Fuels (14.1%)
Canadian Natural Resources Ltd.(b)		957,660		40,087,648
China Coal Energy Co., Ltd., Series H(b)		7,677,900		10,399,074
Devon Energy Corp.		514,603		40,555,862
EOG Resources, Inc.(a)		501,424		52,423,879
Occidental Petroleum Corp.		422,740		43,981,870
OGX Petroleo e Gas Participacoes SA(b)(c)		713,100		6,648,259

Total				194,096,592


TOTAL ENERGY				207,565,460


FINANCIALS (26.9%)

Capital Markets (5.9%)
Bank of New York Mellon Corp. (The)		1,881,961		48,215,841
Charles Schwab Corp. (The)		43,900		722,155
GAM Holding AG(b)(c)		85,150		1,397,645
Goldman Sachs Group, Inc. (The)		46,960		6,249,907
Julius Baer Group Ltd.(b)		583,950		24,122,014

Total				80,707,562


Commercial Banks (4.3%)
Wells Fargo & Co.		2,120,370		59,497,582


Consumer Finance (5.1%)
American Express Co.		1,346,406		69,609,190


Diversified Financial Services (0.1%)
JPMorgan Chase & Co.		32,320		1,323,181


Insurance (9.8%)
ACE Ltd.(b)		105,760		6,961,123
AON Corp.		37,470		1,922,211
Berkshire Hathaway, Inc., Class B(c)		233,746		18,089,603
Everest Re Group Ltd.(b)		18,690		1,527,908
Fairfax Financial Holdings Ltd.(b)		15,000		6,010,200
Fairfax Financial Holdings Ltd.(b)		5,780		2,313,318
Loews Corp.		1,105,770		46,541,859
Markel Corp.(c)		4,097		1,625,731
Progressive Corp. (The)		1,661,721		35,527,595
Transatlantic Holdings, Inc.		274,495		13,453,000

Total				133,972,548


Real Estate Management & Development (1.7%)
Brookfield Asset Management, Inc., Class A(b)		336,540		11,163,032
Hang Lung Group Ltd.(a)(b)		1,895,000		12,032,659

Total				23,195,691


TOTAL FINANCIALS				368,305,754


HEALTH CARE (12.1%)

Health Care Equipment & Supplies (1.9%)
Baxter International, Inc.(a)		170,500		10,177,145
Becton Dickinson and Co.(a)		177,070		15,258,122

Total				25,435,267


Health Care Providers & Services (1.8%)
Express Scripts, Inc.(c)		464,045		25,049,149


Life Sciences Tools & Services (0.5%)
Agilent Technologies, Inc.(c)		133,707		6,833,765


Pharmaceuticals (7.9%)
Johnson & Johnson(a)		564,880		37,575,818
Merck & Co., Inc.		1,177,471		41,552,951
Pfizer, Inc.		664,000		13,678,400
Roche Holding AG(b)		91,260		15,272,414

Total				108,079,583


TOTAL HEALTH CARE				165,397,764


INDUSTRIALS (5.5%)

Aerospace & Defense (0.7%)
Lockheed Martin Corp.(a)		128,390		10,395,738


Commercial Services & Supplies (2.2%)
Iron Mountain, Inc.(a)		882,343		30,079,073


Marine (1.2%)
China Shipping Development Co., Ltd., Series H(b)		3,324,000		3,067,605
Kuehne & Nagel International AG(b)		89,333		13,558,003

Total				16,625,608


Transportation Infrastructure (1.4%)
China Merchants Holdings International Co., Ltd.(a)(b)		4,596,273		17,835,092
LLX Logistica SA(b)(c)		157,200		486,513
PortX Operacoes Portuarias SA(b)(c)		157,200		345,494

Total				18,667,099


TOTAL INDUSTRIALS				75,767,518


INFORMATION TECHNOLOGY (6.2%)

Computers & Peripherals (0.7%)
Hewlett-Packard Co.		251,910		9,169,524


Internet Software & Services (2.0%)
Google, Inc., Class A(a)(c)		53,675		27,179,947


IT Services (0.4%)
Visa, Inc., Class A		57,580		4,851,691


Semiconductors & Semiconductor Equipment (1.8%)
Intel Corp.		140,250		3,107,940
Texas Instruments, Inc.(a)		666,905		21,894,491

Total				25,002,431


Software (1.3%)
Activision Blizzard, Inc.		624,130		7,289,838
Microsoft Corp.		419,682		10,911,732

Total				18,201,570


TOTAL INFORMATION TECHNOLOGY				84,405,163


MATERIALS (6.4%)

Chemicals (2.2%)
Air Products & Chemicals, Inc.		71,470		6,831,103
Monsanto Co.(a)		214,000		15,523,560
Potash Corp. of Saskatchewan, Inc.(b)		88,398		5,037,802
Praxair, Inc.(a)		24,100		2,612,199

Total				30,004,664

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 125

Portfolio of Investments (continued) 

VP – Davis New York Venture Fund


Issuer	Shares		Value

Common Stocks (continued)

MATERIALS (cont.)
Construction Materials (0.7%)
Martin Marietta Materials, Inc.(a)		119,223		$9,534,263


Containers & Packaging (1.9%)
Sealed Air Corp.		1,098,546		26,134,409


Metals & Mining (1.4%)
BHP Billiton PLC(b)		237,980		9,365,322
Rio Tinto PLC(b)		129,459		9,330,152

Total				18,695,474


Paper & Forest Products (0.2%)
Sino-Forest Corp.(a)(b)(c)		800,520		2,656,088
Sino-Forest Corp.(b)(c)(d)		34,500		114,469

Total				2,770,557


TOTAL MATERIALS				87,139,367


TELECOMMUNICATION SERVICES (0.3%)

Wireless Telecommunication Services (0.3%)
America Movil SAB de CV, Series L, ADR(a)(b)		75,150		4,049,082


TOTAL TELECOMMUNICATION SERVICES				4,049,082


Total Common Stocks
(Cost: $1,023,973,032)			$	1,299,312,746


	Coupon	Principal
Issuer	Rate	Amount		Value

Convertible Bonds — %


Paper ( — %)
Sino-Forest Corp.(b)(d)(e)
08/01/13	5.000%	$	1,340,000	$	634,490


Total Convertible Bonds
(Cost: $1,340,000)				$	634,490


	Shares		Value

Money Market Fund 5.3%

Columbia Short-Term Cash Fund, 0.166%(f)(g)		72,214,887	$	72,214,887


Total Money Market Fund
(Cost: $72,214,887)			$	72,214,887


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 15.4%


Asset-Backed Commercial Paper (1.4%)
Cancara Asset Securitisation LLC
07/13/11	0.150%	$	2,999,625	$	2,999,625
07/19/11	0.250%		4,996,875		4,996,875
Rhein-Main Securitisation Ltd.
07/11/11	0.481%		3,995,253		3,995,253
09/06/11	0.430%		4,994,924		4,994,924
Royal Park Investments Funding Corp.
09/16/11	0.410%		1,997,927		1,997,927

Total					18,984,604


Certificates of Deposit (9.0%)
Barclays Bank PLC
09/15/11	0.310%		5,000,000		5,000,000
Clydesdale Bank PLC
07/25/11	0.270%		2,000,000		2,000,000
Commerzbank AG
07/20/11	0.220%		10,000,000		10,000,000
Credit Industrial et Commercial
11/21/11	0.410%		5,000,000		5,000,000
Credit Suisse
10/25/11	0.236%		5,000,000		5,000,000
DZ Bank AG
07/12/11	0.200%		2,000,000		2,000,000
07/27/11	0.150%		8,000,000		8,000,000
Deutsche Bank AG
07/08/11	0.260%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		5,000,000		5,000,000
07/25/11	0.240%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/07/11	0.300%		5,000,000		5,000,000
07/27/11	0.280%		6,000,000		6,000,000
La Banque Postale
09/20/11	0.380%		10,000,000		10,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		4,998,900		4,998,900
07/27/11	0.217%		5,000,011		5,000,011
Lloyds Bank PLC
10/03/11	0.260%		5,000,000		5,000,000
National Australia Bank
11/18/11	0.211%		2,999,987		2,999,987
National Bank of Canada
10/07/11	0.240%		5,000,000		5,000,000
Natixis
09/07/11	0.544%		7,000,000		7,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		5,000,000		5,000,000
Swedbank AB
08/05/11	0.240%		5,000,000		5,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		5,000,000		5,000,000

Total					122,998,898


Commercial Paper (0.2%)
Suncorp Metway Ltd.
07/11/11	0.200%		2,999,467		2,999,467


Money Market Fund (1.5%)
JPMorgan Prime Money Market Fund, 0.010%(f)			20,000,000		20,000,000


Other Short-Term Obligations (0.5%)
The Goldman Sachs Group, Inc.
08/08/11	0.300%		3,000,000		3,000,000
07/19/11	0.300%		4,000,000		4,000,000

Total					7,000,000


Repurchase Agreements (2.8%)
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $5,000,006(h)
	0.040%		5,000,000		5,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(h)
	0.120%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004(h)
	0.030%		5,000,000		5,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $20,000,067(h)
	0.120%		20,000,000		20,000,000
Royal Bank of Canada dated 06/30/11, matures 07/01/11, repurchase price $3,539,223(h)
	0.050%		3,539,218		3,539,218

Total					38,539,218


Total Investments of Cash Collateral Received for Securities on Loan)
(Cost: $210,522,187)				$	210,522,187


Total Investments)
(Cost: $1,308,050,106)				$	1,582,684,310
Other Assets & Liabilities, Net					(212,773,159)


Net Assets				$	1,369,911,151

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 19.80% of net assets.

^(c)		Non-income producing.

^(d)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $634,490 or 0.05% of net assets.

The accompanying Notes to Financial Statements are an integral part of this statement.

126 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Davis New York Venture Fund

Notes to Portfolio of Investments (continued)


^(e)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $634,490, representing 0.05% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


^(f)		The rate shown is the seven-day current annualized yield at June 30, 2011.


^(g)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$57,156,554

$174,230,226

$(159,171,893

)

$—

$72,214,887

$48,267

$72,214,887


^(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.


Deutsche Bank AG (0.040%)
Security Description	Value
Fannie Mae Pool		$4,747,219
Freddie Mac Non Gold Pool		352,781

Total Market Value of Collateral Securities		$5,100,000



Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



Natixis Financial Products, Inc. (0.030%)
Security Description	Value
Fannie Mae Interest Strip		$115,945
Fannie Mae REMICS		2,834,033
Federal Farm Credit Bank		367,345
Freddie Mac REMICS		836,677
Government National Mortgage Association		946,004

Total Market Value of Collateral Securities		$5,100,004



Pershing LLC (0.120%)
Security Description	Value
Fannie Mae Pool		$177,553
Fannie Mae REMICS		4,975,223
Fannie Mae Whole Loan		31,662
Freddie Mac Reference REMIC		476,201
Freddie Mac REMICS		12,716,359
Freddie Mac Strips		202,550
Government National Mortgage Association		1,820,452

Total Market Value of Collateral Securities		$20,400,000

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 127

Portfolio of Investments (continued) 

VP – Davis New York Venture Fund

Notes to Portfolio of Investments (continued)


Royal Bank of Canada (0.050%)
Security Description	Value
Fannie Mae Pool		$2,063,024
Federal Home Loan Mortgage Corp		85
Freddie Mac Gold Pool		434,545
Freddie Mac Non Gold Pool		12,334
Freddie Mac REMICS		1,091,106
Ginnie Mae II Pool		8,909

Total Market Value of Collateral Securities		$3,610,003

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

128 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Davis New York Venture Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 129

Portfolio of Investments (continued) 

VP – Davis New York Venture Fund

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$74,972,460		$2,398,674		$—		$77,371,134
Consumer Staples		209,512,668		19,798,836		—		229,311,504
Energy		197,166,386		10,399,074		—		207,565,460
Financials		324,743,236		43,562,518		—		368,305,754
Health Care		150,125,350		15,272,414		—		165,397,764
Industrials		41,306,818		34,460,700		—		75,767,518
Information Technology		84,405,163		—		—		84,405,163
Materials		68,443,893		18,695,474		—		87,139,367
Telecommunication Services		4,049,082		—		—		4,049,082

Total Equity Securities		1,154,725,056		144,587,690		—		1,299,312,746

Bonds
Convertible Bonds		—		634,490		—		634,490

Total Bonds		—		634,490		—		634,490

Other
Affiliated Money Market Fund(c)		72,214,887		—		—		72,214,887
Investments of Cash Collateral Received for Securities on Loan		20,000,000		190,522,187		—		210,522,187

Total Other		92,214,887		190,522,187		—		282,737,074

Total		$1,246,939,943		$335,744,367		$—		$1,582,684,310


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

130 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

VP – Goldman Sachs Mid Cap Value Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 97.4%


CONSUMER DISCRETIONARY (14.6%)

Auto Components (3.0%)
Lear Corp.		331,533	$	17,730,385
TRW Automotive Holdings Corp.(a)		190,376		11,237,895

Total				28,968,280


Hotels, Restaurants & Leisure (1.9%)
Royal Caribbean Cruises Ltd.(a)(b)		260,501		9,805,258
Wyndham Worldwide Corp.		251,003		8,446,251

Total				18,251,509


Household Durables (2.1%)
Mohawk Industries, Inc.(a)		76,789		4,606,572
Newell Rubbermaid, Inc.		595,733		9,400,667
NVR, Inc.(a)		9,204		6,677,318

Total				20,684,557


Internet & Catalog Retail (1.5%)
Liberty Media Corp. — Interactive, Class A(a)		882,933		14,806,786


Leisure Equipment & Products (1.0%)
Hasbro, Inc.		212,775		9,347,206


Media (4.5%)
DISH Network Corp., Class A(a)		504,800		15,482,216
Liberty Global, Inc., Class A(a)		266,882		12,020,365
Scripps Networks Interactive, Inc., Class A		333,585		16,305,635

Total				43,808,216


Specialty Retail (0.6%)
Guess?, Inc.		128,790		5,416,907

TOTAL CONSUMER DISCRECTIONARY				141,283,461


CONSUMER STAPLES (5.2%)

Beverages (0.8%)
Coca-Cola Enterprises, Inc.		252,744		7,375,070


Food Products (3.4%)
ConAgra Foods, Inc.		382,533		9,873,177
HJ Heinz Co.		79,566		4,239,276
JM Smucker Co. (The)		244,782		18,711,136

Total				32,823,589


Household Products (1.0%)
Energizer Holdings, Inc.(a)		137,341		9,937,995

TOTAL CONSUMER STAPLES				50,136,654


ENERGY (6.8%)

Energy Equipment & Services (2.3%)
Cameron International Corp.(a)		142,778		7,180,306
Helmerich & Payne, Inc.		114,193		7,550,441
Oil States International, Inc.(a)		94,098		7,519,371

Total				22,250,118


Oil, Gas & Consumable Fuels (4.5%)
Cabot Oil & Gas Corp.		170,987		11,338,148
Consol Energy, Inc.		90,037		4,364,994
Frontier Oil Corp.		276,691		8,939,886
Newfield Exploration Co.(a)		206,168		14,023,547
Pioneer Natural Resources Co.		55,408		4,962,895

Total				43,629,470


TOTAL ENERGY				65,879,588


FINANCIALS (28.1%)

Capital Markets (2.5%)
Invesco Ltd.(b)		396,088		9,268,459
Janus Capital Group, Inc.		500,169		4,721,595
Legg Mason, Inc.		322,273		10,557,664

Total				24,547,718


Commercial Banks (5.8%)
CIT Group, Inc.(a)		210,786		9,329,388
Fifth Third Bancorp		1,001,985		12,775,309
First Republic Bank(a)		73,276		2,365,349
M&T Bank Corp.		90,189		7,932,122
SunTrust Banks, Inc.		533,027		13,752,097
Zions Bancorporation		411,458		9,879,107

Total				56,033,372


Consumer Finance (1.6%)
SLM Corp.		932,124		15,669,004


Diversified Financial Services (0.8%)
NASDAQ OMX Group, Inc. (The)(a)		306,347		7,750,579


Insurance (10.5%)
Everest Re Group Ltd.(b)		173,879		14,214,608
Genworth Financial, Inc., Class A(a)		749,875		7,708,715
Hartford Financial Services Group, Inc.		396,737		10,461,955
Lincoln National Corp.		242,951		6,921,674
Marsh & McLennan Companies, Inc.		193,661		6,040,287
PartnerRe Ltd.(b)		91,106		6,272,648
Principal Financial Group, Inc.		595,820		18,124,844
Unum Group		363,916		9,272,580
WR Berkley Corp.		379,846		12,322,204
XL Group PLC(b)		497,050		10,925,159

Total				102,264,674


Real Estate Investment Trusts (REITs) (6.9%)
Alexandria Real Estate Equities, Inc.		61,085		4,729,201
AvalonBay Communities, Inc.		60,857		7,814,039
Camden Property Trust		98,903		6,292,209
Douglas Emmett, Inc.		137,300		2,730,897
Essex Property Trust, Inc.		23,965		3,242,225
Host Hotels & Resorts, Inc.		533,072		9,035,570
Kimco Realty Corp.		500,875		9,336,310
MFA Financial, Inc.		992,465		7,979,419
Tanger Factory Outlet Centers		252,668		6,763,922
Ventas, Inc.		167,034		8,804,362

Total				66,728,154


TOTAL FINANCIALS				272,993,501


HEALTH CARE (6.4%)

Health Care Equipment & Supplies (3.5%)
Boston Scientific Corp.(a)		1,994,761		13,783,798
Hologic, Inc.(a)		414,927		8,369,078
Kinetic Concepts, Inc.(a)		208,743		12,029,859

Total				34,182,735


Health Care Providers & Services (1.6%)
Aetna, Inc.		247,662		10,919,418
Patterson Companies, Inc.		143,301		4,713,170

Total				15,632,588


Pharmaceuticals (1.3%)
Warner Chilcott PLC, Class A(b)		501,039		12,090,071


TOTAL HEALTH CARE				61,905,394


INDUSTRIALS (10.3%)

Aerospace & Defense (2.6%)
BE Aerospace, Inc.(a)		195,419		7,975,050
Spirit Aerosystems Holdings, Inc., Class A(a)		377,356		8,301,832
Textron, Inc.		377,402		8,910,461

Total				25,187,343


Airlines (0.7%)
JetBlue Airways Corp.(a)		1,100,586		6,713,575


Building Products (1.0%)
Masco Corp.		799,247		9,614,941


Commercial Services & Supplies (0.8%)
Republic Services, Inc.		237,782		7,335,575


Electrical Equipment (1.1%)
Cooper Industries PLC(b)		108,461		6,471,868
GrafTech International Ltd.(a)		226,699		4,595,188

Total				11,067,056


Machinery (2.8%)
Eaton Corp.		90,018		4,631,426
Parker Hannifin Corp.		108,854		9,768,558
Pentair, Inc.		316,283		12,765,182

Total				27,165,166


Road & Rail (1.3%)
Kansas City Southern(a)		120,934		7,175,014
Ryder System, Inc.		96,653		5,494,723

Total				12,669,737


TOTAL INDUSTRIALS				99,753,393


INFORMATION TECHNOLOGY (7.5%)

Communications Equipment (1.3%)
Brocade Communications Systems, Inc.(a)		1,055,300		6,817,238
Polycom, Inc.(a)		87,612		5,633,452

Total				12,450,690


Electronic Equipment, Instruments & Components (1.4%)
Amphenol Corp., Class A		254,998		13,767,342

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 131

Portfolio of Investments (continued)

VP – Goldman Sachs Mid Cap Value Fund


Issuer	Shares		Value

Common Stocks (continued)

INFORMATION TECHNOLOGY (cont.)
Semiconductors & Semiconductor Equipment (2.3%)
Maxim Integrated Products, Inc.		178,603		$4,565,093
ON Semiconductor Corp.(a)		685,335		7,175,457
Xilinx, Inc.		288,796		10,532,390

Total				22,272,940


Software (2.5%)
BMC Software, Inc.(a)		117,287		6,415,599
Check Point Software Technologies Ltd.(a)(b)		103,743		5,897,790
Electronic Arts, Inc.(a)		239,537		5,653,073
Quest Software, Inc.(a)		268,591		6,105,073

Total				24,071,535


TOTAL INFORMATION TECHNOLOGY				72,562,507


MATERIALS (3.9%)

Chemicals (2.9%)
Albemarle Corp.		49,854		3,449,897
Chemtura Corp.(a)		502,951		9,153,708
Cytec Industries, Inc.		126,835		7,253,694
Huntsman Corp.		454,176		8,561,217

Total				28,418,516


Metals & Mining (1.0%)
Stillwater Mining Co.(a)		329,927		7,261,693
Thompson Creek Metals Co., Inc.(a)(b)		257,167		2,566,527

Total				9,828,220


TOTAL MATERIALS				38,246,736


TELECOMMUNICATION SERVICES (3.2%)

Diversified Telecommunication Services (1.2%)
CenturyLink, Inc.		301,100		12,173,473


Wireless Telecommunication Services (2.0%)
Clearwire Corp., Class A(a)		724,277		2,737,767
Sprint Nextel Corp.(a)		3,062,475		16,506,740

Total				19,244,507


TOTAL TELECOMMUNICATION SERVICES				31,417,980


UTILITIES (11.4%)

Electric Utilities (5.7%)
Edison International		162,700		6,304,625
Great Plains Energy, Inc.		138,906		2,879,521
Northeast Utilities		248,850		8,752,055
NV Energy, Inc.		502,452		7,712,638
Pinnacle West Capital Corp.		158,717		7,075,604
PPL Corp.		644,315		17,931,286
Westar Energy, Inc.		172,158		4,632,772

Total				55,288,501


Gas Utilities (0.5%)
Energen Corp.		37,251		2,104,682
Questar Corp.		150,186		2,659,794

Total				4,764,476


Independent Power Producers & Energy Traders (0.3%)
AES Corp. (The)(a)		266,115		3,390,305


Multi-Utilities (4.9%)
CMS Energy Corp.		439,956		8,662,734
SCANA Corp.		258,307		10,169,546
Sempra Energy		212,858		11,255,931
Xcel Energy, Inc.		702,340		17,066,862

Total				47,155,073


TOTAL UTILITIES				110,598,355


Total Common Stocks
(Cost: $838,645,079)			$	944,777,569


Limited Partnerships 0.5%


FINANCIALS 0.5%)

Capital Markets 0.5%)
Lazard Ltd., Class A (b)(c)		124,198	$	4,607,746


TOTAL FINANCIALS				4,607,746


Total Limited Partnerships
(Cost: $3,978,945)			$	4,607,746


Money Market Fund 2.1%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		20,672,973	$	20,672,973


Total Money Market Fund
(Cost: $20,672,973)			$	20,672,973


Total Investments
(Cost: $863,296,997)			$	970,058,288
Other Assets & Liabilities, Net				(465,415)


Net Assets			$	969,592,873

Notes to Portfolio of Investments


^(a)		Non-income producing.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 8.47% of net assets.

^(c)		The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. At June 30, 2011, there was no capital committed to the LLC or LP for future investment.

^(d)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$26,542,170

$137,438,224

$(143,307,421

)

$—

$20,672,973

$17,651

$20,672,973


^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

132 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Goldman Sachs Mid Cap Value Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 133

Portfolio of Investments (continued)

VP – Goldman Sachs Mid Cap Value Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$141,283,461		$—		$—		$141,283,461
Consumer Staples		50,136,654		—		—		50,136,654
Energy		65,879,588		—		—		65,879,588
Financials		272,993,501		—		—		272,993,501
Health Care		61,905,394		—		—		61,905,394
Industrials		99,753,393		—		—		99,753,393
Information Technology		72,562,507		—		—		72,562,507
Materials		38,246,736		—		—		38,246,736
Telecommunication Services		31,417,980		—		—		31,417,980
Utilities		110,598,355		—		—		110,598,355

Total Equity Securities		944,777,569		—		—		944,777,569

Other
Limited Partnerships		4,607,746		—		—		4,607,746
Affiliated Money Market Fund(c)		20,672,973		—		—		20,672,973

Total Other		25,280,719		—		—		25,280,719

Total		$970,058,288		$—		$—		$970,058,288


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

134 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

VP – Partners Small Cap Value Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 91.2%


CONSUMER DISCRETIONARY (14.8%)
Auto Components (2.4%)
American Axle & Manufacturing Holdings, Inc.(a)(b)		827,500	$	9,416,950
Cooper Tire & Rubber Co.		256,700		5,080,093
Dana Holding Corp.(a)(b)		668,058		12,225,462
Gentex Corp.		322,300		9,743,129

Total				36,465,634


Distributors ( — %)
Audiovox Corp., Class A(a)(b)		40,000		302,400


Diversified Consumer Services (0.9%)
Ascent Media Corp., Class A(a)(b)		72,220		3,825,493
Mac-Gray Corp.(a)		350,840		5,420,478
Regis Corp.(a)		235,000		3,600,200
Strayer Education, Inc.(a)		11,310		1,429,471

Total				14,275,642


Hotels, Restaurants & Leisure (1.8%)
Bob Evans Farms, Inc.(a)		316,000		11,050,520
Cracker Barrel Old Country Store, Inc.(a)		95,133		4,691,008
Frisch’s Restaurants, Inc.(a)		43,925		1,025,649
International Speedway Corp., Class A(a)		42,730		1,213,959
Jack in the Box, Inc.(b)		80,870		1,842,219
Monarch Casino & Resort, Inc.(a)(b)		165,060		1,723,226
Papa John’s International, Inc.(a)(b)		17,729		589,667
Pinnacle Entertainment, Inc.(b)		123,910		1,846,259
Ruby Tuesday, Inc.(b)		157,280		1,695,478
Vail Resorts, Inc.(a)		32,250		1,490,595

Total				27,168,580


Household Durables (1.2%)
American Greetings Corp., Class A(a)		80,770		1,941,711
Tupperware Brands Corp.		90,150		6,080,617
Whirlpool Corp.(a)		119,000		9,677,080

Total				17,699,408


Leisure Equipment & Products (0.5%)
Brunswick Corp.(a)		360,300		7,350,120
Head NV(b)(c)		70,030		43,419

Total				7,393,539


Media (1.5%)
John Wiley & Sons, Inc., Class A(a)		84,400		4,389,644
Live Nation Entertainment, Inc.(a)(b)		143,970		1,651,336
Madison Square Garden Co. (The), Class A(b)		282,890		7,787,962
Valassis Communications, Inc.(a)(b)		293,100		8,880,930

Total				22,709,872


Multiline Retail (2.1%)
Big Lots, Inc.(b)		270,550		8,968,733
Dillard’s, Inc., Class A(a)		303,700		15,834,918
Fred’s, Inc., Class A(a)		419,140		6,048,190
Saks, Inc.(a)(b)		156,030		1,742,855

Total				32,594,696


Specialty Retail (3.9%)
Aaron’s, Inc.(a)		187,749		5,305,787
Ascena Retail Group, Inc.(a)(b)		188,959		6,434,054
Cabela’s, Inc.(a)(b)		381,500		10,357,725
Childrens Place Retail Stores, Inc. (The)(b)		38,150		1,697,293
Finish Line, Inc., Class A (The)		337,200		7,216,080
Men’s Wearhouse, Inc. (The)(a)		310,150		10,452,055
PEP Boys — Manny, Moe & Jack(a)		297,940		3,256,484
Rent-A-Center, Inc.(a)		291,811		8,917,744
Select Comfort Corp.(a)(b)		103,820		1,866,684
Stage Stores, Inc.(a)		242,770		4,078,536

Total				59,582,442


Textiles, Apparel & Luxury Goods (0.5%)
Columbia Sportswear Co.(a)		42,800		2,713,520
Iconix Brand Group, Inc.(b)		71,780		1,737,076
Skechers U.S.A., Inc., Class A(b)		62,300		902,104
True Religion Apparel, Inc.(a)(b)		99,880		2,904,510

Total				8,257,210


TOTAL CONSUMER DISCRECTIONARY				226,449,423


CONSUMER STAPLES (3.2%)
Beverages (0.2%)
Cott Corp.(b)(c)		371,250		3,122,212


Food & Staples Retailing (1.5%)
BJ’s Wholesale Club, Inc.(b)		29,310		1,475,759
Ruddick Corp.(a)		315,153		13,721,762
Susser Holdings Corp.(a)(b)		32,660		513,415
Village Super Market, Inc., Class A(a)		137,330		3,805,414
Winn-Dixie Stores, Inc.(a)(b)		394,870		3,336,651

Total				22,853,001


Food Products (1.2%)
Fresh Del Monte Produce, Inc.(c)		64,720		1,726,082
Hain Celestial Group, Inc. (The)(b)		56,350		1,879,836
Harbinger Group, Inc.(a)(b)		355,450		2,171,799
Industrias Bachoco SAB de CV, ADR(c)		132,748		3,199,227
J&J Snack Foods Corp.(a)		75,243		3,750,864
Lancaster Colony Corp.(a)		62,556		3,804,656
Seneca Foods Corp., Class A(a)(b)		90,110		2,305,014

Total				18,837,478


Personal Products (0.1%)
Elizabeth Arden, Inc.(b)		59,430		1,725,253


Tobacco (0.2%)
Alliance One International, Inc.(a)(b)		445,635		1,439,401
Universal Corp.(a)		43,980		1,656,727

Total				3,096,128


TOTAL CONSUMER STAPLES				49,634,072


ENERGY (5.1%)
Energy Equipment & Services (1.2%)
Bristow Group, Inc.(a)		102,210		5,214,755
Helix Energy Solutions Group, Inc.(a)(b)		110,230		1,825,409
Matrix Service Co.(b)		11,440		153,067
Parker Drilling Co.(a)(b)		682,652		3,993,514
Tetra Technologies, Inc.(b)		203,670		2,592,719
Tidewater, Inc.		84,000		4,520,040

Total				18,299,504


Oil, Gas & Consumable Fuels (3.9%)
Berry Petroleum Co., Class A(a)		69,500		3,692,535
Bill Barrett Corp.(a)(b)		37,680		1,746,468
Cloud Peak Energy, Inc.(a)(b)		158,150		3,368,595
Endeavour International Corp.(a)(b)		140,890		2,123,212
Energy Partners Ltd.(a)(b)		199,500		2,954,595
Evolution Petroleum Corp.(a)(b)		473,093		3,358,960
HollyFrontier Corp.		48,400		3,358,960
Miller Energy Resources Inc(a)(b)		343,040		2,195,456
Overseas Shipholding Group, Inc.		298,635		8,045,227
Patriot Coal Corp.(a)(b)		52,570		1,170,208
Penn Virginia Corp.(a)		596,000		7,873,160
Rex Energy Corp.(a)(b)		130,450		1,339,722
SM Energy Co.(a)		83,200		6,113,536
Stone Energy Corp.(b)		49,400		1,501,266
Teekay Tankers Ltd., Class A(a)(c)		213,900		2,010,660
Tesoro Corp.(a)(b)		282,000		6,460,620
USEC, Inc.(a)(b)		228,400		762,856
W&T Offshore, Inc.(a)		59,410		1,551,789

Total				59,627,825


TOTAL ENERGY				77,927,329

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 135

Portfolio of Investments (continued)

VP – Partners Small Cap Value Fund


Issuer	Shares		Value

Common Stocks (continued)
FINANCIALS (20.3%)
Capital Markets (1.4%)
Artio Global Investors, Inc.(a)		60,480		$683,424
Capital Southwest Corp.(a)		19,030		1,755,898
Federated Investors, Inc., Class B(a)		292,620		6,976,061
Janus Capital Group, Inc.		489,700		4,622,768
Knight Capital Group, Inc., Class A(b)		97,620		1,075,772
Medallion Financial Corp.(a)		263,928		2,573,298
Oppenheimer Holdings, Inc., Class A(a)		95,002		2,680,006
SWS Group, Inc.		208,130		1,246,699

Total				21,613,926


Commercial Banks (4.8%)
Bank of the Ozarks, Inc.(a)		46,300		2,410,378
Banner Corp.(a)		133,642		2,338,735
Cathay General Bancorp(a)		79,090		1,296,285
Center Financial Corp.(b)		73,000		463,550
Community Bank System, Inc.(a)		207,440		5,142,438
CVB Financial Corp.(a)		202,610		1,874,142
First Busey Corp.(a)		284,710		1,506,116
First Citizens BancShares Inc., Class A		23,425		4,385,628
First Financial Bancorp(a)		83,640		1,395,952
FirstMerit Corp.		92,100		1,520,571
Fulton Financial Corp.(a)		473,200		5,067,972
Iberiabank Corp.(a)		24,480		1,411,027
Independent Bank Corp.(a)		3,580		93,975
International Bancshares Corp.(a)		88,410		1,479,099
Nara Bancorp, Inc.(a)(b)		36,400		295,932
National Penn Bancshares, Inc.		147,060		1,166,186
NBT Bancorp, Inc.(a)		72,340		1,600,884
Prosperity Bancshares, Inc.(a)		281,290		12,326,128
Southside Bancshares, Inc.(a)		18,300		363,255
SVB Financial Group(a)(b)		29,450		1,758,460
Synovus Financial Corp.(a)		3,406,900		7,086,352
Tompkins Financial Corp.		29,820		1,170,137
Trustmark Corp.(a)		187,650		4,392,886
Webster Financial Corp.		82,080		1,725,322
Westamerica Bancorporation(a)		93,100		4,585,175
Wintrust Financial Corp.(a)		204,210		6,571,478

Total				73,428,063


Consumer Finance (0.5%)
Cash America International, Inc.(a)		117,116		6,777,503
Dollar Financial Corp.(a)(b)		51,510		1,115,191

Total				7,892,694


Diversified Financial Services (0.1%)
Portfolio Recovery Associates, Inc.(b)		17,400		1,475,346


Insurance (7.6%)
Alterra Capital Holdings Ltd.(c)		443,558		9,891,343
American Equity Investment Life Holding Co.		586,590		7,455,559
American National Insurance Co.(a)		68,826		5,334,015
Amtrust Financial Services, Inc.(a)		81,805		1,863,518
Argo Group International Holdings Ltd.(c)		43,430		1,290,740
Delphi Financial Group, Inc., Class A		63,380		1,851,330
Endurance Specialty Holdings Ltd.(c)		93,600		3,868,488
Enstar Group Ltd.(a)(b)(c)		14,270		1,491,072
Flagstone Reinsurance Holdings SA(a)(c)		658,786		5,553,566
Hilltop Holdings, Inc.(a)(b)		203,310		1,797,260
Horace Mann Educators Corp.		352,152		5,497,093
Infinity Property & Casualty Corp.		31,370		1,714,684
Montpelier Re Holdings Ltd.(c)		718,290		12,929,220
National Financial Partners Corp.(a)(b)		112,940		1,303,328
Navigators Group, Inc. (The)(a)(b)		53,826		2,529,822
Platinum Underwriters Holdings Ltd.(a)(c)		337,640		11,223,154
ProAssurance Corp.(b)		137,910		9,653,700
Protective Life Corp.		165,800		3,834,954
RLI Corp.(a)		28,760		1,780,819
Selective Insurance Group, Inc.(a)		93,970		1,528,892
StanCorp Financial Group, Inc.(a)		77,500		3,269,725
Torchmark Corp.(a)		131,500		8,434,410
Tower Group, Inc.		63,610		1,515,190
Unitrin, Inc.		96,300		2,857,221
White Mountains Insurance Group Ltd.(c)		20,582		8,647,733

Total				117,116,836


Real Estate Investment Trusts (REITs) (4.1%)
American Campus Communities, Inc.		88,200		3,132,864
BioMed Realty Trust, Inc.		96,300		1,852,812
Brandywine Realty Trust(a)		519,120		6,016,601
CBL & Associates Properties, Inc.(a)		53,650		972,675
DCT Industrial Trust, Inc.(a)		305,570		1,598,131
Entertainment Properties Trust(a)		28,830		1,346,361
Equity Lifestyle Properties, Inc.(a)		64,200		4,008,648
Extra Space Storage, Inc.		80,890		1,725,384
First Industrial Realty Trust, Inc.(a)(b)		117,450		1,344,803
First Potomac Realty Trust(a)		208,300		3,189,073
Getty Realty Corp.(a)		58,830		1,484,281
Glimcher Realty Trust		214,060		2,033,570
Government Properties Income Trust(a)		143,900		3,888,178
Gyrodyne Co. of America, Inc.(b)		11,957		810,505
Healthcare Realty Trust, Inc.		62,060		1,280,298
Hersha Hospitality Trust(a)		287,050		1,598,868
Highwoods Properties, Inc.(a)		45,740		1,515,366
LTC Properties, Inc.(a)		104,300		2,901,626
Mack-Cali Realty Corp.		94,900		3,126,006
Medical Properties Trust, Inc.(a)		127,890		1,470,735
MFA Financial, Inc.(a)		719,625		5,785,785
Omega Healthcare Investors, Inc.		74,040		1,555,580
Post Properties, Inc.(a)		35,620		1,451,871
Resource Capital Corp.		186,040		1,175,773
Sovran Self Storage, Inc.(a)		30,090		1,233,690
Strategic Hotels & Resorts, Inc.(b)		237,070		1,678,456
Sunstone Hotel Investors, Inc.(b)		147,550		1,367,788
Two Harbors Investment Corp.		109,250		1,174,438
U-Store-It Trust		158,020		1,662,370

Total				62,382,536


Real Estate Management & Development (0.9%)
Avatar Holdings, Inc.(b)		85,920		1,306,843
MI Developments, Inc.(c)		420,000		12,780,600

Total				14,087,443


Thrifts & Mortgage Finance (0.9%)
Astoria Financial Corp.(a)		415,430		5,313,350
Dime Community Bancshares, Inc.(a)		212,880		3,095,275
Northwest Bancshares, Inc.(a)		127,280		1,601,183
Ocwen Financial Corp.(a)(b)		100,970		1,288,377
Provident Financial Services, Inc.(a)		112,500		1,611,000

Total				12,909,185


TOTAL FINANCIALS				310,906,029


HEALTH CARE (4.9%)
Biotechnology 0.1%)
Momenta Pharmaceuticals, Inc.(a)(b)		91,750		1,785,455


Health Care Equipment & Supplies (2.2%)
Cooper Companies, Inc. (The)		93,600		7,416,864
ICU Medical, Inc.(a)(b)		138,430		6,049,391
Immucor, Inc.(b)		257,920		5,266,726
Invacare Corp.(a)		43,170		1,432,812
Meridian Bioscience, Inc.(a)		189,300		4,564,023
STERIS Corp.(a)		218,080		7,628,439
Wright Medical Group, Inc.(a)(b)		74,030		1,110,450

Total				33,468,705


Health Care Providers & Services (2.2%)
Assisted Living Concepts, Inc., Class A		56,790		952,936
Centene Corp.(b)		54,950		1,952,373
Chemed Corp.		57,790		3,786,401
Ensign Group, Inc. (The)(a)		118,120		3,589,667
Healthsouth Corp.(a)(b)		392,100		10,292,625
Magellan Health Services, Inc.(b)		33,270		1,821,200
National Healthcare Corp.(a)		31,630		1,567,899
Owens & Minor, Inc.(a)		245,470		8,466,260
PSS World Medical, Inc.(a)(b)		56,780		1,590,408

Total				34,019,769

The accompanying Notes to Financial Statements are an integral part of this statement.

136 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Partners Small Cap Value Fund


Issuer	Shares		Value

Common Stocks (continued)

HEALTH CARE (cont.)
Pharmaceuticals (0.4%)
Medicis Pharmaceutical Corp., Class A		136,280		$5,201,808
Par Pharmaceutical Companies, Inc.(b)		43,360		1,430,013

Total				6,631,821


TOTAL HEALTH CARE				75,905,750


INDUSTRIALS (17.2%)
Aerospace & Defense (0.8%)
Ceradyne, Inc.(b)		39,200		1,528,408
Cubic Corp.		29,460		1,502,165
Curtiss-Wright Corp.		135,180		4,375,777
Hexcel Corp.(b)		81,540		1,784,911
Moog, Inc., Class A(a)(b)		37,780		1,644,186
Teledyne Technologies, Inc.(a)(b)		27,990		1,409,576

Total				12,245,023


Air Freight & Logistics (0.6%)
Forward Air Corp.		285,500		9,647,045


Airlines (2.2%)
Air France-KLM, ADR(a)(b)(c)		147,650		2,271,595
Alaska Air Group, Inc.(b)		26,760		1,831,990
Allegiant Travel Co.(b)		40,340		1,996,830
Hawaiian Holdings, Inc.(a)(b)		253,190		1,443,183
JetBlue Airways Corp.(a)(b)		3,353,552		20,456,667
Southwest Airlines Co.(a)		463,299		5,290,875

Total				33,291,140


Building Products (1.4%)
Ameron International Corp.		22,610		1,485,025
AO Smith Corp.		129,550		5,479,965
Gibraltar Industries, Inc.(a)(b)		307,563		3,481,613
Simpson Manufacturing Co., Inc.(a)		264,600		7,903,602
Trex Co., Inc.(a)(b)		128,100		3,135,888

Total				21,486,093


Commercial Services & Supplies (4.8%)
ABM Industries, Inc.(a)		110,820		2,586,539
APAC Customer Services, Inc.(a)(b)		385,400		2,054,182
Brink’s Co. (The)		490,617		14,635,105
Ennis, Inc.(a)		119,200		2,074,080
G&K Services, Inc., Class A(a)		117,060		3,963,652
Geo Group, Inc. (The)(a)(b)		410,950		9,464,179
Herman Miller, Inc.(a)		324,100		8,822,002
McGrath Rentcorp(a)		56,765		1,593,961
Metalico, Inc.(a)(b)		252,900		1,492,110
Mine Safety Appliances Co.(a)		46,350		1,730,709
Mobile Mini, Inc.(a)(b)		440,600		9,336,314
Standard Parking Corp.(a)(b)		145,040		2,316,289
Steelcase, Inc., Class A(a)		132,370		1,507,694
SYKES Enterprises, Inc.(a)(b)		68,200		1,468,346
Tetra Tech, Inc.(a)(b)		75,240		1,692,900
Unifirst Corp.(a)		136,786		7,686,005
United Stationers, Inc.(a)		51,840		1,836,691

Total				74,260,758


Construction & Engineering (1.0%)
Comfort Systems U.S.A., Inc.(a)		394,718		4,187,958
Insituform Technologies, Inc., Class A(a)(b)		307,900		6,456,663
MasTec, Inc.(a)(b)		56,920		1,122,462
Sterling Construction Co., Inc.(a)(b)		64,300		885,411
Tutor Perini Corp.(a)		105,930		2,031,738

Total				14,684,232


Electrical Equipment (1.5%)
Belden, Inc.(a)		108,300		3,775,338
Brady Corp., Class A		51,940		1,665,196
EnerSys(b)		52,440		1,804,985
Franklin Electric Co., Inc.(a)		132,644		6,227,636
Regal-Beloit Corp.		131,400		8,773,578

Total				22,246,733


Machinery (2.3%)
Actuant Corp., Class A(a)		73,920		1,983,273
Astec Industries, Inc.(a)(b)		43,600		1,612,328
Barnes Group, Inc.(a)		77,600		1,925,256
Mueller Industries, Inc.		47,760		1,810,582
Oshkosh Corp.(b)		202,100		5,848,774
Robbins & Myers, Inc.(a)		38,920		2,056,922
Tecumseh Products Co., Class B(b)		29,977		297,672
Terex Corp.(b)		370,600		10,543,570
Toro Co. (The)		72,450		4,383,225
Trimas Corp.(a)(b)		88,980		2,202,255
Wabash National Corp.(a)(b)		133,490		1,250,801
Watts Water Technologies, Inc., Class A(a)		44,660		1,581,411

Total				35,496,069


Professional Services (1.6%)
CDI Corp.(a)		54,300		721,647
Dolan Co. (The)(a)(b)		176,090		1,491,482
FTI Consulting, Inc.(a)(b)		53,030		2,011,958
Insperity, Inc.(a)		246,230		7,290,870
Kelly Services, Inc., Class A(a)(b)		89,480		1,476,420
Korn/Ferry International(b)		508,430		11,180,376

Total				24,172,753


Trading Companies & Distributors (1.0%)
GATX Corp.(a)		118,150		4,385,728
RSC Holdings, Inc.(b)		795,500		9,514,180
TAL International Group, Inc.(a)		45,420		1,568,352

Total				15,468,260


TOTAL INDUSTRIALS				262,998,106


INFORMATION TECHNOLOGY (14.4%)
Communications Equipment (0.6%)
Arris Group, Inc.(a)(b)		129,610		1,504,772
Ituran Location and Control Ltd.(a)(c)		98,114		1,382,427
Plantronics, Inc.(a)		184,840		6,752,205

Total				9,639,404


Electronic Equipment, Instruments & Components (7.4%)
Celestica, Inc.(b)(c)		1,190,717		10,430,681
Cognex Corp.(a)		290,600		10,295,958
CTS Corp.(a)		256,700		2,482,289
Electro Rent Corp.(a)		190,810		3,266,667
FARO Technologies, Inc.(a)(b)		117,800		5,159,640
Hollysys Automation Technologies Ltd.(a)(b)(c)		171,490		1,598,287
Ingram Micro, Inc., Class A(b)		826,859		14,999,222
Insight Enterprises, Inc.(a)(b)		80,280		1,421,759
Itron, Inc.(b)		41,570		2,002,011
Littelfuse, Inc.(a)		138,700		8,144,464
Mercury Computer Systems, Inc.(a)(b)		284,800		5,320,064
Park Electrochemical Corp.(a)		355,042		9,923,424
Plexus Corp.(a)(b)		303,000		10,547,430
Rofin-Sinar Technologies, Inc.(a)(b)		39,720		1,356,438
Sanmina-SCI Corp.(a)(b)		854,583		8,827,842
Scansource, Inc.(a)(b)		48,330		1,811,409
SYNNEX Corp.(a)(b)		42,620		1,351,054
Vishay Intertechnology, Inc.(a)(b)		853,600		12,838,144
Vishay Precision Group, Inc.(a)(b)		47,664		804,568

Total				112,581,351


Internet Software & Services (0.1%)
Internap Network Services Corp.(a)(b)		92,960		683,256
j2 Global Communications, Inc.(a)(b)		50,180		1,416,581

Total				2,099,837


IT Services (3.1%)
CACI International, Inc., Class A(b)		32,020		2,019,822
Cardtronics, Inc.(a)(b)		83,410		1,955,964
Computer Services, Inc.		43,960		1,307,810
CSG Systems International, Inc.(b)		170,030		3,142,154
DST Systems, Inc.		141,360		7,463,808
Mantech International Corp., Class A(a)		145,160		6,448,007
MAXIMUS, Inc.(a)		193,000		15,966,890
NeuStar, Inc., Class A(b)		211,590		5,543,658
SRA International, Inc., Class A(b)		59,090		1,827,063
Wright Express Corp.(a)(b)		30,610		1,593,863

Total				47,269,039


Semiconductors & Semiconductor Equipment (2.0%)
Axcelis Technologies, Inc.(a)(b)		625,000		1,025,000
Brooks Automation, Inc.(b)		858,500		9,323,310
Ceva, Inc.(a)(b)		47,800		1,455,988
Cymer, Inc.(a)(b)		24,860		1,230,819
Kopin Corp.(a)(b)		260,650		1,227,661
Micron Technology, Inc.(b)		1,000,000		7,480,000
Photronics, Inc.(a)(b)		131,014		1,109,689
Semiconductor Manufacturing International Corp., ADR(a)(b)(c)(d)		1,584,470		6,401,259
Suntech Power Holdings Co., Ltd., ADR(a)(b)(c)		149,450		1,176,171

Total				30,429,897

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 137

Portfolio of Investments (continued)

VP – Partners Small Cap Value Fund


Issuer	Shares		Value

Common Stocks (continued)

INFORMATION TECHNOLOGY (cont.)
Software (1.2%)
Blackbaud, Inc.(a)		210,750		$5,841,990
Ebix, Inc.(a)(b)		86,650		1,650,682
Mentor Graphics Corp.(a)(b)		603,600		7,732,116
Quest Software, Inc.(b)		64,820		1,473,359
Verint Systems, Inc.(b)		48,050		1,779,772

Total				18,477,919


TOTAL INFORMATION TECHNOLOGY				220,497,447


MATERIALS (5.5%)
Chemicals (2.7%)
Arch Chemicals, Inc.		121,400		4,181,016
Cabot Corp.		125,700		5,011,659
Georgia Gulf Corp.(b)		43,970		1,061,436
H.B. Fuller Co.		79,810		1,948,960
Innophos Holdings, Inc.(a)		90,580		4,420,304
Minerals Technologies, Inc.		30,640		2,031,126
OM Group, Inc.(b)		36,230		1,472,387
PolyOne Corp.(a)		813,150		12,579,431
Sensient Technologies Corp.(a)		137,460		5,095,642
Stepan Co.(a)		52,730		3,738,557

Total				41,540,518


Containers & Packaging (0.7%)
AptarGroup, Inc.		79,095		4,139,832
Boise, Inc.		207,200		1,614,088
Temple-Inland, Inc.		140,765		4,186,351

Total				9,940,271


Metals & Mining (0.5%)
AK Steel Holding Corp.		117,890		1,857,946
Schnitzer Steel Industries, Inc., Class A(a)		67,800		3,905,280
Silvercorp Metals, Inc.(a)(c)		211,200		1,981,056

Total				7,744,282


Paper & Forest Products (1.6%)
AbitibiBowater, Inc.(a)(b)		405,556		8,232,787
Buckeye Technologies, Inc.		153,090		4,130,368
Louisiana-Pacific Corp.(a)(b)		1,122,510		9,137,232
Schweitzer-Mauduit International, Inc.		59,500		3,340,925

Total				24,841,312


TOTAL MATERIALS				84,066,383


TELECOMMUNICATION SERVICES (0.1%)
Diversified Telecommunication Services (0.1%)
Atlantic Tele-Network, Inc.(a)		58,200		2,232,552


TOTAL TELECOMMUNICATION SERVICES				2,232,552


UTILITIES (5.7%)
Electric Utilities (3.0%)
Cleco Corp.		37,640		1,311,754
El Paso Electric Co.		59,680		1,927,664
IDACORP, Inc.		254,600		10,056,700
Pinnacle West Capital Corp.		51,632		2,301,754
PNM Resources, Inc.(a)		818,530		13,702,192
Portland General Electric Co.(a)		264,890		6,696,419
UIL Holdings Corp.(a)		196,282		6,349,723
Unisource Energy Corp.(a)		120,520		4,499,012

Total				46,845,218


Gas Utilities (1.0%)
Laclede Group, Inc. (The)		58,300		2,205,489
Piedmont Natural Gas Co., Inc.(a)		52,840		1,598,938
South Jersey Industries, Inc.		156,310		8,489,196
Southwest Gas Corp.		37,550		1,449,806
WGL Holdings, Inc.		31,140		1,198,579

Total				14,942,008


Independent Power Producers & Energy Traders (0.5%)
GenOn Energy, Inc.(b)		1,867,900		7,210,094


Multi-Utilities (1.2%)
Avista Corp.(a)		587,580		15,094,930
Black Hills Corp.(a)		55,960		1,683,836
NorthWestern Corp.(a)		56,280		1,863,431

Total				18,642,197


TOTAL UTILITIES				87,639,517


Total Common Stocks
(Cost: $1,121,908,945)			$	1,398,256,608




	Shares		Value

Money Market Fund 9.1%

Columbia Short-Term Cash Fund, 0.166%(e)(f)		140,186,548	$	140,186,548


Total Money Market Fund
(Cost: $140,186,548)			$	140,186,548


				Par/
	Effective			Principal/
Issuer	Yield			Shares		Value

Investments of Cash Collateral Received for Securities on Loan 25.0%


Asset-Backed Commercial Paper (0.7%)
Cancara Asset Securitisation LLC
07/13/11		0.150	%		$4,999,375	$4,999,375
07/19/11		0.250	%		4,996,875	4,996,875

Total						9,996,250


Certificates of Deposit (17.0%)
Australia and New Zealand Bank Group, Ltd.
07/25/11		0.190	%		5,000,000	5,000,000
07/29/11		0.220	%		5,000,000	5,000,000
Bank of America, National Association
10/03/11		0.350	%		10,000,000	10,000,000
Barclays Bank PLC
08/19/11		0.330	%		9,000,000	9,000,000
09/13/11		0.310	%		5,000,000	5,000,000
Clydesdale Bank PLC

07/21/11		0.280	%		9,992,927	9,992,927
Commerzbank AG
07/20/11		0.220	%		12,000,000	12,000,000
Credit Agricole
08/23/11		0.230	%		9,994,125	9,994,125
Credit Industrial et Commercial
11/21/11		0.410	%		15,000,000	15,000,000
Credit Suisse
10/25/11		0.236	%		12,000,000	12,000,000
DZ Bank AG
07/12/11		0.200	%		2,000,000	2,000,000
07/27/11		0.150	%		7,000,000	7,000,000
Den Danske Bank
07/13/11		0.210	%		9,981,876	9,981,876
Deutsche Bank AG
07/08/11		0.260	%		15,000,000	15,000,000
Development Bank of Singapore Ltd.
08/09/11		0.300	%		10,000,000	10,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11		0.300	%		10,000,000	10,000,000
KBC Bank NV
07/05/11		0.300	%		1,000,000	1,000,000
07/07/11		0.300	%		15,000,000	15,000,000
07/14/11		0.280			3,000,000	3,000,000
Landesbank Hessen Thuringen
07/27/11		0.218	%		10,000,021	10,000,021
Lloyds Bank PLC
10/03/11		0.260	%		8,000,000	8,000,000
N.V. Bank Nederlandse Gemeenten
07/27/11		0.270	%		5,000,000	5,000,000
08/05/11		0.260	%		1,500,000	1,500,000
National Australia Bank
11/18/11		0.211	%		3,999,983	3,999,983
National Bank of Canada
10/07/11		0.240	%		10,000,000	10,000,000
11/18/11		0.186	%		4,000,000	4,000,000
Natixis
09/07/11		0.544	%		15,000,000	15,000,000
Skandinaviska Enskilda Banken
08/04/11		0.295	%		8,000,000	8,000,000
Societe Generale
09/23/11		0.411	%		10,000,000	10,000,000
Swedbank AB
08/05/11		0.240	%		10,000,000	10,000,000
Union Bank of Switzerland
08/15/11		0.287	%		4,000,000	4,000,000
United Overseas Bank Ltd.
08/26/11		0.300	%		5,000,000	5,000,000

Total						260,468,932


Commercial Paper (1.6%)
Erste Finance (Delaware) LLC
07/18/11		0.210	%		14,997,287	14,997,287
Suncorp Metway Ltd.
07/05/11		0.240	%		9,997,667	9,997,667

Total						24,994,954


Money Market Fund (1.3%)
JPMorgan Prime Money Market Fund, 0.010%(e)
					20,000,000	20,000,000


Other Short-Term Obligations (0.8%)
The Goldman Sachs Group, Inc.
07/19/11		0.300			5,000,000	5,000,000
08/08/11		0.300	%		8,000,000	8,000,000

Total						13,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

138 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Partners Small Cap Value Fund


				Par/
	Effective			Principal/
Issuer	Yield			Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (3.6%)
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $2,000,002(g)
		0.040	%		$2,000,000	$2,000,000
MF Global Holdings Ltd. dated 06/30/11, matures 07/01/11, repurchase price $30,000,125(g)
		0.150	%		30,000,000	30,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $15,000,050(g)
		0.120	%		15,000,000	15,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,441,762(g)
		0.080	%		5,441,750	5,441,750
Royal Bank of Canada dated 06/30/11, matures 07/01/11, repurchase price $2,194,834(g)
		0.050	%		2,194,831	2,194,831

Total						54,636,581


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $383,096,717)						$383,096,717


Total Investments)
(Cost: $1,645,192,210)						1,921,539,873
Other Assets & Liabilities, Net						(388,465,512)


Net Assets						1,533,074,361

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 6.72% of net assets.

^(d)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $6,401,259, which represents 0.42% of net assets.

^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(f)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

Interest

Issuer

cost

from sales

gain/loss

cost

Income

Value

Columbia Short-Term Cash Fund

$127,055,056

$176,541,768

$(163,410,276

)

$—

$140,186,548

$130,263

$140,186,548


^(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.


Deutsche Bank AG (0.040%)
Security Description	Value
Fannie Mae Pool		$1,898,888
Freddie Mac Non Gold Pool		141,112

Total Market Value of Collateral Securities		$2,040,000

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 139

Portfolio of Investments (continued)

VP – Partners Small Cap Value Fund

Notes to Portfolio of Investments (continued)


MF Global Holdings Ltd. (0.150%)
Security Description	Value
Fannie Mae Pool		$20,813,072
Fannie Mae REMICS		562,273
Freddie Mac Gold Pool		29,204
Freddie Mac Non Gold Pool		345,337
Freddie Mac REMICS		418,635
Ginnie Mae I Pool		3,356,736
Ginnie Mae II Pool		3,781,889
Government National Mortgage Association		1,293,038

Total Market Value of Collateral Securities		$30,600,184



Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$531,788
Ginnie Mae I Pool		13,061,706
Government National Mortgage Association		1,706,506

Total Market Value of Collateral Securities		$15,300,000



RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$5,550,610

Total Market Value of Collateral Securities		$5,550,610



Royal Bank of Canada (0.050%)
Security Description	Value
Fannie Mae Pool		$1,279,376
Federal Home Loan Mortgage Corp		53
Freddie Mac Gold Pool		269,481
Freddie Mac Non Gold Pool		7,649
Freddie Mac REMICS		676,644
Ginnie Mae II Pool		5,524

Total Market Value of Collateral Securities		$2,238,727

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

140 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Partners Small Cap Value Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 141

Portfolio of Investments (continued)

VP – Partners Small Cap Value Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$226,449,423		$—		$—		$226,449,423
Consumer Staples		49,634,072		—		—		49,634,072
Energy		77,927,329		—		—		77,927,329
Financials		310,906,029		—		—		310,906,029
Health Care		75,905,750		—		—		75,905,750
Industrials		262,998,106		—		—		262,998,106
Information Technology		220,497,447		—		—		220,497,447
Materials		84,066,383		—		—		84,066,383
Telecommunication Services		2,232,552		—		—		2,232,552
Utilities		87,639,517		—		—		87,639,517

Total Equity Securities		1,398,256,608		—		—		1,398,256,608

Other
Affiliated Money Market Fund(c)		140,186,548		—		—		140,186,548
Investments of Cash Collateral Received for Securities on Loan		20,000,000		363,096,717		—		383,096,717

Total Other		160,186,548		363,096,717		—		523,283,265

Total		$1,558,443,156		$363,096,717		$—		$1,921,539,873


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

142 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities


	Columbia		Columbia		Columbia
	Variable Portfolio –		Variable Portfolio –		Variable Portfolio –
	Balanced		Cash Management		Diversified Bond
June 30, 2011 (Unaudited)	Fund		Fund		Fund
Assets
Investments, at value*
Unaffiliated issuers (identified cost $860,562,830, $740,438,310, and $4,065,342,502 )	$	930,303,644	$	740,438,310	$	4,118,531,840
Repurchase agreements (identified cost $ — , $14,800,000, and $ — )		—		14,800,000		—
Affiliated issuers (identified cost $32,216,306, $ — , and $176,678,397)		32,216,306		—		176,678,397
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $27,500,000, $ — , and $630,926,990)		27,500,000		—		630,926,990
Repurchase agreements (identified cost $19,257,057, $ — , and $122,588,308)		19,257,057		—		122,588,308

Total investments (identified cost $939,536,193, $755,238,310, and $4,995,536,197)		1,009,277,007		755,238,310		5,048,725,535
Cash		—		100,667		422,676
Foreign currency (identified cost $172,091, $ — , and $2,837)		173,467		—		2,870
Unrealized appreciation on swap contracts		—		—		24,193
Premiums paid on outstanding credit default swap contracts		—		—		4,785,802
Receivable for:
Capital shares sold		—		—		10,502
Investments sold		2,918,130		—		53,957,907
Dividends		779,994		—		40,853
Interest		2,650,476		21,363		28,302,414
Reclaims		8,630		—		36,558
Variation margin on futures contracts		—		—		2,003,441
Expense reimbursement due from Investment Manager		76,544		160,219		—

Total assets		1,015,884,248		755,520,559		5,138,312,751

Liabilities
Bank overdraft		79,120		—		—
Due upon return of securities on loan		46,757,057		—		753,515,298
Unrealized depreciation on swap contracts		—		—		697,366
Premiums received on outstanding credit default swap contracts		—		—		416,414
Payable for:
Investments purchased		39,823		—		42,748,964
Investments purchased on a delayed delivery basis		29,625,238		10,000,000		345,130,890
Capital shares purchased		1,161,441		646,855		1,953,068
Dividend distributions to shareholders		—		204		—
Investment management fees		487,639		203,196		1,361,221
Distribution fees		95,356		55,270		162,450
Transfer agent fees		45,769		36,944		198,015
Administration fees		44,010		35,920		195,836
Other expenses		212,155		166,734		682,543

Total liabilities		78,547,608		11,145,123		1,147,062,065

Net assets applicable to outstanding capital stock	$	937,336,640	$	744,375,436	$	3,991,250,686

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 143

Statement of Assets and Liabilities (continued)


	Columbia		Columbia			Columbia
	Variable Portfolio –		Variable Portfolio –			Variable Portfolio –
	Balanced		Cash Management			Diversified Bond
June 30, 2011 (Unaudited)	Fund		Fund			Fund
Represented by
Paid-in capital	$	—	$	747,007,286		$	3,802,782,808
Undistributed (excess of distributions over) net investment income		—		(26,801	)		63,335,868
Accumulated net realized gain (loss)		—		(2,605,049	)		74,140,133
Unrealized appreciation (depreciation) on:
Investments		—		—			53,189,338
Foreign currency translations		—		—			1,046
Futures contracts		—		—			(1,525,334	)
Swap contracts		—		—			(673,173	)
Partners’ capital		937,336,640		—			—

Total — representing net assets applicable to outstanding capital stock	$	937,336,640	$	744,375,436		$	3,991,250,686

*Value of securities on loan	$	46,150,912	$	—		$	996,328,244

Net assets applicable to outstanding shares
Class 1	$	—	$	217,928,869		$	2,436,015,483
Class 2	$	—	$	6,891,200		$	7,399,183
Class 3	$	937,336,640	$	519,555,367		$	1,547,836,020
Shares outstanding
Class 1		—		217,923,949			226,639,082
Class 2		—		6,891,580			689,210
Class 3		64,449,126		519,564,009			143,859,889
Net asset value per share
Class 1	$	—	$	1.00		$	10.75
Class 2	$	—	$	1.00		$	10.74
Class 3	$	14.54	$	1.00		$	10.76

The accompanying Notes to Financial Statements are an integral part of this statement.

144 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


			Columbia
	Columbia		Variable Portfolio –		Columbia
	Variable Portfolio –		Emerging Markets		Variable Portfolio –
	Dynamic Equity		Opportunity		Global Bond
June 30, 2011 (Unaudited)	Fund		Fund		Fund
Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,126,783,606, $887,047,453, and $1,460,558,446)	$	1,363,560,036	$	1,034,253,062	$	1,590,327,049
Affiliated issuers (identified cost $9,276,673, $2,957,881, and $62,042,904)		9,276,673		2,957,881		62,042,904
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $226,482,736, $11,000,000, and $8,000,000)		226,482,736		11,000,000		8,000,000
Repurchase agreements (identified cost $25,348,363, $21,713,745, and $34,183,762)		25,348,363		21,713,745		34,183,762

Total investments (identified cost $1,387,891,378, $922,719,079, and $1,564,785,112)		1,624,667,808		1,069,924,688		1,694,553,715
Foreign currency (identified cost $ — , $7,117,336, and $34,403,784)		—		7,151,831		34,802,748
Margin deposits on future contracts		—		—		2,675,566
Unrealized appreciation on forward foreign currency exchange contracts		—		46,855		6,365,843
Receivable for:
Capital shares sold		8,386		10,468		24,478
Investments sold		25,857,926		12,723,098		10,817,422
Dividends		1,233,195		3,288,943		7,937
Interest		45,650		3,234		24,191,922
Reclaims		39,448		85,094		952,413
Variation margin on futures contracts		154,000		—		—
Expense reimbursement due from Investment Manager		82,882		—		—

Total assets		1,652,089,295		1,093,234,211		1,774,392,044

Liabilities
Disbursements in excess of cash		—		—		3,250,989
Due upon return of securities on loan		251,831,099		32,713,745		42,183,762
Unrealized depreciation on forward foreign currency exchange contracts		—		62,879		3,273,015
Payable for:
Investments purchased		17,205,589		6,274,149		3,699,914
Investments purchased on a delayed delivery basis		—		—		2,505,337
Capital shares purchased		1,711,198		503,169		581,638
Variation margin on futures contracts		—		—		109,931
Investment management fees		724,404		909,252		776,285
Distribution fees		138,457		52,845		51,770
Transfer agent fees		66,452		51,067		84,489
Administration fees		61,542		65,744		104,738
Other expenses		263,753		577,495		219,507

Total liabilities		272,002,494		41,210,345		56,841,375

Net assets applicable to outstanding capital stock	$	1,380,086,801	$	1,052,023,866	$	1,717,550,669

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 145

Statement of Assets and Liabilities (continued)


			Columbia
	Columbia		Variable Portfolio –			Columbia
	Variable Portfolio –		Emerging Markets			Variable Portfolio –
	Dynamic Equity		Opportunity			Global Bond
June 30, 2011 (Unaudited)	Fund		Fund			Fund
Represented by
Paid-in capital	$	—	$	864,568,388		$	1,588,656,878
Undistributed (excess of distributions over) net investment income		—		(589,506	)		(4,221,456	)
Accumulated net realized gain (loss)		—		40,722,015			324,145
Unrealized appreciation (depreciation) on:
Investments		—		147,205,609			129,768,603
Foreign currency translations		—		133,384			735,422
Forward foreign currency exchange contracts		—		(16,024	)		3,092,828
Futures contracts		—		—			(805,751	)
Partners’ capital		1,380,086,801		—			—

Total — representing net assets applicable to outstanding capital stock	$	1,380,086,801	$	1,052,023,866		$	1,717,550,669

*Value of securities on loan	$	258,993,731	$	30,395,740		$	43,457,936

Net assets applicable to outstanding shares
Class 1	$	5,868	$	538,227,485		$	1,218,786,732
Class 2	$	114,729	$	4,344,474		$	3,707,116
Class 3	$	1,379,966,204	$	509,451,907		$	495,056,821
Shares outstanding
Class 1		278		30,911,468			101,617,523
Class 2		5,450		249,965			309,346
Class 3		65,490,690		29,274,798			41,263,703
Net asset value per share
Class 1	$	21.11	$	17.41		$	11.99
Class 2	$	21.05	$	17.38		$	11.98
Class 3	$	21.07	$	17.40		$	12.00

The accompanying Notes to Financial Statements are an integral part of this statement.

146 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Columbia
	Variable Portfolio –		Columbia		Columbia
	Global Inflation		Variable Portfolio –		Variable Portfolio –
	Protected Securities		High Yield Bond		Income Opportunities
June 30, 2011 (Unaudited)	Fund		Fund		Fund
Assets
Investments, at value*
Unaffiliated issuers (identified cost $2,692,351,520, $603,520,223, and $1,101,763,183)	$	2,784,806,832	$	620,595,798	$	1,141,032,866
Affiliated issuers (identified cost $22,498,886, $24,389,411, and $41,225,782)		22,498,886		24,389,411		41,225,782
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $637,938,412, $35,000,000, and $262,965,964)		637,938,412		35,000,000		262,965,964
Repurchase agreements (identified cost $84,451,441, $20,042,273, and $46,478,167)		84,451,441		20,042,273		46,478,167

Total investments (identified cost $3,437,240,259, $682,951,907, and $1,452,433,096)		3,529,695,571		700,027,482		1,491,702,779
Cash		—		—		452,606
Foreign currency (identified cost $3,911,796, $ — , and $ — )		3,982,336		—		—
Margin deposits on future contracts		1,889,427		—		—
Unrealized appreciation on forward foreign currency exchange contracts		12,430,612		—		—
Receivable for:
Capital shares sold		—		45,598		10,500
Investments sold		14,407,859		8,654,154		6,739,332
Dividends		1,078		3,454		5,779
Interest		23,170,891		11,627,670		19,831,924
Reclaims		149,996		1,547		2,719
Variation margin on futures contracts		377,326		—		—

Total assets		3,586,105,096		720,359,905		1,518,745,639

Liabilities
Disbursements in excess of cash		107,456		—		—
Due upon return of securities on loan		722,389,853		55,042,273		309,444,131
Unrealized depreciation on forward foreign currency exchange contracts		13,627,582		—		—
Payable for:
Investments purchased		68,614,993		1,639,445		223,088
Investments purchased on a delayed delivery basis		—		4,095,244		7,285,407
Capital shares purchased		293,936		771,030		282,526
Investment management fees		949,781		315,770		560,584
Distribution fees		33,018		68,660		26,247
Transfer agent fees		136,633		32,698		59,024
Administration fees		142,798		37,478		65,189
Other expenses		316,022		141,300		162,958

Total liabilities		806,612,072		62,143,898		318,109,154

Net assets applicable to outstanding capital stock	$	2,779,493,024	$	658,216,007	$	1,200,636,485

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 147

Statement of Assets and Liabilities (continued)


	Columbia
	Variable Portfolio –			Columbia			Columbia
	Global Inflation			Variable Portfolio –			Variable Portfolio –
	Protected Securities			High Yield Bond			Income Opportunities
June 30, 2011 (Unaudited)	Fund			Fund			Fund
Represented by
Paid-in capital	$	2,910,435,530		$	727,468,388		$	1,091,261,710
Undistributed (excess of distributions over) net investment income		(178,747,489	)		25,410,205			39,234,184
Accumulated net realized gain (loss)		(43,102,101	)		(111,738,161	)		30,870,908
Unrealized appreciation (depreciation) on:
Investments		92,455,312			17,075,575			39,269,683
Foreign currency translations		405,725			—			—
Forward foreign currency exchange contracts		(1,196,970	)		—			—
Futures contracts		(756,983	)		—			—

Total — representing net assets applicable to outstanding capital stock	$	2,779,493,024		$	658,216,007		$	1,200,636,485

*Value of securities on loan	$	703,305,431		$	57,181,215		$	305,769,930

Net assets applicable to outstanding shares
Class 1	$	2,461,944,842		$	5,639		$	948,931,338
Class 2	$	2,932,115		$	5,609,423		$	2,860,437
Class 3	$	314,616,067		$	652,600,945		$	248,844,710
Shares outstanding
Class 1		271,281,994			848			96,561,124
Class 2		323,707			845,905			291,786
Class 3		34,625,054			98,155,245			25,253,235
Net asset value per share
Class 1	$	9.08		$	6.65		$	9.83
Class 2	$	9.06		$	6.63		$	9.80
Class 3	$	9.09		$	6.65		$	9.85

The accompanying Notes to Financial Statements are an integral part of this statement.

148 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Columbia
	Variable Portfolio –		Variable Portfolio –		Variable Portfolio –
	Mid Cap Growth		Davis New York		Goldman Sachs
	Opportunity		Venture		Mid Cap Value
June 30, 2011 (Unaudited)	Fund		Fund		Fund
Assets
Investments, at value*
Unaffiliated issuers (identified cost $352,951,858, $1,025,313,032, $842,624,024)	$	388,223,586	$	1,299,947,236	$	949,385,315
Affiliated issuers (identified cost $3,962,396, $72,214,887, $20,672,973)		3,962,396		72,214,887		20,672,973
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $79,489,819, $171,982,969, $ — )		79,489,819		171,982,969		—
Repurchase agreements (identified cost $24,488,417, $38,539,218, $ — )		24,488,417		38,539,218		—

Total investments (identified cost $460,892,490, $1,308,050,106, $863,296,997)		496,164,218		1,582,684,310		970,058,288
Cash		—		—		10,935
Foreign currency (identified cost $ — , $8,704, $ — )		—		8,710		—
Receivable for:
Capital shares sold		—		—		19,260
Investments sold		1,155,972		7,671,363		1,758,655
Dividends		103,438		2,178,569		1,251,341
Interest		60,679		72,436		—
Reclaims		—		364,669		346

Total assets		497,484,307		1,592,980,057		973,098,825

Liabilities
Due upon return of securities on loan		103,978,236		210,522,187		—
Payable for:
Investments purchased		—		11,138,225		2,742,328
Capital shares purchased		464,088		312,473		15,789
Investment management fees		240,583		775,575		595,024
Distribution fees		39,625		7,584		2,117
Transfer agent fees		18,993		65,712		46,469
Administration fees		18,993		60,925		44,651
Other expenses		92,301		186,225		59,574
Other liabilities		501,506		—		—

Total liabilities		105,354,325		223,068,906		3,505,952

Net assets applicable to outstanding capital stock	$	392,129,982	$	1,369,911,151	$	969,592,873

Represented by
Partners’ capital	$	392,129,982	$	1,369,911,151	$	969,592,873

Total — representing net assets applicable to outstanding capital stock	$	392,129,982	$	1,369,911,151	$	969,592,873

*Value of securities on loan	$	102,303,092	$	208,300,454	$	—

Net assets applicable to outstanding shares
Class 1	$	5,655	$	1,296,353,398	$	950,202,132
Class 2	$	644,334	$	1,067,316	$	1,949,807
Class 3	$	391,479,993	$	72,490,437	$	17,440,934
Shares outstanding
Class 1		376		126,091,126		80,119,781
Class 2		42,934		103,965		164,838
Class 3		26,064,443		7,059,494		1,471,845
Net asset value per share
Class 1	$	15.04	$	10.28	$	11.86
Class 2	$	15.01	$	10.27	$	11.83
Class 3	$	15.02	$	10.27	$	11.85

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 149

Statement of Assets and Liabilities (continued)


	Variable
	Portfolio –
	Partners Small
	Cap Value
June 30, 2011 (Unaudited)	Fund
Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,121,908,945)	$	1,398,256,608
Affiliated issuers (identified cost $140,186,548)		140,186,548
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $328,460,136)		328,460,136
Repurchase agreements (identified cost $54,636,581)		54,636,581

Total investments (identified cost $1,645,192,210)		1,921,539,873
Cash		360
Receivable for:
Capital shares sold		16,037
Investments sold		5,764,866
Dividends		1,254,592
Interest		103,852
Reclaims		422
Expense reimbursement due from Investment Manager		19,363

Total assets		1,928,699,365

Liabilities
Due upon return of securities on loan		383,096,717
Payable for:
Investments purchased		10,110,157
Capital shares purchased		947,290
Investment management fees		1,109,586
Distribution fees		26,670
Transfer agent fees		72,979
Administration fees		91,308
Other expenses		170,297

Total liabilities		395,625,004

Net assets applicable to outstanding capital stock	$	1,533,074,361

Represented by
Partners’ capital	$	1,533,074,361

Total — representing net assets applicable to outstanding capital stock	$	1,533,074,361

*Value of securities on loan	$	375,713,587

Net assets applicable to outstanding shares
Class 1	$	1,268,790,301
Class 2	$	975,488
Class 3	$	263,308,572
Shares outstanding
Class 1		80,082,522
Class 2		61,770
Class 3		16,655,142
Net asset value per share
Class 1	$	15.84
Class 2	$	15.79
Class 3	$	15.81

The accompanying Notes to Financial Statements are an integral part of this statement.

150 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Statement of Operations


	Columbia			Columbia			Columbia
	Variable Portfolio –			Variable Portfolio –			Variable Portfolio –
	Balanced			Cash Management			Diversified Bond
Six months ended June 30, 2011 (Unaudited)	Fund			Fund			Fund
Net investment income
Income:
Dividends	$	6,613,067		$	—		$	77,618
Interest		6,428,376			793,326			80,628,292
Dividends from affiliates		34,153			—			448,757
Income from securities lending — net		92,637			—			525,407
Foreign taxes withheld		(73,853	)		—			—

Total income		13,094,380			793,326			81,680,074

Expenses:
Investment management fees		2,787,845			1,282,941			8,509,014
Distribution fees
Class 2		—			6,450			6,392
Class 3		594,269			349,088			1,005,864
Transfer agent fees
Class 1		—			64,153			696,258
Class 2		—			1,548			1,534
Class 3		285,239			166,667			482,798
Administration fees		273,865			226,215			1,169,797
Compensation of board members		9,804			8,092			38,404
Custodian fees		32,684			9,408			64,144
Printing and postage fees		126,750			25,256			182,000
Professional fees		21,066			10,886			31,552
Other		27,287			8,657			115,521

Total expenses		4,158,809			2,159,361			12,303,278
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(163,108	)		(1,400,086	)		—

Total net expenses		3,995,701			759,275			—

Net investment income (loss)		9,098,679			34,051			69,376,796

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		147,893,225			153			110,376,347
Foreign currency transactions		39,543			—			263,150
Forward foreign currency exchange contracts		(33,500	)		—			1,326,170
Futures contracts		393,277			—			(9,905,279	)
Swap contracts		—			—			12,943

Net realized gain (loss)		148,292,545			153			102,073,331
Net change in unrealized appreciation (depreciation) on:
Investments		(108,542,678	)		—			(73,647,586	)
Foreign currency translations		(1,494	)		—			(52,427	)
Forward foreign currency exchange contracts		—			—			382,304
Futures contracts		(374,512	)		—			1,017,020
Swap contracts		—			—			(673,173	)

Net change in unrealized appreciation (depreciation)		(108,918,684	)		—			(72,973,862	)

Net realized and unrealized gain (loss)		39,373,861			153			29,099,469

Net change in net assets resulting from operations	$	48,472,540		$	34,204		$	98,476,265

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 151

Statement of Operations (continued)


				Columbia Variable
	Columbia			Portfolio –			Columbia Variable
	Variable Portfolio –			Emerging Markets			Portfolio –
	Dynamic Equity			Opportunity			Global Bond
Six months ended June 30, 2011 (Unaudited)	Fund			Fund			Fund
Net investment income
Income:
Dividends	$	14,050,806		$	12,769,417		$	—
Interest		—			1,901			35,316,464
Dividends from affiliates		11,148			13,058			67,461
Income from securities lending — net		226,180			18,218			24,501
Foreign taxes withheld		—			(1,030,983	)		(7,065	)

Total income		14,288,134			11,771,611			35,401,361

Expenses:
Investment management fees		4,883,946			5,454,973			5,119,908
Distribution fees
Class 2		70			4,064			3,128
Class 3		864,955			329,535			312,340
Transfer agent fees
Class 1		2			151,535			344,350
Class 2		17			975			751
Class 3		415,164			158,171			149,918
Administration fees		383,180			399,654			614,727
Compensation of board members		14,034			10,651			16,449
Custodian fees		19,261			479,600			115,885
Printing and postage fees		148,851			48,010			42,400
Professional fees		18,650			30,336			24,598
Other		18,245			60,410			24,799

Total expenses		6,766,375			7,127,914			6,769,253
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(166,201	)		—			—

Total net expenses		6,600,174			7,127,914			6,769,253

Net investment income (loss)		7,687,960			4,643,697			28,632,108

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		72,998,017			56,398,122			9,581,670
Foreign currency transactions		388			89,352			1,300,043
Forward foreign currency exchange contracts		—			100,727			(2,645,889	)
Futures contracts		1,287,266			—			(1,192,639	)

Net realized gain (loss)		74,285,671			56,588,201			7,043,185
Net change in unrealized appreciation (depreciation) on:
Investments		38,906,863			(68,961,763	)		41,879,457
Foreign currency translations		3,425			(84,070	)		226,226
Forward foreign currency exchange contracts		—			(16,024	)		2,254,137
Futures contracts		131,371			—			(1,663,678	)

Net change in unrealized appreciation (depreciation)		39,041,659			(69,061,857	)		42,696,142

Net realized and unrealized gain (loss)		113,327,330			(12,473,656	)		49,739,327

Net change in net assets resulting from operations	$	121,015,290		$	(7,829,959	)	$	78,371,435

The accompanying Notes to Financial Statements are an integral part of this statement.

152 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Columbia
	Variable Portfolio –
	Global Inflation			Columbia Variable			Columbia Variable
	Protected			Portfolio –High			Portfolio –Income
Six months ended June 30, 2011 (Unaudited)	Securities Fund			Yield Bond Fund			Opportunities Fund
Net investment income
Income:
Dividends	$	—		$	—		$	—
Interest		75,563,641			27,019,080			43,326,651
Dividends from affiliates		24,642			18,799			54,313
Income from securities lending — net		509,457			87,871			312,400

Total income		76,097,740			27,125,750			43,693,364

Expenses:
Investment management fees		5,518,289			1,978,981			3,442,567
Distribution fees
Class 2		2,323			4,587			2,188
Class 3		198,739			419,575			157,551
Transfer agent fees
Class 1		695,783			2			271,763
Class 2		558			1,101			525
Class 3		95,392			201,389			75,622
Administration fees		828,927			231,767			385,106
Compensation of board members		25,853			7,085			11,663
Custodian fees		88,640			10,860			5,736
Printing and postage fees		25,900			124,796			19,217
Professional fees		28,405			11,141			13,883
Other		46,704			8,927			16,920

Total expenses		7,555,513			3,000,211			4,402,741

Net investment income (loss)		68,542,227			24,125,539			39,290,623

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		45,973,859			31,244,148			31,595,437
Foreign currency transactions		582,053			—			—
Forward foreign currency exchange contracts		(69,199,441	)		—			—
Futures contracts		(4,608,677	)		—			—

Net realized gain (loss)		(27,252,206	)		31,244,148			31,595,437
Net change in unrealized appreciation (depreciation) on:
Investments		73,429,770			(26,037,540	)		(22,346,569	)
Foreign currency translations		349,318			—			—
Forward foreign currency exchange contracts		(1,959,723	)		—			—
Futures contracts		991,042			—			—

Net change in unrealized appreciation (depreciation)		72,810,407			(26,037,540	)		(22,346,569	)

Net realized and unrealized gain (loss)		45,558,201			5,206,608			9,248,868

Net change in net assets resulting from operations	$	114,100,428		$	29,332,147		$	48,539,491

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 153

Statement of Operations (continued)


	Columbia
	Variable Portfolio –			Variable Portfolio –			Variable Portfolio –
	Mid Cap Growth			Davis New York			Goldman Sachs Mid
Six months ended June 30, 2011 (Unaudited)	Opportunity Fund			Venture Fund			Cap Value Fund
Net investment income
Income:
Dividends	$	882,821		$	13,037,111		$	6,838,630
Interest		—			33,500			—
Dividends from affiliates		20,533			48,267			17,651
Income from securities lending — net		368,163			225,684			—
Foreign taxes withheld		(1,572	)		(312,909	)		(31,603	)

Total income		1,269,945			13,031,653			6,824,678

Expenses:
Investment management fees		1,452,712			4,480,477			3,636,512
Distribution fees
Class 2		417			954			1,497
Class 3		254,569			47,814			10,723
Transfer agent fees
Class 1		2			378,095			276,104
Class 2		100			229			359
Class 3		122,189			22,950			5,147
Administration fees		122,291			371,588			270,538
Compensation of board members		4,568			13,718			9,684
Custodian fees		19,240			11,150			10,860
Printing and postage fees		61,220			—			1,810
Professional fees		6,118			12,552			15,422
Other		6,503			—			15,068

Total expenses		2,049,929			5,339,527			4,253,724
Fees waived or expenses reimbursed by Investment Manager and its affiliates		—			(59,426	)		—

Total net expenses		2,049,929			5,280,101			4,253,724

Net investment income (loss)		(779,984	)		7,751,552			2,570,954

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		40,669,324			54,069,611			71,369,004
Foreign currency transactions		—			(8,987	)		—
Forward foreign currency exchange contracts		—			(636	)		—

Net realized gain (loss)		40,669,324			54,059,988			71,369,004
Net change in unrealized appreciation (depreciation) on:
Investments		(26,018,295	)		(23,297,959	)		(19,279,281	)
Foreign currency translations		—			58,183			—

Net change in unrealized appreciation (depreciation)		(26,018,295	)		(23,239,776	)		(19,279,281	)

Net realized and unrealized gain (loss)		14,651,029			30,820,212			52,089,723

Net change in net assets resulting from operations	$	13,871,045		$	38,571,764		$	54,660,677

The accompanying Notes to Financial Statements are an integral part of this statement.

154 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable
	Portfolio –
	Partners Small Cap
Six months ended June 30, 2011 (Unaudited)	Value Fund
Net investment income
Income:
Dividends	$	8,943,792
Interest		—
Dividends from affiliates		130,263
Income from securities lending — net		542,468
Foreign taxes withheld		(33,468	)

Total income		9,583,055

Expenses:
Investment management fees		6,322,314
Distribution fees
Class 2		886
Class 3		171,296
Transfer agent fees
Class 1		362,368
Class 2		213
Class 3		82,219
Administration fees		556,138
Compensation of board members		14,900
Custodian fees		29,865
Printing and postage fees		19,600
Professional fees		19,411
Other		20,022

Total expenses		7,599,232
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(83,643	)

Total net expenses		7,515,589

Net investment income (loss)		2,067,466

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		73,307,468

Net realized gain (loss)		73,307,468
Net change in unrealized appreciation (depreciation) on:
Investments		(21,404,362	)

Net change in unrealized appreciation (depreciation)		(21,404,362	)

Net realized and unrealized gain (loss)		51,903,106

Net change in net assets resulting from operations	$	53,970,572

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 155

Statement of Changes in Net Assets


	Columbia Variable Portfolio –						Columbia Variable Portfolio –
	Balanced Fund						Cash Management Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	9,098,679		$	20,654,928		$	34,051		$	82,210
Net realized gain (loss)		148,292,545			49,483,408			153			551
Net change in unrealized appreciation (depreciation)		(108,918,684	)		41,465,993			—			(2,226,789	)
Increase from payments by affiliate (Note 6)		—			—			—			2,226,789

Net change in net assets resulting from operations		48,472,540			111,604,329			34,204			82,761

Distributions to shareholders from:
Net investment income
Class 1		—			—			(10,695	)		(11,632	)
Class 2		—			—			(259	)		(101	)
Class 3		—			—			(27,902	)		(76,987	)

Total distributions to shareholders		—			—			(38,856	)		(88,720	)

Increase (decrease) in net assets from share transactions		(71,135,895	)		(167,997,948	)		(93,921,068	)		(120,715,126	)

Total increase (decrease) in net assets		(22,663,355	)		(56,393,619	)		(93,925,721	)		(120,721,085	)
Net assets at beginning of period		959,999,995			1,016,393,614			838,301,156			959,022,241

Net assets at end of period	$	937,336,640		$	959,999,995		$	744,375,436		$	838,301,156

Undistributed (excess of distributions over) net investment income	$	—		$	—		$	(26,801	)	$	(21,996	)


	Columbia Variable Portfolio –												Columbia Variable Portfolio –
	Balanced Fund												Cash Management Fund
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010						(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		—			—			—			—			9,580,881			9,580,881			216,030,881			216,030,882
Distributions reinvested		—			—			—			—			10,693			10,693			11,573			11,573
Redemptions		—			—			—			—			(4,494,007	)		(4,494,007	)		(3,216,072	)		(3,216,072	)

Net increase		—			—			—			—			5,097,567			5,097,567			212,826,382			212,826,383

Class 2 shares
Subscriptions		—			—			—			—			9,289,145			9,289,145			6,418,636			6,418,636
Distributions reinvested		—			—			—			—			258			258			100			100
Redemptions		—			—			—			—			(6,227,299	)		(6,227,299	)		(2,589,260	)		(2,589,260	)

Net increase		—			—			—			—			3,062,104			3,062,104			3,829,476			3,829,476

Class 3 Shares
Subscriptions		18,083			262,520			336,517			4,224,712			18,849,746			18,849,746			107,184,234			109,411,147
Distributions reinvested		—			—			—			—			27,930			27,930			77,076			77,076
Redemptions		(4,982,276	)		(71,398,415	)		(13,627,282	)		(172,222,660	)		(120,958,415	)		(120,958,415	)		(446,859,208	)		(446,859,208	)

Net decrease		(4,964,193	)		(71,135,895	)		(13,290,765	)		(167,997,948	)		(102,080,739	)		(102,080,739	)		(339,597,898	)		(337,370,985	)

Total net decrease		(4,964,193	)		(71,135,895	)		(13,290,765	)		(167,997,948	)		(93,921,068	)		(93,921,068	)		(122,942,040	)		(120,715,126	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

156 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Columbia Variable Portfolio –						Columbia Variable Portfolio –
	Diversified Bond Fund						Dynamic Equity Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	69,376,796		$	174,914,346		$	7,687,960		$	18,106,786
Net realized gain (loss)		102,073,331			173,338,546			74,285,671			120,868,196
Net change in unrealized appreciation (depreciation)		(72,973,862	)		45,913,157			39,041,659			72,633,163

Net change in net assets resulting from operations		98,476,265			394,166,049			121,015,290			211,608,145

Distributions to shareholders from:
Net investment income
Class 1		(114,579,865	)		(107,294,946	)		—			—
Class 2		(342,058	)		(289	)		—			—
Class 3		(70,652,183	)		(102,696,781	)		—			—

Total distributions to shareholders		(185,574,106	)		(209,992,016	)		—			—

Increase (decrease) in net assets from share transactions		138,600,921			(1,821,636,803	)		(113,969,317	)		(231,780,797	)

Total increase (decrease) in net assets		51,503,080			(1,637,462,770	)		7,045,973			(20,172,652	)
Net assets at beginning of period		3,939,747,606			5,577,210,376			1,373,040,828			1,393,213,480

Net assets at end of period	$	3,991,250,686		$	3,939,747,606		$	1,380,086,801		$	1,373,040,828

Undistributed (excess of distributions over) net investment income	$	63,335,868		$	179,533,178		$	—		$	—


	Columbia Variable Portfolio –												Columbia Variable Portfolio –
	Diversified Bond Fund												Dynamic Equity Fund
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)						(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		16,043,297			178,641,035			421,510,569			4,718,756,829			—			—			278			5,000
Distributions reinvested		10,658,592			114,579,865			10,036,945			107,294,946			—			—			—			—
Redemptions		(2,276,749	)		(25,206,712	)		(229,333,572	)		(2,581,045,119	)		—			—			—			—

Net increase		24,425,140			268,014,188			202,213,942			2,245,006,656			—			—			278			5,000

Class 2 shares
Subscriptions		417,361			4,663,253			337,691			3,711,475			4,211			87,557			1,762			31,145
Distributions reinvested		31,849			342,058			27			289			—			—			—			—
Redemptions		(71,375	)		(792,948	)		(26,343	)		(289,626	)		(433	)		(8,979	)		(90	)		(1,612	)

Net increase		377,835			4,212,363			311,375			3,422,138			3,778			78,578			1,672			29,533

Class 3 Shares
Subscriptions		376,777			4,161,142			21,732,196			238,263,785			6,771			138,101			610,295			10,210,921
Distributions reinvested		6,566,188			70,652,183			9,597,830			102,696,781			—			—			—			—
Redemptions		(18,731,297	)		(208,438,955	)		(393,954,951	)		(4,411,026,163	)		(5,580,403	)		(114,185,996	)		(14,162,837	)		(242,026,251	)

Net decrease		(11,788,332	)		(133,625,630	)		(362,624,925	)		(4,070,065,597	)		(5,573,632	)		(114,047,895	)		(13,552,542	)		(231,815,330	)

Total net increase (decrease)		13,014,643			138,600,921			(160,099,608	)		(1,821,636,803	)		(5,569,854	)		(113,969,317	)		(13,550,592	)		(231,780,797	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 157

Statement of Changes in Net Assets (continued)


	Columbia Variable Portfolio –						Columbia Variable Portfolio –
	Emerging Markets Opportunity Fund						Global Bond Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	4,643,697		$	6,724,018		$	28,632,108		$	59,284,572
Net realized gain (loss)		56,588,201			173,037,676			7,043,185			20,588,893
Net change in unrealized appreciation (depreciation)		(69,061,857	)		(7,437,132	)		42,696,142			9,458,149

Net change in net assets resulting from operations		(7,829,959	)		172,324,562			78,371,435			89,331,614

Distributions to shareholders from:
Net investment income
Class 1		(4,197,336	)		(3,621,551	)		(19,955,968	)		(38,592,598	)
Class 2		(26,454	)		(1,721	)		(50,480	)		(18,845	)
Class 3		(3,848,164	)		(10,021,915	)		(7,993,017	)		(34,122,495	)
Net realized gains
Class 1		(7,491,439	)		—			(5,911,561	)		—
Class 2		(61,068	)		—			(17,771	)		—
Class 3		(7,110,572	)		—			(2,404,742	)		—

Total distributions to shareholders		(22,735,033	)		(13,645,187	)		(36,333,539	)		(72,733,938	)

Increase (decrease) in net assets from share transactions		32,908,901			(20,710,484	)		66,725,289			(83,906,911	)

Total increase (decrease) in net assets		2,343,909			137,968,891			108,763,185			(67,309,235	)
Net assets at beginning of period		1,049,679,957			911,711,066			1,608,787,484			1,676,096,719

Net assets at end of period	$	1,052,023,866		$	1,049,679,957		$	1,717,550,669		$	1,608,787,484

Undistributed (excess of distributions over) net investment income	$	(589,506	)	$	2,838,751		$	(4,221,456	)	$	(4,854,099	)


	Columbia Variable Portfolio –												Columbia Variable Portfolio –
	Emerging Markets Opportunity Fund												Global Bond Fund
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)						(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		3,109,760			53,870,938			32,795,468			463,467,834			7,280,653			85,748,451			121,721,039			1,371,270,154
Distributions reinvested		673,643			11,688,775			238,868			3,621,551			2,170,858			25,867,529			3,347,772			38,592,598
Redemptions		(198,108	)		(3,601,424	)		(5,708,163	)		(80,840,388	)		(761,452	)		(8,957,657	)		(32,141,347	)		(359,825,232	)

Net increase		3,585,295			61,958,289			27,326,173			386,248,997			8,690,059			102,658,323			92,927,464			1,050,037,520

Class 2 shares
Subscriptions		154,870			2,714,289			114,857			1,950,806			167,314			1,997,929			155,088			1,829,628
Distributions reinvested		5,061			87,522			104			1,721			5,727			68,251			1,607			18,845
Redemptions		(24,392	)		(426,367	)		(535	)		(8,697	)		(19,959	)		(235,300	)		(431	)		(5,045	)

Net increase		135,539			2,375,444			114,426			1,943,830			153,082			1,830,880			156,264			1,843,428

Class 3 Shares
Subscriptions		211,081			3,705,273			2,528,647			38,730,512			142,157			1,670,150			8,055,479			93,284,800
Distributions reinvested		631,812			10,958,736			650,701			10,021,915			872,155			10,397,759			2,975,514			34,122,495
Redemptions		(2,636,065	)		(46,088,841	)		(32,089,150	)		(457,655,738	)		(4,202,884	)		(49,831,823	)		(112,357,796	)		(1,263,195,154	)

Net decrease		(1,793,172	)		(31,424,832	)		(28,909,802	)		(408,903,311	)		(3,188,572	)		(37,763,914	)		(101,326,803	)		1,135,787,859

Total net increase (decrease)		1,927,662			32,908,901			(1,469,203	)		(20,710,484	)		5,654,569			66,725,289			(8,243,075	)		(83,906,911	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

158 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Columbia Variable Portfolio –						Columbia Variable Portfolio –
	Global Inflation Protected Securities Fund						High Yield Bond Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	68,542,227		$	63,861,139		$	24,125,539		$	53,060,663
Net realized gain (loss)		(27,252,206	)		84,416,705			31,244,148			33,660,527
Net change in unrealized appreciation (depreciation)		72,810,407			(53,058,756	)		(26,037,540	)		3,560,405

Net change in net assets resulting from operations		114,100,428			95,219,088			29,332,147			90,281,595

Distributions to shareholders from:
Net investment income
Class 1		(184,555,714	)		(47,361,538	)		(461	)		(456	)
Class 2		(217,071	)		(125	)		(452,123	)		(454	)
Class 3		(23,200,635	)		(8,452,422	)		(52,697,933	)		(62,429,797	)
Net realized gains
Class 1		(31,337,409	)		(3,537,416	)		—			—
Class 2		(37,182	)		(10	)		—			—
Class 3		(4,014,580	)		(675,027	)		—			—

Total distributions to shareholders		(243,362,591	)		(60,026,538	)		(53,150,517	)		(62,430,707	)

Increase (decrease) in net assets from share transactions		367,486,367			157,955,957			2,117,363			(74,978,606	)

Total increase (decrease) in net assets		238,224,204			193,148,507			(21,701,007	)		(47,127,718	)
Net assets at beginning of period		2,541,268,820			2,348,120,313			679,917,014			727,044,732

Net assets at end of period	$	2,779,493,024		$	2,541,268,820		$	658,216,007		$	679,917,014

Undistributed (excess of distributions over) net investment income	$	(178,747,489	)	$	(39,316,296	)	$	25,410,205		$	54,435,183


	Columbia Variable Portfolio –												Columbia Variable Portfolio –
	Global Inflation Protected Securities Fund												High Yield Bond Fund
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)						(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		17,530,826			168,387,972			276,633,671			2,663,292,463			—			—			705			5,000
Distributions reinvested		23,802,990			215,893,123			5,432,119			50,898,954			70			461			73			456
Redemptions		(1,703,835	)		(16,350,729	)		(50,413,777	)		(485,040,681	)		—			—			—			—

Net increase		39,629,981			367,930,366			231,652,013			2,229,150,736			70			461			778			5,456

Class 2 shares
Subscriptions		194,845			1,895,395			131,244			1,257,439			493,444			3,549,651			309,376			2,091,059
Distributions reinvested		28,063			254,253			14			135			68,503			452,123			72			454
Redemptions		(28,000	)		(268,776	)		(2,459	)		(23,551	)		(23,871	)		(171,437	)		(1,619	)		(10,724	)

Net increase		194,908			1,880,872			128,799			1,234,023			538,076			3,830,337			307,829			2,080,789

Class 3 Shares
Subscriptions		814,035			7,768,526			17,386,637			164,743,897			303,358			2,173,300			1,478,914			10,103,968
Distributions reinvested		2,997,270			27,215,215			973,076			9,127,449			7,960,413			52,697,933			9,956,905			62,429,797
Redemptions		(3,877,328	)		(37,308,612	)		(233,384,486	)		(2,246,300,148	)		(7,875,575	)		(56,584,668	)		(22,083,104	)		(149,598,616	)

Net increase (decrease)		(66,023	)		(2,324,871	)		(215,024,773	)		(2,072,428,802	)		388,196			(1,713,435	)		(10,647,285	)		(77,064,851	)

Total net increase (decrease)		39,758,866			367,486,367			16,756,039			157,955,957			926,342			2,117,363			(10,338,678	)		(74,978,606	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 159

Statement of Changes in Net Assets (continued)


	Columbia Variable Portfolio –						Columbia Variable Portfolio –
	Income Opportunities Fund						Mid Cap Growth Opportunity Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	39,290,623		$	109,686,984		$	(779,984	)	$	(737,500	)
Net realized gain (loss)		31,595,437			110,270,561			40,669,324			51,667,662
Net change in unrealized appreciation (depreciation)		(22,346,569	)		(70,409,676	)		(26,018,295	)		38,131,471

Net change in net assets resulting from operations		48,539,491			149,547,869			13,871,045			89,061,633

Distributions to shareholders from:
Net investment income
Class 1		(86,977,623	)		(86,658,856	)		—			—
Class 2		(260,487	)		(575	)		—			—
Class 3		(22,472,230	)		(28,828,422	)		—			—
Net realized gains
Class 1		(25,720,685	)		—			—			—
Class 2		(77,521	)		—			—			—
Class 3		(6,744,390	)		—			—			—

Total distributions to shareholders		(142,252,936	)		(115,487,853	)		—			—

Increase (decrease) in net assets from share transactions		199,472,313			(943,091,634	)		(29,825,879	)		(61,054,813	)

Total increase (decrease) in net assets		105,758,868			(909,031,618	)		(15,954,834	)		28,006,820
Net assets at beginning of period		1,094,877,617			2,003,909,235			408,084,816			380,077,996

Net assets at end of period	$	1,200,636,485		$	1,094,877,617		$	392,129,982		$	408,084,816

Undistributed (excess of distributions over) net investment income	$	39,234,184		$	109,653,901		$	—		$	—


	Columbia Variable Portfolio –												Columbia Variable Portfolio –
	Income Opportunities Fund												Mid Cap Growth Opportunity Fund
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)						(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		6,948,986			76,666,679			164,295,450			1,803,116,365			—			—			376			5,000
Distributions reinvested		11,511,574			112,698,308			8,897,213			86,658,856			—			—			—			—
Redemptions		(693,597	)		(7,644,122	)		(94,398,502	)		(1,035,324,748	)		—			—			—			—

Net increase		17,766,963			181,720,865			78,794,161			854,450,473			—			—			376			5,000

Class 2 shares
Subscriptions		174,994			1,938,068			97,255			1,016,682			35,769			534,414			9,255			121,236
Distributions reinvested		34,632			338,008			59			575			—			—			—			—
Redemptions		(4,903	)		(53,860	)		(10,251	)		(106,122	)		(2,053	)		(30,313	)		(37	)		(502	)

Net increase		204,723			2,222,216			87,063			911,135			33,716			504,101			9,218			120,734

Class 3 Shares
Subscriptions		286,349			3,148,111			8,744,327			95,605,509			77,057			1,175,156			337,184			4,106,905
Distributions reinvested		2,978,249			29,216,620			2,953,732			28,828,422			—			—			—			—
Redemptions		(1,523,144	)		(16,835,499	)		(175,245,945	)		(1,922,887,173	)		(2,086,563	)		(31,505,136	)		(5,296,135	)		(65,287,452	)

Net increase (decrease)		1,741,454			15,529,232			(163,547,886	)		(1,798,453,242	)		(2,009,506	)		(30,329,980	)		(4,958,951	)		(61,180,547	)

Total net increase (decrease)		19,713,140			199,472,313			(84,666,662	)		(943,091,634	)		(1,975,790	)		(29,825,879	)		(4,949,357	)		(61,054,813	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

160 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –						Variable Portfolio –
	Davis New York Venture Fund						Goldman Sachs Mid Cap Value Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	7,751,552		$	10,587,820		$	2,570,954		$	4,404,743
Net realized gain (loss)		54,059,988			72,376,560			71,369,004			22,614,571
Net change in unrealized appreciation (depreciation)		(23,239,776	)		39,697,709			(19,279,281	)		124,128,009

Net change in net assets resulting from operations		38,571,764			122,662,089			54,660,677			151,147,323

Increase (decrease) in net assets from share transactions		(97,255,809	)		(716,762,399	)		11,415,865			738,431,152

Total increase (decrease) in net assets		(58,684,045	)		(594,100,310	)		66,076,542			889,578,475
Net assets at beginning of period		1,428,595,196			2,022,695,506			903,516,331			13,937,856

Net assets at end of period	$	1,369,911,151		$	1,428,595,196		$	969,592,873		$	903,516,331


	Variable Portfolio –												Variable Portfolio –
	Davis New York Venture Fund												Goldman Sachs Mid Cap Value Fund
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)						(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		5,512,099			56,814,278			238,210,241			2,084,912,417			2,105,580			24,587,911			80,218,627			748,321,015
Redemptions		(14,317,110	)		(145,139,409	)		(103,314,104	)		(897,202,543	)		(1,282,033	)		(14,904,987	)		(922,393	)		(9,615,829	)

Net increase (decrease)		(8,805,011	)		(88,325,131	)		134,896,137			1,187,709,874			823,547			9,682,924			79,296,234			738,705,186

Class 2 shares
Subscriptions		61,867			634,886			48,700			444,647			141,616			1,650,499			47,813			488,872
Redemptions		(5,090	)		(52,158	)		(1,512	)		(14,684	)		(23,963	)		(276,369	)		(628	)		(6,149	)

Net increase		56,777			582,728			47,188			429,963			117,653			1,374,130			47,185			482,723

Class 3 Shares
Subscriptions		58,601			602,286			11,175,356			102,181,681			129,498			1,509,190			210,610			2,026,933
Redemptions		(984,119	)		(10,115,692	)		(228,996,319	)		(2,007,083,917	)		(98,201	)		(1,150,379	)		(289,310	)		(2,783,690	)

Net increase (decrease)		(925,518	)		(9,513,406	)		(217,820,963	)		(1,904,902,236	)		31,297			358,811			(78,700	)		(756,757	)

Total net increase (decrease)		(9,673,752	)		(97,255,809	)		(82,877,638	)		(716,762,399	)		972,497			11,415,865			79,264,719			738,431,152


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 161

Statement of Changes in Net Assets (continued)


	Variable Portfolio –
	Partners Small Cap Value Fund
	Six months ended			Year ended
	June 30, 2011			December 31, 2010
	(Unaudited)
Operations
Net investment income (loss)	$	2,067,466		$	4,549,839
Net realized gain (loss)		73,307,468			133,068,608
Net change in unrealized appreciation (depreciation)		(21,404,362	)		157,500,889

Net change in net assets resulting from operations		53,970,572			295,119,336

Increase (decrease) in net assets from share transactions		25,903,201			(163,744,355	)

Total increase (decrease) in net assets		79,873,773			131,374,981
Net assets at beginning of period		1,453,200,588			1,321,825,607

Net assets at end of period	$	1,533,074,361		$	1,453,200,588


	Variable Portfolio –
	Partners Small Cap Value Fund
	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		4,723,133			74,255,068			94,919,123			1,235,066,182
Redemptions		(1,128,371	)		(17,924,465	)		(18,431,363	)		(235,850,356	)

Net increase		3,594,762			56,330,603			76,487,760			999,215,826

Class 2 shares
Subscriptions		51,231			811,749			32,104			449,961
Redemptions		(21,225	)		(331,226	)		(340	)		(4,457	)

Net increase		30,006			480,523			31,764			445,504

Class 3 Shares
Subscriptions		13,395			210,651			3,402,838			44,243,334
Redemptions		(1,977,885	)		(31,118,576	)		(92,569,004	)		(1,207,649,019	)

Net decrease		(1,964,490	)		(30,907,925	)		(89,166,166	)		(1,163,405,685	)

Total net increase (decrease)		1,660,278			25,903,201			(12,646,642	)		(163,744,355	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

162 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Financial Highlights

The following tables are intended to help you understand each Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. For periods ended 2009 and after, per share net investment income (loss) amounts of the Funds, except Columbia VP - Cash Management Fund, are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract changes, if any, and are not annualized for periods of less than one year.

Columbia VP – Balanced Fund


	Six months																Year ended
	ended June 30,			Year ended Dec. 31,													Aug. 31,
	2011			2010		2009		2008			2007			2006^(a)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$13.83			$12.29		$9.89		$15.09			$15.61			$15.44			$15.18

Income from investment operations:
Net investment income (loss)		0.14			0.27		0.29		0.46			0.43			0.13			0.41
Net realized and unrealized gain on investments		0.57			1.27		2.11		(4.72	)		(0.16	)		1.04			0.72

Total from investment operations		0.71			1.54		2.40		(4.26	)		0.27			1.17			1.13

Less distributions to shareholders from:
Net investment income		—			—		—		(0.03	)		(0.45	)		(0.10	)		(0.41	)
Net realized gains		—			—		—		(0.91	)		(0.34	)		(0.90	)		(0.46	)

Total distributions to shareholders		—			—		—		(0.94	)		(0.79	)		(1.00	)		(0.87	)

Net asset value, end of period		$14.54			$13.83		$12.29		$9.89			$15.09			$15.61			$15.44

Total return		5.13%			12.53%		24.23%		(29.92%	)		1.74%			7.73%			7.76%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.88%	^(c)		0.83%		0.73%		0.71%			0.80%			0.84%	^(c)		0.77%

Net expenses after fees waived or expenses reimbursed^(d)		0.84%	^(c)		0.83%		0.73%		0.71%			0.80%			0.84%	^(c)		0.77%

Net investment income		1.91%	^(c)		2.15%		2.75%		3.27%			2.65%			2.43%	^(c)		2.63%

Supplemental data
Net assets, end of period (in thousands)		$937,337			$960,000		$1,016,394		$920,800			$1,731,335			$2,070,796			$2,046,489

Portfolio turnover^(e)		120%			156%		208%		131%			118%			38%			130%

Notes to Financial Highlights


^(a)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses Which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 43% for the six months ended June 30, 2011 and 96%, 164% and 82% for the years ended December 31, 2010, 2009 and 2008, respectively.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 163

Financial Highlights (continued)

Columbia VP – Cash Management Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$1.00			$1.00

Income from investment operations:
Net investment income		0.00	^(b)		0.00	^(b)
Net realized and unrealized gain on investments		0.00	^(b)		0.00	^(b)
Increase from payments by affiliate		—			0.00	^(b)

Total from investment operations		0.00	^(b)		0.00	^(b)

Less distributions to shareholders from:
Net investment income		(0.00	)^(b)		(0.00	)^(b)

Net asset value, end of period		$1.00			$1.00

Total return		0.00%	^(c)		0.01%	^(d)

Ratios to average net assets
Expenses prior to fees waived or expenses reimbursed		0.46%	^(e)		0.51%	^(e)

Net expenses after fees waived or expenses reimbursed^(f)		0.19%	^(e)		0.23%	^(e)

Net investment income		0.01%	^(e)		0.01%	^(e)

Supplemental data
Net assets, end of period (in thousands)		$217,929			$212,830

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$1.00			$1.00

Income from investment operations:
Net investment income		(0.00	)^(b)		0.00	^(b)
Net realized and unrealized gain on investments		0.00	^(b)		0.00	^(b)
Increase from payments by affiliate		—			0.00	^(b)

Total from investment operations		0.00	^(b)		0.00	^(b)

Less distributions to shareholders from:
Net investment income		(0.00	)^(b)		(0.00	)^(b)

Net asset value, at end of period		$1.00			$1.00

Total return		0.00%	^(c)		0.02%

Ratios to average net assets
Expenses prior to fees waived or expenses reimbursed		0.71%	^(e)		0.76%^(e	⁾

Net expenses after fees waived or expenses reimbursed^(f)		0.20%	^(e)		0.23%^(e	⁾

Net investment income		(0.00	)%^(c)(e)		0.00%^(c	^)(e)

Supplemental data
Net assets, end of period (in thousands)		$6,891			$3,829

The accompanying Notes to Financial Statements are an integral part of this statement.

164 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Cash Management Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(g)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Income from investment operations:
Net investment income (loss)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.02	^(b)		0.05			0.02			0.04
Net realized and unrealized gain on investments		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		—			—			—
Increase from payments by affiliate		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		—			—			—

Total from investment operations		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.02			0.05			0.02			0.04

Less distributions to shareholders from:
Net investment income		(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)		(0.02	)		(0.05	)		(0.02	)		(0.04	)

Proceeds from regulatory settlement		—			—			(0.00	)^(b)		—			—			—			—

Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total return		0.00%	^(c)		0.01%	^(d)		0.16%	^(h)		2.31%	⁽ⁱ⁾		4.75%			1.54%			4.01%

Ratios to average net assets
Expenses prior to fees waived or expenses reimbursed		0.59%	^(e)		0.62%			0.64%			0.62%			0.60%			0.60%	^(e)		0.67%

Net expenses after fees waived or expenses reimbursed^(f)		0.20%	^(e)		0.22%			0.47%			0.62%			0.60%			0.60%	^(e)		0.67%

Net investment income		0.01%	^(e)		0.01%			0.07%			2.27%			4.72%			4.66%	^(e)		4.01%

Supplemental data
Net assets, end of period (in thousands)		$519,555			$621,642			$959,022			$1,672,805			$1,337,525			$1,055,267			$998,837

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Rounds to less than $0.01.
^(c)		Rounds to less than 0.01%.
^(d)		During the year ended December 31, 2010, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04% for Class 1 and 0.28% for Class 3.
^(e)		Annualized.
^(f)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds for the years ended December 31, 2009 and 2008, respectively.
^(g)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(h)		During the year ended December 31, 2009, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.09% for Class 3.
⁽ⁱ⁾		During the year ended December 31, 2008, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.57% for Class 3.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 165

Financial Highlights (continued)

Columbia VP – Diversified Bond Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.00			$11.14

Income from investment operations:
Net investment income		0.20			0.28
Net realized and unrealized gain on investments		0.08			0.23

Total from investment operations		0.28			0.51

Less distributions to shareholders from:
Net investment income		(0.53	)		(0.65	)

Net asset value, end of period		$10.75			$11.00

Total return		2.55%			4.73%

Ratios to average net assets^(b)
Total expenses		0.57%	^(c)		0.61%	^(c)

Net investment income		3.58%	^(c)		3.94%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,436,015			$2,224,176

Portfolio turnover^(d)		228%			382%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.99			$11.14

Income from investment operations:
Net investment income		0.18			0.25
Net realized and unrealized gain on investments		0.09			0.24

Total from investment operations		0.27			0.49

Less distributions to shareholders from:
Net investment income		(0.52	)		(0.64	)

Net asset value, end of period		$10.74			$10.99

Total return		2.47%			4.60%

Ratios to average net assets^(b)
Total expenses		0.82%	^(c)		0.85%	^(c)

Net investment income		3.33%	^(c)		3.44%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$7,399			$3,422

Portfolio turnover^(d)		228%			382%

The accompanying Notes to Financial Statements are an integral part of this statement.

166 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Bond Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$11.00			$10.76			$9.80			$10.50			$10.47			$10.39			$10.66

Income from investment operations:
Net investment income (loss)		0.19			0.40			0.43			0.50			0.50			0.16			0.43
Net realized and unrealized gain on investments		0.08			0.48			0.95			(1.15	)		0.03			0.08			(0.27	)

Total from investment operations		0.27			0.88			1.38			(0.65	)		0.53			0.24			0.16

Less distributions to shareholders from:
Net investment income		(0.51	)		(0.64	)		(0.42	)		(0.05	)		(0.49	)		(0.16	)		(0.43	)
Tax return of capital		—			—			—			—			(0.01	)		—			—

Total distributions to shareholders		(0.51	)		(0.64	)		(0.42	)		(0.05	)		(0.50	)		(0.16	)		(0.43	)

Net asset value, end of period		$10.76			$11.00			$10.76			$9.80			$10.50			$10.47			$10.39

Total return		2.49%			8.33%			14.42%			(6.32%	)		5.20%			2.32%			1.58%

Ratios to average net assets^(b)
Total expenses		0.70%	^(c)		0.71%			0.71%			0.72%			0.74%			0.74%	^(c)		0.80%

Net investment income		3.45%	^(c)		3.62%			4.12%			4.77%			4.79%			4.57%	^(c)		4.15%

Supplemental data
Net assets, end of period (in thousands)		$1,547,836			$1,712,149			$5,577,210			$4,479,609			$4,353,396			$2,744,819			$2,325,221

Portfolio turnover^(d)		228%			382%			434%			231%			289%			109%			292%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 147%, 256%, 308% and 120% for the six months ended June 30, 2011 and years ended December 31, 2010, 2009 and 2008, respectively.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 167

Financial Highlights (continued)

Columbia VP – Dynamic Equity Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$19.34			$18.00

Income from investment operations:
Net investment income		0.13			0.20
Net realized and unrealized gain on investments		1.64			1.14

Total from investment operations		1.77			1.34

Net asset value, end of period		$21.11			$19.34

Total return		9.15%			7.45%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.86%	^(c)		0.84%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.83%	^(c)		0.84%	^(c)

Net investment income		1.24%	^(c)		1.77%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$6			$5

Portfolio turnover		27%			87%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$19.32			$18.00

Income from investment operations:
Net investment income		0.10			0.17
Net realized and unrealized gain on investments		1.63			1.15

Total from investment operations		1.73			1.32

Net asset value, end of period		$21.05			$19.32

Total return		8.95%			7.33%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.10%	^(c)		1.11%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.06%	^(c)		1.11%	^(c)

Net investment income		1.01%	^(c)		1.46%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$115			$32

Portfolio turnover		27%			87%

The accompanying Notes to Financial Statements are an integral part of this statement.

168 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Dynamic Equity Fund (continued)


	Six months																Year ended
	ended June 30,			Year ended Dec. 31,													Aug. 31,
	2011			2010		2009		2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$19.32			$16.46		$13.26		$25.27			$25.04			$22.91			$21.48

Income from investment operations:
Net investment income (loss)		0.11			0.23		0.26		0.38			0.35			0.09			0.29
Net realized and unrealized gain on investments		1.64			2.63		2.94		(10.22	)		0.39			2.10			1.43

Total from investment operations		1.75			2.86		3.20		(9.84	)		0.74			2.19			1.72

Less distributions to shareholders from:
Net investment income		—			—		—		(0.04	)		(0.34	)		(0.06	)		(0.29	)
Net realized gains		—			—		—		(2.13	)		(0.17	)		—			—

Total distributions to shareholders		—			—		—		(2.17	)		(0.51	)		(0.06	)		(0.29	)

Net asset value, end of period		$21.07			$19.32		$16.46		$13.26			$25.27			$25.04			$22.91

Total return		9.06%			17.37%		24.13%		(42.16%	)		2.93%			9.59%			8.02%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.98%	^(c)		0.94%		0.71%		0.72%			0.86%			0.83%	^(c)		0.82%

Net expenses after fees waived or expenses reimbursed^(d)		0.95%	^(c)		0.94%		0.71%		0.72%			0.86%			0.83%	^(c)		0.82%

Net investment income		1.11%	^(c)		1.36%		1.87%		1.77%			1.29%			1.16%	^(c)		1.30%

Supplemental data
Net assets, end of period (in thousands)		$1,379,966			$1,373,003		$1,393,213		$1,348,591			$3,023,361			$3,737,379			$3,732,943

Portfolio turnover		27%			87%		70%		109%			66%			21%			85%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 169

Financial Highlights (continued)

Columbia VP – Emerging Markets Opportunity Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$17.95			$15.68

Income from investment operations:
Net investment income		0.09			0.07
Net realized and unrealized gain (loss) on investments		(0.24	)		2.33

Total from investment operations		(0.15	)		2.40

Less distributions to shareholders from:
Net investment income		(0.14	)		(0.13	)
Net realized gains		(0.25	)		—

Total distributions to shareholders		(0.39	)		(0.13	)

Net asset value, end of period		$17.41			$17.95

Total return		(0.83%	)		15.48%

Ratios to average net assets^(b)
Total expenses		1.31%	^(c)		1.37%	^(c)

Net investment income		0.99%	^(c)		0.71%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$538,227			$490,399

Portfolio turnover		40%			86%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$17.92			$15.68

Income from investment operations:
Net investment income (loss)		0.08			(0.04	)
Net realized and unrealized gain on investments		(0.25	)		2.41

Total from investment operations		(0.17	)		2.37

Less distributions to shareholders from:
Net investment income		(0.12	)		(0.13	)
Net realized gains		(0.25	)		—

Total distributions to shareholders		(0.37	)		(0.13	)

Net asset value, end of period		$17.38			$17.92

Total return		(0.93%	)		15.24%

Ratios to average net assets^(b)
Total expenses		1.58%	^(c)		1.56%	^(c)

Net investment income (loss)		0.91%	^(c)		(0.33%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$4,344			$2,050

Portfolio turnover		40%			86%

The accompanying Notes to Financial Statements are an integral part of this statement.

170 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Emerging Markets Opportunity Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(d)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$17.94			$15.20			$8.76			$22.49			$17.35			$16.32			$13.14

Income from investment operations:
Net investment income (loss)		0.07			0.11			0.06			0.16			0.14			(0.02	)		0.09
Net realized and unrealized gain on investments		(0.23	)		2.85			6.42			(10.66	)		6.11			3.21			3.85

Total from investment operations		(0.16	)		2.96			6.48			(10.50	)		6.25			3.19			3.94

Less distributions to shareholders from:
Net investment income		(0.13	)		(0.22	)		(0.04	)		(0.12	)		(0.11	)		—			(0.06	)
Net realized gains		(0.25	)		—			—			(3.11	)		(1.00	)		(2.16	)		(0.70	)

Total distributions to shareholders		(0.38	)		(0.22	)		(0.04	)		(3.23	)		(1.11	)		(2.16	)		(0.76	)

Proceeds from regulatory settlement		—			—			0.00	^(e)		—			—			—			—

Net asset value, end of period		$17.40			$17.94			$15.20			$8.76			$22.49			$17.35			$16.32

Total return		(0.89%	)		19.76%			74.08%			(53.71%	)		38.11%			20.17%			30.97%

Ratios to average net assets^(b)
Total expenses		1.43%	^(c)		1.45%			1.42%			1.61%			1.50%			1.51%	^(c)		1.54%

Net investment income (loss)		0.81%	^(c)		0.73%			0.52%			1.06%			0.73%			(0.36%	)^(c)		0.68%

Supplemental data
Net assets, end of period (in thousands)		$509,452			$557,231			$911,711			$712,900			$961,963			$547,638			$427,076

Portfolio turnover		40%			86%			145%	^(f)		140%			124%			46%			146%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(e)		Rounds to less than $0.01.
^(f)		The aggregate cost of securities purchased for purposes of portfolio turnover excludes $41,979,743 for securities received at value on February 13, 2009 in exchange for Fund shares issued.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 171

Financial Highlights (continued)

Columbia VP – Global Bond Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.70			$11.41

Income from investment operations:
Net investment income		0.21			0.25
Net realized and unrealized gain on investments		0.34			0.50

Total from investment operations		0.55			0.75

Less distributions to shareholders from:
Net investment income		(0.20	)		(0.46	)
Net realized gains		(0.06	)		—

Total distributions to shareholders		(0.26	)		(0.46	)

Net asset value, end of period		$11.99			$11.70

Total return		4.73%			6.72%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.78%	^(c)		0.85%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.78%	^(c)		0.85%	^(c)

Net investment income		3.51%	^(c)		3.35%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,218,787			$1,086,905

Portfolio turnover		31%			66%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.69			$11.41

Income from investment operations:
Net investment income		0.20			0.22
Net realized and unrealized gain on investments		0.34			0.51

Total from investment operations		0.54			0.73

Less distributions to shareholders from:
Net investment income		(0.19	)		(0.45	)
Net realized gains		(0.06	)		—

Total distributions to shareholders		(0.25	)		(0.45	)

Net asset value, end of period		$11.98			$11.69

Total return		4.63%			6.54%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.03%	^(c)		1.11%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.03%	^(c)		1.10%	^(c)

Net investment income		3.33%	^(c)		2.90%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$3,707			$1,827

Portfolio turnover		31%			66%

The accompanying Notes to Financial Statements are an integral part of this statement.

172 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Bond Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007		��	2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$11.70			$11.50			$10.50			$11.32			$10.90			$10.79			$11.02

Income from investment operations:
Net investment income (loss)		0.20			0.45			0.31			0.42			0.38			0.12			0.30
Net realized and unrealized gain on investments		0.35			0.29			0.88			(0.46	)		0.44			0.11			(0.17	)

Total from investment operations		0.55			0.74			1.19			(0.04	)		0.82			0.23			0.13

Less distributions to shareholders from:
Net investment income		(0.19	)		(0.54	)		(0.19	)		(0.77	)		(0.40	)		(0.12	)		(0.31	)
Net realized gains		(0.06	)		—			—			(0.01	)		—			—			(0.05	)

Total distributions to shareholders		(0.25	)		(0.54	)		(0.19	)		(0.78	)		(0.40	)		(0.12	)		(0.36	)

Net asset value, end of period		$12.00			$11.70			$11.50			$10.50			$11.32			$10.90			$10.79

Total return		4.75%			6.58%			11.38%			(0.44%	)		7.65%			2.15%			1.27%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.91%	^(c)		0.95%			0.97%			0.97%			1.00%			1.00%	^(c)		1.06%

Net expenses after fees waived or expenses reimbursed^(d)		0.91%	^(c)		0.95%			0.96%			0.97%			1.00%			1.00%	^(c)		1.06%

Net investment income		3.38%	^(c)		3.87%			2.78%			3.56%			3.45%			3.22%	^(c)		2.85%

Supplemental data
Net assets, end of period (in thousands)		$495,057			$520,055			$1,676,097			$1,439,491			$1,327,706			$781,822			$692,438

Portfolio turnover		31%			66%			77%			62%			69%			20%			65%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 173

Financial Highlights (continued)

Columbia VP – Global Inflation Protected Securities Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$9.54			$9.61

Income from investment operations:
Net investment income		0.25			0.21
Net realized and unrealized gain (loss) on investments		0.17			(0.02	)

Total from investment operations		0.42			0.19

Less distributions to shareholders from:
Net investment income		(0.75	)		(0.24	)
Net realized gains		(0.13	)		(0.02	)

Total distributions to shareholders		(0.88	)		(0.26	)

Net asset value, end of period		$9.08			$9.54

Total return		4.34%			2.06%

Ratios to average net assets^(b)
Total Expenses		0.56%	^(c)		0.58%	^(c)

Net investment income		5.22%	^(c)		3.34%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,461,945			$2,209,105

Portfolio turnover		35%			66%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$9.52			$9.61

Income from investment operations:
Net investment income		0.24			0.39
Net realized and unrealized gain on investments		0.17			(0.22	)

Total from investment operations		0.41			0.17

Less distributions to shareholders from:
Net investment income		(0.74	)		(0.24	)
Net realized gains		(0.13	)		(0.02	)

Total distributions to shareholders		(0.87	)		(0.26	)

Net asset value, end of period		$9.06			$9.52

Total return		4.27%			1.80%

Ratios to average net assets^(b)
Total Expenses		0.81%	^(c)		0.81%	^(c)

Net investment income		5.28%	^(c)		6.34%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,932			$1,227

Portfolio turnover		35%			66%

The accompanying Notes to Financial Statements are an integral part of this statement.

174 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Global Inflation Protected Securities Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(d)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$9.54			$9.40			$10.06			$10.28			$9.76			$10.04			$10.19

Income from investment operations:
Net investment income (loss)		0.25			0.19			0.13			0.43			0.52			0.06			0.47
Net realized and unrealized gain on investments		0.16			0.20			0.50			(0.40	)		0.24			(0.10	)		(0.26	)

Total from investment operations		0.41			0.39			0.63			0.03			0.76			(0.04	)		0.21

Less distributions to shareholders from:
Net investment income		(0.73	)		(0.23	)		(1.29	)		(0.25	)		(0.24	)		(0.24	)		(0.34	)
Net realized gains		(0.13	)		(0.02	)		(0.00	)^(e)		—			—			—			(0.02	)

Total distributions to shareholders		(0.86	)		(0.25	)		(1.29	)		(0.25	)		(0.24	)		(0.24	)		(0.36	)

Net asset value, end of period		$9.09			$9.54			$9.40			$10.06			$10.28			$9.76			$10.04

Total return		4.29%			4.13%			6.84%			0.14%			7.93%			(0.49%	)		2.18%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.68%	^(c)		0.70%			0.71%			0.73%			0.74%			0.72%	^(c)		0.77%

Net expenses after fees waived or expenses reimbursed^(f)		0.68%	^(c)		0.70%			0.71%			0.72%			0.72%			0.72%	^(c)		0.72%

Net investment income		5.03%	^(c)		1.96%			1.41%			3.95%			4.50%			1.09%	^(c)		4.23%

Supplemental data
Net assets, end of period (in thousands)		$314,616			$330,937			$2,348,120			$982,653			$820,061			$581,691			$403,150

Portfolio turnover		35%			66%			135%			54%			80%			—%			75%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(e)		Rounds to less than $0.01.
^(f)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 175

Financial Highlights (continued)

Columbia VP – High Yield Bond Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$6.94			$7.09

Income from investment operations:
Net investment income		0.26			0.34
Net realized and unrealized gain on investments		0.04			0.16

Total from investment operations		0.30			0.50

Less distributions to shareholders from:
Net investment income		(0.59	)		(0.65	)

Net asset value, end of period		$6.65			$6.94

Total return		4.40%			7.98%

Ratios to average net assets^(b)
Total expenses		0.74%	^(c)		0.75%	^(c)

Net investment income		7.31%	^(c)		7.70%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$6			$5

Portfolio turnover		49%			88%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$6.93			$7.09

Income from investment operations:
Net investment income		0.25			0.30
Net realized and unrealized gain on investments		0.04			0.18

Total from investment operations		0.29			0.48

Less distributions to shareholders from:
Net investment income		(0.59	)		(0.64	)

Net asset value, end of period		$6.63			$6.93

Total return		4.20%			7.79%

Ratios to average net assets^(b)
Total expenses		1.03%	^(c)		1.05%	^(c)

Net investment income		7.11%	^(c)		6.83%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$5,609			$2,132

Portfolio turnover		49%			88%

The accompanying Notes to Financial Statements are an integral part of this statement.

176 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – High Yield Bond Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(d)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$6.93			$6.71			$4.84			$6.48			$6.85			$6.68			$6.76

Income from investment operations:
Net investment income (loss)		0.25			0.52			0.55			0.66			0.50			0.16			0.47
Net realized and unrealized gain on investments		0.05			0.34			1.94			(2.28	)		(0.37	)		0.19			(0.09	)

Total from investment operations		0.30			0.86			2.49			(1.62	)		0.13			0.35			0.38

Less distributions to shareholders from:
Net investment income		(0.58	)		(0.64	)		(0.62	)		(0.02	)		(0.50	)		(0.18	)		(0.46	)

Net asset value, end of period		$6.65			$6.93			$6.71			$4.84			$6.48			$6.85			$6.68

Total return		4.42%			13.96%			53.86%			(25.19%	)		1.86%			5.43%			5.76%

Ratios to average net assets^(b)
Total expenses		0.89%	^(c)		0.88%			0.86%			0.89%			0.87%			0.88%	^(c)		0.87%

Net investment income		7.15%	^(c)		7.65%			9.43%			8.84%			7.38%			7.35%	^(c)		7.02%

Supplemental data
Net assets, end of period (in thousands)		$652,601			$677,780			$727,045			$522,569			$1,032,310			$1,215,675			$1,191,586

Portfolio turnover		49%			88%			102%			58%			84%			29%			106%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 177

Financial Highlights (continued)

Columbia VP – Income Opportunities Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.69			$11.25

Income from investment operations:
Net investment income		0.37			0.51
Net realized and unrealized gain on investments		0.10			0.23

Total from investment operations		0.47			0.74

Less distributions to shareholders from:
Net investment income		(1.03	)		(1.30	)
Net realized gains		(0.30	)		—

Total distributions to shareholders		(1.33	)		(1.30	)

Net asset value, end of period		$9.83			$10.69

Total return		4.40%			7.68%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.73%	^(c)		0.78%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.73%	^(c)		0.78%	^(c)

Net investment income		6.81%	^(c)		7.47%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$948,931			$842,202

Portfolio turnover		39%			77%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.67			$11.25

Income from investment operations:
Net investment income		0.36			0.47
Net realized and unrealized gain on investments		0.09			0.24

Total from investment operations		0.45			0.71

Less distributions to shareholders from:
Net investment income		(1.02	)		(1.29	)
Net realized gains		(0.30	)		—

Total distributions to shareholders		(1.32	)		(1.29	)

Net asset value, end of period		$9.80			$10.67

Total return		4.26%			7.44%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.98%	^(c)		1.01%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.98%	^(c)		1.01%	^(c)

Net investment income		6.65%	^(c)		6.87%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,860			$929

Portfolio turnover		39%			77%

The accompanying Notes to Financial Statements are an integral part of this statement.

178 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Income Opportunities Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$10.71			$10.71			$7.99			$9.86			$10.32			$10.08			$10.39

Income from investment operations:
Net investment income (loss)		0.37			0.81			0.84			0.69			0.70			0.22			0.64
Net realized and unrealized gain on investments		0.08			0.47			2.46			(2.54	)		(0.44	)		0.24			(0.26	)

Total from investment operations		0.45			1.28			3.30			(1.85	)		0.26			0.46			0.38

Less distributions to shareholders from:
Net investment income		(1.01	)		(1.28	)		(0.58	)		(0.02	)		(0.68	)		(0.22	)		(0.64	)
Net realized gains		(0.30	)		—			—			—			(0.02	)		—			(0.05	)
Tax return of capital		—			—			—			—			(0.02	)		—			—

Total distributions to shareholders		(1.31	)		(1.28	)		(0.58	)		(0.02	)		(0.72	)		(0.22	)		(0.69	)

Net asset value, end of period		$9.85			$10.71			$10.71			$7.99			$9.86			$10.32			$10.08

Total return		4.25%			13.04%			42.41%			(18.82%	)		2.65%			4.66%			3.76%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.86%	^(c)		0.86%	^(c)		0.88%			0.92%			0.91%			0.90%	^(c)		0.96%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.86%	^(c)		0.86%	^(c)		0.88%			0.92%			0.91%			0.90%	^(c)		0.96%	^(c)

Net investment income		6.67%	^(c)		7.38%	^(c)		8.63%			8.04%			6.89%			6.72%	^(c)		6.39%

Supplemental data
Net assets, end of period (in thousands)		$248,845			$251,747			$2,003,909			$755,538			$735,780			$409,460			$258,633

Portfolio turnover		39%			77%			70%			76%			98%			29%			87%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 179

Financial Highlights (continued)

Columbia VP – Mid Cap Growth Opportunity Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$14.55			$13.30

Income from investment operations:
Net investment income (loss)		(0.02	)		(0.01	)
Net realized and unrealized gain on investments		0.51			1.26

Total from investment operations		0.49			1.25

Net asset value, end of period		$15.04			$14.55

Total return		3.37%			9.40%

Ratios to average net assets^(b)
Total expenses		0.91%	^(c)		0.81%	^(c)

Net investment income (loss)		(0.29%	)^(c)		(0.09%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$6			$5

Portfolio turnover		42%			100%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$14.53			$13.30

Income from investment operations:
Net investment income (loss)		(0.04	)		(0.03	)
Net realized and unrealized gain on investments		0.52			1.26

Total from investment operations		0.48			1.23

Net asset value, end of period		$15.01			$14.53

Total return		3.30%			9.25%

Ratios to average net assets^(b)
Total expenses		1.18%	^(c)		1.09%	^(c)

Net investment income (loss)		(0.54%	)^(c)		(0.31%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$644			$134

Portfolio turnover		42%			100%

The accompanying Notes to Financial Statements are an integral part of this statement.

180 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Mid Cap Growth Opportunity Fund (continued)


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(d)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$14.53			$11.51			$7.04			$12.85			$11.42			$10.96			$12.43

Income from investment operations:
Net investment income (loss)		(0.03	)		(0.02	)		(0.01	)		0.00	^(e)		(0.02	)		0.03			(0.01	)
Net realized and unrealized gain on investments		0.52			3.04			4.48			(5.74	)		1.58			0.91			(0.44	)

Total from investment operations		0.49			3.02			4.47			(5.74	)		1.56			0.94			(0.45	)

Less distributions to shareholders from:
Net investment income		—			—			—			(0.00	)^(e)		(0.01	)		(0.03	)		—
Net realized gains		—			—			—			(0.07	)		(0.12	)		(0.45	)		(1.02	)

Total distributions to shareholders		—			—			—			(0.07	)		(0.13	)		(0.48	)		(1.02	)

Net asset value, end of period		$15.02			$14.53			$11.51			$7.04			$12.85			$11.42			$10.96

Total return		3.37%			26.28%			63.39%			(44.84%	)		13.74%			8.54%			(4.43%	)

Ratios to average net assets^(b)
Total expenses		1.01%	^(c)		0.99%			1.07%			0.88%			0.86%			0.88%	^(c)		0.92%

Net investment income (loss)		(0.38%	)^(c)		(0.19%	)		(0.15%	)		(0.01%	)		(0.12%	)		0.70%	^(c)		(0.14%	)

Supplemental data
Net assets, end of period (in thousands)		$391,480			$407,945			$380,078			$256,228			$593,253			$689,790			$708,903

Portfolio turnover		42%			100%			126%			70%			93%			24%			43%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year was changed from August 31 to December 31.
^(e)		Rounds to less than $0.01.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 181

Financial Highlights (continued)

Columbia VP – Davis New York Venture Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.00			$9.54

Income from investment operations:
Net investment income		0.06			0.06
Net realized and unrealized gain on investments		0.22			0.40

Total from investment operations		0.28			0.46

Net asset value, end of period		$10.28			$10.00

Total return		2.80%			4.82%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.79%	^(c)		0.82%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.78%	^(c)		0.82%	^(c)

Net investment income		1.17%	^(c)		0.98%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,296,353			$1,348,356

Portfolio turnover		7%			32%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$9.99			$9.54

Income from investment operations:
Net investment income		0.05			0.06
Net realized and unrealized gain on investments		0.23			0.39

Total from investment operations		0.28			0.45

Net asset value, end of period		$10.27			$9.99

Total return		2.80%			4.72%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.05%	^(c)		0.88%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.04%	^(c)		0.88%	^(c)

Net investment income		0.96%	^(c)		1.04%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,067			$472

Portfolio turnover		7%			32%

The accompanying Notes to Financial Statements are an integral part of this statement.

182 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Davis New York Venture Fund (continued)


	Six months																Year ended
	ended June 30,			Year ended Dec. 31,													Aug. 31,
	2011			2010		2009		2008			2007			2006^(e)			2006^(f)
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$9.99			$8.96		$6.82		$11.20			$10.92			$10.03			$10.06

Income from investment operations:
Net investment income (loss)		0.05			0.03		0.05		0.06			0.11			0.03			0.02
Net realized and unrealized gain on investments		0.23			1.00		2.09		(4.35	)		0.30			0.91			(0.03	)

Total from investment operations		0.28			1.03		2.14		(4.29	)		0.41			0.94			(0.01	)

Less distributions to shareholders from:
Net investment income		—			—		—		(0.00	)^(g)		(0.11	)		(0.02	)		(0.02	)
Net realized gains		—			—		—		(0.09	)		(0.02	)		(0.02	)		—
Tax return of capital		—			—		—		—			—			(0.01	)		—

Total distributions to shareholders		—			—		—		(0.09	)		(0.13	)		(0.05	)		(0.02	)

Net asset value, end of period		$10.27			$9.99		$8.96		$6.82			$11.20			$10.92			$10.03

Total return		2.80%			11.52%		31.33%		(38.58%	)		3.84%			9.30%			(0.05%	)

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.92%	^(c)		1.05%		0.94%		1.06%			0.99%			1.02%	^(c)		1.15%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.91%	^(c)		1.05%		0.94%		1.03%			0.99%			1.02%	^(c)		1.07%	^(c)

Net investment income		1.04%	^(c)		0.35%		0.64%		0.81%			1.03%			0.83%	^(c)		1.27%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$72,490			$79,768		$2,022,696		$842,243			$785,968			$396,870			$231,707

Portfolio turnover		7%			32%		21%		18%			12%			3%			3%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(f)		For the period from May 1, 2006 (commencement of operations) to August 31, 2006.
^(g)		Rounds to less than $0.01.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 183

Financial Highlights (continued)

Columbia VP – Goldman Sachs Mid Cap Value Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.18			$10.44

Income from investment operations:
Net investment income		0.03			0.06
Net realized and unrealized gain on investments		0.65			0.68

Total from investment operations		0.68			0.74

Net asset value, end of period		$11.86			$11.18

Total return		6.08%			7.09%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.90%	^(c)		0.92%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.90%	^(c)		0.92%	^(c)

Net investment income		0.55%	^(c)		0.92%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$950,202			$886,881

Portfolio turnover		38%			85%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.17			$10.44

Income from investment operations:
Net investment income		0.02			0.07
Net realized and unrealized gain on investments		0.64			0.66

Total from investment operations		0.66			0.73

Net asset value, end of period		$11.83			$11.17

Total return		5.91%			6.99%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.16%	^(c)		1.19%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.16%	^(c)		1.19%	^(c)

Net investment income		0.42%	^(c)		0.98%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,950			$527

Portfolio turnover		38%			85%

The accompanying Notes to Financial Statements are an integral part of this statement.

184 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Goldman Sachs Mid Cap Value Fund (continued)


	Six months																Year ended
	ended June 30,			Year ended Dec. 31,													Aug. 31,
	2011			2010		2009		2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$11.18			$9.17		$6.72		$10.69			$11.37			$11.72			$11.45

Income from investment operations:
Net investment income (loss)		0.02			0.06		0.10		0.16			0.11			0.04			0.25
Net realized and unrealized gain on investments		0.65			1.95		2.35		(4.05	)		0.59			0.79			0.44

Total from investment operations		0.67			2.01		2.45		(3.89	)		0.70			0.83			0.69

Less distributions to shareholders from:
Net investment income		—			—		—		—			(0.13	)		(0.03	)		(0.25	)
Net realized gains		—			—		—		(0.08	)		(1.25	)		(1.15	)		(0.17	)

Total distributions to shareholders		—			—		—		(0.08	)		(1.38	)		(1.18	)		(0.42	)

Net asset value, end of period		$11.85			$11.18		$9.17		$6.72			$10.69			$11.37			$11.72

Total return		5.99%			21.87%		36.47%		(36.58%	)		6.03%			7.13%			6.17%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.03%	^(c)		1.14%		1.56%		4.35%			2.09%			1.22%	^(c)		1.19%

Net expenses after fees waived or expenses reimbursed^(d)		1.03%	^(c)		1.05%		1.17%		1.14%			1.05%			1.09%	^(c)		1.08%

Net investment income		0.43%	^(c)		0.64%		1.36%		1.57%			0.88%			0.95%	^(c)		2.19%

Supplemental data
Net assets, end of period (in thousands)		$17,441			$16,108		$13,938		$12,020			$26,516			$28,479			$26,582

Portfolio turnover		38%			85%		99%		96%			93%			112%			35%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 185

Financial Highlights (continued)

Columbia VP – Partners Small Cap Value Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$15.28			$14.34

Income from investment operations:
Net investment income		0.02			0.05
Net realized and unrealized gain on investments		0.54			0.89

Total from investment operations		0.56			0.94

Net asset value, end of period		$15.84			$15.28

Total return		3.66%			6.56%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.00%	^(c)		1.11%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.99%	^(c)		1.09%	^(c)

Net investment income		0.30%	^(c)		0.56%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,268,790			$1,168,661

Portfolio turnover		28%			57%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$15.25			$14.34

Income from investment operations:
Net investment income		0.01			0.03
Net realized and unrealized gain on investments		0.53			0.88

Total from investment operations		0.54			0.91

Net asset value, end of period		$15.79			$15.25

Total return		3.54%			6.35%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.26%	^(c)		1.31%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.24%	^(c)		1.31%	^(c)

Net investment income		0.12%	^(c)		0.33%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$975			$484

Portfolio turnover		28%			57%

The accompanying Notes to Financial Statements are an integral part of this statement.

186 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Partners Small Cap Value Fund (continued)


	Six months																Year ended
	ended June 30,			Year ended Dec. 31,													Aug. 31,
	2011			2010		2009		2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$15.26			$12.26		$8.98		$13.63			$14.89			$15.06			$14.46

Income from investment operations:
Net investment income (loss)		0.01			0.02		0.04		0.08			0.11			0.02			0.06
Net realized and unrealized gain on investments		0.54			2.98		3.24		(4.26	)		(0.81	)		1.46			1.61

Total from investment operations		0.55			3.00		3.28		(4.18	)		(0.70	)		1.48			1.67

Less distributions to shareholders from:
Net investment income		—			—		—		(0.01	)		(0.12	)		(0.02	)		(0.06	)
Net realized gains		—			—		—		(0.46	)		(0.44	)		(1.63	)		(1.01	)

Total distributions to shareholders		—			—		—		(0.47	)		(0.56	)		(1.65	)		(1.07	)

Net asset value, end of period		$15.81			$15.26		$12.26		$8.98			$13.63			$14.89			$15.06

Total return		3.60%			24.43%		36.55%		(31.57%	)		(4.90%	)		9.99%			12.28%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.13%	^(c)		1.22%		1.27%		1.27%			1.28%			1.32%	^(c)		1.28%

Net expenses after fees waived or expenses reimbursed^(d)		1.12%	^(c)		1.22%		1.26%		1.22%			1.23%			1.26%	^(c)		1.24%

Net investment income		0.17%	^(c)		0.14%		0.43%		0.84%			0.73%			0.48%	^(c)		0.41%

Supplemental data
Net assets, end of period (in thousands)		$263,309			$284,055		$1,321,826		$916,221			$1,024,352			$618,629			$548,764

Portfolio turnover		28%			57%		58%		76%			58%			23%			102%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 187

Notes to Financial Statements

June 30, 2011 (Unaudited)


Note 1.	Organization

Columbia Funds Variable Series Trust II (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011 the Trust was named RiverSource Variable Series Trust. Information presented in these financial statements pertains to the following series of the Trust (each a Fund and collectively, the Funds): Columbia Variable Portfolio – Balanced Fund (formerly known as RiverSource Variable Portfolio – Balanced Fund); Columbia Variable Portfolio – Cash Management Fund (formerly known as RiverSource Variable Portfolio – Cash Management Fund); Columbia Variable Portfolio – Diversified Bond Fund (formerly known as RiverSource Variable Portfolio – Diversified Bond Fund); Columbia Variable Portfolio – Dynamic Equity Fund (formerly known as RiverSource Variable Portfolio – Dynamic Equity Fund); Columbia Variable Portfolio – Emerging Markets Opportunity Fund (formerly known as Threadneedle Variable Portfolio – Emerging Markets Fund); Columbia Variable Portfolio – Global Bond Fund (formerly known as RiverSource Variable Portfolio – Global Bond Fund); Columbia Variable Portfolio – Global Inflation Protected Securities Fund (formerly known as RiverSource Variable Portfolio – Global Inflation Protected Securities Fund); Columbia Variable Portfolio – High Yield Bond Fund (formerly known as RiverSource Variable Portfolio – High Yield Bond Fund); Columbia Variable Portfolio – Income Opportunities Fund (formerly known as RiverSource Variable Portfolio – Income Opportunities Fund); Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund (formerly known as RiverSource Variable Portfolio – Mid Cap Growth Fund); Variable Portfolio – Davis New York Venture Fund; Variable Portfolio – Goldman Sachs Mid Cap Value Fund and Variable Portfolio – Partners Small Cap Value Fund. Reference to shares and shareholders within these financial statements refer to both shares and partners’ interests as well as shareholders and partners, respectively.

Each Fund, other than Columbia Variable Portfolio – Global Bond Fund and Columbia Variable Portfolio – Global Inflation Protected Securities Fund, currently operates as a diversified fund. Columbia Variable Portfolio – Global Bond Fund and Columbia Variable Portfolio – Global Inflation Protected Securities Fund are non-diversified funds.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). Each Fund, except Columbia Variable Portfolio – Balanced Fund, offers Class 1, Class 2, and Class 3 shares (Columbia Variable Portfolio – Balanced Fund offers only Class 3 shares) to separate accounts funding variable annuity contracts and variable life insurance policies issued by affiliated and unaffiliated life insurance companies as well as qualified pension and retirement plans and other qualified institutional investors authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Funds directly. You invest by participating in a qualified plan or buying a contract and making allocations to one or more Funds. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure.


Note 2.	Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Security Valuation

All securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and asked prices on such exchanges or markets.

188 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Asset and Mortgaged backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and asked prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

For all Funds except Columbia Variable Portfolio – Cash Management Fund, short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Securities in the Columbia Variable Portfolio – Cash Management Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board has established procedures intended to stabilize the Fund’s net asset value for purposes of sales and redemptions at $1.00 per share. These procedures include determinations, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund’s market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board will promptly consider what action, if any, should be initiated.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 189

Notes to Financial Statements (continued)

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

Each Fund may invest in certain derivative instruments as detailed below to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Each Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

Each Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. Certain Funds utilized forward foreign currency exchange contracts as detailed below:


Forward Foreign Currency Exchange Contracts		Funds
Settlement of purchases and sales of securities		Columbia Variable Portfolio — Balanced Fund, Columbia Variable Portfolio — Emerging Markets Opportunity Fund, Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund, Variable Portfolio- Davis New York Fund

Hedge the currency exposure associated with some or all of the Fund’s securities		Columbia Variable Portfolio — Balanced Fund, Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund

Shift foreign currency exposure back to U.S. dollars		Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund


Shift investment exposure from one currency to another		Columbia Variable Portfolio — Balanced Fund, Columbia Variable Portfolio — Diversified Bond Fund, Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund


Shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio		Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund

To gain exposure to currencies where either the underlying bond market is unattractive or where foreign investors cannot easily invest in local fixed income securities		Columbia Variable Portfolio — Global Bond Fund

190 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract is closed.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. Certain Funds bought and sold futures contracts traded on U.S. and foreign exchanges as detailed below:


Futures Contracts		Funds
Produce incremental earnings		Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund

Manage the duration and yield curve exposure of the Fund versus the benchmark		Columbia Variable Portfolio — Balanced Fund, Columbia Variable Portfolio — Diversified Bond Fund, Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund

Manage exposure to movements in interest rates		Columbia Variable Portfolio — Balanced Fund, Columbia Variable Portfolio — Diversified Bond Fund, Columbia Variable Portfolio — Global Bond Fund, Columbia Variable Portfolio — Global Inflation Protected Securities Fund

Manage exposure to the securities market		Columbia Variable Portfolio — Global Bond Fund

Maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions		Columbia Variable Portfolio — Dynamic Equity Fund

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Credit Default Swap Contracts

Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified negative credit event(s) take place. Columbia Variable Portfolio — Diversified Bond Fund entered into credit default swap contracts to increase or decrease its credit exposure to a single issuer of debt securities, increase or decrease its credit exposure to a specific debt security or a basket of debt securities.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on the notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. Notional amounts of all credit default swap contracts outstanding for which the

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 191

Notes to Financial Statements (continued)

Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments. These potential amounts may be partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the agreement.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. Market values for credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

The notional amounts and market values of credit default swap contracts are not recorded in the financial statements. Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on the Fund’s operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Variable Portfolio – Balanced Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency
Risk Exposure Category	Exchange Contracts			Futures Contracts		Total
Foreign exchange contracts	$	(33,500	)	$	—	$	(33,500	)

Interest rate contracts		—			393,277	$	393,277

Total	$	(33,500	)	$	393,277	$	359,777


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts		Futures Contracts			Total
Foreign exchange contracts	$	—	$	—		$	—

Interest rate contracts		—		(374,512	)	$	(374,512	)

Total	$	—	$	(374,512	)	$	(374,512	)

192 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Volume of Derivative Instruments for the Six Months Ended June 30, 2011


	Contracts
	Opened
Forward Foreign Currency Exchange Contracts		7

Futures Contracts		603

Columbia Variable Portfolio – Diversified Bond Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset derivatives

Liability derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Credit Contracts

Unrealized appreciation on swap contracts

24,193

Unrealized depreciation on swap contracts

697,366

Credit contracts

Premiums paid on outstanding credit default swap contracts

4,785,802

Premiums received on outstanding credit default swap contracts

416,414

Interest rate contracts

Net assets — unrealized appreciation on futures contracts

1,062,502

Net assets — unrealized depreciation on futures contracts

2,587,836

Total

5,872,497

3,701,616


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts		Futures Contracts			Swap Contracts		Total
Credit contracts	$	—	$	—		$	12,943	$	12,943

Foreign exchange contracts		1,326,170		—			—	$	1,326,170

Interest rate contracts		—		(9,905,279	)		—	$	(9,905,279	)

Total	$	1,326,170	$	(9,905,279	)	$	12,943	$	(8,566,166	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts		Futures Contracts		Swap Contracts			Total
Credit contracts	$	—	$	—	$	(673,173	)	$	(673,173	)

Foreign exchange contracts		382,304		—		—		$	382,304

Interest rate contracts		—		1,017,020		—		$	1,017,020

Total	$	382,304	$	1,017,020	$	(673,173	)	$	726,151

Volume of Derivative Instruments for the Six Months Ended June 30, 2011


	Contracts
	Opened
Forward Foreign Currency Exchange Contracts		62

Futures Contracts		14,532

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 193

Notes to Financial Statements (continued)

Columbia Variable Portfolio – Dynamic Equity Fund

Fair Values of Derivative Instruments at June 30, 2011


	Asset derivatives
	Statement of Assets and
Risk Exposure Category	Liabilities Location		Fair Value
Equity contracts		Net assets — unrealized appreciation on futures contracts	$	396,014	*


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts
Equity contracts	$	1,287,266


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts
Equity contracts	$	131,371

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Columbia Variable Portfolio – Emerging Markets Opportunity Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset derivatives

Liability derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

46,855

Unrealized depreciation on forward foreign currency exchange contracts

62,879

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	100,727


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(16,024	)

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

194 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – Global Bond Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset derivatives

Liability derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

6,365,843

Unrealized depreciation on forward foreign currency exchange contracts

3,273,015

Interest rate contracts

Net assets — unrealized appreciation on futures contracts

466,987

Net assets — unrealized depreciation on futures contracts

1,272,738

Total

6,832,830

4,545,753


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts			Futures Contracts			Total
Foreign exchange contracts	$	(2,645,889	)	$	—		$	(2,645,889	)

Interest rate contracts		—			(1,192,639	)	$	(1,192,639	)

Total	$	(2,645,889	)	$	(1,192,639	)	$	(3,838,528	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts		Futures Contracts			Total
Foreign exchange contracts	$	2,254,137	$	—		$	2,254,137

Interest rate contracts		—		(1,663,678	)	$	(1,663,678	)

Total	$	2,254,137	$	(1,663,678	)	$	590,459

Volume of Derivative Instruments for the Six Months Ended June 30, 2011


	Contracts
	Opened
Forward Foreign Currency Exchange Contracts		108

Futures Contracts		4,575

Columbia Variable Portfolio – Global Inflation Protected Securities Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset derivatives

Liability derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

12,430,612

Unrealized depreciation on forward foreign currency exchange contracts

13,627,582

Interest rate contracts

Net assets — unrealized appreciation on futures contracts

323,120

Net assets — unrealized depreciation on futures contracts

1,080,103

Total

12,753,732

14,707,685


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 195

Notes to Financial Statements (continued)

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts			Futures Contracts			Total
Foreign exchange contracts	$	(69,199,441	)	$	—		$	(69,199,441	)

Interest rate contracts		—			(4,608,677	)	$	(4,608,677	)

Total	$	(69,199,441	)	$	(4,608,677	)	$	(73,808,118	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts			Futures Contracts		Total
Foreign exchange contracts	$	(1,959,723	)	$	—	$	(1,959,723	)

Interest rate contracts		—			991,042	$	991,042

Total	$	(1,959,723	)	$	991,042	$	(968,681	)

Volume of Derivative Instruments for the Six Months Ended June 30, 2011


	Contracts Opened
Forward Foreign Currency Exchange Contracts		97

Futures Contracts		11,241

Variable Portfolio – Davis New York Venture Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(636	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	—

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Repurchase Agreements

The Funds may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

196 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Investments in Loans

The senior loans acquired by the Funds typically take the form of a direct lending relationship with the borrower acquired through an assignment of another lender’s interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors collateral. In the event that the lead lender becomes insolvent, enters Federal Deposit Insurance Company (FDIC) receivership, or, if not FDIC insured, enters into bankruptcy, the Funds may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest. Loans are typically secured but may be unsecured. The primary risk arising from investing in subordinated loans or in unsecured loans is the potential loss in the event of default by the issuer of the loans.

Delayed Delivery Securities and Forward Sale Commitments

The Funds may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

The Funds may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above. The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

Mortgage Dollar Roll Transactions

Certain Funds may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Funds lose the right to receive principal and interest paid on the securities sold. However, the Funds benefit because they receive negotiated amounts in the form of reductions of the purchase price of the commitment plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Funds record the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Funds compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Funds. The Funds identifies within its portfolio of investments cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Funds treat “to be announced” mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. The Funds do not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund’s right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon the Investment Manager’s ability to predict interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Treasury Inflation Protected Securities

Certain Funds may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statement of Operations.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 197

Notes to Financial Statements (continued)

Interest Only Securities

Certain Funds may invest in Interest Only Securities (IOs). IOs are stripped mortgage backed securities entitled to receive all of the security’s interest, but none of its principal. Interest is accrued daily. The daily accrual factor is adjusted each month to reflect the paydown of principal.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on the accrual basis. Market premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis, if any. For convertible securities, premiums attributable to the conversion feature are not amortized.

Inflation adjustments to the principal amount and cost basis of inflation-indexed securities are included in interest income.

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

Expenses

General expenses of the Trust are allocated to the Funds and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses which are charged directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

For federal income tax purposes, each Fund is treated as a separate entity.

Columbia Variable Portfolio – Balanced Fund, Columbia Variable Portfolio – Dynamic Equity Fund, Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund, Variable Portfolio – Davis New York Venture Fund, Variable Portfolio – Goldman Sachs Mid Cap Value Fund and Variable Portfolio – Partners Small Cap Value Fund are treated as partnerships for federal income tax purposes, and these Funds do not expect to make regular distributions. These Funds will not be subject to federal income tax, and therefore, there are no provisions for federal income taxes. The partners of these Funds are subject to tax on their distributive share of each Fund’s income and loss. The components of each Fund’s net assets are reported at the partner level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Cash Management Fund, Columbia Variable Portfolio – Diversified Bond Fund, Columbia Variable Portfolio – Emerging Markets Opportunity Fund, Columbia Variable Portfolio – Global Bond Fund, Columbia Variable Portfolio – Global Inflation Protected Securities Fund, Columbia Variable Portfolio – High Yield Bond Fund and Columbia Variable Portfolio – Income Opportunities Fund intend to qualify each year as separate “regulated investment companies” under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their taxable income for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

Foreign Taxes

The Funds may be subject to foreign taxes on income or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

198 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Realized gains in certain countries may be subject to foreign taxes at the Fund level, at rates ranging from approximately 10% to 15%. The Fund pays for such foreign taxes on net realized gains at the appropriate rate for each jurisdiction.

Distributions to Subaccounts

Distributions to the subaccounts are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income are declared daily and distributed quarterly, when available, for Columbia Variable Portfolio – Cash Management Fund. Dividends from net investment income are declared and distributed quarterly, when available, for Columbia Variable Portfolio – Emerging Markets Opportunity Fund and Columbia Variable Portfolio – Global Bond Fund. Dividends from net investment income are declared and distributed annually, when available, for Columbia Variable Portfolio – Diversified Bond Fund, Columbia Variable Portfolio – Global Inflation Protected Securities Fund, Columbia Variable Portfolio – High Yield Bond Fund and Columbia Variable Portfolio – Income Opportunities Fund. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to RICs. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Guarantees and Indemnifications

Under the Trusts’ organizational documents and, in some cases by contract, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.


Note 3.	Fees and Compensation Paid to Affiliates

Investment Management Fees


Fund	Low			High
Columbia Variable Portfolio – Balanced Fund		0.490	%		0.660	%
Columbia Variable Portfolio – Cash Management Fund		0.150	%		0.330	%
Columbia Variable Portfolio – Diversified Bond Fund		0.300	%		0.430	%
Columbia Variable Portfolio – Dynamic Equity Fund		0.540	%		0.710	%
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		0.900	%		1.100	%
Columbia Variable Portfolio – Global Bond Fund		0.470	%		0.570	%
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		0.250	%		0.440	%
Columbia Variable Portfolio – High Yield Bond Fund		0.360	%		0.590	%
Columbia Variable Portfolio – Income Opportunities Fund		0.360	%		0.590	%
Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund		0.620	%		0.760	%
Variable Portfolio – Davis New York Venture Fund		0.600	%		0.730	%
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		0.650	%		0.780	%
Variable Portfolio – Partners Small Cap Value Fund		0.870	%		0.970	%

Prior to April 1, 2011, the management fee annual percentage range for Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund was from 0.700% to 0.475% as the Fund’s net assets increase.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 199

Notes to Financial Statements (continued)

Prior to April 30, 2011, the management fee percentage range for certain Funds was as follows:


Fund	Low			High
Columbia Variable Portfolio – Balanced Fund		0.350	%		0.530	%
Columbia Variable Portfolio – Diversified Bond Fund		0.290	%		0.480	%
Columbia Variable Portfolio – Dynamic Equity Fund		0.375	%		0.600	%
Columbia Variable Portfolio – Global Bond Fund		0.520	%		0.720	%
Columbia Variable Portfolio – High Yield Bond Fund*		0.360	%		0.590	%
Columbia Variable Portfolio – Income Opportunities Fund		0.380	%		0.610	%


^*		Although the “high” and “low” management fee rates did not change effective April 30, 2011, the management fee rates payable at certain levels did change.

For the following Funds, prior to the April 30, 2011, the fee was adjusted upward or downward by a performance incentive adjustment (PIA) determined monthly by measuring the percentage difference over a rolling 12-month period between the annualized performance of one Class 3 share of the Fund and the annualized performance of the stated index. The maximum adjustment was 0.08% per year for Columbia Variable Portfolio – Balanced Fund and 0.12% for each other Fund. If the performance difference was less than 0.50%, the adjustment was zero. The index name and the amount the fee was increased (decreased) for each Fund for the six months ended June 30, 2011 was:


		Increase
Fund	Index Name	(Decrease)
Columbia Variable Portfolio – Balanced Fund*	Lipper Balanced Funds Index	$	93,581
Columbia Variable Portfolio – Dynamic Equity Fund*	Lipper Large-Cap Core Funds Index		643,160
Columbia Variable Portfolio – Emerging Markets Opportunity Fund*	Emerging Markets Funds Index		(74,641	)
Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund**	Lipper Mid-Cap Growth Funds Index		(34,791	)
Variable Portfolio – Davis New York Venture Fund**	Lipper Large-Cap Core Funds Index		(253,348	)
Variable Portfolio – Goldman Sachs Mid Cap Value Fund*	Lipper Mid-Cap Value Funds Index		30,860
Variable Portfolio – Partners Small Cap Value Fund*	Lipper Small-Cap Value Funds Index		(437,362	)


^*		Effective April 30, 2011, the PIA was terminated.
^**		Effective October 1, 2010, the Investment Manager agreed that for a transitional period of 6 months (which was equal to half of the Fund’s rolling performance fee calculation period), the Fund would compensate the investment Manager at the lower of: (1) the management fee calculated and capped at the rate calculated under the current IMSA prior to any PIA, or (ii) the fee calculated under the current IMSA including any applicable downward adjustment under the terms of the PIA. Effective April 1, 2011, the PIA was terminated.

The management fee, as a percentage of each Fund’s average daily net assets including the adjustment under the terms of the PIA, was as follows for the six months ended June 30, 2011:


	Management
Fund	Fee (%)
Columbia Variable Portfolio – Balanced Fund		0.59	%
Columbia Variable Portfolio – Cash Management Fund		0.33	%
Columbia Variable Portfolio – Diversified Bond Fund		0.43	%
Columbia Variable Portfolio – Dynamic Equity Fund		0.71	%
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		1.05	%
Columbia Variable Portfolio – Global Bond Fund		0.62	%
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		0.42	%
Columbia Variable Portfolio – High Yield Bond Fund		0.59	%
Columbia Variable Portfolio – Income Opportunities Fund		0.59	%
Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund		0.71	%
Variable Portfolio – Davis New York Venture Fund		0.67	%
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		0.78	%
Variable Portfolio – Partners Small Cap Value Fund		0.85	%

Subadvisory Agreements

The Investment Manager compensates subadvisers to manage the investment of each Fund’s assets. The Investment Manager entered into Subadvisory Agreements with the following subadvisers:

200 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, to subadvise the assets of Columbia Variable Portfolio – Emerging Markets Opportunity Fund.

Davis Selected Advisers, L.P. to subadvise the assets of Variable Portfolio – Davis New York Venture Fund.

Goldman Sachs Asset Management, L.P. to subadvise assets of Variable Portfolio – Goldman Sachs Mid Cap Value Fund.

Barrow, Hanley, Mewhinney & Strauss, LLC, Donald Smith & Co., Inc., River Road Asset Management, LLC, Denver Investment Advisors LLC and Turner Investment Partners, Inc., each of which subadvises a portion of the assets of Variable Portfolio – Partners Small Cap Value Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination, subject to the oversight of the Fund’s Board, of the allocation that is in the best interests of the shareholders. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. Each Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of each Fund’s average daily net assets that declines as each Fund’s net assets increase. The percentage range for each Fund and the percentage of each Fund’s average daily net assets for the six months ended June 30, 2011, was as follows:


							Administration
Fund	Low			High			Fee (%)
Columbia Variable Portfolio – Balanced Fund		0.03	%		0.06	%		0.06	%
Columbia Variable Portfolio – Cash Management Fund		0.03	%		0.06	%		0.06	%
Columbia Variable Portfolio – Diversified Bond Fund		0.04	%		0.07	%		0.06	%
Columbia Variable Portfolio – Dynamic Equity Fund		0.03	%		0.06	%		0.06	%
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		0.05	%		0.08	%		0.08	%
Columbia Variable Portfolio – Global Bond Fund		0.05	%		0.08	%		0.08	%
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		0.04	%		0.07	%		0.06	%
Columbia Variable Portfolio – High Yield Bond Fund		0.04	%		0.07	%		0.07	%
Columbia Variable Portfolio – Income Opportunities Fund		0.04	%		0.07	%		0.07	%
Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund		0.03	%		0.06	%		0.06	%
Variable Portfolio – Davis New York Venture Fund		0.03	%		0.06	%		0.06	%
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		0.03	%		0.06	%		0.06	%
Variable Portfolio – Partners Small Cap Value Fund		0.05	%		0.08	%		0.08	%

Other Fees

Other expenses are for, among other things, certain expenses of the Funds or the Board including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to each Fund and the Board. For the six months ended June 30, 2011, there were no expenses incurred for these particular items for any Fund.

Compensation of Board Members

Under a Deferred Compensation Plan (the Plan), the board members who are not “interested persons” of each Fund as defined under the 1940 Act may defer receipt of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of each Fund or certain other funds managed by the Investment Manager. Each Fund’s liability for these amounts is adjusted for market value changes and remains in the funds until distributed in accordance with the Plan.

Transfer Agency Fees

The Funds have a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for each Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

Distribution Fees

The Funds have an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, each Fund pays a fee at an annual rate of up to 0.25% of the Fund’s

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 201

Notes to Financial Statements (continued)

average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of each Fund’s average daily net assets attributable to Class 3 shares. The Funds do not pay distribution and service fees for Class 1 shares.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective April 30, 2011, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian and before giving effect to any performance incentive adjustment, do not exceed the following annual rates as a percentage of the class’ average daily net assets:


Fund	Class 1			Class 2			Class 3
Columbia Variable Portfolio – Balanced Fund		N/A			N/A			0.820	%
Columbia Variable Portfolio – Cash Management Fund		0.455	%		0.705	%		0.580	%
Columbia Variable Portfolio – Dynamic Equity Fund		0.735	%		0.985	%		0.860	%
Columbia Variable Portfolio – Global Bond Fund		0.835	%		1.085	%		0.960	%
Columbia Variable Portfolio – Income Opportunities Fund		0.705	%		0.955	%		0.830	%
Variable Portfolio – Davis New York Venture Fund		0.775	%		1.025	%		0.900	%
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		1.035	%		1.285	%		1.160	%
Variable Portfolio – Partners Small Cap Value Fund		1.015	%		1.265	%		1.140	%

Prior to April 30, 2011, the Investment Manager and its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian and before giving effect to any performance incentive adjustment, did not exceed the following annual rates as a percentage of the class’ average daily net assets:


Fund	Class 1			Class 2			Class 3
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		1.405	%		1.655	%		1.530	%
Columbia Variable Portfolio – Global Bond Fund		0.845	%		1.095	%		0.970	%
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		0.635	%		0.885	%		0.760	%
Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund		0.955	%		1.205	%		1.080	%
Variable Portfolio – Davis New York Venture Fund		0.865	%		1.115	%		0.990	%
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		1.075	%		1.325	%		1.200	%
Variable Portfolio – Partners Small Cap Value Fund		1.075	%		1.325	%		1.200	%

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Fund’s Board. This agreement may be modified or amended only with approval from all parties.

From time to time, the Investment Manager and its affiliates may limit the expenses of Columbia Variable Portfolio – Cash Management Fund for the purpose of increasing the yield. This expense limitation policy may be revised or terminated at any time without notice.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

202 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

At June 30, 2011, the approximate cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was approximately:


			Gross		Gross
			Unrealized		Unrealized			Net Appreciation
Fund	Tax Cost		Appreciation		Depreciation			(Depreciation)
Columbia Variable Portfolio – Cash Management Fund	$	755,238,000	$	—	$	—		$	—
Columbia Variable Portfolio – Diversified Bond Fund		4,995,536,000		84,687,000		(31,497,000	)		53,190,000
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		922,719,000		172,860,000		(25,654,000	)		147,206,000
Columbia Variable Portfolio – Global Bond Fund		1,564,785,000		139,061,000		(9,292,000	)		129,769,000
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		3,437,240,000		172,208,000		(79,752,000	)		92,456,000
Columbia Variable Portfolio – High Yield Bond Fund		682,952,000		24,290,000		(7,214,000	)		17,076,000
Columbia Variable Portfolio – Income Opportunities Fund		1,452,433,000		44,314,000		(5,044,000	)		39,270,000

The following capital loss carryforward, determined at December 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:


Fund	2013		2015		2016		2017		2018		Total
Columbia Variable Portfolio – Cash Management Fund	$	150	$	1,337	$	282,517	$	2,314,644	$	6,554	$	2,605,202
Columbia Variable Portfolio – Diversified Bond Fund		—		—		—		21,568,860		—		21,568,860
Columbia Variable Portfolio – High Yield Bond Fund		760,493		—		72,914,336		72,257,550		—		145,932,379

It is unlikely the Board will authorize a distribution of any net realized capital gains until the available capital loss carryforward has been offset or expires. There is no assurance that the Funds will be able to utilize all of their capital loss carryforward before it expires.

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of December 31, 2010, post-October losses attributed to security transactions were deferred to January 1, 2011 were as follows:


Fund	Post October Loss
Columbia Variable Portfolio – Diversified Bond Fund	$	922,138
Columbia Variable Portfolio – Global Bond Fund		1,320,477
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		4,285,587

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 203

Notes to Financial Statements (continued)


Note 5.	Portfolio Information

For the six months ended June 30, 2011, the cost of purchases and proceeds from sales of securities (excluding short-term obligations but including any applicable mortgage dollar rolls for all Funds except Columbia Variable Portfolio – Cash Management Fund) aggregated to:


Fund	Purchases		Proceeds
Columbia Variable Portfolio – Balanced Fund	$	1,177,970,695	$	1,291,384,542
Columbia Variable Portfolio – Cash Management Fund		6,007,917,428		6,092,665,830
Columbia Variable Portfolio – Diversified Bond Fund		9,164,242,475		9,561,019,451
Columbia Variable Portfolio – Dynamic Equity Fund		368,902,502		482,518,718
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		437,225,584		419,279,507
Columbia Variable Portfolio – Global Bond Fund		508,579,480		485,076,283
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		1,052,744,586		939,084,887
Columbia Variable Portfolio – High Yield Bond Fund		320,064,805		362,081,218
Columbia Variable Portfolio – Income Opportunities Fund		514,228,289		427,186,193
Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund		163,094,487		186,452,632
Variable Portfolio – Davis New York Venture Fund		88,346,780		174,833,855
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		363,414,881		348,647,561
Variable Portfolio – Partners Small Cap Value Fund		406,949,801		387,527,076


Note 6.	Payments by Affiliates

From January 1, 2010 through December 31, 2010, Ameriprise Financial paid approximately $2.2 million to Columbia Variable Portfolio – Cash Management Fund. These payments reimbursed the Fund for prior year losses on securities and provided support to the Fund’s $1.00 net asset value per share. These reimbursements were voluntary, could have been discontinued at any time and do not contractually obligate Ameriprise Financial to reimburse future realized or unrealized losses that may occur. These amounts are recorded on the Statements of Changes in Net Assets as increases from payments by affiliate.


Note 7.	Lending of Portfolio Securities

Each Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Funds. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Funds’ Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, the value of the securities on loan and values of the cash collateral and U.S. government securities received as collateral was as follows:


	Securities		Cash Collateral		U.S. Government
Fund	Value		Value		Securities Value
Columbia Variable Portfolio – Balanced Fund	$	46,150,912	$	46,757,057	$	—
Columbia Variable Portfolio – Diversified Bond Fund		996,328,744		753,515,298		260,009,004
Columbia Variable Portfolio – Dynamic Equity Fund		258,993,731		251,831,099		10,510,370
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		30,395,740		32,713,745		—
Columbia Variable Portfolio – Global Bond Fund		43,457,936		42,183,762		2,573,317
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		703,305,431		722,389,853		—
Columbia Variable Portfolio – High Yield Bond Fund		54,446,962		55,042,273		2,734,253
Columbia Variable Portfolio – Income Opportunities Fund		305,769,930		309,444,131		149,346
Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund		102,303,092		103,978,236		62,241
Variable Portfolio – Davis New York Venture Fund		208,300,454		210,522,187		—
Variable Portfolio – Partners Small Cap Value Fund		375,713,587		383,096,717		33,305

204 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Funds in connection with the securities lending program. Loans are subject to termination by the Funds or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Funds receive income for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended June 30, 2011 is disclosed in the Statement of Operations. The Funds continue to earn and accrue interest and dividends on the securities loaned.


Note 8.	Affiliated Money Market Fund

Each Fund, except Columbia Variable Portfolio – Cash Management Fund, may invest its daily cash balances in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use by each Fund and other affiliated Funds. The income earned by the Funds from such investments is included as “Dividends from affiliates” in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.


Note 9.	Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of Class 1 Class 2, and Class 3 shares for each Fund except for Columbia Variable Portfolio – Balanced Fund. At June 30, 2011, the Investment Manager and/or affiliates owned 100% of Class 3 shares for Columbia Variable Portfolio – Balanced Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds.


Note 10.	Line of Credit

Each Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Funds and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $300 million. Pursuant to a March 28, 2011 amendment to the credit facility agreement, the collective borrowing amount will be increased in two stages during the third quarter of 2011 to a final collective borrowing amount of $500 million. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. Each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to March 28, 2011, the credit facility agreement, which was a collective agreement between the Funds and certain other funds managed by the Investment Manager, severally and not jointly, permitted collective borrowings up to $300 million. The borrowers had the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility could at no time exceed $500 million. Each Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum. The Funds had no borrowings during the six months ended June 30, 2011.


Note 11.	Significant Risks

Non-Diversification Risk

Columbia Variable Portfolio – Global Bond Fund and Columbia Variable Portfolio – Global Inflation Protected Securities Fund are non-diversified funds. A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer companies than a diversified fund. The Funds may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 205

Notes to Financial Statements (continued)

Foreign Securities Risk

Columbia Variable Portfolio – Emerging Markets Opportunity Fund, Columbia Variable Portfolio – Global Bond Fund and Columbia Variable Portfolio – Global Inflation Protected Securities Fund invest in foreign securities. Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Inflation Protected Securities Risk

Inflation-protected debt securities tend to react to change in real interest rates. Real interest rates can be described as nominal interest rates minus the expected impact of inflation. In general, the price of an inflation-protected debt security falls when real interest rates rise, and rises when real interest rates fall. Interest payments on inflation-protected debt securities will vary as the principal and/or interest is adjusted for inflation and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no income at all. Income earned by a shareholder depends on the amount of principal invested and that principal will not grow with inflation unless the investor reinvests the portion of Fund distributions that comes from inflation adjustments.


Note 12.	Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.


Note 13.	Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company mutual funds (branded as Columbia or RiverSource) and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants’ motion to dismiss the complaint, the District Court dismissed one of plaintiffs’ four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants’ favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit. In response to the plaintiffs’ opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011.

206 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Directors/Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 207

Proxy Voting

The policy of the Board is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; or searching the website of the Securities and Exchange Commission (SEC) at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at www.sec.gov.

Approval of Subadvisory Agreements

Columbia Management Investment Advisers, LLC (“Columbia Management” or the “investment manager”), a wholly-owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”), serves as the investment manager to Columbia Variable Portfolio – Emerging Markets Opportunity Fund (“Emerging Markets”), Variable Portfolio – Davis New York Venture Fund (“Davis New York Venture”) and Variable Portfolio – Goldman Sachs Mid Cap Value Fund (“Goldman Sachs Mid Cap Value”) and Variable Portfolio — Partners Small Cap Value Fund (“Partners SC Value”) (each a “Fund” and collectively, “the Subadvised Funds”). Under an investment management services agreement (the “IMS Agreement”), Columbia Management is responsible for the provision of investment advice and other services to each Fund. In addition, for the Subadvised Funds, under the subadvisory agreements (the “Subadvisory Agreements”) between Columbia Management and each of Threadneedle International Limited (“Threadneedle”), Davis Selected Advisers, L.P. (“Davis”), Goldman Sachs Asset Management, L.P. (“GSAM”), Barrow Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), Donald Smith & Co., Inc. (“Donald Smith”), River Road Asset Management, LLC (“River Road”), Denver Investment Advisors LLC (“Denver”) and Turner Investment Partners, Inc. (“Turner”) (collectively, the “Subadvisers”), the Subadvisers, with respect to that portion of a Fund’s assets allocated to it by Columbia Management, and in case of each of Davis, GSAM and Threadneedle with respect to the entire Fund’s portfolio, provide portfolio management and related services for the Subadvised Funds.

At an in-person meeting of the Fund’s Board of Trustees (the “Board”) held on April 12-14, 2011 (the “April Meeting”), independent legal counsel reviewed with the independent Board members (the “Independent Directors”) various factors relevant to the Board’s consideration of the Subadvisory Agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Directors, approved renewal of each of the Subadvisory Agreements.

Nature, Extent and Quality of Services Provided by the Subadvisers: The Board considered its analysis of various reports and presentations received by it or one or more of its committees detailing the services performed by the Subadvisers, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel. The Board observed that it had previously approved each Subadviser’s code of ethics and compliance program, the Chief Compliance Officer of each Fund continues to monitor each code and each program, and that no material issues have been reported. The Board also considered each Subadviser’s investment strategy/style as well as the experience of the personnel that manage each relevant Fund. The Board also considered the financial condition of each Subadviser and its capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. The Board discussed Threadneedle’s affiliation with the investment manager (i.e., it is a wholly-owned subsidiary thereof). The Board also discussed the acceptability of the terms of the Subadvisory Agreements, including the relatively broad scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the investment manager. It was observed that no changes were recommended to the Subadvisory Agreements. Based on the foregoing, and based on other information received (both oral and written) and other considerations, including, in particular, the performance of each of the Subadvised Funds (discussed below), the Board concluded that the services being performed under each Subadvisory Agreement were of a reasonably high quality.

Investment Performance: For purposes of evaluating the nature, extent and quality of services provided under each Subadvisory Agreement, the Board carefully reviewed the investment performance of each Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of each Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of each Fund. The Board observed that for each of Emerging Markets and Goldman Sachs Mid Cap Value the Fund’s investment performance met expectations; and for Davis New York Venture and Partners SC Value investment performance was appropriate in light of the particular management style. Also for Davis New York Venture, the Board took into account Columbia Management’s reiteration of its confidence in the long-term focus of the Subadviser’s strategy.

208 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Additionally, the Board reviewed Columbia Management’s process for selecting and monitoring each Subadviser. The Board considered, in particular, management’s rationale for recommending the retention of each Subadviser.

Costs of Services Provided: The Board reviewed the level of subadvisory fees, noting that the fees are paid by the investment manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for each Subadviser was comparable to those charged by other subadvisers to similar funds managed by the investment manager.

Profitability and Economies of Scale to be Realized: The Board recognized that, because each Subadviser’s fees are paid by Columbia Management and not the Fund, the analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the IMS Agreement, which was separately considered and approved at the Board’s meeting in September 2010.

Based on the foregoing, the Board, including all of the Independent Directors, concluded that fees payable under each Subadvisory Agreement were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. At the April Meeting, the Board, including all of the Independent Directors, approved the renewal of each Subadvisory Agreement.

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 209

Results of Meeting of Shareholders

Special Meeting of Shareholders held on Feb. 15, 2011
(Unaudited)

A brief description of the proposals voted upon at the meeting and the votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to the proposals are set forth below. A vote is based on total dollar interest in the Fund.

Columbia Variable Portfolio – Balanced Fund, Columbia Variable Portfolio – Cash Management Fund,
Columbia Variable Portfolio – Diversified Bond Fund, Columbia Variable Portfolio – Dynamic Equity Fund, Columbia Variable Portfolio – Global Bond Fund, Columbia Variable Portfolio – Global Inflation Protected Securities Fund, Columbia Variable Portfolio – High Yield Bond Fund, Columbia Variable Portfolio – Income Opportunities Fund, Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund, Columbia Variable Portfolio – Emerging Markets Opportunity Fund, Variable Portfolio – Davis New York Venture Fund, Variable Portfolio – Goldman Sachs Mid Cap Value Fund and Variable Portfolio – Partners Small Cap Value Fund

Proposal 1. To elect trustees to the Board.*


	Dollars Voted		Dollars Voted				Broker
	“For”		“Withhold”		Abstentions		Non-Votes
01. Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000


02. Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000


03. Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000


04. William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000


05. Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000


06. William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000


07. R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000


08. Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000


09. John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000


10. John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000


11. Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000


12. Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000


13. Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000


14. Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000


15. Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000


16. William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


^*		All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for election of trustees.

For the Funds shown below:

Proposal 1. To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.


	Dollars Voted		Dollars Voted				Broker
	“For”		“Against”		Abstentions		Non-Votes
Columbia Variable Portfolio – Balanced Fund		857,951,764.991		61,660,754.610		33,297,344.782		0.000


Columbia Variable Portfolio – Cash Management Fund		784,083,930.692		33,828,282.770		27,466,646.086		0.000


Columbia Variable Portfolio – Diversified Bond Fund		3,790,275,925.286		65,325,795.910		57,747,199.355		0.000


Columbia Variable Portfolio – Dynamic Equity Fund		1,249,893,454.931		73,116,425.188		49,310,124.611		0.000


Columbia Variable Portfolio – Global Bond Fund		1,534,738,049.449		17,736,722.180		17,417,804.045		0.000


Columbia Variable Portfolio – Global Inflation Protected Securities Fund		2,478,312,354.743		11,407,341.757		11,093,093.843		0.000


Columbia Variable Portfolio – High Yield Bond Fund		632,234,694.620		24,058,724.536		19,880,664.066		0.000


Columbia Variable Portfolio – Income Opportunities Fund		1,061,776,806.824		12,933,478.465		6,702,921.048		0.000


Columbia Variable Portfolio – Mid Cap Growth Opportunity Fund		374,163,231.322		21,764,400.484		13,319,505.496		0.000

210 COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Dollars Voted		Dollars Voted				Broker
	‘‘For”		‘‘Against”		Abstentions		Non-Votes
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		940,228,055.752		45,543,503.343		28,835,673.310		0.000


Variable Portfolio – Davis New York Venture Fund		1,405,483,730.349		4,515,565.231		2,004,725.483		0.000


Variable Portfolio – Goldman Sachs Mid Cap Value Fund		890,807,504.871		539,427.170		332,090.463		0.000


Variable Portfolio – Partners Small Cap Value Fund		1,426,407,584.962		11,906,976.721		8,541,147.108		0.000

COLUMBIA VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 211

Columbia Variable Portfolio Funds

P.O. Box 8081

Boston, MA 02266-8081


		This report must be accompanied or preceded by the Fund’s current prospectus. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. ^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6462 AE (8/11)

Semiannual Report

Columbia Variable Portfolio – Diversified Equity Income Fund

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

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expense Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			12
Statement of Operations			13
Statement of Changes in Net Assets			14
Financial Highlights			15
Notes to Financial Statements			17
Proxy Voting			24
Results of Meeting of Shareholders			24

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – Diversified Equity Income Fund (the Fund) Class 3 shares gained 4.94% for the six months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Russell 1000^® Value Index, which increased 5.92% for the same six-month period.

>	The Fund also underperformed its peer group, represented by the Lipper Equity Income Funds Index, which rose 6.40% over the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Diversified Equity Income Fund

Class 1

+5.00%

+33.04%

N/A

+12.77%

Class 2

+4.87%

+32.60%

N/A

+12.34%

Class 3

+4.94%

+32.88%

+1.98%

+2.07%

+6.00%

N/A

Russell 1000^® Value Index⁽¹⁾ (unmanaged)

+5.92%

+28.94%

+2.28%

+1.15%

+3.99%

+8.61%

Lipper Equity Income Funds Index⁽²⁾ (unmanaged)

+6.40%

+29.68%

+3.42%

+2.46%

+3.71%

+11.07%


*	Not annualized.

Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any.

Performance results reflect all fund expenses, but do not include any fees and expenses imposed under your variable annuity or life insurance policy or qualified pension or retirement plan. If performance results included the effect of these additional charges, they would be lower.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell 1000^® Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Equity Income Funds Index includes the 30 largest equity income funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)


Stocks	95.9	%

Consumer Discretionary	8.3

Consumer Staples	5.4

Energy	15.7

Financials	14.1

Health Care	11.0

Industrials	16.8

Information Technology	11.0

Materials	5.7

Telecommunication Services	5.2

Utilities	2.7

Convertible Bonds	0.2

Other⁽²⁾	3.9


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.

⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Lorillard, Inc.	3.6	%

Bank of America Corp.	2.9

JPMorgan Chase & Co.	2.9

Exxon Mobil Corp.	2.9

AT&T, Inc.	2.6

Microsoft Corp.	2.5

Chevron Corp.	2.4

Apache Corp.	2.2

XL Group PLC	2.2

Goldman Sachs Group, Inc. (The)	2.2


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 3

Fund Expense Example

(Unaudited)

You may not buy (nor will you own) shares of the Fund directly. You invest by buying an annuity contract or life insurance policy and allocating your purchase payments to the subaccount that invests in the Fund. Your purchase price will be the next NAV calculated after your request is received by the Fund or an authorized insurance company.

As a contract/policy owner investing in the Fund, you incur, depending on the share class, ongoing costs, which may include management fees and other expenses; distribution and service (Rule 12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds that underlie various annuity contracts and/or life insurance policies. In addition to the ongoing expense which the Fund bears directly, the Fund’s shareholders indirectly bear the expense of the funds in which it invests (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds). The Fund’s indirect expense from investing in the acquired funds is based on the Fund’s pro rata portion of the ongoing expenses charged by the acquired funds using the expense ratio of each of the acquired funds as of the acquired fund’s most recent shareholder report.

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

The first line of the table provides information about actual account values and actual expenses for each class (if applicable). You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for each class, (if applicable) and an assumed rate of return of 5% per year before expenses, which is not the actual return for the class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare each 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses that apply to the subaccount or the contract. Therefore, the second line of the table is useful in comparing ongoing costs of the Fund only, and will not help you determine the relative total costs of owning different funds underlying various annuity contracts and/or life insurance policies. In addition, if the expenses that apply to the subaccount or the contract were included, your costs would have been higher.

4 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,050.00	$	3.91		.77%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.98	$	3.86		.77%

Class 2

Actual^(b)	$	1,000	$	1,048.70	$	5.08		1.00%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.84	$	5.01		1.00%

Class 3

Actual^(b)	$	1,000	$	1,049.40	$	4.57		.90%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.33	$	4.51		.90%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.00% for Class 1, +4.87% for Class 2 and +4.94% for Class 3.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP – Diversified Equity Income Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares			Value

Common Stocks 95.6%


CONSUMER DISCRETIONARY 8.2%

Auto Components 0.6%
Johnson Controls, Inc.(a)		476,847		$	19,865,446


Automobiles 1.3%
Ford Motor Co.(a)(b)		3,048,968			42,045,269


Hotels, Restaurants & Leisure 1.1%
Carnival Corp.(c)		920,615			34,642,742


Household Durables 0.3%
DR Horton, Inc.(a)		227,025			2,615,328
Lennar Corp., Class A(a)		416,632			7,561,871

Total					10,177,199


Media 1.7%
Comcast Corp., Class A		476,764			12,081,200
Regal Entertainment Group, Class A(a)		1,027,563			12,690,403
Time Warner, Inc.(a)		324,687			11,808,866
Viacom, Inc., Class B		401,461			20,474,511

Total					57,054,980


Multiline Retail 1.9%
Macy’s, Inc.		780,088			22,809,773
Target Corp.		881,955			41,372,509

Total					64,182,282


Specialty Retail 1.3%
Home Depot, Inc.(a)		1,004,795			36,393,675
Staples, Inc.		496,734			7,848,397

Total					44,242,072


TOTAL CONSUMER DISCRETIONARY					272,209,990


CONSUMER STAPLES 5.4%

Food & Staples Retailing 1.0%
Wal-Mart Stores, Inc.(a)		613,185			32,584,651


Tobacco 4.4%
Lorillard, Inc.		1,039,208			113,138,575
Philip Morris International, Inc.		470,953			31,445,532

Total					144,584,107


TOTAL CONSUMER STAPLES					177,168,758


ENERGY 15.7%

Energy Equipment & Services 4.1%
Baker Hughes, Inc.		301,911			21,906,662
Halliburton Co.		1,050,309			53,565,759
McDermott International, Inc.(b)(c)		1,101,795			21,826,559
Nabors Industries Ltd.(b)(c)		474,152			11,683,105
National Oilwell Varco, Inc.(a)		245,332			19,187,416
Schlumberger Ltd.(c)		97,748			8,445,427

Total					136,614,928


Oil, Gas & Consumable Fuels 11.6%
Anadarko Petroleum Corp.		450,994			34,618,299
Apache Corp.		565,744			69,807,152
Chevron Corp.		741,781			76,284,758
ConocoPhillips		176,036			13,236,147
Devon Energy Corp.		141,033			11,114,811
Exxon Mobil Corp.		1,122,349			91,336,762
Marathon Oil Corp.		434,680			22,898,942
Newfield Exploration Co.(b)		182,278			12,398,550
Occidental Petroleum Corp.		325,255			33,839,530
Total SA, ADR(c)		272,751			15,775,918

Total					381,310,869


TOTAL ENERGY					517,925,797


FINANCIALS 14.1%

Capital Markets 3.2%
Artio Global Investors, Inc.(a)		13,293			150,211
Goldman Sachs Group, Inc. (The)		517,429			68,864,625
Morgan Stanley		1,539,666			35,427,715

Total					104,442,551


Commercial Banks 0.3%
Wells Fargo & Co.		411,777			11,554,463


Diversified Financial Services 5.6%
Bank of America Corp.		8,460,837			92,730,774
JPMorgan Chase & Co.		2,264,770			92,719,684

Total					185,450,458


Insurance 4.6%
ACE Ltd.(c)		417,230			27,462,079
Endurance Specialty Holdings Ltd.(c)		162,898			6,732,574
MetLife, Inc.		587,042			25,753,532
PartnerRe Ltd.(c)		65,112	��		4,482,961
Travelers Companies, Inc. (The)		300,092			17,519,371
XL Group PLC(c)		3,134,819			68,903,322

Total					150,853,839


Real Estate Investment Trusts (REITs) 0.4%
Equity Residential		98,754			5,925,240
ProLogis, Inc.(a)		187,898			6,734,264

Total					12,659,504


TOTAL FINANCIALS					464,960,815


HEALTH CARE 11.0%

Biotechnology 0.7%
Gilead Sciences, Inc.(b)		524,093			21,702,691


Health Care Providers & Services 1.8%
HCA Holdings, Inc.(b)		359,972			11,879,076
UnitedHealth Group, Inc.		520,272			26,835,630
WellPoint, Inc.		245,095			19,306,133

Total					58,020,839


Life Sciences Tools & Services 3.0%
Agilent Technologies, Inc.(b)		492,699			25,181,846
Life Technologies Corp.(b)		475,984			24,784,487
Thermo Fisher Scientific, Inc.(b)		774,150			49,847,519

Total					99,813,852


Pharmaceuticals 5.5%
Bristol-Myers Squibb Co.(a)		1,438,893			41,670,341
Johnson & Johnson		239,994			15,964,401
Merck & Co., Inc.		1,023,607			36,123,091
Novartis AG, ADR(c)		460,260			28,126,489
Pfizer, Inc.		2,216,949			45,669,149
Teva Pharmaceutical Industries Ltd., ADR(c)		324,200			15,632,924

Total					183,186,395


TOTAL HEALTH CARE					362,723,777

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
INDUSTRIALS 16.7%

Aerospace & Defense 2.5%
Boeing Co. (The)		401,482		$29,681,564
Goodrich Corp.		180,455		17,233,453
Honeywell International, Inc.		287,987		17,161,145
Lockheed Martin Corp.(a)		223,641		18,108,212

Total				82,184,374


Air Freight & Logistics 0.5%
United Parcel Service, Inc., Class B		213,296		15,555,677


Airlines 0.7%
Delta Air Lines, Inc.(b)		967,215		8,869,361
United Continental Holdings, Inc.(a)(b)		714,030		16,158,499

Total				25,027,860


Electrical Equipment 3.0%
ABB Ltd., ADR(a)(b)(c)		1,388,113		36,021,532
Babcock & Wilcox Co. (The)(b)		510,013		14,132,460
Cooper Industries PLC(c)		620,065		36,999,279
Hubbell, Inc., Class B		213,627		13,875,074

Total				101,028,345


Industrial Conglomerates 4.6%
3M Co.(a)		374,144		35,487,559
General Electric Co.		1,300,278		24,523,243
Siemens AG, ADR(a)(c)		450,359		61,937,873
Tyco International Ltd.(c)		617,279		30,512,101

Total				152,460,776


Machinery 4.7%
Caterpillar, Inc.		293,203		31,214,391
Deere & Co.		396,648		32,703,628
Eaton Corp.		443,446		22,815,297
Illinois Tool Works, Inc.(a)		544,703		30,770,273
Ingersoll-Rand PLC(a)(c)		338,276		15,361,113
Parker Hannifin Corp.		249,945		22,430,064

Total				155,294,766


Road & Rail 0.7%
Union Pacific Corp.		211,781		22,109,936


TOTAL INDUSTRIALS				553,661,734


INFORMATION TECHNOLOGY 11.0%

Communications Equipment 0.4%
Nokia OYJ, ADR(a)(c)		2,207,150		14,169,903


Computers & Peripherals 0.6%
Western Digital Corp.(b)		558,153		20,305,606


Electronic Equipment, Instruments & Components 0.4%
TE Connectivity Ltd.(c)		385,721		14,179,104


IT Services 4.2%
Accenture PLC, Class A(a)(c)		483,828		29,232,888
Computer Sciences Corp.		187,597		7,121,182
IBM Corp.(a)		316,645		54,320,450
Mastercard, Inc., Class A		155,957		46,996,082

Total				137,670,602


Semiconductors & Semiconductor Equipment 1.9%
Intel Corp.(a)		1,856,621		41,142,722
Microchip Technology, Inc.(a)		545,874		20,694,083

Total				61,836,805


Software 3.5%
Microsoft Corp.		3,102,526		80,665,676
Oracle Corp.		1,050,189		34,561,720

Total				115,227,396


TOTAL INFORMATION TECHNOLOGY				363,389,416


MATERIALS 5.7%

Chemicals 3.3%
Air Products & Chemicals, Inc.		139,140		13,299,001
Dow Chemical Co. (The)		945,166		34,025,976
EI du Pont de Nemours & Co.		790,454		42,724,039
Huntsman Corp.(a)		1,034,152		19,493,765

Total				109,542,781


Construction Materials 0.3%
Cemex SAB de CV, ADR(a)(b)(c)		1,144,971		9,846,750


Metals & Mining 2.1%
Alcoa, Inc.(a)		205,077		3,252,521
Freeport-McMoRan Copper & Gold, Inc.		631,710		33,417,459
Nucor Corp.		80,520		3,319,035
Rio Tinto PLC, ADR(a)(c)		245,550		17,758,176
Xstrata PLC(c)		493,106		10,854,201

Total				68,601,392


TOTAL MATERIALS				187,990,923


TELECOMMUNICATION SERVICES 5.1%

Diversified Telecommunication Services 4.8%
AT&T, Inc.		2,588,931		81,318,323
CenturyLink, Inc.		752,620		30,428,426
Deutsche Telekom AG, ADR(a)(c)		578,195		9,028,515
Frontier Communications Corp.(a)		424,311		3,424,190
Verizon Communications, Inc.(a)		615,401		22,911,379
Windstream Corp.(a)		1,024,730		13,280,501

Total				160,391,334


Wireless Telecommunication Services 0.3%
Sprint Nextel Corp.(a)(b)		1,775,375		9,569,271


TOTAL TELECOMMUNICATION SERVICES				169,960,605


UTILITIES 2.7%

Electric Utilities 1.5%
American Electric Power Co., Inc.		374,378		14,106,563
Entergy Corp.		166,154		11,344,995
FirstEnergy Corp.		284,104		12,543,192
NextEra Energy, Inc.(a)		199,966		11,490,046

Total				49,484,796


Multi-Utilities 1.2%
Dominion Resources, Inc.(a)		503,373		24,297,815
Sempra Energy		291,422		15,410,395

Total				39,708,210


TOTAL UTILITIES				89,193,006


Total Common Stocks
(Cost: $2,461,660,576)			$	3,159,184,821


	Coupon	Principal
Issuer	Rate	Amount		Value

Convertible Bonds 0.2%


Building Materials 0.2%
Cemex SAB de CV
Subordinated Notes(c)(d)
03/15/18	3.750%	$	5,139,000	$	5,100,971


Total Convertible Bonds
(Cost: $5,139,000)				$	5,100,971

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)


	Shares		Value

Money Market Fund 3.9%

Columbia Short-Term Cash Fund, 0.166%(e)(f)		128,246,133	$	128,246,133


Total Money Market Fund
(Cost: $128,246,133)			$	128,246,133


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 10.8%


Asset-Backed Commercial Paper 0.9%
Cancara Asset Securitisation LLC
07/13/11	0.150%	$	9,998,750	$	9,998,750
07/19/11	0.250%		9,993,750		9,993,750
Rhein-Main Securitisation Ltd.
09/06/11	0.430%		4,994,924		4,994,924
Versailles Commercial Paper LLC
08/17/11	0.310%		4,996,039		4,996,039

Total					29,983,463


Certificates of Deposit 7.7%
Australia and New Zealand Bank Group, Ltd.
07/29/11	0.220%		5,000,000		5,000,000
Bank of America, National Association
10/03/11	0.350%		15,000,000		15,000,000
Barclays Bank PLC
08/19/11	0.330%		10,000,000		10,000,000
09/13/11	0.310%		5,000,000		5,000,000
Commerzbank AG
07/20/11	0.220%		15,000,000		15,000,000
Credit Agricole
08/23/11	0.230%		9,994,126		9,994,126
Credit Industrial et Commercial
07/01/11	0.430%		5,000,000		5,000,000
11/21/11	0.410%		10,000,000		10,000,000
DZ Bank AG
07/12/11	0.200%		10,000,000		10,000,000
Den Danske Bank
07/26/11	0.230%		9,996,104		9,996,104
Deutsche Bank AG
07/08/11	0.260%		15,000,000		15,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11	0.300%		10,000,000		10,000,000
08/12/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/07/11	0.300%		12,000,000		12,000,000
07/14/11	0.280%		5,000,000		5,000,000
La Banque Postale
09/13/11	0.250%		10,000,000		10,000,000
Lloyds Bank PLC
10/03/11	0.260%		10,000,000		10,000,000
N.V. Bank Nederlandse Gemeenten
07/27/11	0.270%		15,000,000		15,000,000
National Australia Bank
11/18/11	0.211%		10,999,953		10,999,953
National Bank of Canada
10/07/11	0.240%		10,000,000		10,000,000
11/18/11	0.186%		5,000,000		5,000,000
Natixis
09/07/11	0.544%		20,000,000		20,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		8,000,000		8,000,000
Societe Generale
09/01/11	0.310%		4,995,225		4,995,225
Swedbank AB
08/05/11	0.240%		10,000,000		10,000,000
Union Bank of Switzerland
11/14/11	0.224%		5,000,000		5,000,000
United Overseas Bank Ltd.
08/26/11	0.300%		5,000,000		5,000,000

Total					255,985,408


Commercial Paper 1.0%
Danske Corp.
07/11/11	0.240%		6,997,807		6,997,807
Erste Finance (Delaware) LLC
07/18/11	0.210%		14,997,288		14,997,288
Macquarie Bank Ltd.
11/10/11	0.461%		4,988,308		4,988,308
Suncorp Metway Ltd.
07/11/11	0.200%		4,999,111		4,999,111

Total					31,982,514


Other Short-Term Obligations 0.4%
Goldman Sachs Group, Inc. (The)
08/08/11	0.300%		12,000,000		12,000,000


Repurchase Agreements 0.8%
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $10,000,033(g)	0.120%		10,000,000		10,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $10,000,028(g)	0.100%		10,000,000		10,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $7,795,114(g)	0.080%		7,795,097		7,795,097

Total					27,795,097


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $357,746,482)				$	357,746,482


Total Investments
(Cost: $2,952,792,191)				$	3,650,278,407
Other Assets & Liabilities, Net					(347,200,793)


Net Assets				$	3,303,077,614

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

Notes to Portfolio of Investments


(a)		At June 30, 2011, security was partially or fully on loan.

(b)		Non-income producing.

(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 16.19% of net assets.

(d)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $5,100,971 or 0.15% of net assets.

(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

(f)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

Dividends or

Issuer

cost

from sales

gain/loss

cost

interest income

Value

Columbia Short-Term Cash Fund

$72,031,834

$320,931,375

$(264,717,076

)

$—

$128,246,133

$841,863

$128,246,133


(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.


Mizuho Securities USA, Inc. (0.120%)
Security description	Value
Freddie Mac REMICS		$354,526
Ginnie Mae I Pool		8,707,804
Government National Mortgage Association		1,137,670

Total Market Value of Collateral Securities		$10,200,000



Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$6,073,489
Freddie Mac Gold Pool		4,126,511

Total Market Value of Collateral Securities		$10,200,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$7,951,034

Total Market Value of Collateral Securities		$7,951,034

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Consumer Discretionary		$272,209,990		$—		$—		$272,209,990
Consumer Staples		177,168,758		—		—		177,168,758
Energy		517,925,797		—		—		517,925,797
Financials		464,960,815		—		—		464,960,815
Health Care		362,723,777		—		—		362,723,777
Industrials		553,661,734		—		—		553,661,734
Information Technology		363,389,416		—		—		363,389,416
Materials		177,136,722		10,854,201		—		187,990,923
Telecommunication Services		169,960,605		—		—		169,960,605
Utilities		89,193,006		—		—		89,193,006

Total Equity Securities		3,148,330,620		10,854,201		—		3,159,184,821

Bonds
Convertible Bonds		—		5,100,971		—		5,100,971

Total Bonds		—		5,100,971		—		5,100,971

Other
Affiliated Money Market Fund(c)		128,246,133		—		—		128,246,133
Investments of Cash Collateral Received for Securities on Loan		—		357,746,482		—		357,746,482

Total Other		128,246,133		357,746,482		—		485,992,615

Total		$3,276,576,753		$373,701,654		$—		$3,650,278,407


(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 11

Statement of Assets and Liabilities


June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $2,466,799,576)	$	3,164,285,792
Affiliated issuers (identified cost $128,246,133)		128,246,133
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $329,951,385)		329,951,385
Repurchase agreements (identified cost $27,795,097)		27,795,097

Total investments (identified cost $2,952,792,191)		3,650,278,407
Receivable for:
Capital shares sold		240,253
Investments sold		13,051,610
Dividends		3,532,259
Interest		117,048
Reclaims		72,321

Total assets		3,667,291,898

Liabilities
Due upon return of securities on loan		357,746,482
Payable for:
Investments purchased		1,495,809
Capital shares purchased		2,422,452
Investment management fees		1,490,700
Distribution fees		154,940
Transfer agent fees		158,693
Administration fees		136,621
Other expenses		608,587

Total liabilities		364,214,284

Net assets applicable to outstanding capital stock	$	3,303,077,614

Represented by
Partners’ capital	$	3,303,077,614

Total — representing net assets applicable to outstanding capital stock	$	3,303,077,614

*Value of securities on loan	$	350,075,843

Net assets applicable to outstanding shares
Class 1	$	1,784,353,070
Class 2	$	16,972,299
Class 3	$	1,501,752,245
Shares outstanding
Class 1		128,871,887
Class 2		1,230,346
Class 3		108,681,554
Net asset value per share
Class 1	$	13.85
Class 2	$	13.79
Class 3	$	13.82

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

Statement of Operations


Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	37,249,576
Interest		55,278
Dividends from affiliates		72,469
Income from securities lending — net		841,863
Foreign taxes withheld		(640,664	)

Total income		37,578,522

Expenses:
Investment management fees		10,098,926
Distribution fees
Class 2		8,563
Class 3		969,770
Transfer agent fees
Class 1		495,188
Class 2		2,033
Class 3		465,474
Administration fees		827,775
Compensation of board members		31,614
Custodian fees		16,530
Printing and postage fees		253,400
Professional fees		28,875
Other		127,145

Total expenses		13,325,293

Net investment income		24,253,229

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		184,284,504
Foreign currency transactions		(37,661	)
Forward foreign currency exchange contracts		12,179

Net realized gain		184,259,022
Net change in unrealized appreciation (depreciation) on:
Investments		(57,600,008	)

Net change in unrealized depreciation		(57,600,008	)

Net realized and unrealized gain		126,659,014

Net increase in net assets resulting from operations	$	150,912,243

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 13

Statement of Changes in Net Assets


	Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)
	(Unaudited)
Operations
Net investment income	$	24,253,229		$	49,044,939
Net realized gain		184,259,022			123,857,649
Net change in unrealized appreciation (depreciation)		(57,600,008	)		263,983,214

Net increase in net assets resulting from operations		150,912,243			436,885,802

Increase (decrease) in net assets from share transactions		23,199,879			(1,165,236,829	)

Total increase in net assets		174,112,122			728,351,027
Net assets at beginning of period		3,128,965,492			3,857,316,519

Net assets at end of period	$	3,303,077,614		$	3,128,965,492


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		6,315,084			86,823,610			209,837,128			2,327,191,273
Fund merger		6,125,550			88,211,428			—			—
Redemptions		(1,493,405	)		(20,512,555	)		(91,912,470	)		(1,011,209,099	)

Net increase		10,947,229			154,522,483			117,924,658			1,315,982,174

Class 2 shares
Subscriptions		162,160			2,222,669			93,518			1,145,211
Fund merger		1,032,751			14,804,552			—			—
Redemptions		(55,107	)		(757,190	)		(2,976	)		(35,531	)

Net increase		1,139,804			16,270,031			90,542			1,109,680

Class 3 Shares
Subscriptions		11,755			160,682			7,228,957			83,062,143
Redemptions		(10,774,290	)		(147,753,317	)		(229,981,959	)		(2,565,390,826	)

Net decrease		(10,762,535	)		(147,592,635	)		(222,753,002	)		(2,482,328,683	)

Total net increase (decrease)		1,324,498			23,199,879			(104,737,802	)		(1,165,236,829	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. For periods ended 2009 and after, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract charges, if any, and are not annualized for periods of less than one year.


Class 1	Six months ended			Year ended
Per share data	June 30, 2011			Dec. 31, 2010^(a)
	(Unaudited)
Net asset value, beginning of period		$13.19			$12.05

Income from investment operations:
Net investment income		0.11			0.13
Net realized and unrealized gain on investments		0.55			1.01

Total from investment operations		0.66			1.14

Net asset value, end of period		$13.85			$13.19

Total return		5.00%			9.46%

Ratios to average net assets^(b)
Total expenses		0.77%	^(c)		0.78%	^(c)

Net investment income		1.58%	^(c)		1.68%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,784,353			$1,554,974

Portfolio turnover		16%			26%


Class 2	Six months ended			Year ended
Per share data	June 30, 2011			Dec. 31, 2010^(a)
	(Unaudited)
Net asset value, beginning of period		$13.15			$12.05

Income from investment operations:
Net investment income		0.13			0.11
Net realized and unrealized gain on investments		0.51			0.99

Total from investment operations		0.64			1.10

Net asset value, end of period		$13.79			$13.15

Total return		4.87%			9.13%

Ratios to average net assets^(b)
Total expenses		1.00%	^(c)		1.03%	^(c)

Net investment income		1.91%	^(c)		1.37%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$16,972			$1,191

Portfolio turnover		16%			26%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 15

Financial Highlights (continued)


																	Year ended
Class 3	Six months ended			Year ended Dec. 31,													Aug. 31,
Per share data	June 30, 2011			2010		2009		2008			2007			2006^(d)			2006
	(Unaudited)
Net asset value, beginning of period		$13.17			$11.27		$8.84		$16.24			$15.48			$15.09			$13.83

Income from investment operations:
Net investment income		0.10			0.17		0.20		0.23			0.24			0.07			0.23
Net realized and unrealized gain (loss) on investments		0.55			1.73		2.23		(6.35	)		0.98			1.33			1.80

Total from investment operations		0.65			1.90		2.43		(6.12	)		1.22			1.40			2.03

Less distributions to shareholders from:
Net investment income		—			—		—		(0.01	)		(0.25	)		(0.05	)		(0.22	)
Net realized gains		—			—		—		(1.27	)		(0.21	)		(0.96	)		(0.55	)

Total distributions to shareholders		—			—		—		(1.28	)		(0.46	)		(1.01	)		(0.77	)

Net asset value, end of period		$13.82			$13.17		$11.27		$8.84			$16.24			$15.48			$15.09

Total return		4.94%			16.83%		27.46%		(40.47%	)		8.02%			9.37%			15.19%

Ratios to average net assets^(b)
Total expenses		0.90%	^(c)		0.90%		0.76%		0.86%			0.86%			0.91%	^(c)		0.91%

Net investment income		1.43%	^(c)		1.42%		2.14%		2.03%			1.47%			1.39%	^(c)		1.61%

Supplemental data
Net assets, end of period (in thousands)		$1,501,752			$1,572,800		$3,857,317		$2,765,112			$4,078,779			$3,446,087			$2,876,686

Portfolio turnover		16%			26%		49%		41%			29%			5%			27%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

Notes to Financial Statements

June 30, 2011 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Diversified Equity Income Fund (the Fund), formerly known as RiverSource Variable Portfolio – Diversified Equity Income Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2, and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies issued by affiliated and unaffiliated life insurance companies as well as qualified pension and retirement plans and other qualified institutional investors authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You invest by participating in a qualified plan or buying a contract and making allocations to the Fund. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 17

Notes to Financial Statements (continued)

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Foreign Currency Transactions and Translation

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments as detailed below to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities.

Effects of Derivative Transactions in the Financial Statements

18 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	12,179


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	—

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

Fund’s net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Foreign Taxes

The Fund may be subject to foreign taxes on income or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. Effective April 30, 2011, the management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.660% to 0.490% as the Fund’s net assets increase. Prior to April 30, 2011, the management fee was equal to a percentage of the Fund’s average daily net assets that declined from 0.600% to 0.375% as the Fund’s net assets increased. Also prior to April 30, 2011, the fee was adjusted upward or downward by a performance incentive adjustment (PIA) determined monthly by measuring the percentage difference over a rolling 12-month period between the annualized performance of one Class 3 share of the Fund and the annualized performance of the Lipper Equity Income Funds Index. The maximum adjustment was 0.12% per year. If the performance difference was less than 0.50%, the adjustment was zero. The adjustment increased the management fee by $976,978 for the six months ended June 30, 2011. The management fee for the six months ended June 30, 2011 was 0.63% of the Fund’s average daily net assets, including the adjustment under the terms of the PIA. Effective April 30, 2011, the PIA was terminated.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The fee for the six months ended June 30, 2011 was 0.05% of the Fund’s average daily net assets. Prior to January 1, 2011, Ameriprise Financial served as the Fund Administrator.

Other Fees

Other expenses are for, among other things, certain expenses of the Funds or the Board including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the six months ended June 30, 2011, there were no expenses incurred for these particular items.

Compensation of Board Members

20 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

had been invested in shares of the Fund or certain other funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of each Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Note 4. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $492,121,848 and $585,382,573, respectively, for the six months ended June 30, 2011.

Transactions to realign the Fund’s portfolio following the merger as described in Note 9 are excluded for purposes of calculating the Fund’s portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $77,413,721 and $108,331,825, respectively.

Note 5. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $350,075,843 were on loan, secured by cash collateral of $357,746,482 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended June 30, 2011 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note 6. Affiliated Money Market Fund

The Fund may invest its daily cash balances in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use by the Fund and other affiliated Funds. The income earned by the Fund from such investments is included as “Dividends from affiliates” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

Note 7. Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 97% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $300 million. Pursuant to a March 28, 2011 amendment to the credit facility agreement, the collective borrowing amount will be increased in two stages during the third quarter of 2011 to a final collective borrowing amount of $500 million. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to March 28, 2011, the credit facility agreement, which was a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permitted collective borrowings up to $300 million. The borrowers had the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility could at no time exceed $500 million. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum. The Fund had no borrowings during the six months ended June 30, 2011.

Note 9. Fund Merger

At the close of business on April 29, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Large Cap Value Fund, Variable Series (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $3,334,199,867 and the combined net assets immediately after the acquisition were $3,437,215,847.

The merger was accomplished by a tax-free exchange of 7,555,251 shares of the acquired fund valued at $103,015,980 (including $24,411,317 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued the following number of shares:


	Shares
Class 1		6,125,550
Class 2		1,032,751

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the acquired fund’s cost of investments was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined Fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011, the Fund’s pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the six months ended June 30, 2011, would have been approximately $25.8 million, $189.6 million, $(56.7) million and $158.7 million, respectively.

22 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)), entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Directors/Trustees.

COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT 23

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

A brief description of the proposals voted upon at the meeting and the votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to each proposal are set forth below. A vote is based on total dollar interest in the Fund.

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*		All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

2,855,994,046.120

140,269,777.693

94,435,098.851

0.000

24 COLUMBIA VP – DIVERSIFIED EQUITY INCOME FUND — 2011 SEMIANNUAL REPORT

Columbia VP – Diversified Equity Income Fund
(formerly known as RiverSource VP – Diversified Equity Income Fund)

P.O. Box 8081

Boston, MA 02266-8081

This report must be accompanied or preceded by the Fund’s current prospectus. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6469 A (8/11)

Semiannual Report

Columbia Variable Portfolio – Large Cap Growth Fund

(formerly known as Seligman Variable Portfolio – Growth Fund)

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expense Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			12
Statement of Operations			13
Statement of Changes in Net Assets			14
Financial Highlights			15
Notes to Financial Statements			17
Proxy Voting			23
Results of Meeting of Shareholders			23

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – Large Cap Growth Fund (the Fund) Class 3 shares gained 6.89% for the six months ended June 30, 2011.

>	The Fund slightly outperformed its benchmark, the Russell 1000^® Growth Index, which increased 6.83% for the same six-month period.

>	The Fund also outperformed its peer group, represented by the Lipper Large-Cap Growth Funds Index, which rose 5.24% over the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Large Cap Growth Fund

Class 1

+6.89%

+35.00%

N/A

+12.80%

Class 2

+6.75%

+34.63%

N/A

+12.54%

Class 3

+6.89%

+35.00%

+4.06%

+2.01%

-0.28%

N/A

Russell 1000^® Growth Index⁽¹⁾ (unmanaged)

+6.83%

+35.01%

+5.01%

+5.33%

+2.24%

+14.09%

Lipper Large-Cap Growth Funds Index⁽²⁾

+5.24%

+32.67%

+3.11%

+4.05%

+1.35%

+11.65%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell 1000^® Growth Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Growth Funds Index includes the 30 largest large-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	13.3	%

Consumer Staples	8.9

Energy	10.3

Financials	4.4

Health Care	13.2

Industrials	12.4

Information Technology	29.5

Materials	5.0

Telecommunication Services	2.1

Other⁽²⁾	0.9


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Apple, Inc.	3.0	%

QUALCOMM, Inc.	2.8

EMC Corp.	2.8

Oracle Corp.	2.7

United Technologies Corp.	2.0

Google, Inc., Class A	1.9

Halliburton Co.	1.8

PepsiCo, Inc.	1.7

Philip Morris International, Inc.	1.7

Starbucks Corp.	1.6


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 3

Fund Expense Example

(Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

4 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,068.90	$	4.05		.79%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.88	$	3.96		.79%

Class 2

Actual^(b)	$	1,000	$	1,067.50	$	4.66		.91%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.28	$	4.56		.91%

Class 3

Actual^(b)	$	1,000	$	1,068.90	$	4.82		.94%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.13	$	4.71		.94%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +6.89% for Class 1, +6.75% for Class 2 and +6.89% for Class 3.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP – Large Cap Growth Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 99.7%


CONSUMER DISCRETIONARY (13.4%)

Hotels, Restaurants & Leisure (2.6%)
Bally Technologies, Inc.(a)(b)		36,148	$	1,470,500
Ctrip.com International Ltd., ADR(a)(b)(c)		36,197		1,559,367
Starbucks Corp.		115,245		4,551,025

Total				7,580,892


Internet & Catalog Retail (2.7%)
Amazon.com, Inc.(b)		18,004		3,681,638
Expedia, Inc.(a)		95,131		2,757,847
priceline.com, Inc.(b)		2,675		1,369,413

Total				7,808,898


Media (1.8%)
Comcast Corp., Class A		83,105		2,105,881
Viacom, Inc., Class B		59,139		3,016,089

Total				5,121,970


Multiline Retail (1.0%)
Macy’s, Inc.		102,146		2,986,749


Specialty Retail (2.5%)
Abercrombie & Fitch Co., Class A		41,547		2,780,325
Dick’s Sporting Goods, Inc.(a)(b)		65,479		2,517,668
Lowe’s Companies, Inc.		87,194		2,032,492

Total				7,330,485


Textiles, Apparel & Luxury Goods (2.8%)
Coach, Inc.		50,655		3,238,374
Fossil, Inc.(b)		29,216		3,439,308
Lululemon Athletica, Inc.(b)		13,172		1,472,893

Total				8,150,575


TOTAL CONSUMER DISCRECTIONARY				38,979,569


CONSUMER STAPLES (9.0%)

Beverages (1.7%)
PepsiCo, Inc.		71,068		5,005,319


Food & Staples Retailing (3.7%)
Costco Wholesale Corp.		52,226		4,242,840
Walgreen Co.		97,562		4,142,483
Whole Foods Market, Inc.		34,904		2,214,659

Total				10,599,982


Food Products (0.9%)
Hershey Co. (The)		46,150		2,623,627


Personal Products (1.0%)
Estee Lauder Companies, Inc. (The), Class A		28,105		2,956,365


Tobacco (1.7%)
Philip Morris International, Inc.		73,009		4,874,811

TOTAL CONSUMER STAPLES				26,060,104


ENERGY (10.4%)

Energy Equipment & Services (3.7%)
Halliburton Co.		103,190		5,262,690
McDermott International, Inc.(b)(c)		68,527		1,357,520
Nabors Industries Ltd.(b)(c)		84,623		2,085,111
National Oilwell Varco, Inc.		27,089		2,118,630

Total				10,823,951


Oil, Gas & Consumable Fuels (6.7%)
Apache Corp.		29,842		3,682,205
Chevron Corp.		37,623		3,869,149
Continental Resources, Inc.(a)(b)		34,433		2,235,046
Exxon Mobil Corp.		27,006		2,197,748
Kinder Morgan Management LLC(b)(d)		—		1
Occidental Petroleum Corp.		21,704		2,258,084
Peabody Energy Corp.		30,024		1,768,714
Southwestern Energy Co.(b)		79,149		3,393,909

Total				19,404,856


TOTAL ENERGY				30,228,807


FINANCIALS (4.4%)

Capital Markets (3.0%)
BlackRock, Inc.		15,394		2,952,723
Franklin Resources, Inc.		18,020		2,365,846
Morgan Stanley		65,961		1,517,763
TD Ameritrade Holding Corp.		105,363		2,055,632

Total				8,891,964


Diversified Financial Services (0.9%)
JPMorgan Chase & Co.		62,570		2,561,616


Insurance (0.5%)
MetLife, Inc.		32,466		1,424,283

TOTAL FINANCIALS				12,877,863


HEALTH CARE (13.3%)

Biotechnology (3.2%)
Alexion Pharmaceuticals, Inc.(b)		30,739		1,445,655
Alkermes, Inc.(b)		15,340		285,324
Biogen Idec, Inc.(b)		24,020		2,568,218
Celgene Corp.(b)		45,439		2,740,881
Dendreon Corp.(b)		56,949		2,246,069

Total				9,286,147


Health Care Equipment & Supplies (3.6%)
Covidien PLC(c)		45,861		2,441,181
Edwards Lifesciences Corp.(b)		20,277		1,767,749
St. Jude Medical, Inc.		89,721		4,277,897
Zimmer Holdings, Inc.(b)		29,244		1,848,221

Total				10,335,048


Health Care Providers & Services (2.5%)
CIGNA Corp.		23,970		1,232,777
Express Scripts, Inc.(b)		53,522		2,889,118
Universal Health Services, Inc., Class B		59,280		3,054,698

Total				7,176,593


Health Care Technology (0.7%)
Cerner Corp.(b)		33,180		2,027,630


Life Sciences Tools & Services (0.7%)
Life Technologies Corp.(b)		1,674		87,165
Waters Corp.(b)		20,264		1,940,075

Total				2,027,240


Pharmaceuticals (2.6%)
Allergan, Inc.		35,626		2,965,865
Perrigo Co.(a)		25,774		2,264,761
Watson Pharmaceuticals, Inc.(b)		35,381		2,431,736

Total				7,662,362


TOTAL HEALTH CARE				38,515,020

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
INDUSTRIALS (12.4%)

Aerospace & Defense (4.7%)
Boeing Co. (The)		35,695		$2,638,931
Goodrich Corp.		23,360		2,230,880
Precision Castparts Corp.		19,312		3,179,721
United Technologies Corp.		64,425		5,702,257

Total				13,751,789


Construction & Engineering (0.8%)
KBR, Inc.		65,928		2,484,826


Electrical Equipment (1.0%)
Rockwell Automation, Inc.(a)		31,999		2,776,233


Industrial Conglomerates (0.8%)
Tyco International Ltd.(c)		48,950		2,419,599


Machinery (2.8%)
Cummins, Inc.		8,841		914,955
Dover Corp.		32,232		2,185,330
Flowserve Corp.		2,100		230,769
IDEX Corp.		32,543		1,492,096
Parker Hannifin Corp.		36,558		3,280,715

Total				8,103,865


Road & Rail (1.9%)
JB Hunt Transport Services, Inc.		59,226		2,788,953
Union Pacific Corp.		25,360		2,647,584

Total				5,436,537


Trading Companies & Distributors (0.4%)
United Rentals, Inc.(a)(b)		45,318		1,151,077


TOTAL INDUSTRIALS				36,123,926


INFORMATION TECHNOLOGY (29.7%)

Communications Equipment (4.8%)
Acme Packet, Inc.(b)		17,587		1,233,376
Alcatel-Lucent, ADR(b)(c)		240,641		1,388,499
Ciena Corp.(a)(b)		61,894		1,137,612
Juniper Networks, Inc.(b)		66,616		2,098,404
QUALCOMM, Inc.		143,680		8,159,587

Total				14,017,478


Computers & Peripherals (5.8%)
Apple, Inc.(b)		25,688		8,622,691
EMC Corp.(b)		295,082		8,129,509

Total				16,752,200


Internet Software & Services (1.9%)
Google, Inc., Class A(b)		10,939		5,539,291


IT Services (6.3%)
Accenture PLC, Class A(c)		68,053		4,111,762
Alliance Data Systems Corp.(b)		21,719		2,043,106
Cognizant Technology Solutions Corp., Class A(b)		26,368		1,933,829
IBM Corp.		23,703		4,066,250
Teradata Corp.(b)		25,770		1,551,354
Visa, Inc., Class A		53,184		4,481,284

Total				18,187,585


Semiconductors & Semiconductor Equipment (1.0%)
Texas Instruments, Inc.		85,349		2,802,008


Software (9.9%)
Autodesk, Inc.(b)		79,718		3,077,115
Intuit, Inc.(b)		49,544		2,569,352
Microsoft Corp.		140,148		3,643,848
Oracle Corp.		234,793		7,727,037
Red Hat, Inc.(b)		49,835		2,287,426
Salesforce.com, Inc.(b)		24,398		3,634,814
SuccessFactors, Inc.(a)(b)		43,828		1,288,543
Symantec Corp.(b)		92,965		1,833,270
TIBCO Software, Inc.(b)		97,593		2,832,149

Total				28,893,554


TOTAL INFORMATION TECHNOLOGY				86,192,116


MATERIALS (5.0%)

Chemicals (2.4%)
Celanese Corp., Series A		48,184		2,568,689
Monsanto Co.		36,340		2,636,104
PPG Industries, Inc.		18,045		1,638,305

Total				6,843,098


Containers & Packaging (0.6%)
Crown Holdings, Inc.(b)		44,672		1,734,167


Metals & Mining (2.0%)
Allegheny Technologies, Inc.		55,679		3,533,946
Rio Tinto PLC, ADR(a)(c)		33,451		2,419,177

Total				5,953,123


TOTAL MATERIALS				14,530,388


TELECOMMUNICATION SERVICES (2.1%)

Wireless Telecommunication Services (2.1%)
American Tower Corp., Class A(b)		37,431		1,957,642
MetroPCS Communications, Inc.(b)		114,242		1,966,105
NII Holdings, Inc.(b)		49,377		2,092,597

Total				6,016,344


TOTAL TELECOMMUNICATION SERVICES				6,016,344


Total Common Stocks
(Cost: $246,442,828)			$	289,524,137




	Shares		Value

Money Market Fund 0.9%

Columbia Short-Term Cash Fund, 0.166%(e)(f)		2,677,556	$	2,677,556


Total Money Market Fund
(Cost: $2,677,556)			$	2,677,556


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 4.9%


Certificates of Deposit (0.3%)
Commerzbank AG
07/27/11	0.180%	$	1,000,000	$	1,000,000


Repurchase Agreements (4.6%)
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,000,003(g)	0.030%		3,000,000		3,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(g)	0.120%		5,000,000		5,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued) 


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (cont.)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,341,647(g)	0.080%		$5,341,635		$5,341,635

Total					13,341,635


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $14,341,635)				$	14,341,635


Total Investments
(Cost: $263,462,019)				$	306,543,328


Other Assets & Liabilities, Net					(15,948,985)


Net Assets				$	290,594,343

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 6.12% of net assets.

^(d)		Represents fractional shares.

^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(f)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$1,551,886

$39,745,409

$(38,619,739

)

$—

$2,677,556

$2,241

$2,677,556


^(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.


Natixis Financial Products, Inc. (0.030%)
Security Description	Value
Fannie Mae Interest Strip		$69,567
Fannie Mae REMICS		1,700,420
Federal Farm Credit Bank		220,407
Freddie Mac REMICS		502,006
Government National Mortgage Association		567,603

Total Market Value of Collateral Securities		$3,060,003

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

Notes to Portfolio of Investments (continued)


Pershing LLC (0.120%)
Security Description	Value
Fannie Mae Pool		$44,388
Fannie Mae REMICS		1,243,806
Fannie Mae Whole Loan		7,915
Freddie Mac Reference REMIC		119,050
Freddie Mac REMICS		3,179,090
Freddie Mac Strips		50,638
Government National Mortgage Association		455,113

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$5,448,492

Total Market Value of Collateral Securities		$5,448,492

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued) 

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$38,979,569		$—		$—		$38,979,569
Consumer Staples		26,060,104		—		—		26,060,104
Energy		30,228,806		1		—		30,228,807
Financials		12,877,863		—		—		12,877,863
Health Care		38,515,020		—		—		38,515,020
Industrials		36,123,926		—		—		36,123,926
Information Technology		86,192,116		—		—		86,192,116
Materials		14,530,388		—		—		14,530,388
Telecommunication Services		6,016,344		—		—		6,016,344

Total Equity Securities		289,524,136		1		—		289,524,137

Other
Affiliated Money Market Fund(c)		2,677,556		—		—		2,677,556
Investments of Cash Collateral Received for Securities on Loan		—		14,341,635		—		14,341,635

Total Other		2,677,556		14,341,635		—		17,019,191

Total		$292,201,692		$14,341,636		$—		$306,543,328


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 11

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $246,442,828)	$	289,524,137
Affiliated issuers (identified cost $2,677,556)		2,677,556
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $1,000,000)		1,000,000
Repurchase agreements (identified cost $13,341,635)		13,341,635

Total investments (identified cost $263,462,019)		306,543,328
Receivable for:
Capital shares sold		587
Investments sold		3,703,596
Dividends		151,686
Interest		1,792
Reclaims		32,968
Expense reimbursement due from Investment Manager		20,974

Total assets		310,454,931

Liabilities
Due upon return of securities on loan		14,341,635
Payable for:
Investments purchased		4,843,379
Capital shares purchased		380,741
Investment management fees		164,844
Distribution fees		24,734
Transfer agent fees		13,930
Administration fees		13,930
Other expenses		77,395

Total liabilities		19,860,588

Net assets applicable to outstanding capital stock	$	290,594,343

Represented by
Partners’ capital	$	290,594,343

Total — representing net assets applicable to outstanding capital stock	$	290,594,343

*Value of securities on loan	$	14,203,370

Net assets applicable to outstanding shares
Class 1	$	51,823,986
Class 2	$	8,851,581
Class 3	$	229,918,776
Shares outstanding
Class 1		7,109,033
Class 2		1,217,553
Class 3		31,549,003
Net asset value per share
Class 1	$	7.29
Class 2	$	7.27
Class 3	$	7.29

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

Statement of Operations

Six months ended June 30, 2011 (Unaudited)


Net investment income
Income:
Dividends	$	1,239,023
Dividends from affiliates		2,241
Income from securities lending — net		12,905
Foreign taxes withheld		(4,868	)

Total income		1,249,301

Expenses:
Investment management fees		870,101
Distribution fees
Class 2		4,077
Class 3		145,764
Transfer agent fees
Class 1		5,198
Class 2		970
Class 3		69,964
Administration fees		76,132
Compensation of board members		2,978
Custodian fees		12,730
Printing and postage fees		31,350
Professional fees		4,084
Other		4,545

Total expenses		1,227,893
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(49,091	)

Total net expenses		1,178,802

Net investment income		70,499

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		24,422,821

Net realized gain		24,422,821
Net change in unrealized appreciation (depreciation) on:
Investments		(10,933,939	)
Foreign currency translations		1,686

Net change in unrealized depreciation		(10,932,253	)

Net realized and unrealized gain		13,490,568

Net increase in net assets resulting from operations	$	13,561,067

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 13

Statement of Changes in Net Assets


	Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)
	(Unaudited)
Operations
Net investment income	$	70,499		$	778,187
Net realized gain		24,422,821			38,467,467
Net change in unrealized depreciation		(10,932,253	)		(3,667,235	)

Net increase in net assets resulting from operations		13,561,067			35,578,419

Increase (decrease) in net assets from share transactions		43,542,827			(42,491,598	)

Total increase (decrease) in net assets		57,103,894			(6,913,179	)
Net assets at beginning of period		233,490,449			240,403,628

Net assets at end of period	$	290,594,343		$	233,490,449


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		127,739			947,741			789			5,000
Fund merger		7,273,180			54,764,794			—			—
Redemptions		(292,675	)		(2,131,861	)		—			—

Net increase		7,108,244			53,580,674			789			5,000

Class 2 shares
Subscriptions		93,060			671,697			48,386			304,874
Fund merger		1,137,310			8,542,419			—			—
Redemptions		(59,778	)		(432,930	)		(1,425	)		(9,064	)

Net increase		1,170,592			8,781,186			46,961			295,810

Class 3 Shares
Subscriptions		90,959			646,434			652,560			3,847,465
Redemptions		(2,719,133	)		(19,465,467	)		(7,775,094	)		(46,639,873	)

Net decrease		(2,628,174	)		(18,819,033	)		(7,122,534	)		(42,792,408	)

Total net increase (decrease)		5,650,662			43,542,827			(7,074,784	)		(42,491,598	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

Financial Highlights


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$6.82			$6.34

Income from investment operations:
Net investment income		0.01			0.02
Net realized and unrealized gain on investments		0.46			0.46

Total from investment operations		0.47			0.48

Net asset value, end of period		$7.29			$6.82

Total return		6.89%			7.57%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.88%	^(c)		0.83%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.79%	^(c)		0.83%	^(c)

Net investment income		0.40%	^(c)		0.60%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$51,824			$5

Portfolio turnover		50%			152%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$6.81			$6.34

Income from investment operations:
Net investment income		0.01			0.02
Net realized and unrealized gain on investments		0.45			0.45

Total from investment operations		0.46			0.47

Net asset value, end of period		$7.27			$6.81

Total return		6.75%			7.41%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.15%	^(c)		1.09%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.91%	^(c)		1.09%	^(c)

Net investment income		0.25%	^(c)		0.50%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$8,852			$320

Portfolio turnover		50%			152%

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 15

Financial Highlights (continued)


	Six months																Year ended
	ended June 30,			Year ended Dec. 31,													Aug. 31,
	2011			2010		2009		2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$6.82			$5.82		$4.25		$7.65			$7.50			$6.93			$6.61

Income from investment operations:
Net investment income		0.00	^(f)		0.02		0.03		0.10			0.08			0.01			0.06
Net realized and unrealized gain (loss) on investments		0.47			0.98		1.54		(3.48	)		0.15			0.57			0.33

Total from investment operations		0.47			1.00		1.57		(3.38	)		0.23			0.58			0.39

Less distributions to shareholders from:
Net investment income		—			—		—		(0.02	)		(0.08	)		(0.01	)		(0.07	)

Total distributions to shareholders		—			—		—		(0.02	)		(0.08	)		(0.01	)		(0.07	)

Net asset value, end of period		$7.29			$6.82		$5.82		$4.25			$7.65			$7.50			$6.93

Total return		6.89%			17.16%		37.00%		(44.35%	)		3.07%			8.27%			5.79%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.97%	^(c)		0.93%		0.80%		0.75%			0.89%			1.01%	^(c)		0.91%

Net expenses after fees waived or expenses reimbursed^(d)		0.94%	^(c)		0.93%		0.80%		0.75%			0.89%			1.01%	^(c)		0.91%

Net investment income		0.03%	^(c)		0.34%		0.71%		1.36%			1.01%			0.59%	^(c)		1.04%

Supplemental data
Net assets, end of period (in thousands)		$229,919			$233,165		$240,404		$275,348			$627,286			$639,730			$611,521

Portfolio turnover		50%			152%		152%		150%			116%			30%			156%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(f)		Rounds to less than $0.01.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

Notes to Financial Statements

June 30, 2011 (Unaudited)


Note 1.	Organization

Columbia Variable Portfolio – Large Cap Growth Fund (the Fund), formerly known as Seligman Variable Portfolio – Growth Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 17

Notes to Financial Statements (continued)

Foreign Currency Transactions and Translation

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund’s income and loss. The components of the Fund’s net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

18 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

Foreign Taxes

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. Effective April 30, 2011, the management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.71% to 0.54% as the Fund’s net assets increase. Prior to April 30, 2011, the management fee was equal to a percentage of the Fund’s average daily net assets that declined from 0.600% to 0.375% as the Fund’s net assets increased. Also prior to April 30, 2011, the fee was adjusted upward or downward by a performance incentive adjustment (PIA) determined monthly by measuring the percentage difference over a rolling 12-month period between the annualized performance of one Class 3 share of the Fund and the annualized performance of the Lipper Large-Cap Growth Funds Index. The maximum adjustment was 0.12% per year. If the performance difference was less than 0.50%, the adjustment was zero. The adjustment increased the management fee by $54,555 for the six months ended June 30, 2011. The management fee for the six months ended June 30, 2011 was 0.69% of the Fund’s average daily net assets, including the adjustment under the terms of the PIA. Effective April 30, 2011, the PIA was terminated.

Administration Fees

Other Fees

Other expenses are for, among other things, certain expenses of the Fund or the Board including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the six months ended June 30, 2011, there were no expenses incurred for these particular items.

Compensation of Board Members

Under a Deferred Compensation Plan (the Plan), the board members who are not “interested persons” of the Fund as defined under the 1940 Act may defer receipt of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the Fund or certain other funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for the Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

Distribution Fees

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective April 30, 2011, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below as well as any reorganization costs allocated to the Fund), through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	0.765	%
Class 2	1.015
Class 3	0.890

Prior to April 30, 2011, there was no contractual limitation. Under the agreement, the following fees and expenses, are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Fund’s Board. This agreement may be modified or amended only with approval from all parties. Reorganization (see Note 9) costs were allocated to the Fund only to the extent they are expected to be offset by the anticipated reduction in expenses borne by the Fund’s shareholders during the first year following the Reorganization.

Note 4. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $126,037,902 and $145,135,318, respectively, for the six months ended June 30, 2011.

Note 5. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $14,203,370 were on loan, secured by cash collateral of $14,341,635 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Note 6. Affiliated Money Market Fund

20 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

“Dividends from affiliates” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 80% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

Note 9. Fund Merger

At the close of business on April 29, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Large Cap Growth Fund, Variable Series (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $244,494,303 and the combined net assets immediately after the acquisition were $307,801,516.

The merger was accomplished by a tax-free exchange of 1,979,922 shares of the acquired fund valued at $63,307,213 (including $13,585,216 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued the following number of shares:


	Shares
Class 1		7,273,180
Class 2		1,137,310

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the acquired fund’s cost of investments was carried forward to align ongoing reporting of the Fund ’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the merger had been completed on January 1, 2011, the Fund ’s pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the six months ended June 30, 2011, would have been approximately $0.1 million, $28.4 million, $(8.8) million and $19.7 million, respectively.

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

22 COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Brokers
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*	All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Brokers

“For”

“Against”

Abstentions

Non-Votes

217,266,450.048

8,755,244.263

7,736,252.009

0.000

COLUMBIA VP – LARGE CAP GROWTH FUND — 2011 SEMIANNUAL REPORT 23

Columbia VP – Large Cap Growth Fund
(formerly known as Seligman VP – Growth Fund)

P.O. Box 8081

Boston, MA 02266-8081


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6465 A (8/11)

Semiannual Report

Columbia Variable Portfolio – Mid Cap Value Opportunity Fund
(formerly known as RiverSource Variable Portfolio – Mid Cap Value Fund)

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expense Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			12
Statement of Operations			13
Statement of Changes in Net Assets			14
Financial Highlights			15
Notes to Financial Statements			18
Proxy Voting			25
Results of Meeting of Shareholders			25

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – Mid Cap Value Opportunity Fund (the Fund) Class 3 shares advanced 6.30% for the six months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Russell Midcap^® Value Index, which increased 6.69% for the same six month period.

>	The Fund outperformed its peer group, represented by the Lipper Mid-Cap Value Funds Index, which rose 6.12% over the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

5/2/05

5/3/10

Columbia VP – Mid Cap Value Opportunity Fund
Class 1

+6.30%

+39.19%

N/A

+14.88%

Class 2

+6.21%

+38.95%

N/A

+14.71%

Class 3

+6.30%

+39.07%

+4.03%

+3.47%

+6.98%

N/A

Russell Midcap^® Value Index⁽¹⁾ (unmanaged)

+6.69%

+34.28%

+6.35%

+4.01%

+6.64%

+12.25%

Lipper Mid-Cap Value Funds Index⁽²⁾ (unmanaged)

+6.12%

+33.35%

+5.59%

+4.53%

+6.51%

+11.61%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell Midcap^® Value Index, an unmanaged index, measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value index. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Mid-Cap Value Funds Index includes the 30 largest mid-cap value funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)


Stocks	95.6	%

Consumer Discretionary	13.3

Consumer Staples	3.2

Energy	10.5

Financials	15.6

Health Care	11.3

Industrials	16.8

Information Technology	7.7

Materials	8.6

Telecommunication Services	2.5

Utilities	6.1

Convertible Bonds	0.2

Limited Partnerships	0.3

Other⁽²⁾	3.9


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.


⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Lorillard, Inc.	3.3	%

Agilent Technologies, Inc.	2.8

CIT Group, Inc.	2.7

Mylan, Inc.	2.6

Cooper Industries PLC	2.5

Eastman Chemical Co.	2.4

Newfield Exploration Co.	2.3

CIGNA Corp.	2.2

LSI Corp.	2.1

XL Group PLC	1.9


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 3

Fund Expense Example

(Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

4 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,063.00	$	4.45		.87%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.48	$	4.36		.87%

Class 2

Actual^(b)	$	1,000	$	1,062.10	$	5.78		1.13%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.19	$	5.66		1.13%

Class 3

Actual^(b)	$	1,000	$	1,063.00	$	5.12		1.00%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.84	$	5.01		1.00%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +6.30% for Class 1, +6.21% for Class 2 and +6.30% for Class 3.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP – Mid Cap Value Opportunity Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 95.4%


CONSUMER DISCRETIONARY (13.3%)

Auto Components (1.1%)
TRW Automotive Holdings Corp.(a)(b)		83,072	$	4,903,740
Visteon Corp.(b)		85,754		5,866,431

Total				10,770,171


Automobiles (0.7%)
Ford Motor Co.(b)		458,241		6,319,143


Diversified Consumer Services (1.7%)
Apollo Group, Inc., Class A(b)		66,913		2,922,760
Capella Education Co.(a)(b)		54,964		2,300,243
Career Education Corp.(a)(b)		132,147		2,794,909
Corinthian Colleges, Inc.(a)(b)		375,953		1,601,560
DeVry, Inc.		54,223		3,206,206
ITT Educational Services, Inc.(a)(b)		37,537		2,936,895

Total				15,762,573


Hotels, Restaurants & Leisure (1.7%)
Penn National Gaming, Inc.(a)(b)		240,114		9,686,199
Royal Caribbean Cruises Ltd.(b)(c)		154,308		5,808,153

Total				15,494,352


Household Durables (0.8%)
DR Horton, Inc.		139,907		1,611,729
KB Home(a)		65,333		638,957
Lennar Corp., Class A(a)		105,715		1,918,727
Mohawk Industries, Inc.(a)(b)		62,766		3,765,332

Total				7,934,745


Leisure Equipment & Products (1.8%)
Hasbro, Inc.		374,689		16,460,088


Media (3.3%)
DISH Network Corp., Class A(b)		264,441		8,110,405
Liberty Media Corp. — Starz, Series A(b)		56,983		4,287,401
National CineMedia, Inc.(a)		451,260		7,630,807
Regal Entertainment Group, Class A(a)		564,327		6,969,438
Valassis Communications, Inc.(a)(b)		113,440		3,437,232

Total				30,435,283


Multiline Retail (1.7%)
Macy’s, Inc.		427,213		12,491,708
Nordstrom, Inc.		75,087		3,524,584

Total				16,016,292


Specialty Retail (0.5%)
Abercrombie & Fitch Co., Class A		72,653		4,861,939

TOTAL CONSUMER DISCRECTIONARY				124,054,586


CONSUMER STAPLES (3.2%)
Tobacco (3.2%)
Lorillard, Inc.		271,912		29,603,060

TOTAL CONSUMER STAPLES				29,603,060


ENERGY (10.5%)
Energy Equipment & Services (2.2%)
McDermott International, Inc.(b)(c)		310,081		6,142,705
Nabors Industries Ltd.(b)(c)		400,718		9,873,691
Noble Corp.(a)(c)		118,256		4,660,469

Total				20,676,865


Oil, Gas & Consumable Fuels (8.3%)
Alpha Natural Resources, Inc.(b)		112,107		5,094,142
El Paso Corp.		445,705		9,003,241
Enbridge, Inc.(c)		504,346		16,371,071
EQT Corp.		50,705		2,663,026
Newfield Exploration Co.(b)		301,195		20,487,284
QEP Resources, Inc.		213,055		8,912,091
Whiting Petroleum Corp.(b)		259,604		14,774,064

Total				77,304,919


TOTAL ENERGY				97,981,784


FINANCIALS (15.5%)
Capital Markets (1.1%)
Artio Global Investors, Inc.(a)		19,075		215,548
Invesco Ltd.(c)		449,693		10,522,816

Total				10,738,364


Commercial Banks (6.6%)
CIT Group, Inc.(b)		552,956		24,473,833
Comerica, Inc.		216,334		7,478,666
Cullen/Frost Bankers, Inc.		69,805		3,968,414
Fifth Third Bancorp		527,102		6,720,551
Huntington Bancshares, Inc.		795,920		5,221,235
KeyCorp		673,606		5,611,138
SunTrust Banks, Inc.		183,310		4,729,398
TCF Financial Corp.(a)		269,423		3,718,037

Total				61,921,272


Diversified Financial Services (0.3%)
Pico Holdings, Inc.(a)(b)		97,331		2,822,599


Insurance (5.3%)
Assurant, Inc.		151,782		5,505,133
Axis Capital Holdings Ltd.(c)		126,291		3,909,969
Everest Re Group Ltd.(c)		69,663		5,694,950
Lincoln National Corp.		347,606		9,903,295
PartnerRe Ltd.(a)(c)		66,757		4,596,220
Transatlantic Holdings, Inc.		53,408		2,617,526
XL Group PLC(a)(c)		770,678		16,939,503

Total				49,166,596


Real Estate Investment Trusts (REITs) (2.2%)
AvalonBay Communities, Inc.(a)		15,490		1,988,916
Boston Properties, Inc.		22,112		2,347,410
Equity Residential		51,402		3,084,120
ProLogis, Inc.		147,677		5,292,743
Rayonier, Inc.		76,142		4,975,880
Ventas, Inc.(a)		56,765		2,992,083

Total				20,681,152


TOTAL FINANCIALS				145,329,983


HEALTH CARE (11.3%)
Health Care Equipment & Supplies (0.3%)
Teleflex, Inc.		44,862		2,739,274


Health Care Providers & Services (2.7%)
CIGNA Corp.		388,108		19,960,395
Universal Health Services, Inc., Class B		107,610		5,545,143

Total				25,505,538


Life Sciences Tools & Services (3.6%)
Agilent Technologies, Inc.(b)		491,862		25,139,067
Life Technologies Corp.(b)		151,982		7,913,702

Total				33,052,769


Pharmaceuticals (4.7%)
Hospira, Inc.(b)		82,274		4,661,645
Mylan, Inc.(a)(b)		956,645		23,600,432

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)

HEALTH CARE (cont.)

Pharmaceuticals (cont.)
Watson Pharmaceuticals, Inc.(b)		230,403		$15,835,598

Total				44,097,675


TOTAL HEALTH CARE				105,395,256


INDUSTRIALS (16.8%)
Aerospace & Defense (1.1%)
Goodrich Corp.		106,596		10,179,918


Airlines (1.0%)
Delta Air Lines, Inc.(b)		350,034		3,209,812
U.S. Airways Group, Inc.(a)(b)		150,562		1,341,507
United Continental Holdings, Inc.(a)(b)		211,209		4,779,660

Total				9,330,979


Building Products (0.8%)
AO Smith Corp.		175,446		7,421,366


Commercial Services & Supplies (0.3%)
Ritchie Bros Auctioneers, Inc.(a)(c)		81,784		2,248,242


Construction & Engineering (2.5%)
Chicago Bridge & Iron Co. NV(c)		181,936		7,077,310
Fluor Corp.		55,521		3,589,988
Foster Wheeler AG(b)(c)		134,600		4,089,148
Jacobs Engineering Group, Inc.(b)		89,442		3,868,366
KBR, Inc.		125,346		4,724,291

Total				23,349,103


Electrical Equipment (3.6%)
Babcock & Wilcox Co. (The)(b)		161,027		4,462,058
Cooper Industries PLC(c)		369,690		22,059,403
Rockwell Automation, Inc.		85,674		7,433,076

Total				33,954,537


Machinery (4.5%)
AGCO Corp.(b)		127,210		6,279,086
Eaton Corp.		231,243		11,897,452
Manitowoc Co., Inc. (The)(a)		204,501		3,443,797
Navistar International Corp.(b)		173,136		9,775,259
Parker Hannifin Corp.		67,420		6,050,271
Terex Corp.(b)		172,472		4,906,828

Total				42,352,693


Road & Rail (3.0%)
Con-way, Inc.		141,574		5,494,487
JB Hunt Transport Services, Inc.		139,204		6,555,116
Kansas City Southern(a)(b)		192,213		11,403,997
Werner Enterprises, Inc.(a)		190,751		4,778,313

Total				28,231,913


TOTAL INDUSTRIALS				157,068,751


INFORMATION TECHNOLOGY (7.7%)
Computers & Peripherals (0.9%)
Western Digital Corp.(b)		222,950		8,110,921


Electronic Equipment, Instruments & Components (0.9%)
Avnet, Inc.(b)		250,762		7,994,293


IT Services (0.4%)
Computer Sciences Corp.		103,837		3,941,652


Semiconductors & Semiconductor Equipment (2.6%)
LSI Corp.(b)		2,627,632		18,708,740
Microchip Technology, Inc.(a)		159,357		6,041,224

Total				24,749,964


Software (2.9%)
BMC Software, Inc.(b)		203,145		11,112,031
Check Point Software Technologies Ltd.(b)(c)		283,602		16,122,774

Total				27,234,805


TOTAL INFORMATION TECHNOLOGY				72,031,635


MATERIALS (8.5%)
Chemicals (5.7%)
Agrium, Inc.(c)		57,370		5,034,791
Eastman Chemical Co.		210,631		21,499,106
Huntsman Corp.		407,022		7,672,365
Lubrizol Corp.		28,315		3,801,855
PPG Industries, Inc.		171,508		15,571,211

Total				53,579,328


Construction Materials (0.3%)
Cemex SAB de CV, ADR(a)(b)(c)		339,222		2,917,309


Containers & Packaging (0.2%)
Rock-Tenn Co., Class A		28,812		1,911,388


Metals & Mining (1.6%)
Cliffs Natural Resources, Inc.		26,646		2,463,423
Freeport-McMoRan Copper & Gold, Inc.		152,628		8,074,021
Kobe Steel Ltd., ADR(a)(c)		201,016		2,271,481
Steel Dynamics, Inc.		113,237		1,840,101

Total				14,649,026


Paper & Forest Products (0.7%)
Domtar Corp.		71,051		6,729,951

TOTAL MATERIALS				79,787,002


TELECOMMUNICATION SERVICES (2.5%)
Diversified Telecommunication Services (2.2%)
CenturyLink, Inc.		269,910		10,912,461
Windstream Corp.(a)		728,121		9,436,448

Total				20,348,909


Wireless Telecommunication Services (0.3%)
Sprint Nextel Corp.(b)		529,456		2,853,768

TOTAL TELECOMMUNICATION SERVICES				23,202,677


UTILITIES (6.1%)
Electric Utilities (2.3%)
Entergy Corp.		72,986		4,983,484
FirstEnergy Corp.		87,642		3,869,395
Pepco Holdings, Inc.(a)		403,132		7,913,481
Pinnacle West Capital Corp.		116,042		5,173,152

Total				21,939,512


Gas Utilities 0.2%
Questar Corp.(a)		111,957		1,982,759


Multi-Utilities (3.6%)
CenterPoint Energy, Inc.		452,961		8,764,795
DTE Energy Co.		193,656		9,686,673
Sempra Energy		123,744		6,543,583
Wisconsin Energy Corp.		264,712		8,298,721

Total				33,293,772


TOTAL UTILITIES				57,216,043


Total Common Stocks
(Cost: $747,281,931)			$	891,670,777

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)


	Coupon	Principal
Issuer	Rate	Amount		Value

Convertible Bonds 0.2%


Building Materials (0.2%)
Cemex SAB de CV Subordinated Notes(c)(d)
03/15/18	3.750%	$	1,416,000	$	1,405,522


Total Convertible Bonds
(Cost: $1,416,000)				$	1,405,522


Issuer	Shares		Value

Limited Partnerships 0.3%


FINANCIALS (0.3%)

Capital Markets (0.3%)
Lazard Ltd., Class A(c)(e)		75,401	$	2,797,377

TOTAL FINANCIALS				2,797,377


Total Limited Partnerships
(Cost: $2,816,121)			$	2,797,377


	Shares		Value

Money Market Fund 3.9%

Columbia Short-Term Cash Fund, 0.166%(f)(g)		36,783,109	$	36,783,109


Total Money Market Fund
(Cost: $36,783,109)			$	36,783,109


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 6.9%


Certificates of Deposit (1.1%)
Commerzbank AG
07/20/11	0.220%	$	1,000,000	$	1,000,000
07/27/11	0.180%		1,000,000		1,000,000
DZ Bank AG
07/27/11	0.150%		1,000,000		1,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		2,500,000		2,500,000
Societe Generale
09/23/11	0.410%		3,000,000		3,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		2,000,000		2,000,000

Total					10,500,000


Money Market Fund (3.8%)
JPMorgan Prime Money Market Fund, 0.010%(g)			35,000,000		35,000,000


Other Short-Term Obligations (0.3%)
Natixis Financial Products LLC
07/01/11	0.370%		2,000,000		2,000,000
The Goldman Sachs Group, Inc.
08/08/11	0.300%		1,000,000		1,000,000

Total					3,000,000


Repurchase Agreements (1.7%)
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004(h)	0.030%		5,000,000		5,000,000
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $2,000,002(h)	0.040%		2,000,000		2,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(h)	0.120%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,895,394(h)	0.080%		3,895,385		3,895,385

Total					15,895,385


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $64,395,385)				$	64,395,385


Total Investments
(Cost: $852,692,546)				$	997,052,170
Other Assets & Liabilities, Net					(62,583,611)


Net Assets				$	934,468,559

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 16.11% of net assets.

^(d)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $1,405,522 or 0.15% of net assets.

^(e)		At June 30, 2011, there was no capital committed to the LLC or LP for future investment.

^(f)		Investments in affiliates during the period ended June 30, 2011:

��

Sales Cost/

Beginning

Purchase

Proceeds

Realized

Ending

Dividends or

Issuer

Cost

from Sales

Gain/Loss

Cost

Interest Income

Value

Columbia Short-Term Cash Fund

$22,881,343

$136,760,182

$(122,858,416

)

$—

$36,783,109

$27,223

$36,783,109


^(g)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Notes to Portfolio of Investments (continued)


^(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. (0.030%)
Security Description	Value
Fannie Mae REMICS		$1,746,884
Fannie Mae-Aces		86,912
Freddie Mac REMICS		2,490,181
Government National Mortgage Association		776,023

Total Market Value of Collateral Securities		$5,100,000



Deutsche Bank AG (0.040%)
Security Description	Value
Fannie Mae Pool		$1,898,888
Freddie Mac Non Gold Pool		141,112

Total Market Value of Collateral Securities		$2,040,000



Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$3,973,310

Total Market Value of Collateral Securities		$3,973,310

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Consumer Discretionary		$124,054,586		$—		$—		$124,054,586
Consumer Staples		29,603,060		—		—		29,603,060
Energy		97,981,784		—		—		97,981,784
Financials		145,329,983		—		—		145,329,983
Health Care		105,395,256		—		—		105,395,256
Industrials		157,068,751		—		—		157,068,751
Information Technology		72,031,635		—		—		72,031,635
Materials		77,515,521		2,271,481		—		79,787,002
Telecommunication Services		23,202,677		—		—		23,202,677
Utilities		57,216,043		—		—		57,216,043

Total Equity Securities		889,399,296		2,271,481		—		891,670,777

Bonds
Convertible Bonds		—		1,405,522		—		1,405,522

Total Bonds		—		1,405,522		—		1,405,522

Other
Limited Partnerships		2,797,377		—		—		2,797,377
Affiliated Money Market Fund(c)		36,783,109		—		—		36,783,109
Investments of Cash Collateral Received for Securities on Loan		35,000,000		29,395,385		—		64,395,385

Total Other		74,580,486		29,395,385		—		103,975,871

Total		$963,979,782		$33,072,388		$—		$997,052,170


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 11

Statement of Assets and Liabilities


June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $751,514,052)	$	895,873,676
Affiliated issuers (identified cost $36,783,109)		36,783,109
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $48,500,000)		48,500,000
Repurchase agreements (identified cost $15,895,385)		15,895,385

Total investments (identified cost $852,692,546)		997,052,170
Receivable for:
Capital shares sold		34,689
Investments sold		9,571,686
Dividends		885,625
Interest		23,374
Reclaims		1,036

Total assets		1,007,568,580

Liabilities
Due upon return of securities on loan		64,395,385
Payable for:
Investments purchased		5,495,853
Capital shares purchased		2,447,126
Investment management fees		553,679
Distribution fees		13,341
Transfer agent fees		44,910
Administration fees		43,222
Other expenses		106,505

Total liabilities		73,100,021

Net assets applicable to outstanding capital stock	$	934,468,559

Represented by
Partners’ capital	$	934,468,559

Total — representing net assets applicable to outstanding capital stock	$	934,468,559

*Value of securities on loan	$	62,964,500

Net assets applicable to outstanding shares
Class 1	$	803,147,233
Class 2	$	861,828
Class 3	$	130,459,498
Shares outstanding
Class 1		68,920,393
Class 2		74,095
Class 3		11,212,515
Net asset value per share
Class 1	$	11.65
Class 2	$	11.63
Class 3	$	11.64

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Statement of Operations


Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	6,004,109
Interest		15,636
Dividends from affiliates		27,223
Income from securities lending — net		150,187
Foreign taxes withheld		(43,363	)

Total income		6,153,792

Expenses:
Investment management fees		3,289,003
Distribution fees
Class 2		711
Class 3		84,183
Transfer agent fees
Class 1		226,723
Class 2		171
Class 3		40,407
Administration fees		257,421
Compensation of board members		9,177
Custodian fees		30,340
Printing and postage fees		8,100
Professional fees		7,025
Other		14,127

Total expenses		3,967,388

Net investment income		2,186,404

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		66,633,214
Foreign currency transactions		(355	)

Net realized gain		66,632,859
Net change in unrealized appreciation (depreciation) on:
Investments		(15,700,440	)

Net change in unrealized depreciation		(15,700,440	)

Net realized and unrealized gain		50,932,419

Net increase in net assets resulting from operations	$	53,118,823

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 13

Statement of Changes in Net Assets


	Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)
	(Unaudited)
Operations
Net investment income	$	2,186,404		$	4,587,790
Net realized gain		66,632,859			33,827,919
Net change in unrealized appreciation (depreciation)		(15,700,440	)		123,586,105

Net increase in net assets resulting from operations		53,118,823			162,001,814

Increase in net assets from share transactions		23,831,544			453,126,466

Total increase in net assets		76,950,367			615,128,280
Net assets at beginning of period		857,518,192			242,389,912

Net assets at end of period	$	934,468,559		$	857,518,192


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		2,938,795			34,373,867			66,666,171			594,950,254
Fund merger		1,618,236			19,449,223			—			—
Redemptions		(1,347,537	)		(15,504,385	)		(955,272	)		(9,597,764	)

Net increase		3,209,494			38,318,705			65,710,899			585,352,490

Class 2 shares
Subscriptions		45,887			523,968			30,678			305,417
Redemptions		(1,120	)		(12,679	)		(1,350	)		(14,277	)

Net increase		44,767			511,289			29,328			291,140

Class 3 Shares
Subscriptions		27,274			310,687			388,335			3,579,690
Redemptions		(1,338,157	)		(15,309,137	)		(14,985,940	)		(136,096,854	)

Net decrease		(1,310,883	)		(14,998,450	)		(14,597,605	)		(132,517,164	)

Total net increase		1,943,378			23,831,544			51,142,622			453,126,466


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Financial Highlights


	Six months ended
	June 30,			Year ended
	2011			Dec. 31,
	(Unaudited)			2010^(a)
Class 1
Per share data
Net asset value, beginning of period		$10.96			$9.92

Income from investment operations:
Net investment income		0.03			0.06
Net realized and unrealized gain on investments		0.66			0.98

Total from investment operations		0.69			1.04

Net asset value, end of period		$11.65			$10.96

Total return		6.30%			10.48%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.87%	^(c)		0.85%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.87%	^(c)		0.85%	^(c)

Net investment income		0.51%	^(c)		0.94%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$803,147			$720,087

Portfolio turnover		28%			80%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 15

Financial Highlights (continued)


	Six months ended
	June 30,			Year ended
	2011			Dec. 31,
	(Unaudited)			2010^(a)
Class 2
Per share data
Net asset value, beginning of period		$10.95			$9.92

Income from investment operations:
Net investment income		0.02			0.07
Net realized and unrealized gain on investments		0.66			0.96

Total from investment operations		0.68			1.03

Net asset value, end of period		$11.63			$10.95

Total return		6.21%			10.38%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.13%	^(c)		1.12%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.13%	^(c)		1.12%	^(c)

Net investment income		0.33%	^(c)		1.02%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$862			$321

Portfolio turnover		28%			80%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT


	Six months
	ended June 30,																Year ended
	2011			Year ended Dec. 31,													Aug. 31,
	(Unaudited)			2010		2009		2008			2007			2006^(e)			2006
Class 3
Per share data
Net asset value, beginning of period		$10.95			$8.94		$6.34		$14.60			$13.49			$12.65			$11.42

Income from investment operations:
Net investment income (loss)		0.02			0.06		0.10		0.08			0.10			0.05			0.09
Net realized and unrealized gain on investments		0.67			1.95		2.50		(5.52	)		1.29			0.98			1.27

Total from investment operations		0.69			2.01		2.60		(5.44	)		1.39			1.03			1.36

Net investment income		—			—		—		—			(0.11	)		(0.05	)		(0.09	)
Net realized gains		—			—		—		(2.82	)		(0.17	)		(0.14	)		(0.04	)

Total distributions to shareholders		—			—		—		(2.82	)		(0.28	)		(0.19	)		(0.13	)

Net asset value, end of period		$11.64			$10.95		$8.94		$6.34			$14.60			$13.49			$12.65

Total return		6.30%			22.51%		40.93%		(45.10%	)		10.35%			8.07%			11.93%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.00%	^(c)		1.00%		0.85%		1.04%			1.03%			1.07%	^(c)		1.44%

Net expenses after fees waived or expenses reimbursed^(d)		1.00%	^(c)		1.00%		0.85%		1.04%			1.03%			1.07%	^(c)		1.11%

Net investment income		0.37%	^(c)		0.65%		1.48%		1.01%			0.72%			1.23%	^(c)		1.02%

Supplemental data
Net assets, end of period (in thousands)		$130,459			$137,110		$242,390		$247,395			$354,737			$370,473			$228,411

Portfolio turnover		28%			80%		39%		47%			77%			4%			60%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 17

Notes to Financial Statements

June 30, 2011 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Mid Cap Value Opportunity Fund (the Fund), formerly known as RiverSource Variable Portfolio – Mid Cap Value Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

18 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Foreign Currency Transactions and Translation

Repurchase Agreements

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

Foreign Taxes

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. Effective April 30, 2011, the management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.76% to 0.62% as the Fund’s net assets increase. Prior to April 30, 2011, the management fee was equal to a percentage of the Fund’s average daily net assets that declined from 0.700% to 0.475% as the Fund’s net assets increased. Also prior to April 30, 2011, the fee was adjusted upward or downward by a performance incentive adjustment (PIA) determined monthly by measuring the percentage difference over a rolling 12-month period between the annualized performance of one Class 3 share of the Fund and the annualized performance of the Lipper Mid-Cap Value Funds Index. The maximum adjustment was 0.12% per year. If the performance difference was less than 0.50%, the adjustment was zero. The adjustment increased the management fee by $108,573 for the six months ended June 30, 2011. The management fee for the six months ended June 30, 2011 was 0.74% of the Fund’s average daily net assets, including the adjustment under the terms of the PIA. Effective April 30, 2011, the PIA was terminated.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The fee for the six months ended June 30, 2011 was 0.06% of the Fund’s average daily net assets. Prior to January 1, 2011, Ameriprise Financial served as the Fund Administrator.

Other Fees

Other expenses are for, among other things, certain expenses of the Funds or the Board including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the six months ended June 30, 2011, there were no expenses incurred for these particular items.

Compensation of Board Members

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for each Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

20 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of each Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective April 30, 2011, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below as well as any reorganization costs allocated to the Fund), through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	0.895	%
Class 2	1.145
Class 3	1.020

Note 4. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $242,650,861 and $256,326,008, respectively, for the six months ended June 30, 2011.

Note 5. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $62,964,500 were on loan, secured by U.S. government securities valued at $32,091 and by cash collateral of $64,395,385 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 2 and Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 98% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

Note 9. Fund Merger

At the close of business on April 29, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Mid Cap Value Fund, Variable Series (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $927,691,142 and the combined net assets immediately after the acquisition were $947,140,365.

The merger was accomplished by a tax-free exchange of 1,361,953 shares of the acquired fund valued at $19,449,223 (including $5,617,681 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued the following number of shares:


	Shares
Class 1		1,618,236

22 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Assuming the merger had been completed on January 1, 2011, the Fund’s pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the six months ended June 30, 2011, would have been approximately $2.1 million, $67.5 million, $(14.7) million and $54.9 million, respectively.

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 23

Notes to Financial Statements (continued)

connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

24 COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*	All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

837,482,582.026

5,702,434.739

4,193,950.790

0.000

COLUMBIA VP – MID CAP VALUE OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 25

Columbia VP – Mid Cap Value Opportunity Fund

(formerly known as RiverSource VP – Mid Cap Value Fund)

P.O. Box 8081

Boston, MA 02266-8081


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6479 A (8/11)

Semiannual Report

Columbia Variable Portfolio – Select Large-Cap Value Fund

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

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expenses Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			11
Statement of Operations			12
Statement of Changes in Net Assets			13
Financial Highlights			14
Notes to Financial Statements			16
Proxy Voting			23
Results of Meeting of Shareholders			23

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – Select Large-Cap Value Fund (the Fund) Class 3 shares gained 5.99% for the six months ended June 30, 2011.

>	The Fund outperformed its benchmark, the Russell 1000^® Value Index, which advanced 5.92% during the same six months.

>	The Standard & Poor’s 500 Index (S&P 500 Index) returned 6.02% during the same period.

>	The Fund also outperformed its peer group, as represented by the Lipper Large-Cap Value Funds Index, which rose 5.47% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)


									Since		Since
									inception		inception
	6 months*		1 year		3 years		5 years		2/4/04		5/3/10
Columbia VP – Select Large-Cap Value Fund Class 1		5.98%		31.52%		N/A		N/A		N/A		9.77%

Class 2		5.88%		31.27%		N/A		N/A		N/A		9.60%

Class 3		5.99%		31.27%		4.90%		2.11%		3.99%		N/A

Russell 1000^® Value Index⁽¹⁾ (unmanaged)		5.92%		28.94%		2.28%		1.15%		4.58%		8.61%

S&P 500 Index⁽²⁾ (unmanaged)		6.02%		30.69%		3.34%		2.94%		4.26%		10.68%

Lipper Large-Cap Value Funds Index⁽³⁾ (unmanaged)		5.47%		28.35%		2.40%		1.71%		4.01%		8.63%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell 1000^® Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The S&P 500 Index, an unmanaged index of common stocks, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽³⁾		The Lipper Large-Cap Value Funds Index includes the 30 largest large-cap value funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	9.5	%

Consumer Staples	13.7

Energy	12.4

Financials	27.2

Health Care	11.0

Industrials	11.1

Information Technology	4.1

Materials	5.8

Utilities	4.9

Other⁽²⁾	0.3


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


AES Corp. (The)	4.9	%

Tyson Foods, Inc., Class A	4.8

Wells Fargo & Co.	4.8

JPMorgan Chase & Co.	4.6

Bank of America Corp.	4.6

Humana, Inc.	4.2

Juniper Networks, Inc.	4.1

Bristol-Myers Squibb Co.	4.1

General Mills, Inc.	3.8

MetLife, Inc.	3.4


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 3

Fund Expenses Example

(Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

4 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,059.80	$	4.03		.79%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.88	$	3.96		.79%

Class 2

Actual^(b)	$	1,000	$	1,058.80	$	5.36		1.05%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.59	$	5.26		1.05%

Class 3

Actual^(b)	$	1,000	$	1,059.90	$	5.01		.98%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.93	$	4.91		.98%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.98% for Class 1, +5.88% for Class 2 and +5.99% for Class 3.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP – Select Large-Cap Value Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 100.0%


CONSUMER DISCRETIONARY (9.6%)

Multiline Retail (5.9%)
JC Penney Co., Inc.(a)		35,200	$1,215,808
Nordstrom, Inc.(a)		30,000	1,408,200

Total			2,624,008


Specialty Retail (3.7%)
Gap, Inc. (The)(a)		36,500	660,650
Lowe’s Companies, Inc.		40,800	951,048

Total			1,611,698


TOTAL CONSUMER DISCRECTIONARY			4,235,706


CONSUMER STAPLES (13.7%)

Food & Staples Retailing (1.5%)
Costco Wholesale Corp.		8,100	658,044


Food Products (8.6%)
General Mills, Inc.		45,000	1,674,900
Tyson Foods, Inc., Class A		110,000	2,136,200

Total			3,811,100


Tobacco (3.6%)
Altria Group, Inc.		29,897	789,580
Philip Morris International, Inc.		12,300	821,271

Total			1,610,851


TOTAL CONSUMER STAPLES			6,079,995


ENERGY (12.4%)

Oil, Gas & Consumable Fuels (12.4%)
Chevron Corp.		8,700	894,708
ConocoPhillips		11,200	842,128
Marathon Oil Corp.		22,926	1,207,742
Valero Energy Corp.		53,000	1,355,210
Williams Companies, Inc. (The)		39,500	1,194,875

Total			5,494,663


TOTAL ENERGY			5,494,663


FINANCIALS (27.3%)

Capital Markets (1.8%)
Morgan Stanley		34,400	791,544


Commercial Banks (8.1%)
U.S. Bancorp		58,000	1,479,580
Wells Fargo & Co.		75,000	2,104,500

Total			3,584,080


Diversified Financial Services (9.2%)
Bank of America Corp.		184,766	2,025,035
JPMorgan Chase & Co.		50,000	2,047,000

Total			4,072,035


Insurance (8.2%)
MetLife, Inc.		34,548	1,515,621
Prudential Financial, Inc.		12,000	763,080
Unum Group(a)		53,000	1,350,440

Total			3,629,141


TOTAL FINANCIALS			12,076,800


HEALTH CARE (11.0%)

Health Care Equipment & Supplies (2.7%)
Baxter International, Inc.		20,300	1,211,707


Health Care Providers & Services (4.2%)
Humana, Inc.		23,000	1,852,420


Pharmaceuticals (4.1%)
Bristol-Myers Squibb Co.		63,000	1,824,480


TOTAL HEALTH CARE			4,888,607


INDUSTRIALS (11.1%)

Aerospace & Defense (6.8%)
General Dynamics Corp.		13,100	976,212
Honeywell International, Inc.		20,000	1,191,800
United Technologies Corp.		9,800	867,398


Total			3,035,410


Road & Rail (4.3%)
CSX Corp.		37,500	983,250
Union Pacific Corp.		8,700	908,280

Total			1,891,530


TOTAL INDUSTRIALS			4,926,940


INFORMATION TECHNOLOGY (4.1%)

Communications Equipment (4.1%)
Juniper Networks, Inc.(a)(b)		58,000	1,827,000


TOTAL INFORMATION TECHNOLOGY			1,827,000


MATERIALS (5.9%)

Chemicals (5.9%)
EI du Pont de Nemours & Co.		23,700	1,280,985
Praxair, Inc.		6,350	688,276
Sherwin-Williams Co. (The)(a)		7,500	629,025

Total			2,598,286


TOTAL MATERIALS			2,598,286


UTILITIES (4.9%)

Independent Power Producers & Energy Traders (4.9%)
AES Corp. (The)(b)		170,000	2,165,800


TOTAL UTILITIES			2,165,800


Total Common Stocks
(Cost: $35,561,713)			$44,293,797

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
UTILITIES (cont.)
Independent Power Producers & Energy Traders (cont.)
Warrants —%


CONSUMER DISCRETIONARY (—%)

Hotels, Restaurants & Leisure (—%)
Krispy Kreme Doughnuts, Inc.(b)(c)		7	$5


TOTAL CONSUMER DISCRECTIONARY			5


Total Warrants
(Cost: $—)			$5


	Shares		Value

Money Market Fund 0.3%

Columbia Short-Term Cash Fund, 0.166%(d)(e)		151,839	$151,839


Total Money Market Fund
(Cost: $151,839)			$151,839


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 8.3%


Repurchase Agreements (8.3%)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,683,743(f)
	0.080%	$	3,683,735	$	3,683,735

Total					3,683,735


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $3,683,735)				$	3,683,735


Total Investments
(Cost: $39,397,287)				$	48,129,376
Other Assets & Liabilities, Net					(3,825,150)


Net Assets				$	44,304,226

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $5, representing less than 0.01% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

Dividends or

Issuer

cost

from sales

gain/loss

cost

interest income

Value

Columbia Short-Term Cash Fund

$447,502

$7,885,630

$(8,181,293

)

$—

$151,839

$593

$151,839


^(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.


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$3,757,427

Total Market Value of Collateral Securities		$3,757,427

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 2011
	Level 1		Level 2
	Quoted Prices		Other		Level 3
	in Active		Significant		Significant
	Markets for		Observable		Unobservable
Description(a)	Identical Assets(b)		Inputs		Inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$4,235,706		$—		$—		$4,235,706
Consumer Staples		6,079,995		—		—		6,079,995
Energy		5,494,663		—		—		5,494,663
Financials		12,076,800		—		—		12,076,800
Health Care		4,888,607		—		—		4,888,607
Industrials		4,926,940		—		—		4,926,940
Information Technology		1,827,000		—		—		1,827,000
Materials		2,598,286		—		—		2,598,286
Utilities		2,165,800		—		—		2,165,800
Warrants
Consumer Discretionary		—		5		—		5

Total Equity Securities		44,293,797		5		—		44,293,802

Other
Affiliated Money Market Fund(c)		151,839		—		—		151,839
Investments of Cash Collateral Received for Securities on Loan		—		3,683,735		—		3,683,735

Total Other		151,839		3,683,735		—		3,835,574

Total		$44,445,636		$3,683,740		$—		$48,129,376


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities


June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $35,561,713)	$	44,293,802
Affiliated issuers (identified cost $151,839)		151,839
Investment of cash collateral received for securities on loan Repurchase agreements (identified cost $3,683,735)		3,683,735

Total investments (identified cost $39,397,287)		48,129,376
Receivable for:
Capital shares sold		190
Dividends		69,654
Securities lending		149
Reclaims		178

Total assets		48,199,547

Liabilities
Due upon return of securities on loan		3,683,735
Payable for:
Investments purchased		124,107
Capital shares purchased		28,054
Investment management fees		24,999
Distribution fees		4,042
Transfer agent fees		2,113
Administration fees		2,113
Other expenses		26,158

Total liabilities		3,895,321

Net assets applicable to outstanding capital stock	$	44,304,226

Represented by
Partners’ capital	$	44,304,226

Total — representing net assets applicable to outstanding capital stock	$	44,304,226

*Value of securities on loan	$	3,626,950


Net assets applicable to outstanding shares
Class 1	$	4,161,349
Class 2	$	712,506
Class 3	$	39,430,371
Shares outstanding
Class 1		391,253
Class 2		67,106
Class 3		3,712,847
Net asset value per share
Class 1	$	10.64
Class 2	$	10.62
Class 3	$	10.62

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 11

Statement of Operations


Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	345,831
Dividends from affiliates		593
Income from securities lending — net		795

Total income		347,219

Expenses:
Investment management fees		136,260
Distribution fees
Class 2		457
Class 3		22,086
Transfer agent fees
Class 1		694
Class 2		110
Class 3		10,600
Administration fees		11,404
Compensation of board members		951
Custodian fees		1,283

Total expenses		183,845

Net investment income		163,374

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		158,887

Net realized gain		158,887

Net change in unrealized appreciation (depreciation) on:
Investments		1,258,424
Foreign currency translations		(13	)

Net change in unrealized appreciation		1,258,411

Net realized and unrealized gain		1,417,298

Net increase in net assets resulting from operations	$	1,580,672

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Six months ended		Year ended
	June 30, 2011		December 31, 2010^(a)
	(Unaudited)
Operations
Net investment income	$	163,374	$	195,027
Net realized gain		158,887		344,758
Net change in unrealized appreciation		1,258,411		3,963,263

Net increase in net assets resulting from operations		1,580,672		4,503,048

Increase in net assets from share transactions		12,798,094		10,581,381

Total increase in net assets		14,378,766		15,084,429
Net assets at beginning of period		29,925,460		14,841,031

Net assets at end of period	$	44,304,226	$	29,925,460


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)
Capital stock activity	Shares			Dollars ($)			Shares			Dollars ($)
Class 1 shares
Subscriptions		107,615			1,161,778			524			5,000
Fund merger		299,603			3,262,272			–			–
Redemptions		(16,489	)		(177,574	)		–			–

Net increase		390,729			4,246,476			524			5,000

Class 2 shares
Subscriptions		51,492			544,340			19,902			184,504
Redemptions		(4,210	)		(44,471	)		(78	)		(759	)

Net increase		47,282			499,869			19,824			183,745

Class 3 shares
Subscriptions		818,016			8,786,237			1,430,581			12,659,596
Redemptions		(70,168	)		(734,488	)		(250,668	)		(2,266,960	)

Net increase		747,848			8,051,749			1,179,913			10,392,636

Total net increase		1,185,859			12,798,094			1,200,261			10,581,381


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 13

Financial Highlights


	Six months ended			Year ended
	June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1 Per share data
Net asset value, beginning of period		$10.04			$9.55

Income from investment operations:

Net investment income		0.06			0.07
Net realized and unrealized gain on investments		0.54			0.42

Total from investment operations		0.60			0.49

Net asset value, end of period		$10.64			$10.04

Total return		5.98%			5.13%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.79%	^(c)		0.94%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.79%	^(c)		0.94%	^(c)

Net investment income		1.05%	^(c)		1.17%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$4,161			$5

Portfolio turnover		3%			4%


	Six months ended			Year ended
	June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2 Per share data
Net asset value, beginning of period		$10.03			$9.55

Income from investment operations:
Net investment income		0.05			0.05
Net realized and unrealized gain on investments		0.54			0.43

Total from investment operations		0.59			0.48

Net asset value, end of period		$10.62			$10.03

Total return		5.88%			5.03%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.05%	^(c)		1.26%	^(c)

Net expenses after fees waived or expenses reimbursed		1.05%	^(c)		1.22%	^(c)

Net investment income		0.90%	^(c)		0.77%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$713			$199

Portfolio turnover		3%			4%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT


	Six months ended																Year ended
	June 30,			Year ended Dec. 31,													Aug. 31
	2011			2010		2009		2008			2007			2006^(e)			2006
	(Unaudited)
Class 3 Per share data
Net asset value, beginning of period		$10.02			$8.31		$6.59		$11.12			$12.23			$11.71			$10.99

Income from investment operations:
Net investment income (loss)		0.04			0.08		0.10		0.21			0.17			0.05			0.17
Net realized and unrealized gain (loss) on investments		0.56			1.63		1.62		(4.52	)		(0.22	)		1.13			0.98

Total from investment operations		$0.60			$1.71		$1.72		$(4.31	)		$(0.05	)		$1.18			$1.15

Less distributions to shareholders from:
Net investment income		—			—		—		(0.01	)		(0.17	)		(0.05	)		(0.17	)
Net realized gains		—			—		—		(0.21	)		(0.89	)		(0.61	)		(0.26	)

Total distributions to shareholders		—			—		—		(0.22	)		(1.06	)		(0.66	)		(0.43	)

Net asset value, end of period		$10.62			$10.02		$8.31		$6.59			$11.12			$12.23			$11.71

Total return		5.99%			20.52%		26.12%		(39.46%	)		(0.46%	)		10.15%			10.75%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.98%	^(c)		1.11%		1.24%		1.28%			1.08%			1.23%	^(c)		1.20%

Net expenses after fees waived or expenses reimbursed^(d)		0.98%	^(c)		1.08%		1.05%		0.93%			1.04%			1.05%	^(c)		1.02%

Net investment income		0.85%	^(c)		0.89%		1.40%		2.08%			1.35%			1.33%	^(c)		1.55%

Supplemental data
Net assets, end of period (in thousands)		$39,430			$29,721		$14,841		$9,723			$21,811			$25,361			$20,712

Portfolio turnover		3%			4%		16%		75%			39%			13%			49%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 15

Notes to Financial Statements

June 30, 2011 (Unaudited)


Note 1.	Organization

Columbia Variable Portfolio – Select Large-Cap Value Fund (the Fund), formerly known as Seligman Variable Portfolio – Larger-Cap Value Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011 the Trust was named RiverSource Variable Series Trust.

Fund Shares


Note 2.	Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

16 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Foreign Currency Transactions and Translation

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 17

Notes to Financial Statements (continued)

Foreign Taxes

Guarantees and Indemnifications


Note 3.	Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. Effective March 1, 2011, the management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.710% to 0.540% as the Fund’s net assets increase. Prior to March 1, 2011, the rate was an annual fee that declined from 0.600% to 0.375% as the Fund’s net assets increased. Also prior to March 1, 2011, the fee was adjusted upward or downward by a performance incentive adjustment (PIA) determined monthly by measuring the percentage difference over a rolling 12-month period between the annualized performance of one Class 3 share of the Fund and the annualized performance of the Lipper Large-Cap Value Funds Index. The maximum adjustment was 0.12% per year. If the performance difference was less than 0.50%, the adjustment was zero. The adjustment increased the management fee by $6,998 for the six months ended June 30, 2011. The management fee for the six months ended June 30, 2011 was 0.72% of the Fund’s average daily net assets, including the adjustment under the terms of the PIA.

Effective March 1, 2011, the PIA was terminated.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The fee for the six months ended June 30, 2011 was 0.06% of the Fund’s average daily net assets. Prior to January 1, 2011, Ameriprise Financial served as the Fund Administrator.

Other Fees

Compensation of Board Members

Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund as defined under the 1940 Act may defer receipt of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the Fund or certain other funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agency Fees

The Fund has a Transfer Agency and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for the Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

18 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Expenses Waived/Reimbursed by the Investment Manager and Its Affiliates

Effective April 30, 2011, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below as well as any reorganization costs allocated to the Fund), through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	0.825	%
Class 2	1.075
Class 3	0.950

Prior to April 30, 2011, the Investment Manager and its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below as well as any reorganization costs allocated to the Fund), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian and before giving effect to any performance incentive adjustment, did not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	0.925	%
Class 2	1.175
Class 3	1.050


Note 4.	Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $13,528,663 and $1,064,174, respectively, for the six months ended June 30, 2011.


Note 5.	Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $3,626,950 were on loan, secured by cash collateral of $3,683,735 partially or fully invested in short-term securities or other cash equivalents.

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.


Note 6.	Affiliated Money Market Fund


Note 7.	Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 2 and Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 90.6% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.


Note 8.	Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility became effective on October 14, 2010, replacing a prior credit facility. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $300 million. Pursuant to a March 28, 2011 amendment to the credit facility agreement, the collective borrowing amount will be increased in two stages during the third quarter of 2011 to a final collective borrowing amount of $500 million. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to March 28, 2011, the credit facility agreement, which was a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permitted collective borrowings up to $300 million. The borrowers had the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility could at no time exceed $500 million. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum. Prior to October 14, 2010, the Fund also paid an upfront fee equal to its pro rata share of 0.04% of the amount of the credit facility. The Fund had no borrowings during the six months ended June 30, 2011.


Note 9.	Fund Merger

At the close of business on March 11, 2011, the Fund acquired the assets and assumed the identified liabilities of Seligman Large-Cap Value Portfolio (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

20 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

The aggregate net assets of the Fund immediately before the acquisition were $35,043,344 and the combined net assets immediately after the acquisition were $38,305,616.

The merger was accomplished by a tax-free exchange of 252,334 shares of the acquired fund valued at $3,262,272 (including $856,260 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued 299,603 Class 1 shares.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011 the Fund’s pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the six months ended June 30, 2011 would have been approximately $0.2 million, $0.2 million, $1.5 million and $1.9 million, respectively.


Note 10.	Subsequent Events


Note 11.	Information Regarding Pending and Settled Legal Proceedings

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Directors/Trustees.

22 COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*	All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

26,615,831.460

1,940,183.670

511,956.197

0.000

COLUMBIA VP – SELECT LARGE-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 23

Columbia VP – Select Large-Cap Value Fund
(formerly known as Seligman VP – Larger-Cap Value Fund)

P.O. Box 8081

Boston, MA 02266-8081


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6473 A (8/11)

Semiannual Report

Columbia Variable Portfolio – Select Smaller-Cap Value Fund

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

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expense Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			11
Statement of Operations			12
Statement of Changes in Net Assets			13
Financial Highlights			14
Notes to Financial Statements			17
Proxy Voting			24
Results of Meeting of Shareholders			24

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – Select Smaller-Cap Value Fund (the Fund) Class 3 shares gained 4.95% for the six months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Russell 2000^® Index, which advanced 6.21% during the same six months.

>	The Fund underperformed its peer group, represented by the Lipper Small-Cap Core Funds Index, which rose 6.18% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 year

5 year

10 year

5/3/10

9/15/95

Columbia VP — Select Smaller-Cap Value Fund

Class 1

+4.95%

+38.17%

N/A

+13.87%

N/A

Class 2

+4.87%

+37.83%

N/A

+13.63%

N/A

Class 3

+4.95%

+38.06%

+9.31%

+2.85%

+6.15%

N/A

+6.30%

Russell 2000^® Index⁽¹⁾ (unmanaged)

+6.21%

+37.41%

+7.77%

+4.08%

+6.27%

+12.44%

+6.95%

Lipper Small-Cap Core Funds Index⁽²⁾ (unmanaged)

+6.18%

+36.32%

+7.54%

+4.74%

+6.91%

+13.89%

+8.40%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Russell 2000^® Index, an unmanaged index, measures the performance of the 2,000 smallest companies in the Russell 3000^® Index. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Small-Cap Core Funds Index includes the 30 largest small-cap core funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	15.5	%

Consumer Staples	8.4

Energy	6.8

Financials	11.7

Health Care	10.5

Industrials	30.0

Information Technology	12.6

Materials	4.5

Other⁽²⁾	0.0	*


*		Rounds to less than 0.1%
⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Mizuho Securities USA, Inc.	5.6	%

WellCare Health Plans, Inc.	4.7

Herbalife Ltd.	4.2

Cypress Semiconductor Corp.	3.7

ON Semiconductor Corp.	3.5

EnerSys	3.5

Penn National Gaming, Inc.	3.3

Texas Roadhouse, Inc.	3.2

Sotheby’s	3.2

Thomas & Betts Corp.	3.2


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Investments in small-capitalization companies involve greater risks and volatility than investments in larger, more established companies.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 3

Fund Expense Example

(Unaudited)

As a contract/policy owner investing in the Fund, you incur, depending on the share class, ongoing costs, which may include management fees and other expenses; distribution and service (Rule 12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds that underlie various annuity contracts and/or life insurance policies. In addition to the ongoing expense which the Fund bears directly, the Fund’s shareholders indirectly bear the expense of the funds in which it invests (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds). The Fund’s indirect expense from investing in the acquired funds is based on the Fund��s pro rata portion of the ongoing expenses charged by the acquired funds using the expense ratio of each of the acquired funds as of the acquired fund’s most recent shareholder report.

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

4 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,049.50	$	4.83		0.95%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.08	$	4.76		0.95%

Class 2

Actual^(b)	$	1,000	$	1,048.70	$	6.15		1.21%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.79	$	6.06		1.21%

Class 3

Actual^(b)	$	1,000	$	1,049.50	$	5.69		1.12%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.24	$	5.61		1.12%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +4.95% for Class 1, +4.87% for Class 2 and +4.95% for Class 3.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP – Select Smaller-Cap Value Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 100.0%


CONSUMER DISCRETIONARY (15.5%)

Auto Components (0.9%)
American Axle & Manufacturing Holdings, Inc.(a)(b)		140,000	$	1,593,200


Diversified Consumer Services (3.2%)
Sotheby’s(a)		130,000		5,655,000


Hotels, Restaurants & Leisure (6.5%)
Penn National Gaming, Inc.(b)		146,000		5,889,640
Texas Roadhouse, Inc.(a)		330,000		5,786,550

Total				11,676,190


Household Durables (2.1%)
Lennar Corp., Class A(a)		208,000		3,775,200


Textiles, Apparel & Luxury Goods (2.8%)
Hanesbrands, Inc.(a)(b)		176,000		5,024,800

TOTAL CONSUMER DISCRECTIONARY				27,724,390


CONSUMER STAPLES (8.4%)

Food Products (4.2%)
Dean Foods Co.(b)		250,000		3,067,500
Smithfield Foods, Inc.(b)		200,000		4,374,000

Total				7,441,500


Personal Products (4.2%)
Herbalife Ltd.(c)		130,000		7,493,200

TOTAL CONSUMER STAPLES				14,934,700


ENERGY (6.8%)

Energy Equipment & Services (6.8%)
Exterran Holdings, Inc.(a)(b)		130,400		2,585,832
Superior Energy Services, Inc.(b)		118,700		4,408,518
Tetra Technologies, Inc.(a)(b)		409,000		5,206,570

Total				12,200,920


TOTAL ENERGY				12,200,920


FINANCIALS (11.7%)

Insurance (11.7%)
Aspen Insurance Holdings Ltd.(a)(c)		175,000		4,502,750
Endurance Specialty Holdings Ltd.(c)		80,000		3,306,400
Hanover Insurance Group, Inc. (The)		100,000		3,771,000
Infinity Property & Casualty Corp.		80,000		4,372,800
Lincoln National Corp.		175,000		4,985,750

Total				20,938,700


TOTAL FINANCIALS				20,938,700


HEALTH CARE (10.5%)

Health Care Equipment & Supplies (0.9%)
Analogic Corp.(a)		30,400		1,598,736


Health Care Providers & Services (4.7%)
WellCare Health Plans, Inc.(a)(b)		165,000		8,482,650


Pharmaceuticals 4.9%
Impax Laboratories, Inc.(a)(b)		120,000		2,614,800
ISTA Pharmaceuticals, Inc.(a)(b)		346,700		2,650,522
Salix Pharmaceuticals Ltd.(a)(b)		88,000		3,505,040

Total				8,770,362


TOTAL HEALTH CARE				18,851,748


INDUSTRIALS (30.0%)

Aerospace & Defense (3.1%)
Cubic Corp.		110,000		5,608,900


Airlines 2.7%
United Continental Holdings, Inc.(a)(b)		215,000		4,865,450


Commercial Services & Supplies (4.9%)
Brink’s Co. (The)		110,000		3,281,300
Waste Connections, Inc.(a)		170,000		5,394,100

Total				8,675,400


Construction & Engineering (2.0%)
Shaw Group, Inc. (The)(a)(b)		120,000		3,625,200


Electrical Equipment (9.7%)
Belden, Inc.(a)		160,000		5,577,600
EnerSys(b)		180,000		6,195,600
Thomas & Betts Corp.(b)		105,000		5,654,250

Total				17,427,450


Machinery (3.9%)
Douglas Dynamics, Inc.(a)		112,250		1,772,427
Mueller Industries, Inc.		133,000		5,042,030
Navistar International Corp.(b)		3,000		169,380

Total				6,983,837


Professional Services (1.0%)
School Specialty, Inc.(a)(b)		120,000		1,726,800


Road & Rail (2.0%)
Swift Transportation Co.(a)(b)		258,300		3,499,965


Transportation Infrastructure (0.7%)
Aegean Marine Petroleum Network, Inc.(c)		180,000		1,276,200

TOTAL INDUSTRIALS				53,689,202


INFORMATION TECHNOLOGY (12.6%)

IT Services (2.7%)
CACI International, Inc., Class A(b)		77,000		4,857,160


Semiconductors & Semiconductor Equipment 7.2%
Cypress Semiconductor Corp.(b)		310,000		6,553,400
ON Semiconductor Corp.(b)		600,000		6,282,000

Total				12,835,400


Software (2.7%)
Quest Software, Inc.(a)(b)		215,000		4,886,950

TOTAL INFORMATION TECHNOLOGY				22,579,510


MATERIALS (4.5%)

Chemicals (3.1%)
Cytec Industries, Inc.(a)		20,000		1,143,800
Minerals Technologies, Inc.		66,000		4,375,140

Total				5,518,940


Containers & Packaging (1.4%)
Owens-Illinois, Inc.(b)		100,000		2,581,000

TOTAL MATERIALS				8,099,940


Total Common Stocks
(Cost: $120,800,128)			$	179,019,110

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Money Market Fund —%

Columbia Short-Term Cash Fund, 0.166%(d)(e)		85,321		$85,321


Total Money Market Fund
(Cost: $85,321)			$	85,321


	Effective	Par/
Issuer	yield	Principal		Value

Investments of Cash Collateral Received for Securities on Loan 18.7%


Certificates of Deposit (1.1%)
Commerzbank AG
07/20/11	0.220%	$	1,000,000	$	1,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		1,000,000		1,000,000

Total					2,000,000


Money Market Fund (2.8%)
JPMorgan Prime Money Market Fund, 0.010%(d)			5,000,000		5,000,000


Repurchase Agreements(14.8%)
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004(f)
	0.030%		5,000,000		5,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $10,000,033(f)
	0.120%		10,000,000		10,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014(f)
	0.100%		5,000,000		5,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(f)
	0.120%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $1,396,794(f)
	0.080%		1,396,791		1,396,791

Total					26,396,791


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $33,396,791)				$	33,396,791


Total Investments
(Cost: $154,282,240)				$	212,501,222
Other Assets & Liabilities, Net					(33,444,564)


Net Assets				$	179,056,658

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 9.26% of net assets.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$143,973

$11,918,731

$(11,977,383

)

$—

$85,321

$342

$85,321


^(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.


Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$1,746,884
Fannie Mae-Aces		86,912
Freddie Mac REMICS		2,490,181
Government National Mortgage Association		776,023

Total Market Value of Collateral Securities		$5,100,000

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)

Notes to Portfolio of Investments (continued)


Mizuho Securities USA, Inc. (0.120%)
Security description	Value
Freddie Mac REMICS		$354,526
Ginnie Mae I Pool		8,707,804
Government National Mortgage Association		1,137,670

Total Market Value of Collateral Securities		$10,200,000



Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000



Pershing LLC (0.120%)
Security description	Value
Fannie Mae Pool		$44,388
Fannie Mae REMICS		1,243,806
Fannie Mae Whole Loan		7,915
Freddie Mac Reference REMIC		119,050
Freddie Mac REMICS		3,179,090
Freddie Mac Strips		50,638
Government National Mortgage Association		455,113

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$1,424,733

Total Market Value of Collateral Securities		$1,424,733

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$27,724,390		$—		$—		$27,724,390
Consumer Staples		14,934,700		—		—		14,934,700
Energy		12,200,920		—		—		12,200,920
Financials		20,938,700		—		—		20,938,700
Health Care		18,851,748		—		—		18,851,748
Industrials		53,689,202		—		—		53,689,202
Information Technology		22,579,510		—		—		22,579,510
Materials		8,099,940		—		—		8,099,940

Total Equity Securities		179,019,110		—		—		179,019,110

Other
Affiliated Money Market Fund(c)		85,321		—		—		85,321
Investments of Cash Collateral Received for Securities on Loan		5,000,000		28,396,791		—		33,396,791

Total Other		5,085,321		28,396,791		—		33,482,112

Total		$184,104,431		$28,396,791		$—		$212,501,222


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $120,800,128)	$	179,019,110
Affiliated issuers (identified cost $85,321)		85,321
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $7,000,000)		7,000,000
Repurchase agreements (identified cost $26,396,791)		26,396,791

Total investments (identified cost $154,282,240)		212,501,222
Cash		2,000
Receivable for:
Capital shares sold		218,131
Investments sold		210,094
Dividends		62,308
Interest		3,222
Expense reimbursement due from Investment Manager		1,849

Total assets		212,998,826

Liabilities
Due upon return of securities on loan		33,396,791
Payable for:
Investments purchased		204,365
Capital shares purchased		87,371
Investment management fees		113,751
Distribution fees		11,952
Transfer agent fees		8,639
Administration fees		11,519
Other expenses		107,780

Total liabilities		33,942,168

Net assets applicable to outstanding capital stock	$	179,056,658

Represented by
Partners’ capital	$	179,056,658

Total — representing net assets applicable to outstanding capital stock	$	179,056,658

*Value of securities on loan	$	32,719,104

Net assets applicable to outstanding shares
Class 1	$	75,918,549
Class 2	$	15,795,659
Class 3	$	87,342,450
Shares outstanding
Class 1		6,279,448
Class 2		1,310,058
Class 3		7,231,645
Net asset value per share
Class 1	$	12.09
Class 2	$	12.06
Class 3	$	12.08

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 11

Statement of Operations


Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	496,670
Dividends from affiliates		342
Income from securities lending — net		15,452

Total income		512,464

Expenses:
Investment management fees		596,823
Distribution fees
Class 2		12,414
Class 3		56,002
Transfer agent fees
Class 1		14,398
Class 2		2,979
Class 3		26,880
Administration fees		59,011
Compensation of board members		2,078
Custodian fees		14,989
Printing and postage fees		7,815
Professional fees		358
Other		213

Total expenses		793,960
Fees waived or expenses reimbursed by Investment Manager and certain of its affiliates		(2,709	)

Total net expenses		791,251

Net investment loss		(278,787	)

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		11,140,528

Net realized gain		11,140,528
Net change in unrealized appreciation (depreciation) on:
Investments		(5,739,966	)

Net change in unrealized depreciation		(5,739,966	)

Net realized and unrealized gain		5,400,562

Net increase in net assets resulting from operations	$	5,121,775

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Six months ended
	June 30, 2011			Year ended
	(Unaudited)			December 31, 2010
Operations
Net investment income (loss)	$	(278,787	)	$	(605,977	)
Net realized gain		11,140,528			6,870,735
Net change in unrealized appreciation (depreciation)		(5,739,966	)		13,003,137

Net increase in net assets resulting from operations		5,121,775			19,267,895

Increase (decrease) in net assets from share transactions		85,571,292			(9,799,058	)

Total increase in net assets		90,693,067			9,468,837
Net assets at beginning of period		88,363,591			78,894,754

Net assets at end of period	$	179,056,658		$	88,363,591


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		44,974			544,594			481			5,000
Fund merger		6,781,457			81,360,557			—			—
Redemptions		(547,464	)		(6,632,697	)		—			—

Net increase		6,278,967			75,272,454			481			5,000

Class 2 shares
Subscriptions		137,917			1,661,510			16,715			179,616
Fund merger		1,337,306			16,012,684			—			—
Redemptions		(181,686	)		(2,197,882	)		(194	)		(2,198	)

Net increase		1,293,537			15,476,312			16,521			177,418

Class 3 shares
Subscriptions		104,190			1,257,570			286,697			2,803,358
Redemptions		(534,551	)		(6,435,044	)		(1,315,804	)		(12,784,834	)

Net decrease		(430,361	)		(5,177,474	)		(1,029,107	)		(9,981,476	)

Total net increase (decrease)		7,142,143			85,571,292			(1,012,105	)		(9,799,058	)

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 13

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. For periods ended 2009 and after, per share net investment income (loss) amounts of the Fund are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract charges, if any, and are not annualized for periods of less than one year.


	Six months ended			Year ended
	June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.52			$10.40

Income from investment operations:
Net investment income (loss)		(0.01	)		(0.04	)
Net realized and unrealized gain (loss) on investments		0.58			1.16

Total from investment operations		0.57			1.12

Net asset value, end of period		$12.09			$11.52

Total return		4.95%			10.77%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.95%	^(c)		1.09%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.95%	^(c)		1.09%	^(c)

Net investment income (loss)		(0.21%	)^(c)		(0.58%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$75,919			$6

Portfolio turnover		13%			5%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT


	Six months ended			Year ended
	June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.50			$10.40

Income from investment operations:
Net investment income (loss)		(0.03	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.59			1.15

Total from investment operations		0.56			1.10

Net asset value, end of period		$12.06			$11.50

Total return		4.87%			10.58%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.22%	^(c)		1.36%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.21%	^(c)		1.33%	^(c)

Net investment income (loss)		(0.46%	)^(c)		(0.66%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$15,796			$190

Portfolio turnover		13%			5%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 15

Financial Highlights (continued)


	Six months ended																		Year ended
	June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$11.51			$9.08			$6.49			$11.80			$13.03			$13.80			$15.11

Income from investment operations:
Net investment income (loss)		(0.03	)		(0.07	)		(0.04	)		0.02			0.01			0.01			—
Net realized and unrealized gain (loss) on investments		0.60			2.50			2.63			(4.23	)		(0.52	)		1.11			0.61

Total from investment operations		0.57			2.43			2.59			(4.21	)		(0.51	)		1.12			0.61

Net investment income		—			—			—			—			(0.02	)		(0.01	)		—
Net realized gains		—			—			—			(1.10	)		(0.70	)		(1.88	)		(1.92	)

Total distributions to shareholders		—			—			—			(1.10	)		(0.72	)		(1.89	)		(1.92	)

Net asset value, end of period		$12.08			$11.51			$9.08			$6.49			$11.80			$13.03			$13.80

Total return		4.95%			26.79%			39.81%			(38.59%	)		(4.19%	)		8.14%			4.40%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.13%	^(c)		1.21%			1.09%			1.06%			1.01%			1.08%	^(c)		1.06%

Net expenses after fees waived or expenses reimbursed^(d)		1.12%	^(c)		1.20%			1.09%			0.96%			1.01%			1.08%	^(c)		1.06%

Net investment income (loss)		(0.46%	)^(c)		(0.76%	)		(0.56%	)		0.19%			0.06%			0.22%	^(c)		(0.02%	)

Supplemental data
Net assets, end of period (in thousands)		$87,342			$88,168			$78,895			$68,398			$160,788			$219,799			$218,029

Portfolio turnover		13%			5%			6%			269%			150%			74%			132%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses (excluding fees and expenses of acquired funds), before giving effect to any performance incentive adjustment.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Notes to Financial Statements

June 30 2011 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Select Smaller-Cap Value Fund (the Fund), formerly known as Seligman Variable Portfolio – Smaller-Cap Value Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 17

Notes to Financial Statements (continued)

Foreign Currency Transactions and Translation

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

18 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Foreign Taxes

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. Effective March 1, 2011, the management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.790% to 0.700% as the Fund’s net assets increase. Prior to March 1, 2011, the management fee was equal to a percentage of the Fund’s average daily net assets that declined from 0.790% to 0.665% as the Fund’s net assets increased. Also prior to March 1, 2011, the fee was adjusted upward or downward by a performance incentive adjustment (PIA) determined monthly by measuring the percentage difference over a rolling 12-month period between the annualized performance of one Class 3 share of the Fund and the annualized performance of the Lipper Small-Cap Core Funds Index. The maximum adjustment was 0.12% per year. If the performance difference was less than 0.50%, the adjustment was zero. The adjustment increased the management fee by $14,095 for the six months ended June 30, 2011. The management fee for the six months ended June 30, 2011 was 0.81% of the Fund’s average daily net assets, including the adjustment under the terms of the PIA. Effective March 1, 2011, the PIA was terminated.

Administration Fees

Other Fees

Compensation of Board Members

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for the Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund’s average daily net assets attributable to Class 3 shares. The Fund does not pay distribution and service fees for Class 1 shares.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective March 1, 2011 the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian and before giving effect to any performance incentive adjustment, do not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	0.955	%
Class 2	1.205
Class 3	1.080

Prior to March 1, 2011, the Investment Manager and its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian and before giving effect to any performance incentive adjustment, did not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	1.025	%
Class 2	1.275
Class 3	1.150

Note 4. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $94,146,308 and $31,250,966, respectively, for the six months ended June 30, 2011.

Note 5. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $32,719,104 were on loan, secured by cash collateral of $33,396,791 partially or fully invested in short-term securities or other cash equivalents.

20 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 49% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility became effective on October 14, 2010, replacing a prior credit facility. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $300 million. Pursuant to a March 28, 2011 amendment to the credit facility agreement, the collective borrowing amount will be increased in two stages during the third quarter of 2011 to a final collective borrowing amount of $500 million. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to March 28, 2011, the credit facility agreement, which was a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permitted collective borrowings up to $300 million. The borrowers had the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility could at no time exceed $500 million. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum. Prior to October 14, 2010, the Fund also paid an upfront fee equal to its pro rata share of 0.04% of the amount of the credit facility. The Fund had no borrowings during the six months ended June 30, 2011.

Note 9. Fund Merger

At the close of business on March 11, 2011, the Fund acquired the assets and assumed the identified liabilities of Seligman Smaller-Cap Value Portfolio (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $90,598,441 and the combined net assets immediately after the acquisition were $187,971,682.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

The merger was accomplished by a tax-free exchange of 11,547,793 shares of the acquired fund valued at $97,373,241 (including $22,270,961 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued the following number of shares:


	Shares
Class 1		6,781,457
Class 2		1,337,306

Assuming the merger had been completed on January 1, 2011, the Fund’s pro-forma net investment loss, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the six months ended June 30, 2011, would have been approximately $(0.3) million, $16.4 million, $(7.1) million and $9 million, respectively.

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

22 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Directors/Trustees.

COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT 23

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*		All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

82,924,824.431

2,698,550.503

2,393,573.935

0.000

24 COLUMBIA VP – SELECT SMALLER-CAP VALUE FUND — 2011 SEMIANNUAL REPORT

Columbia VP – Select Smaller-Cap Value Fund

(formerly known as Seligman VP – Smaller-Cap Value Fund)

P.O. Box 8081

Boston, MA 02266-8081

S-6488 A (8/11)

Semiannual Report

Columbia Variable Portfolio – Short Duration U.S. Government Fund

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

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expense Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			15
Statement of Operations			16
Statement of Changes in Net Assets			17
Financial Highlights			18
Notes to Financial Statements			20
Proxy Voting			28
Results of Meeting of Shareholders			28

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – Short Duration U.S. Government Fund (the Fund) Class 3 shares gained 0.99% for the six months ended June 30, 2011.

>	The Fund outperformed its benchmark, the Barclays Capital U.S. 1-3 Year Government Index, which rose 0.88% for the same six-month period.

>	The Fund also outperformed its peer group, represented by the Lipper Short U.S. Government Funds Index, which advanced 0.92% during the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – Short Duration U.S. Government Fund

Class 1

+1.02%

+1.91%

N/A

+2.47%

Class 2

+0.92%

+1.71%

N/A

+2.18%

Class 3

+0.99%

+1.77%

+2.27%

+3.07%

+2.88%

N/A

Barclays Capital U.S. 1-3 Year Government Index⁽¹⁾ (unmanaged)

+0.88%

+1.38%

+3.05%

+4.27%

+3.75%

+2.04%

Lipper Short U.S. Government Funds Index⁽²⁾ (unmanaged)

+0.92%

+1.63%

+3.10%

+3.85%

+3.31%

+2.13%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Barclays Capital U.S. 1-3 Year Government Index, an unmanaged index, is made up of all publicly issued, non-convertible domestic debt of the U.S. government, or agency thereof, or any quasi-federal corporation. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Short U.S. Government Funds Index includes the 30 largest short U.S. government funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)


Asset-Backed Securities — Agency	0.0	%*

Asset-Backed Securities — Non-Agency	1.7

Commercial Mortgage-Backed Securities — Agency	15.5

Commercial Mortgage-Backed Securities — Non-Agency	0.6

Corportate Bonds & Notes	2.1

Inflation-Indexed Bonds	1.0

Residential Mortgage-Backed Securities — Agency	32.8

Residential Mortgage-Backed Securities — Non-Agency	2.1

Treasury Bill	1.2

U.S. Government & Agency Obligations	28.8

U.S. Treasury Obligations	10.0

Other⁽²⁾	4.2


*		Rounds to less than 0.1%.
⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.
		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)


AAA rating*	96.8	%

AA Rating	0.6

A Rating	0.6

BBB Rating	0.9

Non-investment grade	0.1

Non-rated	1.0


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).


*		On August 5, 2011, Standard & Poor’s Ratings Services (“S&P”) lowered its long-term sovereign credit rating for the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 3

Fund Expense Example

(Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

4 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,010.20	$	2.89		.58%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.92	$	2.91		.58%

Class 2

Actual^(b)	$	1,000	$	1,009.20	$	3.79		.76%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.03	$	3.81		.76%

Class 3

Actual^(b)	$	1,000	$	1,009.90	$	3.54		.71%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.27	$	3.56		.71%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +1.02% for Class 1, +0.92% for Class 2 and +0.99% for Class 3.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP – Short Duration U.S. Government Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes 2.1%


AGENCIES (2.1%)
Citigroup Funding, Inc. FDIC Government Guaranty
11/15/12	1.875%	$	9,985,000	$	10,169,233
General Electric Capital Corp. FDIC Government Guaranty
12/28/12	2.625%		10,350,000		10,681,599
Morgan Stanley FDIC Government Guaranty(a)
02/10/12	0.547%		5,490,000		5,502,605

Total					26,353,437


Total Corporate Bonds & Notes
(Cost: $26,081,868)				$	26,353,437



Residential Mortgage-Backed Securities — Agency 33.0%

FDIC Structured Sale Guaranteed Notes CMO Series 2010-S1 Class 1A(a)(b)(c)
02/25/48	0.736%	$	10,239,876	$	10,249,248
Federal Home Loan Mortgage Corp.(a)(c)
09/01/37	5.596%		773,789		824,719
01/01/37	5.929%		485,129		515,488
Federal Home Loan Mortgage Corp.(c)
05/01/26	3.500%		1,241,540		1,266,635
03/01/41	4.000%		495,347		496,116
11/01/13-
07/01/40	4.500%		56,285,582		59,684,618
11/01/17-
04/01/24	5.000%		19,841,504		21,311,155
08/01/17-
09/01/19	5.500%		654,345		713,946
03/01/18-
03/01/38	6.000%		11,980,832		13,066,927
04/01/17	6.500%		427,191		464,685
06/01/12-
06/01/16	7.000%		4,468		4,817
03/01/12-
06/01/15	7.500%		298,553		323,784
CMO Series 2617 Class HD
06/15/16	7.000%		41,523		41,579
CMO Series 2645 Class NA
09/15/31	3.500%		9,281,528		9,566,833
CMO Series 2843 Class BA
01/15/18	5.000%		252,987		260,825
CMO Series 3531 Class CE
01/15/39	3.000%		3,623,681		3,642,303
CMO Series 3683 Class JD
12/15/23	4.000%		8,470,144		8,868,983
CMO Series 3711 Class AG
08/15/23	3.000%		1,715,600		1,765,734
CMO Series 3747 Class NA
10/15/18	1.300%		1,500,041		1,495,829
CMO Series 3774 Class AB
12/15/20	3.500%		10,514,808		11,081,986
CMO Series 3825 Class AB
08/15/20	3.000%		10,659,328		11,033,378
CMO Series 3831 Class CG
10/15/18	3.000%		10,450,285		10,819,393
CMO Series 3840 Class AU
05/15/37	3.500%		11,458,353		11,957,566
CMO Series 3862 Class LA
11/15/18	2.500%		10,748,889		11,033,444
Federal Home Loan Mortgage Corp.(c)(k)
CMO IO Series 2639 Class UI
03/15/22	0.000%		894,086		60,637
CMO IO Series 2795 Class IY
07/15/17	721.908%		23,220		79
CMO IO Series 3453 Class W
12/15/32	8.890%		2,467,758		448,564
CMO IO Series 3630 Class AI
03/15/17	0.000%		5,418,660		222,053
Federal National Mortgage Association(a)(c)
02/01/33	1.882%		183,045		187,380
06/01/34	2.453%		391,295		410,064
12/01/33	4.705%		103,121		109,426
07/01/33	4.946%		283,345		304,440
09/01/37	5.854%		1,439,046		1,544,961
07/01/36	5.962%		924,991		999,813
CMO Series 2003-W11 Class A1
06/25/33	3.078%		7,820		8,149
Federal National Mortgage Association(c)
10/01/20	3.500%		7,043,864		7,310,210
03/01/23-
09/01/40	4.500%		6,695,247		7,114,304
02/01/13-
08/01/40	5.000%		43,535,285		46,830,175
09/01/12-
07/01/36	5.500%		28,104,310		30,552,509
01/01/17-
04/01/33	6.000%		5,174,345		5,709,733
03/01/15-
06/01/17	7.000%		114,429		126,931
CMO Series 1988-4 Class Z
03/25/18	9.250%		14,459		16,390
CMO Series 20011-23 Class AB
06/25/20	2.750%		10,618,162		10,927,003
CMO Series 2002-97 Class CF
03/25/31	5.500%		1,402,902		1,411,628
CMO Series 2004-60 Class PA
04/25/34	5.500%		977,235		1,069,982
CMO Series 2010-50 Class AB
01/25/24	2.500%		7,264,579		7,407,895
CMO Series 2010-87 Class GA
02/25/24	4.000%		6,971,583		7,282,677
CMO Series 2011-16 Class GE
03/25/26	2.750%		10,493,424		10,799,061
CMO Series 2011-25 Class AH
06/25/21	2.750%		10,581,700		10,891,910
CMO Series 2011-3 Class EL
05/25/20	3.000%		12,109,214		12,511,601
CMO Series 2011-38 Class AH
05/25/20	2.750%		10,762,441		11,102,721
CMO Series 2011-59 Class AD
11/25/21	3.000%		12,000,000		12,388,477
CMO Series 2011-6 Class BA
06/25/20	2.750%		12,821,874		13,198,958

The accompanying Notes to Financial Statements are an intregal part of this statement.

6 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Agency (continued)
Federal National Mortgage Association(c)(d)
09/01/36	6.000%		$10,539,642		$11,661,817
Federal National Mortgage Association(c)(k)
CMO IO Series 2003-32 Class VS
01/25/33	16.490%		629,666		76,817
CMO IO Series 2004-46 Class SI
05/25/34	22.780%		1,125,773		160,737
CMO IO Series 2004-54 Class SW
06/25/33	15.240%		996,018		122,365
CMO IO Series 2004-84 Class GI
12/25/22	0.000%		101,756		5,191
CMO IO Series 2005-57 Class NI
07/25/35	13.980%		554,682		83,807
CMO IO Series 2006-5 Class N1
08/25/34	37.040%		975,305		35,462
CMO IO Series 2006-60 Class UI
07/25/36	12.670%		658,756		117,357
CMO IO Series 2009-7 Class LI
02/25/39	3.520%		968,905		185,351
Government National Mortgage Association(c)
08/15/13-
01/20/34	6.000%		3,980,455		4,408,819
10/15/13	6.500%		2,994		3,293
04/15/13-
03/15/18	7.000%		382,726		418,447
CMO Series 2004-19 Class DJ
03/20/34	4.500%		143,835		146,135
Government National Mortgage Association(c)(k)
CMO IO Series 2010-133 Class QI
09/16/34	12.790%		2,820,185		448,246


Total Residential Mortgage-Backed Securities — Agency
(Cost: $404,142,344)				$	409,311,566



Residential Mortgage-Backed Securities — Non-Agency 2.1%

ASG Resecuritization Trust CMO Series 2010-3 Class 1A87(b)(c)
07/28/37	3.500%	$	3,732,502	$	3,733,160
American Mortgage Trust Series 2093-3 Class 3A(a)(c)(e)
07/27/23	8.188%		1,968		1,193
BCAP LLC Trust(a)(b)(c) CMO Series 2009-RR13 Class 12A1
04/26/37	5.250%		859,880		863,088
CMO Series 2010-RR6 Class 6A1
07/26/37	4.000%		2,861,737		2,878,168
Banc of America Funding Corp. CMO Series 2010-R4 Class 4A1(a)(b)(c)
06/26/37	0.404%		619,057		604,047
Banc of America Mortgage Securities, Inc. CMO Series 2005-E Class 2A5(a)(c)
06/25/35	2.867%		1,612,721		1,599,289
Citigroup Mortgage Loan Trust, Inc.(a)(b)(c) CMO Series 2010-7 Class 3A4
12/25/35	7.824%		300,000		294,369
Citigroup Mortgage Loan Trust, Inc.(b)(c) CMO Series 2010-6 Class 1A1
05/25/35	4.750%		4,342,946		4,431,602
Comfed Savings Bank CMO Series 1987-1 Class A(a)(c)(e)
01/25/18	6.291%		7,723		386
Countrywide Home Loan Mortgage Pass-Through Trust CMO Series 2002-31 Class A1(c)
01/25/33	5.750%		283,419		294,039
Credit Suisse Mortgage Capital Certificates(a)(b)(c) CMO Series 2009-12R Class 30A1
12/27/36	5.300%		332,722		337,336
CMO Series 2010-1R Class 37A1
02/27/37	5.000%		204,097		205,739
Credit Suisse Mortgage Capital Certificates(b)(c) CMO Series 2009-12R Class 14A1
11/27/35	5.500%		3,010,685		3,132,730
CMO Series 2010-1R Class 47A1
04/27/37	5.000%		130,390		131,434
GSMPS Mortgage Loan Trust CMO Series 1998-3 Class A(a)(b)(c)
09/19/27	7.750%		256,130		271,552
GSR Mortgage Loan Trust CMO Series 2005-5F Class 2A3(c)
06/25/35	5.500%		909,420		912,132
Indymac Index Mortgage Loan Trust CMO Series 2006-AR13 Class A1(a)(c)
07/25/36	5.434%		1,012,929		826,371
LVII Resecuritization Trust CMO Series 2009-3 Class A1(a)(b)(c)
11/27/37	5.670%		395,042		396,573
Prime Mortgage Trust(a)(c) CMO Series 2004-CL1 Class 3A1
02/25/34	6.919%		470,104		509,520
Prime Mortgage Trust(b)(c) CMO Series 2005-1 Class 2A1
09/25/34	5.000%		3,401,490		3,423,881
RBSSP Resecuritization Trust CMO Series 2009-1 Class 4A1(b)(c)
10/26/35	5.500%		245,350		249,039
Residential Asset Securitization Trust CMO Series 2004-A7 Class A1(c)
10/25/34	5.500%		566,800		567,088
Wells Fargo Mortgage-Backed Securities Trust CMO Series 2004-G Class A1(a)(c)
06/25/34	4.729%		193,583		193,343


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $25,863,406)				$	25,856,079


Commercial Mortgage-Backed Securities — Agency 15.6%

Federal Home Loan Mortgage Corp.(a)(c) Multifamily Structured Pass-Through Certificates CMO Series K001 Class A2
04/25/16	5.651%	$	1,704,160	$	1,840,979
Federal Home Loan Mortgage Corp.(c) Multifamily Structured Pass-Through Certificates CMO Series K003 Class A1
07/25/13	2.225%		2,444,629		2,470,485
Federal National Mortgage Association(c)
10/01/19	4.430%		1,404,059		1,479,444
10/01/19	4.420%		572,665		603,160
01/01/20	4.570%		147,267		156,084
01/01/20	4.600%		245,608		260,664
05/01/24	5.030%		454,546		478,406
CMO Series 2010-M4 Class A1
06/25/20	2.520%		4,590,037		4,634,507

The accompanying Notes to Financial Statements are an intregal part of this statement.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)


	Coupon	Principal
Issuer	rate	amount		Value

Commercial Mortgage-Backed Securities — Agency (continued)
Government National Mortgage Association(c) CMO Series 2003-17 Class B
10/16/27	4.999%		$44,900		$46,357
CMO Series 2009-105 Class A
12/16/50	3.456%		5,034,254		5,254,176
CMO Series 2009-114 Class A
12/16/38	3.103%		4,776,512		4,915,516
CMO Series 2009-63 Class A
01/16/38	3.400%		3,450,128		3,594,432
CMO Series 2009-71 Class A
04/16/38	3.304%		4,871,240		5,036,977
CMO Series 2009-90 Class AC
01/16/33	3.137%		3,950,000		4,088,997
CMO Series 2010-100 Class A
06/16/50	2.351%		4,863,500		4,914,763
CMO Series 2010-13 Class A
08/16/22	2.461%		3,234,153		3,273,162
CMO Series 2010-141 Class A
08/16/31	1.864%		9,009,834		9,076,090
CMO Series 2010-159 Class A
01/16/33	2.159%		8,482,781		8,588,882
CMO Series 2010-16 Class AB
05/16/33	2.676%		1,451,244		1,484,066
CMO Series 2010-161 Class AB
05/16/35	2.110%		7,403,828		7,495,077
CMO Series 2010-18 Class A
12/16/50	3.100%		3,614,571		3,743,120
CMO Series 2010-22 Class AC
12/16/30	2.229%		2,890,764		2,939,216
CMO Series 2010-49 Class A
03/16/51	2.870%		1,857,714		1,931,312
CMO Series 2010-65 Class A
11/16/28	2.017%		2,792,811		2,819,330
CMO Series 2010-74 Class A
09/16/33	2.629%		8,970,749		9,127,153
CMO Series 2010-83 Class A
10/16/50	2.021%		3,428,743		3,459,000
CMO Series 2011-1 Class A
12/16/31	2.239%		11,362,029		11,512,874
CMO Series 2011-16 Class A
11/16/34	2.210%		11,454,156		11,601,263
CMO Series 2011-20 Class A
04/16/32	1.883%		14,073,052		14,149,768
CMO Series 2011-31 Class A
12/16/35	2.210%		11,482,142		11,652,622
CMO Series 2011-49 Class A
07/16/38	2.450%		12,583,440		12,820,387
CMO Series 2011-53 Class A
12/16/34	2.360%		11,754,822		11,947,466
CMO Series 2011-64 Class A
08/16/34	2.380%		14,967,867		15,266,784
Government National Mortgage Association(c)(f)
06/16/41	2.250%		10,000,000		10,156,250


Total Commercial Mortgage-Backed Securities — Agency
(Cost: $190,664,558)				$	192,818,769


Commercial Mortgage-Backed Securities — Non-Agency 0.7%

Bear Stearns Commercial Mortgage Securities Series 2005-T18 Class A4(a)(c)
02/13/42	4.933%	$	180,000	$	192,865
Citigroup Commercial Mortgage Trust CMO Series 2004-C2 Class A5(c)
10/15/41	4.733%		110,000		117,025
Commercial Mortgage Pass-Through Certificates Series 2006-C8 Class AAB(c)
12/10/46	5.291%		4,340,000		4,618,460
GMAC Commercial Mortgage Securities, Inc. CMO Series 2003-C2 Class A2(a)(c)
05/10/40	5.654%		105,000		112,839
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2011-C3 Class A4(b)(c)
02/16/46	4.717%		175,000		176,781
Morgan Stanley Capital I Series 2003-IQ6 Class A4(c)
12/15/41	4.970%		365,000		388,549
Morgan Stanley Reremic Trust (a)(b)(c) Series 2009-GG10 Class A4A
08/12/45	5.992%		1,200,000		1,313,221
Series 2010-GG10 Class A4A
08/15/45	5.992%		800,000		875,480
Structured Asset Securities Corp. CMO IO Series 1996-CFL Class X1(c)(k)
02/25/28	50.000%		347,884		70
Wachovia Bank Commercial Mortgage Trust Series 2005-C21 Class A4(a)(c)
10/15/44	5.380%		35,000		38,164


Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $7,758,945)				$	7,833,454


Asset-Backed Securities — Agency — %

Small Business Administration Participation Certificates Series 2001-20H Class 1
08/01/21	6.340%	$	150,046	$	163,512
United States Small Business Administration U.S. Government Guaranty
09/10/11	5.886%		7,781		7,860


Total Asset-Backed Securities — Agency
(Cost: $157,827)				$	171,372


Asset-Backed Securities — Non-Agency 1.7%

Bear Stearns Asset-Backed Securities Trust Series 2006-HE9 Class 1A1(a)
11/25/36	0.236%	$	284,973	$	278,860
Carrington Mortgage Loan Trust Series 2006-RFC1 Class A2(a)
05/25/36	0.286%		1,555,314		1,519,050
Citigroup Mortgage Loan Trust, Inc.(a) Series 2006-WFH4 Class A2
11/25/36	0.286%		616,126		607,580
Citigroup Mortgage Loan Trust, Inc.(a)(b) CMO Series 2009-6 Class 13A1
01/25/37	0.266%		534,075		529,884
Countrywide Asset-Backed Certificates Series 2005-SD1 Class A1C(a)(b)
05/25/35	0.576%		434,843		418,939
Entergy Gulf States Reconstruction Funding LLC CMO Series 2007-A Class A1
10/01/13	5.510%		30,011		31,094
Mid-State Trust Series 6 Class A1
07/01/35	7.340%		509,402		531,497

The accompanying Notes to Financial Statements are an intregal part of this statement.

8 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT


	Coupon	Principal
Issuer	rate	amount		Value

Asset-Backed Securities — Non-Agency (continued)
Morgan Stanley ABS Capital I(a) Series 2005-HE3 Class M1
07/25/35	0.676%		$231,016		$228,405
Series 2005-WMC5 Class M2
06/25/35	0.666%		1,129,266		1,106,340
Series 2006-WMC1 Class A2B
12/25/35	0.386%		697,162		672,481
Novastar Home Equity Loan Series 2006-2 Class A2B(a)
06/25/36	0.296%		1,223,339		1,218,541
RBSSP Resecuritization Trust(a)(b) CMO Series 2009-10 Class 4A1
07/26/36	0.344%		1,288,634		1,273,713
CMO Series 2009-10 Class 7A1
03/26/37	0.294%		3,764		3,762
CMO Series 2009-11 Class 2A1
04/26/36	0.344%		2,370,402		2,328,308
CMO Series 2009-13 Class 8A1
06/26/37	0.944%		2,382,798		2,358,074
Residential Asset Mortgage Products, Inc. Series 2004-RS8 Class AI4(a)
06/25/32	5.060%		680,805		671,945
Sierra Receivables Funding Co. LLC Series 2010-2A Class A(b)
11/20/25	3.840%		2,787,302		2,838,138
Specialty Underwriting & Residential Finance Series 2005-BC3 Class M1(a)
06/25/36	0.636%		3,500,000		3,290,626
Structured Asset Investment Loan Trust Series 2005-9 Class A5(a)
11/25/35	0.416%		431,248		423,109
Structured Asset Securities Corp.(a) CMO Series 2006-NC1 Class A6
05/25/36	0.236%		170,089		167,964
Series 2007-WF2 Class A2
08/25/37	0.886%		39,620		39,535


Total Asset-Backed Securities — Non-Agency
(Cost: $20,026,303)				$	20,537,845


Inflation-Indexed Bonds 1.0%

U.S. Treasury Inflation-Indexed Bond(g)
04/15/14	1.250%	$	11,687,390	$	12,401,357


Total Inflation-Indexed Bonds
(Cost: $12,455,149)				$	12,401,357


U.S. Treasury Obligations 10.1%

U.S. Treasury
05/31/12	0.750%	$	56,000,000	$	56,271,040
07/31/12	0.625%		40,000,000		40,164,000
06/15/13	1.125%		6,500,000		6,584,045
09/30/13	3.125%		5,035,000		5,326,084
05/31/15	2.125%		1,500,000		1,550,625
07/31/15	1.750%		60,000		61,017
01/31/16	2.000%		14,000,000		14,272,342
04/30/16	2.625%		1,074,000		1,122,246


Total U.S. Treasury Obligations
(Cost: $124,214,254)				$	125,351,399


U.S. Government & Agency Obligations 29.0%

Federal Farm Credit Bank(a)
08/22/13	0.206%	$	22,000,000	$	22,001,386
04/21/14	0.175%		12,000,000		11,982,144
Federal Home Loan Banks
12/28/11	1.000%		10,935,000		10,980,247
06/21/13	1.875%		22,400,000		23,001,507
Federal Home Loan Mortgage Corp.
11/30/12	0.375%		3,103,000		3,102,389
06/13/18	4.875%		865,000		983,337
Federal Home Loan Mortgage Corp.(a)
01/24/13	0.250%		12,000,000		11,998,094
Federal Home Loan Mortgage Corp.(a)(g)
01/10/13	0.270%		23,000,000		22,999,999
Federal Home Loan Mortgage Corp.(g)
10/28/13	0.875%		69,450,000		69,769,817
Federal National Mortgage Association
11/23/11	1.000%		13,275,000		13,323,148
09/17/13	1.125%		4,220,000		4,267,640
09/30/13	1.125%		6,000,000		6,066,630
Federal National Mortgage Association(a)
02/01/13	0.400%		12,000,000		12,018,588
03/04/14	0.215%		23,000,000		22,999,889
Federal National Mortgage Association(g)
09/24/12	0.625%		34,000,000		34,130,050
10/26/15	1.625%		86,149,000		85,777,267
Private Export Funding Corp. U.S. Government Guaranty
10/15/14	3.050%		4,150,000		4,398,323


Total U.S. Government & Agency Obligations
(Cost: $358,508,231)				$	359,800,455


Treasury Bill 1.2%

Federal National Mortgage Association Discount Notes
07/11/11	0.030%	$	15,000,000	$	14,999,865


Total Treasury Bill
(Cost: $14,999,500)				$	14,999,865


	Shares		Value

Money Market Fund 4.2%

Columbia Short-Term Cash Fund, 0.166%(h)(i)		52,042,191	$	52,042,191


Total Money Market Fund
(Cost: $52,042,191)			$	52,042,191


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 9.0%


Asset-Backed Commercial Paper (1.6%)
Antalis US Funding Corp.
08/23/11	0.275%	$	4,996,486	$	4,996,486
Cancara Asset Securitisation LLC
07/19/11	0.250%		9,993,820		9,993,820
Royal Park Investments Funding Corp.
09/16/11	0.410%		4,994,818		4,994,818

Total					19,985,124


Certificates of Deposit (3.3%)
Commerzbank AG
07/20/11	0.220%		6,000,000		6,000,000
DZ Bank AG
07/12/11	0.200%		5,000,000		5,000,000

The accompanying Notes to Financial Statements are an intregal part of this statement.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)

Certificates of Deposit (cont.)
KBC Bank NV
07/05/11	0.300%		$5,000,000		$5,000,000
Lloyds Bank PLC
10/03/11	0.260%		4,000,000		4,000,000
Natixis
09/07/11	0.544%		7,000,000		7,000,000
Societe Generale
09/23/11	0.411%		10,000,000		10,000,000
United Overseas Bank Ltd.
08/26/11	0.300%		3,000,000		3,000,000

Total					40,000,000


Commercial Paper (0.4%)
Danske Corp.
08/02/11	0.220%		1,999,303		1,999,303
PB Capital Corp.
08/12/11	0.491%		2,996,407		2,996,407

Total					4,995,710


Money Market Fund (2.8%)
JPMorgan Prime Money Market Fund, 0.010%(h)			35,000,000	$	35,000,000


Repurchase Agreements (0.9%)
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $2,000,002(j)	0.040%		2,000,000		2,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase prices $5,000,014(j)	0.100%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase prices $4,458,526(j)	0.080%		4,458,516		4,458,516

Total					11,458,516


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $111,439,350)				$	111,439,350


Total Investments
(Cost: $1,348,353,926)				$	1,358,917,139
Other Assets & Liabilities, Net					(119,780,474)


Net Assets				$	1,239,136,665

Investments in Derivatives

Futures Contracts Outstanding at June 30, 2011


	Number of
	contracts			Notional			Expiration		Unrealized		Unrealized
Contract description	long (short)			market value			date		appreciation		depreciation
U.S. Treasury Note, 2-year		(461	)		$(101,117,469	)		Oct. 2011		$—		$(159,437	)
U.S. Treasury Note, 5-year		(426	)		(50,777,202	)		Oct. 2011		40,198		—

Total										$40,198		$(159,437	)

Notes to Portfolio of Investments


^(a)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(b)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $43,318,266 or 3.50% of net assets.

^(c)		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

^(d)		At June 30, 2011, investments in securities included securities valued at $1,087,666 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

^(e)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $1,579, which represents less than 0.01% of net assets.

^(f)		Represents a security purchased on a when-issued or delayed delivery basis.

^(g)		At June 30, 2011, security was partially or fully on loan.

^(h)		The rate shown is the seven-day current annualized yield at June 30, 2011.

⁽ⁱ⁾		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$16,164,218

$401,487,724

$(365,609,751

)

$—

$52,042,191

$56,237

$52,042,191

The accompanying Notes to Financial Statements are an intregal part of this statement.

10 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

Notes to Portfolio of Investments (continued)


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


Deutsche Bank AG (0.040%)
Security description	Value
Fannie Mae Pool		$1,898,888
Freddie Mac Non Gold Pool		141,112

Total Market Value of Collateral Securities		$2,040,000


Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000


RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$4,547,707

Total Market Value of Collateral Securities		$4,547,707


^(k)		Interest only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only 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 rate disclosed represents yield based upon the estimated timing and amount of future cash flows at June 30, 2011.

Abbreviation Legend


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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (Commission) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling the RiverSource Family of Funds at 1(800) 221-2450.

The accompanying Notes to Financial Statements are an intregal part of this statement.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 11

Portfolio of Investments (continued)

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an intregal part of this statement.

12 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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		$—			$26,353,437		$—		$26,353,437
Residential Mortgage-Backed Securities — Agency		—			409,311,566		—		409,311,566
Residential Mortgage-Backed Securities — Non-Agency		—			25,854,500		1,579		25,856,079
Commercial Mortgage-Backed Securities — Agency		—			192,818,769		—		192,818,769
Commercial Mortgage-Backed Securities — Non-Agency		—			7,833,454		—		7,833,454
Asset-Backed Securities — Agency		—			171,372		—		171,372
Asset-Backed Securities — Non-Agency		—			20,537,845		—		20,537,845
Inflation-Indexed Bonds		—			12,401,357		—		12,401,357
U.S. Treasury Obligations		125,351,399			—		—		125,351,399
U.S. Government & Agency Obligations		—			359,800,455		—		359,800,455
Treasury Bill		—			14,999,865		—		14,999,865

Total Bonds		125,351,399			1,070,082,620		1,579		1,195,435,598

Other
Affiliated Money Market Fund(c)		52,042,191			—		—		52,042,191
Investments of Cash Collateral Received for Securities on Loan		35,000,000			76,439,350		—		111,439,350

Total Other		87,042,191			76,439,350		—		163,481,541

Investments in Securities		212,393,590			1,146,521,970		1,579		1,358,917,139
Derivatives(d)
Assets
Futures Contracts		40,198			—		—		40,198
Liabilities
Futures Contracts		(159,437	)		—		—		(159,437	)

Total		$212,274,351			$1,146,521,970		$1,579		$1,358,797,900

Certain Residential Mortgage-Backed Securities — Non-Agency classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the liquidation of company assets or potential actions related to the respective company’s bankruptcy filing.


^(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 June 30, 2011.

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

The accompanying Notes to Financial Statements are an intregal part of this statement.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 13

Portfolio of Investments (continued)

Fair Value Measurements (continued)

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


	Residential
	Mortgage-Backed			Asset-Backed
	Securities –			Securities –
	Non-Agency			Non-Agency			Total
Balance as of December 31, 2010		$16,274,917			$645,021			$16,919,938
Accrued discounts/premiums		12			119			131
Realized gain (loss)		—			841			841
Change in unrealized appreciation (depreciation)*		(7,764	)		(7,065	)		(14,829	)
Sales		(158	)		(638,916	)		(639,074	)
Purchases		9,489			—			9,489
Transfers into Level 3		—			—			—
Transfers out of Level 3		(16,274,917	)		—			(16,274,917	)

Balance as of June 30, 2011		$1,579			$—			$1,579

Financial assets were transferred from Level 3 to Level 2 due to management’s determination that there was sufficient, reliable and observable market data to value these assets as of period end and utilize a price provided by an approved vendor.


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $(7,764), which is comprised of Residential Mortgage-Backed Securities — Non-Agency.

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.

The accompanying Notes to Financial Statements are an intregal part of this statement.

14 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities


June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,184,872,385)	$	1,195,435,598
Affiliated issuers (identified cost $52,042,191)		52,042,191
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $99,980,834)		99,980,834
Repurchase agreements (identified cost $11,458,516)		11,458,516

Total investments (identified cost $1,348,353,926)		1,358,917,139
Receivable for:
Capital shares sold		12,219
Investments sold		139,245
Dividends		7,029
Interest		2,822,505
Variation margin on futures contracts		137,003

Total assets		1,362,035,140

Liabilities
Disbursements in excess of cash		22,380
Due upon return of securities on loan		111,439,350
Payable for:
Investments purchased on a delayed delivery basis		10,173,359
Capital shares purchased		587,733
Investment management fees		366,157
Distribution fees		44,711
Transfer agent fees		61,188
Administration fees		67,355
Other expenses		136,242

Total liabilities		122,898,475

Net assets applicable to outstanding capital stock	$	1,239,136,665

Represented by
Paid-in capital	$	1,241,693,864
Undistributed net investment income		5,359,006
Accumulated net realized loss		(18,360,179	)
Unrealized appreciation (depreciation) on:
Investments		10,563,213
Futures contracts		(119,239	)

Total — representing net assets applicable to outstanding capital stock	$	1,239,136,665

*Value of securities on loan	$	109,122,770


Net assets applicable to outstanding shares
Class 1	$	843,410,192
Class 2	$	36,867,332
Class 3	$	358,859,141
Shares outstanding
Class 1		81,291,052
Class 2		3,559,763
Class 3		34,584,781
Net asset value per share
Class 1	$	10.38
Class 2	$	10.36
Class 3	$	10.38

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 15

Statement of Operations


Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Interest	$	9,276,343
Dividends from affiliates		56,237
Income from securities lending — net		170,769

Total income		9,503,349

Expenses:
Investment management fees		2,554,900
Distribution fees
Class 2		17,404
Class 3		237,549
Transfer agent fees
Class 1		234,530
Class 2		4,177
Class 3		114,019
Administration fees		389,922
Compensation of board members		11,781
Custodian fees		21,670
Printing and postage fees		47,648
Professional fees		20,060
Other		51,074

Total expenses		3,704,734

Net investment income		5,798,615

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(1,580,683	)
Futures contracts		641,786

Net realized loss		(938,897	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,620,950
Futures contracts		(1,736,569	)

Net change in unrealized appreciation		6,884,381

Net realized and unrealized gain		5,945,484

Net increase in net assets resulting from operations	$	11,744,099

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)
	(Unaudited)
Operations
Net investment income	$	5,798,615		$	9,538,621
Net realized gain (loss)		(938,897	)		12,620,459
Net change in unrealized appreciation		6,884,381			416,645

Net increase in net assets resulting from operations		11,744,099			22,575,725

Distributions to shareholders from:
Net investment income
Class 1		(8,156,222	)		(6,442,258	)
Class 2		(35,997	)		(50	)
Class 3		(3,356,740	)		(4,442,866	)

Total distributions to shareholders		(11,548,959	)		(10,885,174	)

Increase in net assets from share transactions		85,407,973			622,635,055

Total increase in net assets		85,603,113			634,325,606
Net assets at beginning of period		1,153,533,552			519,207,946

Net assets at end of period	$	1,239,136,665		$	1,153,533,552

Undistributed net investment income	$	5,359,006		$	11,202,328


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		7,875,626			81,680,612			70,367,028			728,726,385
Fund merger		2,691,525			27,791,439			—			—
Distributions reinvested		776,756			8,016,127			626,070			6,442,258
Redemptions		(755,498	)		(7,831,692	)		(290,455	)		(3,006,262	)

Net increase		10,588,409			109,656,486			70,702,643			732,162,381

Class 2 shares
Subscriptions		230,906			2,392,365			265,779			2,756,242
Fund merger		3,439,200			35,509,438			—			—
Distributions reinvested		2,245			23,144			5			50
Redemptions		(304,154	)		(3,147,883	)		(74,218	)		(770,535	)

Net increase		3,368,197			34,777,064			191,566			1,985,757

Class 3 Shares
Subscriptions		542,060			5,630,796			5,167,177			53,221,150
Distributions reinvested		319,012			3,295,389			431,765			4,442,866
Redemptions		(6,552,409	)		(67,951,762	)		(16,380,340	)		(169,177,099	)

Net decrease		(5,691,337	)		(59,025,577	)		(10,781,398	)		(111,513,083	)

Total net increase		8,265,269			85,407,973			60,112,811			622,635,055


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 17

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. For the periods 2009 and after, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract charges, if any, and are not annualized for periods of less than one year.


	Six months
	ended June 30,			Year ended
	2011			Dec. 31,
	(Unaudited)			2010^(a)
Class 1
Per share data
Net asset value, beginning of period		$10.38			$10.30

Income from investment operations:
Net investment income		0.05			0.07
Net realized and unrealized gain on investments		0.06			0.12

Total from investment operations		0.11			0.19

Less distributions to shareholders from:
Net investment income		(0.11	)		(0.11	)

Total distributions to shareholders		(0.11	)		(0.11	)

Net asset value, end of period		$10.38			$10.38

Total return		1.02%			1.83%

Ratios to average net assets^(b)
Total expenses		0.58%	^(c)		0.63%	^(c)

Net investment income		1.04%	^(c)		1.09%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$843,410			$733,781

Portfolio turnover^(d)		51%			323%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.36			$10.30

Income from investment operations:
Net investment income		0.05			0.05
Net realized and unrealized gain on investments		0.04			0.11

Total from investment operations		0.09			0.16

Less distributions to shareholders from:
Net investment income		(0.09	)		(0.10	)

Total distributions to shareholders		(0.09	)		(0.10	)

Net asset value, end of period		$10.36			$10.36

Total return		0.92%			1.59%

Ratios to average net assets^(b)
Total expenses		0.76%	^(c)		0.89%	^(c)

Net investment income		0.98%	^(c)		0.75%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$36,867			$1,985

Portfolio turnover^(d)		51%			323%

The accompanying Notes to Financial Statements are an integral part of this statement.

18 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT


	Six months																		Year ended
	ended June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(e)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$10.37			$10.17			$9.95			$10.23			$10.13			$10.11			$10.21

Income from investment operations:

Net investment income		0.05			0.12			0.21			0.32			0.42			0.13			0.36
Net realized and unrealized gain (loss) on investments		0.05			0.18			0.33			(0.58	)		0.10			0.02			(0.10	)

Total from investment operations		0.10			0.30			0.54			(0.26	)		0.52			0.15			0.26

Less distributions to shareholders from:
Net investment income		(0.09	)		(0.10	)		(0.32	)		(0.02	)		(0.42	)		(0.13	)		(0.36	)

Total distributions to shareholders		(0.09	)		(0.10	)		(0.32	)		(0.02	)		(0.42	)		(0.13	)		(0.36	)

Net asset value, end of period		$10.38			$10.37			$10.17			$9.95			$10.23			$10.13			$10.11
								��
Total return		0.99%			3.00%			5.53%			(2.64%	)		5.33%			1.55%			2.61%

Ratios to average net assets^(b)

Total expenses		0.71%	^(c)		0.76%			0.76%			0.79%			0.79%			0.77%	^(c)		0.82%

Net investment income		0.89%	^(c)		1.15%			2.12%			3.19%			4.17%			3.97%	^(c)		3.55%

Supplemental data

Net assets, end of period (in thousands)		$358,859			$417,768			$519,208			$503,080			$483,070			$457,014			$462,923

Portfolio turnover^(d)		51%			323%			428%			314%			213%			58%			236%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 40% for the six months ended June 30, 2011 and 203%, 350% and 190% for the years ended December 31, 2010, 2009 and 2008, respectively.
^(e)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements

June 30, 2011 (Unaudited)


Note 1.	Organization

Columbia Variable Portfolio – Short Duration U.S. Government Fund (the Fund), formerly known as RiverSource Variable Portfolio – Short Duration U.S. Government Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares


Note 2.	Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

20 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Derivative Instruments

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and manage exposure to movements in interest rates. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Effects of Derivative Transactions in the Financial Statements

Fair Values of Derivative Instruments at June 30, 2011


	Asset derivatives				Liability derivatives
	Statement of Assets				Statement of Assets
Risk Exposure Category	and Liabilities Location	Fair Value			and Liabilities Location	Fair Value
Interest rate contracts	Net assets – unrealized appreciation on futures contracts	$	40,198	*	Net assets – unrealized depreciation on futures contracts	$	159,437*


*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Delayed Delivery Securities and Forward Sale Commitments

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund identifies within its portfolio of investments cash or liquid securities in an amount equal to the delayed delivery commitment.

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies within its portfolio of investments cash or liquid securities in an amount equal to the forward purchase price.

22 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

For financial reporting and tax purposes, the Fund treats “to be announced” mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Subaccounts

Distributions to the subaccounts are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income are declared and distributed annually, when available. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to RICs. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Guarantees and Indemnifications


Note 3.	Fees and Compensation Paid to Affiliates

Investment Management Fees

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 23

Notes to Financial Statements (continued)

securities will be purchased, held or sold. Effective April 30, 2011, the management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.360% to 0.240% as the Fund’s net assets increase. Prior to April 30, 2011, the management fee was equal to a percentage of the Fund’s average daily net assets that declined from 0.48% to 0.25% as the Fund’s net assets increased. The management fee for the six months ended June 30, 2011 was 0.43% of the Fund’s average daily net assets.

Administration Fees

Other Fees

Compensation of Board Members

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for the Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of -pocket expenses.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.


Note 4.	Federal Tax Information

At June 30, 2011, the cost of investments for federal income tax purposes was approximately $1,348,354,000 and the approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	11,551,000
Unrealized depreciation		(988,000	)

Net unrealized appreciation	$	10,563,000

The following capital loss carryforward, determined as of December 31, 2010 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:


Year of Expiration	Amount
2017	$	10,526,633

24 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of December 31, 2010 post-October losses of $2,634,600 attributed to security transactions were deferred to January 1, 2011.

It is unlikely the Board will authorize a distribution of any net realized capital gains until the available capital loss carryforward has been offset or expires. There is no assurance that the Fund will be able to utilize all of its capital loss carryforward before it expires.


Note 5.	Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations but including mortgage dollar rolls, aggregated to $600,366,176 and $598,861,574, respectively, for the six months ended June 30, 2011.

Transactions to realign the Fund’s portfolio following the merger as described in Note 10 are excluded for purposes of calculating the Fund’s portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $96,209,773 and $75,973,892, respectively.


Note 6.	Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $109,122,770 were on loan, secured by cash collateral of $111,439,350 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.


Note 7.	Affiliated Money Market Fund

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 25

Notes to Financial Statements (continued)


Note 8.	Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 95% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.


Note 9.	Line of Credit


Note 10.	Fund Merger

At the close of business on April 29, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Federal Securities Fund, Variable Series (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $1,167,471,514 and the combined net assets immediately after the acquisition were $1,230,772,391.

The merger was accomplished by a tax-free exchange of 6,515,300 shares of the acquired fund valued at $63,300,877 (including $987,419 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued the following number of shares:


	Shares
Class 1		2,691,525
Class 2		3,439,200

Assuming the merger had been completed on January 1, 2011, the Fund’s pro-forma net investment income, net loss on investments, net change in unrealized appreciation and net increase in net assets from operations for the six months ended June 30, 2011, would have been approximately $6.6 million, $(0.9) million, $7.1 million and $12.8 million, respectively.

26 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT


Note 11.	Subsequent Events


Note 12.	Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company mutual funds (branded as Columbia or RiverSource) and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants’ motion to dismiss the complaint, the District Court dismissed one of plaintiffs’ four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants’ favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit. In response to the plaintiffs’ opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011.

COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT 27

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*	All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

1,128,803,862.074

11,333,319.348

11,883,409.332

0.000

28 COLUMBIA VP – SHORT DURATION U.S. GOVERNMENT FUND — 2011 SEMIANNUAL REPORT

Columbia VP – Short Duration U.S. Government Fund
(formerly known as RiverSource VP – Short Duration U.S. Government Fund)

P.O. Box 8081

Boston, MA 02266-8081


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6491 A (8/11)

Semiannual Report

Columbia

Variable Portfolio — Core Equity Fund

Semiannual Report for the Period Ended

June 30, 2011

Columbia Variable Portfolio — Core Equity Fund seeks to provide shareholders with long-term growth of capital.

This Fund is closed to new investors.

Please remember that you may not buy (nor will you own) shares of the Fund directly. You invest by owning RiverSource Variable Annuity Fund A or RiverSource Variable Annuity Fund B and allocating your purchase payments to the variable account that invests in the Fund. Refer to your variable annuity contract prospectus for information regarding the investment options available to you.

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			3

Fund Expense Example			5

Portfolio of Investments			7

Statement of Assets and Liabilities			15

Statement of Operations			16

Statement of Changes in Net Assets			17

Financial Highlights			18

Notes to Financial Statements			19

Proxy Voting			31

Results of Meeting of Shareholders			31

See the Fund’s prospectus for risks associated with investing in the Fund.

2 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) — Core Equity Fund (the Fund) returned 9.28% for the six-months ended June 30, 2011.

>	The Fund outperformed its benchmark, the Standard & Poor’s 500 Index (S&P 500 Index), which returned 6.02% during the same time frame.

>	The Fund also outperformed its peer group, the Lipper Large-Cap Core Funds Index, which returned 5.34% for the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

9/10/04

Columbia VP – Core Equity Fund

+9.28%

+34.62%

+2.56%

+1.73%

+3.50%

S&P 500 Index⁽¹⁾ (unmanaged)

+6.02%

+30.69%

+3.34%

+2.94%

+4.52%

Lipper Large-Cap Core Funds Index⁽²⁾

+5.34%

+28.64%

+2.41%

+2.54%

+4.17%


*		Not annualized.

Performance results reflect any fee waivers or reimbursements of fund expenses by the Investment Manager and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower. Investment earnings, if any, are tax-deferred until distributed to shareholders, at which time taxes may become due. Total return performance includes changes in share price and assumes reinvestment of dividends and capital gains, if any. Performance results reflect all fund expenses, but do not include any fees and expenses imposed under your variable annuity. If performance results included the effect of these additional charges, they would be lower.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The S&P 500 Index, an unmanaged index of common stocks, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market prices.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 3

Your Fund at a Glance (continued)


⁽²⁾		The Lipper Large-Cap Core Funds Index includes the 30 largest large-cap core funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	10.2	%

Consumer Staples	10.3

Energy	12.5

Financials	14.9

Health Care	12.0

Industrials	10.9

Information Technology	17.4

Materials	3.6

Telecommunication Services	3.3

Utilities	3.4

Other⁽²⁾	1.5


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.

⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Apple, Inc.	4.3	%

Chevron Corp.	3.6

Microsoft Corp.	3.5

JPMorgan Chase & Co.	3.0

IBM Corp.	2.9

Philip Morris International, Inc.	2.9

Wal-Mart Stores, Inc.	2.6

General Electric Co.	2.5

UnitedHealth Group, Inc.	2.5

Pfizer, Inc.	2.5


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

4 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Fund Expense Example

(Unaudited)

You may not buy (nor will you own) shares of the Fund directly. You invest by owning RiverSource Variable Annuity Fund A or RiverSource Variable Annuity Fund B and allocating your purchase payments to the variable account that invests in the Fund. The variable account’s purchase price will be the next NAV calculated after the request is received by the authorized insurance company.

As a contract owner investing in the Fund, you incur ongoing costs, which may include management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds that underlie various annuity contracts. In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the expenses of the funds in which it invests (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds). The Fund’s indirect expense from investing in the acquired funds is based on the Fund’s pro rata portion of the cumulative expenses charged by the acquired funds using the expense ratio of each of the acquired funds as of the acquired fund’s most recent shareholder report.

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses that apply to the variable account or the contract. Therefore, the second line of the table is useful in comparing ongoing costs of the Fund only, and will not help you determine the relative total costs of owning different funds underlying various annuity contracts. In addition, if the expenses that apply to the variable account or the contract were included, your costs would have been higher.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 5

Fund Expense Example (continued)


	Beginning		Ending		Expenses
	Account value		Account value		Paid During		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		Expense Ratio
Actual^(b)	$	1,000	$	1,092.80	$	2.08		.40%

Hypothetical (5% return before expenses)	$	1,000	$	1,022.81	$	2.01		.40%


^(a)		Expenses are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return of +9.28% for the six months ended June 30, 2011.

6 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Columbia Variable Portfolio – Core Equity Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 98.5%


CONSUMER DISCRETIONARY 10.2%

Diversified Consumer Services 1.0%
Apollo Group, Inc., Class A^(a)		25,900	$	1,131,312
H&R Block, Inc.^(b)		47,500		761,900

Total				1,893,212


Internet & Catalog Retail 0.2%
priceline.com, Inc.^(a)		700		358,351


Media 3.6%
Comcast Corp., Class A		116,200		2,944,508
DIRECTV, Class A^(a)(b)		74,100		3,765,762
Time Warner Cable, Inc.^(b)		2,400		187,296

Total				6,897,566


Specialty Retail 5.4%
Advance Auto Parts, Inc.		8,141		476,167
AutoZone, Inc.^(a)(b)		11,050		3,258,093
GameStop Corp., Class A^(a)		19,200		512,064
Gap, Inc. (The)^(b)		16,998		307,664
Limited Brands, Inc.^(b)		100,884		3,878,990
Ross Stores, Inc.^(b)		20,344		1,629,961
TJX Companies, Inc.		6,700		351,951

Total				10,414,890


TOTAL CONSUMER DISCRECTIONARY				19,564,019


CONSUMER STAPLES 10.3%

Beverages 0.1%
Coca-Cola Enterprises, Inc.		6,800		198,424


Food & Staples Retailing 3.8%
Kroger Co. (The)		40,266		998,597
Wal-Mart Stores, Inc.		94,101		5,000,527
Walgreen Co.		30,406		1,291,039

Total				7,290,163


Food Products 1.4%
Hershey Co. (The)		40,600		2,308,110
Hormel Foods Corp.^(b)		14,600		435,226

Total				2,743,336


Household Products 0.5%
Kimberly-Clark Corp.^(b)		14,892		991,211


Personal Products 0.5%
Herbalife Ltd.^(c)		16,012		922,932


Tobacco 4.0%
Altria Group, Inc.		33,559		886,293
Lorillard, Inc.^(b)		12,300		1,339,101
Philip Morris International, Inc.		81,800		5,461,786

Total				7,687,180


TOTAL CONSUMER STAPLES				19,833,246


ENERGY 12.5%

Energy Equipment & Services 1.9%
Diamond Offshore Drilling, Inc.^(b)		2,600		183,066
National Oilwell Varco, Inc.		45,583		3,565,047

Total				3,748,113


Oil, Gas & Consumable Fuels 10.6%
Apache Corp.		31,479		3,884,194
Chevron Corp.^(d)		66,806		6,870,329
ConocoPhillips		41,953		3,154,446
Devon Energy Corp.		8,800		693,528
Exxon Mobil Corp.		42,309		3,443,106
Marathon Oil Corp.		17,097		900,670
Tesoro Corp.^(a)		43,186		989,391
Valero Energy Corp.		14,231		363,887

Total				20,299,551


TOTAL ENERGY				24,047,664


FINANCIALS 14.9%

Capital Markets 2.5%
Franklin Resources, Inc.		27,500		3,610,475
Goldman Sachs Group, Inc. (The)		8,500		1,131,265
T Rowe Price Group, Inc.		1,300		78,442

Total				4,820,182


Commercial Banks 0.7%
KeyCorp		151,000		1,257,830


Consumer Finance 3.1%
Capital One Financial Corp.^(b)		43,662		2,256,016
Discover Financial Services^(b)		139,042		3,719,373

Total				5,975,389

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)

FINANCIALS (cont.)
Diversified Financial Services 3.8%
Citigroup, Inc.		26,905		$1,120,324
JPMorgan Chase & Co.		138,200		5,657,908
Moody’s Corp.^(b)		14,700		563,745

Total				7,341,977


Insurance 3.6%
Aflac, Inc.		21,997		1,026,820
Hartford Financial Services Group, Inc.		92,862		2,448,771
Lincoln National Corp.^(b)		32,974		939,429
Prudential Financial, Inc.		21,500		1,367,185
Reinsurance Group of America, Inc.^(b)		18,916		1,151,228

Total				6,933,433


Real Estate Investment Trusts (REITs) 1.2%
Public Storage		5,700		649,857
Simon Property Group, Inc.^(b)		13,171		1,530,866

Total				2,180,723


TOTAL FINANCIALS				28,509,534


HEALTH CARE 12.0%

Biotechnology 3.0%
Biogen Idec, Inc.^(a)		20,021		2,140,645
Gilead Sciences, Inc.^(a)		84,700		3,507,427

Total				5,648,072


Health Care Equipment & Supplies 0.3%
Baxter International, Inc.		10,429		622,507


Health Care Providers & Services 2.6%
Medco Health Solutions, Inc.^(a)		4,600		259,992
UnitedHealth Group, Inc.		92,182		4,754,748

Total				5,014,740


Pharmaceuticals 6.1%
Eli Lilly & Co.		98,589		3,700,045
Johnson & Johnson		51,815		3,446,734
Pfizer, Inc.		224,829		4,631,477

Total				11,778,256


TOTAL HEALTH CARE				23,063,575


INDUSTRIALS 10.9%

Aerospace & Defense 3.8%
General Dynamics Corp.		12,988		967,866
Lockheed Martin Corp.		11,382		921,601
Northrop Grumman Corp.^(b)		10,300		714,305
Raytheon Co.		56,370		2,810,044
United Technologies Corp.		20,716		1,833,573

Total				7,247,389


Air Freight & Logistics 0.8%
United Parcel Service, Inc., Class B		21,274		1,551,513


Commercial Services & Supplies 1.2%
Pitney Bowes, Inc.^(b)		24,552		564,450
RR Donnelley & Sons Co.^(b)		88,083		1,727,308

Total				2,291,758


Construction & Engineering 0.5%
KBR, Inc.		25,949		978,018


Electrical Equipment 0.7%
Emerson Electric Co.		21,745		1,223,156


Industrial Conglomerates 2.5%
General Electric Co.		253,978		4,790,025


Machinery 0.2%
Joy Global, Inc.		4,143		394,579


Professional Services 1.2%
Dun & Bradstreet Corp.		30,874		2,332,222

TOTAL INDUSTRIALS				20,808,660


INFORMATION TECHNOLOGY 17.4%

Computers & Peripherals 6.3%
Apple, Inc.^(a)		24,468		8,213,174
Dell, Inc.^(a)		25,000		416,750
Lexmark International, Inc., Class A^(a)(b)		22,600		661,276
SanDisk Corp.^(a)		36,854		1,529,441
Western Digital Corp.^(a)		32,400		1,178,712

Total				11,999,353


IT Services 2.9%
IBM Corp.		32,257		5,533,688


Semiconductors & Semiconductor Equipment 4.8%
Intel Corp.		172,700		3,827,032
Micron Technology, Inc.^(a)		78,625		588,115
Teradyne, Inc.^(a)(b)		58,800		870,240
Texas Instruments, Inc.		121,900		4,001,977

Total				9,287,364

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)

INFORMATION TECHNOLOGY (cont.)
Software 3.4%
Microsoft Corp.		254,186		$6,608,836

TOTAL INFORMATION TECHNOLOGY				33,429,241


MATERIALS 3.6%

Chemicals 2.1%
Air Products & Chemicals, Inc.		4,163		397,900
CF Industries Holdings, Inc.		7,808		1,106,159
Eastman Chemical Co.^(b)		20,118		2,053,444
PPG Industries, Inc.		4,436		402,744

Total				3,960,247


Metals & Mining 1.5%
Freeport-McMoRan Copper & Gold, Inc.		56,192		2,972,557

TOTAL MATERIALS				6,932,804


TELECOMMUNICATION SERVICES 3.3%

Diversified Telecommunication Services 3.3%
AT&T, Inc.		62,991		1,978,547
Verizon Communications, Inc.		115,656		4,305,873

Total				6,284,420


TOTAL TELECOMMUNICATION SERVICES				6,284,420


UTILITIES 3.4%

Electric Utilities 1.7%
Exelon Corp.^(b)		75,117		3,218,012


Independent Power Producers & Energy Traders 0.3%
AES Corp. (The)^(a)		45,597		580,906


Multi-Utilities 1.4%
Public Service Enterprise Group, Inc.		80,900		2,640,576

TOTAL UTILITIES				6,439,494


Total Common Stocks
(Cost: $158,323,923)			$	188,912,657




	Shares		Value

Money Market Fund 1.5%

Columbia Short-Term Cash Fund, 0.166%^(e)(f)		2,838,624	$	2,838,624


Total Money Market Fund
(Cost: $2,838,624)			$	2,838,624


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 8.9%


Money Market Fund 1.0%
JPMorgan Prime Money Market Fund, 0.010%^(e)			2,000,000	$	2,000,000


Repurchase Agreements 7.9%
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $5,000,014^(g)
07/01/11	0.100%		5,000,000		5,000,000
Royal Bank of Canada dated 06/30/11, matures 07/01/11, repurchase price $10,093,510^(g)
07/01/11	0.050%		10,093,496		10,093,496

Total					15,093,496


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $17,093,496)				$	17,093,496


Total Investments
(Cost: $178,256,043)				$	208,844,777
Other Assets & Liabilities, Net					(17,151,387)


Net Assets				$	191,693,390

Investments in Derivatives

Futures Contracts Outstanding at June 30, 2011

Number of

Contracts

Notional

Expiration

Unrealized

Contract Description

Long (Short)

Market Value

Date

Appreciation

Depreciation

S&P 500 Index

$2,959,875

Sept. 2011

$72,419

$—

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)

Notes to Portfolio of Investments


^(a)		Non-income producing.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 0.48% of net assets.

^(d)		At June 30, 2011, investments in securities included securities valued at $257,143 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(f)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales Cost/

Beginning

Purchase

Proceeds

Realized

Ending

Interest

Issuer

Cost

from Sales

Gain/Loss

Cost

Income

Value

Columbia Short-Term Cash Fund

$917,545

$11,942,079

$(10,021,000

)

$—

$2,838,624

$2,514

$2,838,624


^(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. (0.100%)
Security Description	Value
Fannie Mae Interest Strip		$53,170
Fannie Mae Pool		1,990,066
Fannie Mae Principal Strip		148,588
Fannie Mae REMICS		117,596
Federal Home Loan Banks		44,317
Federal National Mortgage Association		136,190
Freddie Mac Non Gold Pool		937,411
Freddie Mac REMICS		597,172
Ginnie Mae II Pool		344,833
Government National Mortgage Association		84,370
United States Treasury Note/Bond		646,287

Total Market Value of Collateral Securities		$5,100,000

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Notes to Portfolio of Investments (continued)


Royal Bank of Canada (0.050%)
Security Description	Value
Fannie Mae Pool		$5,883,538
Federal Home Loan Mortgage Corp		243
Freddie Mac Gold Pool		1,239,279
Freddie Mac Non Gold Pool		35,175
Freddie Mac REMICS		3,111,723
Ginnie Mae II Pool		25,408

Total Market Value of Collateral Securities		$10,295,366

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 11

Portfolio of Investments (continued)

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements (continued)

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 June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	Quoted Prices		Other		Level 3
	in Active		Significant		Significant
	Markets for		Observable		Unobservable
Description^(a)	Identical Assets^(b)		Inputs		Inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$19,564,019		$—		$—		$19,564,019
Consumer Staples		19,833,246		—		—		19,833,246
Energy		24,047,664		—		—		24,047,664
Financials		28,509,534		—		—		28,509,534
Health Care		23,063,575		—		—		23,063,575
Industrials		20,808,660		—		—		20,808,660
Information Technology		33,429,241		—		—		33,429,241
Materials		6,932,804		—		—		6,932,804
Telecommunication Services		6,284,420		—		—		6,284,420
Utilities		6,439,494		—		—		6,439,494

Total Equity Securities		188,912,657		—		—		188,912,657

Other
Affiliated Money Market Fund^(c)		2,838,624		—		—		2,838,624
Investments of Cash Collateral Received for Securities on Loan		2,000,000		15,093,496		—		17,093,496

Total Other		4,838,624		15,093,496		—		19,932,120

Investments in Securities		193,751,281		15,093,496		—		208,844,777
Derivatives^(d)
Assets
Futures Contracts		72,419		—		—		72,419

Total		$193,823,700		$15,093,496		$—		$208,917,196


^(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 June 30, 2011.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 13

Portfolio of Investments (continued)

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $158,323,923)	$	188,912,657
Affiliated issuers (identified cost $2,838,624)		2,838,624
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $2,000,000)		2,000,000
Repurchase agreements (identified cost $15,093,496)		15,093,496

Total investments (identified cost $178,256,043)		208,844,777
Receivable for:
Dividends		261,207
Interest		1,015
Reclaims		3,424
Variation margin on futures contracts		25,200
Expense reimbursement due from Investment Manager		17,194

Total assets		209,152,817

Liabilities
Due upon return of securities on loan		17,093,496
Payable for:
Capital shares purchased		254,896
Investment management fees		61,432
Other expenses		49,603

Total liabilities		17,459,427

Net assets applicable to outstanding capital stock	$	191,693,390

Shares outstanding		22,941,183

*Value of securities on loan	$	16,821,483

Net Assets	$	191,693,390
Shares outstanding		22,941,183
Net asset value per share	$	8.36

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 15

Statement of Operations

Six months ended June 30, 2011 (Unaudited)


Net investment income
Income:
Dividends	$	2,091,643
Dividends from affiliates		2,514
Income from securities lending — net		5,131

Total income		2,099,288

Expenses:
Investment management fees		380,593
Compensation of board members		2,432
Custodian fees		22,480
Printing and postage fees		9,786
Professional fees		14,333

Total expenses		429,624
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(53,512	)

Total net expenses		376,112

Net investment income		1,723,176

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		8,959,830
Foreign currency transactions		31
Futures contracts		51,727

Net realized gain		9,011,588
Net change in unrealized appreciation (depreciation) on:
Investments		6,099,619
Foreign currency translations		304
Futures contracts		50,571

Net change in unrealized appreciation		6,150,494

Net realized and unrealized gain		15,162,082

Net increase in net assets resulting from operations	$	16,885,258

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Six months ended			Year ended
	June 30, 2011			December 31, 2010
	(Unaudited)
Operations
Net investment income	$	1,723,176		$	4,419,990
Net realized gain		9,011,588			16,114,016
Net change in unrealized appreciation		6,150,494			7,424,601

Net increase in net assets resulting from operations		16,885,258			27,958,607

Decrease in net assets from share transactions		(11,514,094	)		(28,472,782	)

Total increase (decrease) in net assets		5,371,164			(514,175	)
Net assets at beginning of period		186,322,226			186,836,401

Net assets at end of period	$	191,693,390		$	186,322,226


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Subscriptions		72,143			580,657			51,708			340,739
Redemptions		(1,488,344	)		(12,094,751	)		(4,210,511	)		(28,813,521	)

Total decrease		(1,416,201	)		(11,514,094	)		(4,158,803	)		(28,472,782	)

Total net decrease		(1,416,201	)		(11,514,094	)		(4,158,803	)		(28,472,782	)

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 17

Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share held for the periods shown. For periods ended 2009 and after, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions, if any. Total returns do not reflect payment of expenses that apply to the variable accounts or annuity charges, if any, and are not annualized for periods of less than one year.


	Six months
	ended June 30,			Year ended Dec 31,
	2011			2010		2009		2008			2007			2006
	(Unaudited)
Per share data
Net asset value, beginning of period		$7.65			$6.55		$5.27		$10.30			$10.97			$11.14

Income from investment operations
Net investment income (loss)		0.07			0.17		0.12		0.17			0.19			0.17
Net realized and unrealized gain (loss) on investments		0.64			0.93		1.16		(4.01	)		0.15			1.41

Total from investment operations		0.71			1.10		1.28		(3.84	)		0.34			1.58

Less distributions to shareholders from:
Net investment income		—			—		—		(0.02	)		(0.17	)		(0.17	)
Net realized gains		—			—		—		(1.17	)		(0.84	)		(1.58	)

Total distribution to shareholders		—			—		—		(1.19	)		(1.01	)		(1.75	)

Net asset value, end of period		$8.36			$7.65		$6.55		$5.27			$10.30			$10.97

Total return		9.28%			16.76%		24.40%		(41.62%	)		3.32%			15.79%

Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		0.46%	^(b)		0.45%		0.44%		0.48%			0.48%			0.45%

Net expenses after fees waived or expenses reimbursed^(c)		0.40%	^(b)		0.40%		0.40%		0.40%			0.40%			0.40%

Net investment income		1.81%	^(b)		2.44%		2.25%		2.07%			1.68%			1.63%

Supplemental data
Net assets, end of period (in thousands)		$191,693			$186,322		$186,836		$174,866			$365,162			$432,417

Portfolio turnover		25%			109%		76%		103%			65%			73%

Notes to Financial Highlights


^(a)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(b)		Annualized.
^(c)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Notes to Financial Statements

June 30, 2011 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – Core Equity Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). You may not buy (nor will you own) shares of the Fund directly. You invest by owning RiverSource Variable Annuity Fund A or RiverSource Variable Annuity Fund B and allocating your purchase payments to the variable account that invests in the Fund. Refer to your variable annuity contract prospectus for information regarding the investment options available to you.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

20 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

(such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine value.

Foreign Currency Transactions and Translation

Derivative Instruments

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Effects of Derivative Transactions in the Financial Statements

22 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Fair Values of Derivative Instruments at June 30, 2011


	Asset Derivatives
	Statement of Assets
	and Liabilities
Risk Exposure Category	Location	Fair Value
Equity contracts	Net assets — unrealized appreciation on futures contracts	$	72,419*


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 23

Notes to Financial Statements (continued)

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Federal Income Tax Status

The Fund is a disregarded entity for federal income tax purposes and does not expect to make regular distributions to shareholders. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The shareholder is subject to tax on its distributive share of the Fund’s income and losses. The components of the Fund’s net assets are reported at the shareholder level for tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Foreign Taxes

24 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee rate that is equal 0.40% of the Fund’s average daily net assets.

Other Fees

Compensation of Board Members

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) indefinitely, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 25

Notes to Financial Statements (continued)

from the Fund’s custodian, do not exceed the annual rate of 0.40% of the Fund’s average daily net assets.

Note 4. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $47,946,380 and $58,241,220, respectively, for the six months ended June 30, 2011.

Note 5. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $16,821,483 were on loan, secured by cash collateral of $17,093,496 partially or fully invested in short-term securities or other cash equivalents.

26 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended June��30, 2011 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note 6. Affiliated Money Market Fund

The Fund may invest its daily cash balances in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends from affiliates” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At June 30, 2011, RiverSource Life Insurance Company owned 100% of the Fund’s shares.

Note 8. Line of Credit

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 27

Notes to Financial Statements (continued)

borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to March 28, 2011, the credit facility agreement, which was a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permitted collective borrowings up to $300 million. The borrowers had the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility could at no time exceed $500 million. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum. Prior to October 14, 2010, the Fund also paid an upfront fee equal to its pro rata share of 0.04% of the amount of the credit facility. The Fund had no borrowings during the six months ended June 30, 2011.

Note 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

28 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit. In response to the plaintiffs’ opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 29

Notes to Financial Statements (continued)

legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

30 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01.	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02.	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03.	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04.	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05.	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06.	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07.	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08.	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09.	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10.	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11.	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12.	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13.	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14.	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15.	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16.	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*	All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT 31

Results of Meeting of Shareholders (continued)

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

164,729,597.621

13,032,435.334

8,122,858.344

0.000

32 COLUMBIA VARIABLE PORTFOLIO — CORE EQUITY FUND — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – Core Equity Fund

P.O. Box 8081

Boston, MA 02266-8081


		This report must be accompanied or preceded by the Fund’s current prospectus. This Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. ^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.		S-6350 J (8/11)

Semiannual Report

Columbia Variable Portfolio – Seligman Global Technology Fund

(formerly known as Seligman Global Technology Portfolio)

Semiannual Report for the Period Ended

June 30, 2011

Columbia Variable Portfolio – Seligman Global Technology Fund seeks long-term capital appreciation.

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			3
Fund Expense Example			5
Portfolio of Investments			6
Statement of Assets and Liabilities			11
Statement of Operations			12
Statement of Changes in Net Assets			13
Financial Highlights			14
Notes to Financial Statements			16
Proxy Voting			25
Results of Meeting of Shareholders			25

See the Fund’s prospectus for risks associated with investing in the Fund.

2 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – Seligman Global Technology Fund (the Fund) Class 1 shares increased 2.85% for the six months ended June 30, 2011.

>	The Fund outperformed its benchmark, the Morgan Stanley Capital International (MSCI) World IT Index, which rose 1.07% during the same six-month period.

>	The Fund underperformed the broad global equity market, as measured by the MSCI World Index, which advanced 5.62% for the six-month period.

>	The Fund underperformed its peer group, as represented by the Lipper Global Science & Technology Funds Index, which increased 4.27% during the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

6 months*

1 year

3 years

5 years

10 years

Columbia VP – Seligman Global Technology Fund
Class 1

+2.85%

+29.20%

+8.18%

+9.08%

+3.85%

Class 2

+2.66%

+28.80%

+7.86%

+8.82%

+3.65%

MSCI World IT Index⁽¹⁾ (unmanaged)

+1.07%

+24.15%

+3.16%

+4.86%

+0.71%

MSCI World Index⁽²⁾ (unmanaged)

+5.62%

+31.19%

+1.04%

+2.85%

+4.52%

Lipper Global Science & Technology Funds Index⁽³⁾ (unmanaged)

+4.27%

+36.65%

+11.15%

+8.69%

+2.84%


*		Not annualized.


⁽¹⁾		The MSCI World IT Index is a free float-adjusted market capitalization index designed to measure information technology stock performance in the global developed equity markets. The index reflects reinvestment of all distributions and changes in market prices.
⁽²⁾		The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed equity performance. The index reflects reinvestment of all distributions and changes in market prices.
⁽³⁾		The Lipper Global Science & Technology Funds Index includes the 10 largest global science and technology funds tracked by Lipper Inc. The Lipper Index’s returns include net reinvested dividends.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 3

Your Fund at a Glance (continued)

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	0.6	%

Health Care	3.4

Industrials	1.7

Information Technology	86.9

Materials	0.7

Other⁽²⁾	6.7


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.

⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Symantec Corp.	5.4	%

Amdocs Ltd.	4.8

Synopsys, Inc.	4.6

BMC Software, Inc.	4.3

Apple, Inc.	3.9

Parametric Technology Corp.	3.7

Nuance Communications, Inc.	3.5

KLA-Tencor Corp.	3.3

Hewlett-Packard Co.	3.2

QUALCOMM, Inc.	3.2


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

4 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Fund Expense Example

(Unaudited)

You may not buy (nor will you own) shares of the Fund directly. You invest by buying an annuity contract or life insurance policy and allocating your purchase payments to the subaccount that invests in the Fund or by participating in a qualified pension or retirement plan. Your purchase price will be the next NAV calculated after your request is received by the Fund, an authorized insurance company or qualified pension or retirement plan.

As a contract/policy owner investing in the Fund, you incur, depending on the share class, ongoing costs, which may include management fees; distribution and service (Rule 12b-1) fees; and other Fund expenses. The example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds that underlie various annuity contracts, life insurance policies and/or pension or retirement plans. In addition to the ongoing expense which the Fund bears directly, the Fund’s shareholders indirectly bear the expense of the funds in which it invests (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds). The Fund’s indirect expense from investing in the acquired funds is based on the Fund’s pro rata portion of the ongoing expenses charged by the acquired funds using the expense ratio of each of the acquired funds as of the acquired fund’s most recent shareholder report.

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

The first line of the table provides information about actual account values and actual expenses for each class. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for each class and an assumed rate of return of 5% per year before expenses, which is not the actual return for the class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,028.50	$	4.98		.99%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.89	$	4.96		.99%

Class 2

Actual^(b)	$	1,000	$	1,026.60	$	6.23		1.24%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.65	$	6.21		1.24%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.85% for Class 1 and +2.66% for Class 2.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia Variable Portfolio – Seligman Global Technology Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks (93.5%)


CONSUMER DISCRETIONARY (0.6%)

Internet & Catalog Retail 0.6%
Amazon.com, Inc.(a)		2,200	$	449,878

TOTAL CONSUMER DISCRECTIONARY				449,878


HEALTH CARE (3.4%)

Health Care Equipment & Supplies (2.2%)
Baxter International, Inc.		6,600		393,954
Olympus Corp.(b)		29,400		992,017
Sirona Dental Systems, Inc.(a)		7,600		403,560

Total				1,789,531


Life Sciences Tools & Services (1.2%)
Thermo Fisher Scientific, Inc.(a)		14,800		952,972

TOTAL HEALTH CARE				2,742,503


INDUSTRIALS (1.8%)

Electrical Equipment (1.8%)
Nidec Corp.(b)(c)		15,100		1,409,740

TOTAL INDUSTRIALS				1,409,740


INFORMATION TECHNOLOGY (86.9%)

Communications Equipment (3.5%)
HTC Corp.(b)		9,000		304,301
Netgear, Inc.(a)(c)		2,800		122,416
QUALCOMM, Inc.		42,648		2,421,980

Total				2,848,697


Computers & Peripherals (12.9%)
Apple, Inc.(a)		8,700		2,920,329
Electronics for Imaging, Inc.(a)		36,000		619,920
EMC Corp.(a)		38,500		1,060,675
Hewlett-Packard Co.		66,800		2,431,520
NetApp, Inc.(a)		28,500		1,504,230
Seagate Technology PLC(b)		49,300		796,688
Toshiba Corp.(b)		203,400		1,072,395

Total				10,405,757


Electronic Equipment, Instruments & Components (4.4%)
Avnet, Inc.(a)		25,200		803,376
Elster Group SE, ADR(a)(b)		3,672		60,147
Jabil Circuit, Inc.		35,600		719,120
Kyocera Corp.(b)		5,400		549,817
Murata Manufacturing Co., Ltd.(b)		8,100		541,554
Tripod Technology Corp.(b)		71,000		295,226
Unimicron Technology Corp.(b)		330,400		589,862

Total				3,559,102


Internet Software & Services (3.5%)
Baidu, Inc., ADR(a)(b)		11,800		1,653,534
Netease.com, ADR(a)(b)(c)		9,100		410,319
WebMD Health Corp.(a)		8,500		387,430
Yandex NV, Series A(a)(b)(c)		11,898		422,498

Total				2,873,781


IT Services (8.4%)
Amdocs Ltd.(a)(b)		118,910		3,613,675
CGI Group, Inc., Class A(a)(b)		19,300		475,745
InterXion Holding NV(a)(b)		12,982		196,547
Rolta India Ltd.(b)		330,100		954,258
VeriFone Systems, Inc.(a)(c)		11,200		496,720
Visa, Inc., Class A		12,200		1,027,972

Total				6,764,917


Office Electronics (3.7%)
Canon, Inc.(b)(c)		30,300		1,441,260
Xerox Corp.		149,200		1,553,172

Total				2,994,432


Semiconductors & Semiconductor Equipment (17.7%)
Advanced Micro Devices, Inc.(a)(c)		235,172		1,643,852
Advanced Semiconductor Engineering, Inc.(b)		178,000		196,268
Amkor Technology, Inc.(a)(c)		1,791		11,050
Analog Devices, Inc.		5,800		227,012
ASML Holding NV(b)		27,600		1,020,096
ASML Holding NV(b)		25,900		953,995
Broadcom Corp., Class A(a)		12,400		417,136
Infineon Technologies AG(b)		39,100		439,545
Intel Corp.		78,666		1,743,239
International Rectifier Corp.(a)		3,000		83,910
KLA-Tencor Corp.		60,700		2,457,136
Lam Research Corp.(a)		13,600		602,208
Marvell Technology Group Ltd.(a)(b)		37,500		553,688
Maxim Integrated Products, Inc.(c)		1,200		30,672
Microsemi Corp.(a)		32,500		666,250
Novellus Systems, Inc.(a)(c)		57,700		2,085,278
ON Semiconductor Corp.(a)		27,400		286,878
Samsung Electronics Co., Ltd.(b)		1,119		869,720

Total				14,287,933


Application Software (16.0%)
Parametric Technology Corp.(a)		122,842		2,816,767
Synopsys, Inc.(a)		133,800		3,439,998
Taleo Corp., Class A(a)(c)		18,600		688,758
JDA Software Group, Inc.(a)		42,800		1,322,092
Longtop Financial Technologies Ltd., ADR(a)(b)(c)(d)		18,300		54,900
NICE Systems Ltd., ADR(a)(b)(c)		40,500		1,472,580
Nuance Communications, Inc.(a)(c)		121,700		2,612,899
Aspen Technology, Inc.(a)		31,957		549,021

Total				12,957,015


Systems Software (16.8%)
Check Point Software Technologies Ltd.(a)(b)(c)		36,606		2,081,051
Oracle Corp.		67,300		2,214,843
Symantec Corp.(a)		205,423		4,050,942
Microsoft Corp.		76,000		1,976,000
BMC Software, Inc.(a)		60,030		3,283,641

Total				13,606,477


TOTAL INFORMATION TECHNOLOGY				70,298,111

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
Issuer	Shares		Value

MATERIALS (0.8%)

Chemicals (0.8%)
JSR Corp.(b)		31,200		$604,754

TOTAL MATERIALS				604,754


Total Common Stocks
(Cost: $68,421,189)			$	75,504,986




	Shares		Value

Money Market Fund (6.7%)

Columbia Short-Term Cash Fund, 0.166%(e)(f)		5,437,839	$	5,437,839


Total Money Market Fund
(Cost: $5,437,839)			$	5,437,839


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (8.7%)


Repurchase Agreements (8.7%)
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(g)	0.120%	$	5,000,000	$	5,000,000
Royal Bank of Canada dated 06/30/11, matures 07/01/11, repurchase price $2,074,077(g)	0.050%		2,074,075		2,074,075

Total					7,074,075


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $7,074,075)				$	7,074,075


Total Investments
(Cost: $80,933,103)				$	88,016,900
Other Assets & Liabilities, Net					(7,157,046)


Net Assets				$	80,859,854

Summary of Investments in Securities by Country

The following table represents the portfolio investments of the Fund by country as a percentage of net assets at June 30, 2011.


	Percentage of
Country	Net Assets
Bermuda		0.68	%
Canada		0.59
Cayman Islands		2.62
Germany		0.62
Guernsey		4.47
India		1.18
Ireland		0.99
Israel		4.39
Japan		8.17
Korea		1.08
Netherlands		3.21
Taiwan		1.71

Total Foreign Securities*		29.71	%

United States		79.14	%


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

Notes to Portfolio of Investments


^(a)		Non-income producing.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 29.71% of net assets.

^(c)		At June 30, 2011, security was partially or fully on loan.

^(d)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $54,900, which represents 0.07% of net assets.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)

Notes to Portfolio of Investments (continued)


^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(f)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales Cost/

Beginning

Purchase

Proceeds

Realized

Ending

Interest

Issuer

Cost

from Sales

Gain/Loss

Cost

Income

Value

Columbia Short-Term Cash Fund

$706,843

$30,792,289

$(26,061,293

)

$—

$5,437,839

$2,702

$5,437,839


^(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.


Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



Royal Bank of Canada (0.050%)
Security Description	Value
Fannie Mae Pool		$1,208,986
Federal Home Loan Mortgage Corp		50
Freddie Mac Gold Pool		254,655
Freddie Mac Non Gold Pool		7,228
Freddie Mac REMICS		639,416
Ginnie Mae II Pool		5,221

Total Market Value of Collateral Securities		$2,115,556

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$449,878		$—		$—		$449,878
Health Care		1,750,486		992,017		—		2,742,503
Industrials		—		1,409,740		—		1,409,740
Information Technology		62,089,910		8,208,201		—		70,298,111
Materials		—		604,754		—		604,754

Total Equity Securities		64,290,274		11,214,712		—		75,504,986

Other
Affiliated Money Market Fund^(c)		5,437,839		—		—		5,437,839
Investments of Cash Collateral Received for Securities on Loan		—		7,074,075		—		7,074,075

Total Other		5,437,839		7,074,075		—		12,511,914

Total		$69,728,113		$18,288,787		$—		$88,016,900


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities

June 30, 2011 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $68,421,189)		$	75,504,986
Affiliated issuers (identified cost $5,437,839)			5,437,839
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $7,074,075)			7,074,075

Total investments (identified cost $80,933,103)			88,016,900
Foreign currency (identified cost $1)			1
Receivable for:
Capital shares sold			55,371
Investments sold			1,042,181
Dividends			19,119
Interest			891
Expense reimbursement due from Investment Manager			8,623

Total assets			89,143,086

Liabilities
Disbursements in excess of cash			12,373
Due upon return of securities on loan			7,074,075
Payable for:
Investments purchased			1,001,491
Capital shares purchased			43,780
Investment management fees			61,402
Distribution fees			10,261
Transfer agent fees			3,878
Administration fees			5,171
Other expenses			70,801

Total liabilities			8,283,232

Net assets applicable to outstanding capital stock		$	80,859,854

Represented by
Paid-in capital			77,853,560
Excess of distributions over net investment income			(149,403	)
Accumulated net realized loss			(3,927,817	)
Unrealized appreciation (depreciation) on:
Investments			7,083,797
Foreign currency translations			(283	)

Total — representing net assets applicable to outstanding capital stock		$	80,859,854

*Value of securities on loan		$	9,022,729

Net assets	Class 1	$	29,250,124
	Class 2	$	51,609,730
Shares outstanding	Class 1		1,374,468
	Class 2		2,475,966
Net asset value per share	Class 1	$	21.28
	Class 2	$	20.84

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 11

Statement of Operations

Six months ended June 30, 2011 (Unaudited)


Net investment income
Income:
Dividends	$	196,361
Interest		85
Dividends from affiliates		2,702
Income from securities lending — net		3,371
Foreign taxes withheld		(9,465	)

Total income		193,054

Expenses:
Investment management fees		241,598
Distribution fees
Class 2		38,756
Transfer agent fees
Class 1		5,957
Class 2		9,301
Administration fees		20,345
Compensation of board members		1,119
Custodian fees		17,892
Printing and postage fees		3,081
Professional fees		20,930
Other		2,475

Total expenses		361,454
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(70,862	)

Total net expenses		290,592

Net investment loss		(97,538	)

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		3,471,452
Foreign currency transactions		(40,731	)
Forward foreign currency exchange contracts		41,581

Net realized gain		3,472,302
Net change in unrealized appreciation (depreciation) on:
Investments		(1,898,325	)
Foreign currency translations		(283	)

Net change in unrealized depreciation		(1,898,608	)

Net realized and unrealized gain		1,573,694

Net increase in net assets resulting from operations	$	1,476,156

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Six months ended			Year ended
	June 30, 2011			December 31, 2010
	(Unaudited)
Operations
Net investment loss	$	(97,538	)	$	(38,022	)
Net realized gain		3,472,302			826,429
Net change in unrealized depreciation		(1,898,608	)		(31,046	)

Net increase in net assets resulting from operations		1,476,156			757,361

Increase (decrease) in net assets from capital share transactions		73,448,016			(1,213,847	)

Total increase (decrease) in net assets		74,924,172			(456,486	)
Net assets at beginning of period		5,935,682			6,392,168

Net assets at end of period	$	80,859,854		$	5,935,682

Excess of distributions over net investment income	$	(149,403	)	$	(186	)


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		19,632			416,154			8,011			146,175
Fund merger		1,259,171			26,283,989			–			–
Redemptions		(100,217	)		(2,120,544	)		(36,665	)		(672,195	)

Net increase (decrease)		1,178,586			24,579,599			(28,654	)		(526,020	)

Class 2 shares
Subscriptions		384,118			7,985,244			35,013			667,753
Fund merger		2,205,485			45,130,273			–			–
Redemptions		(206,374	)		(4,247,100	)		(76,691	)		(1,355,580	)

Net increase (decrease)		2,383,229			48,868,417			(41,678	)		(687,827	)

Total net increase (decrease)		3,561,815			73,448,016			(70,332	)		(1,213,847	)

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 13

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract charges, if any, and are not annualized for periods of less than one year.


	Six months
	ended June 30,			Year ended Dec 31,
	2011			2010			2009			2008			2007			2006
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$20.69			$17.91			$11.03			$18.46			$15.99			$13.56

Income from investment operations:
Net investment loss		(0.03	)		(0.10	)		(0.19	)		(0.21	)		(0.25	)		(0.20	)
Net realized and unrealized gain (loss) on investments		0.62			2.88			7.07			(7.22	)		2.72			2.63

Total from investment operations		0.59			2.78			6.88			(7.43	)		2.47			2.43

Net asset value, end of period		$21.28			$20.69			$17.91			$11.03			$18.46			$15.99

Total return		2.85%			15.52%			62.38%			(40.25%	)		15.45%			17.92%

Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.31%	^(b)		2.84%			3.86%			3.54%			3.04%			2.57%

Net expenses after fees waived or expenses reimbursed^(c)		0.99%	^(b)		1.30%			1.90%			1.90%			1.90%			1.90%

Net investment loss		(0.24%	)^(b)		(0.57%	)		(1.38%	)		(1.38%	)		(1.44%	)		(1.37%	)

Supplemental data
Net assets, end of period (in thousands)		$29,250			$4,053			$4,022			$2,754			$5,644			$6,466

Portfolio turnover		52%			96%			153%			161%			198%			205%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT


	Six months
	ended June 30,			Year ended Dec 31,
	2011			2010			2009			2008			2007			2006
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$20.30			$17.64			$10.88			$18.25			$15.83			$13.45

Income from investment operations:
Net investment loss		(0.05	)		(0.16	)		(0.23	)		(0.24	)		(0.28	)		(0.22	)
Net realized and unrealized gain on investments		0.59			2.82		��	6.99			(7.13	)		2.70			2.60

Total from investment operations		0.54			2.66			6.76			(7.37	)		2.42			2.38

Net asset value, end of period		$20.84			$20.30			$17.64			$10.88			$18.25			$15.83

Total return		2.66%			15.08%			62.13%			(40.38%	)		15.29%			17.69%

Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.49%	^(b)		3.03%			3.79%			3.71%			3.19%			2.72%

Net expenses after fees waived or expenses reimbursed^(c)		1.24%	^(b)		1.62%			2.15%			2.07%			2.05%			2.05%

Net investment loss		(0.48%	)^(b)		(0.91%	)		(1.60%	)		(1.55%	)		(1.59%	)		(1.52%	)

Supplemental data
Net assets, end of period (in thousands)		$51,610			$1,883			$2,370			$1,159			$2,899			$2,245

Portfolio turnover		52%			96%			153%			161%			198%			205%

Notes to Financial Highlights


^(a)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(b)		Annualized.
^(c)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses (excluding fees and expenses of acquired funds).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 15

Notes to Financial Statements

June 30, 2011 (Unaudited)


Note 1.	Organization

Columbia Variable Portfolio – Seligman Global Technology Fund (the Fund) (formerly known as Seligman Global Technology Portfolio), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective March 7, 2011, the Fund, formerly a series of Seligman Portfolios, Inc., a Maryland corporation, was reorganized into a newly formed series of the Trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1 and Class 2 shares, which are provided as an investment medium for variable annuity contracts and life insurance policies offered by various insurance companies.

You may not buy (nor will you own) shares of the Funds directly. Shares of the Fund are offered to various life insurance companies and their variable accounts or variable subaccounts (the subaccounts) to fund the benefits of their variable annuity and variable life insurance products. You invest by purchasing a variable annuity contract or life insurance policy and allocating your purchase payments to the subaccounts that invest in the Fund.

The two classes of shares represent interests in the same portfolio of investments and have the same rights, and are generally identical in all respects except that each class bears its separate class-specific expenses, and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.


Note 2.	Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

16 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Foreign Currency Transactions and Translation

Derivative Instruments

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities.

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 17

Notes to Financial Statements (continued)

Effects of Derivative Transactions in the Financial Statements

Fair Values of Derivative Instruments at 30, 2011

At June 30, 2011, the fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	41,581


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	—

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

18 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

Distributions to Subaccounts

Distributions to the subaccounts are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income are declared and distributed annually, when available. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to RICs. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.95% to 0.87% as the Fund’s net assets increase. The management fee for the six months ended June 30, 2011 was 0.95% of the Fund’s average daily net assets.

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Funds pay the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The fee for the six months ended June 30, 2011 was 0.08% of the Fund’s average daily net assets.

Other Fees

Compensation of Board Members

Transfer Agency Fees

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

for the Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of -pocket expenses.

Distribution Fees

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below — as well as any reorganization costs allocated to the Fund) through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	0.99	%
Class 2	1.24

Under the agreement, the following fees and expenses, are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Fund’s Board. This agreement may be modified or amended only with approval from all parties. Reorganization (see Note 9) costs were allocated to the Fund only to the extent they are expected to be offset by the anticipated reduction in expenses borne by the Fund’s shareholders during the first year following the Reorganization.

Note 4. Federal Tax Information

At June 30, 2011, the cost of investments for federal income tax purposes was approximately $80,933,000 and the approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	9,300,000
Unrealized depreciation	$	(2,216,000	)

Net appreciation	$	7,084,000

The following capital loss carryforward, determined as of December 31, 2010, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:


Year of Expiration	Amount
2011	$	108,762
2016		544,777
2017		320,142

Total	$	973,681

It is unlikely the Board will authorize a distribution of any net realized capital gains until the available capital loss carryforward has been offset or expires. There is no assurance that the Fund will be able to utilize all of its capital loss carryforward before it expires.

20 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $27,004,098 and $24,181,517, respectively, for the year ended June 30, 2011.

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $9,022,729 were on loan, secured by U.S. government securities valued at $2,117,337 and by cash collateral of $7,074,075 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Note 7. Affiliated Money Market Fund

Note 8. Line of Credit

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

increased in two stages during the third quarter of 2011 to a final collective borrowing amount of $500 million. Interest is charged to each fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Prior to March 28,2011, the credit facility agreement, which was a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permitted collective borrowings up to $300 million. The borrowers had the right, upon written notice to the Administrative Agent, to request an increase of up to $200 million in the aggregate amount of the credit facility from new or existing lenders, provided that the aggregate amount of the credit facility could at no time exceed $500 million. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum. The Fund had no borrowings during the six months ended June 30, 2011.

Note 9. Fund Merger

At the close of business on March 11, 2011, Columbia Variable Portfolio – Seligman Global Technology Fund acquired the assets and assumed the identified liabilities of Seligman Communications and Information Portfolio. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of Columbia Variable Portfolio – Seligman Global Technology Fund immediately before the acquisition were $5,853,610 and the combined net assets immediately after the acquisition were $77,267,879.

The merger was accomplished by a tax-free exchange of 3,075,259 shares of Seligman Communications and Information Portfolio valued at $71,414,269 (including $8,213,589 of unrealized appreciation).

In exchange for Seligman Communications and Information Portfolio shares, Columbia Variable Portfolio – Seligman Global Technology Fund issued the following number of shares:


	Shares
Class 1		1,259,171
Class 2		2,205,485

For financial reporting purposes, net assets received and shares issued by Columbia Variable Portfolio – Seligman Global Technology Fund were recorded at fair value; however, Seligman Communications and Information Portfolio’s cost of investments was carried forward to align ongoing reporting of Columbia Variable Portfolio – Seligman Global Technology Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The financial statements reflect the operations of Columbia Variable Portfolio – Seligman Global Technology Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Seligman Communications and Information Portfolio that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011 Columbia Variable Portfolio – Seligman Global Technology Fund’s pro-forma net investment loss, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the six months ended June 30, 2011 would have been approximately $(0.2) million, $5.2 million, $(1.9) million and $3.1 million, respectively.

Note 10. Significant Risks

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

22 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Technology and Technology-related Investment Risk

The Fund will invest a substantial portion of its assets in technology and technology-related companies. The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments.

Note 11. Subsequent Events


Note 12.	Information Regarding Pending and Settled Legal Proceedings

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 23

Notes to Financial Statements (continued)

necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

24 COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT

Proxy Voting

The policy of the Board is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary or searching the website of the Securities and Exchange Commission (SEC) at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at www.sec.gov.

Results of Meeting of Shareholders

Special Meeting of Shareholders held on Feb. 15, 2011
(Unaudited)

A brief description of the proposal(s) voted upon at the meeting and the votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to the proposal(s) is(are) set forth below. A vote is based on total number of shares outstanding in the Fund.

To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Shares Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

275,400.717

4,330.210

12,716.762

0.000

To approve a proposal to authorize Columbia Management Investment Advisers, LLC to enter into and materially amend subadvisory agreements in the future, with the approval of the Company’s board of directors/trustees, but without obtaining shareholder approval.

Shares Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

261,995.972

17,734.955

12,716.762

0.000

To elect directors/trustees to the Board.


		Shares Voted		Shares Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		14,911,431.399		835,419.920		0.000		0.000
02	Edward J. Boudreau, Jr.		15,037,426.819		709,424.500		0.000		0.000
03	Pamela G. Carlton		15,032,503.554		714,347.765		0.000		0.000
04	William P. Carmichael		15,025,883.471		720,967.848		0.000		0.000
05	Patricia M. Flynn		15,023,486.747		723,364.572		0.000		0.000
06	William A. Hawkins		14,998,437.076		748,414.243		0.000		0.000
07	R. Glenn Hilliard		15,029,696.260		717,155.059		0.000		0.000
08	Stephen R. Lewis, Jr.		15,026,018.835		720,832.484		0.000		0.000
09	John F. Maher		14,953,374.471		793,476.848		0.000		0.000
10	John J. Nagorniak		15,049,835.323		697,015.996		0.000		0.000
11	Catherine James Paglia		15,030,791.441		716,059.878		0.000		0.000
12	Leroy C. Richie		15,024,378.736		722,472.583		0.000		0.000
13	Anthony M. Santomero		15,009,588.318		737,263.001		0.000		0.000
14	Minor M. Shaw		15,047,947.536		698,903.783		0.000		0.000
15	Alison Taunton-Rigby		15,039,419.768		707,431.551		0.000		0.000
16	William F. Truscott		15,037,205.671		709,645.648		0.000		0.000

COLUMBIA VARIABLE PORTFOLIO – SELIGMAN GLOBAL TECHNOLOGY FUND — 2011 SEMIANNUAL REPORT 25

Columbia VP – Seligman Global Technology Fund

(formerly known as Seligman Global Technology Portfolio)

P.O. Box 8081

Boston, MA 02266-8081

This report must be accompanied or preceded by the Fund’s current prospectus. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC.


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	SL-9952 D (8/11)

Semiannual Report

Semiannual Report for the Period Ended
June 30, 2011

The semiannual report describes five funds, each of which invests in other funds. The objective of each fund is a high level of total return that is consistent with an acceptable level of risk.

Variable Portfolio — Conservative Portfolio
Variable Portfolio — Moderately Conservative Portfolio
Variable Portfolio — Moderate Portfolio
Variable Portfolio — Moderately Aggressive Portfolio
Variable Portfolio — Aggressive Portfolio

Not FDIC Insured n May Lose Value n No Bank Guarantee

Table of Contents


Your Fund at a Glance
Variable Portfolio — Conservative Portfolio			3
Variable Portfolio — Moderately Conservative Portfolio			5
Variable Portfolio — Moderate Portfolio			7
Variable Portfolio — Moderately Aggressive Portfolio			8
Variable Portfolio — Aggressive Portfolio			9
Investment Changes			10
Fund Expense Examples			20
Investments in Affiliated Funds			26
Statement of Assets and Liabilities			36
Statement of Operations			38
Statement of Changes in Net Assets			40
Financial Highlights			43
Notes to Financial Statements			48
Proxy Voting			57
Results of Meeting of Shareholders			57

2 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

Variable Portfolio – Conservative Portfolio

FUND SUMMARY


>	Variable Portfolio – Conservative Portfolio (the Fund) Class 2 shares gained 3.23% for the six-months ended June 30, 2011.

>	The Fund’s bond benchmark, the Barclays Capital U.S. Aggregate Bond Index, advanced 2.72% during the same period.

>	The Russell 3000^® Index, the Fund’s domestic equity benchmark, increased 6.35% during the same period.

>	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, rose 4.11% during the same period.

>	The Citigroup 3-Month U.S. Treasury Bill Index, gained 0.06% during the same period.

>	The Fund’s blended benchmark, composed of 70% Barclays U.S. Aggregate Bond Index, 14% Russell 3000^® Index, 10% Citigroup 3-Month Treasury Bill Index and 6% MSCI ACWI ex-US, rose 3.06%.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

Inception

6 months*

1 year

5/7/10

Variable Portfolio – Conservative Portfolio

Class 2

+3.23%

+10.03%

+8.11%

Class 4

+3.14%

+10.04%

+8.02%

Barclays Capital U.S. Aggregate Bond Index⁽¹⁾ (unmanaged)

+2.72%

+3.90%

+5.16%

Russell 3000^® Index⁽²⁾ (unmanaged)

+6.35%

+32.37%

+19.97%

MSCI All Country World Index ex-US⁽³⁾ (unmanaged)

+4.11%

+30.27%

+23.48%

Citigroup 3-Month U.S. Treasury Bill Index⁽⁴⁾ (unmanaged)

+0.06%

+0.14%

Blended Index⁽⁵⁾ (unmanaged)

+3.06%

+8.78%

+6.63%


*		Not annualized.
**		Fund data, Russell 3000 Index, Barclays Capital U.S. Aggregate Bond Index and MSCI All Country World Index ex-US are from May 7, 2010. Citigroup 3-Month U.S. Treasury Bill Index and Blended Index are from April 30, 2010.


⁽¹⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance.

⁽²⁾		The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

⁽³⁾		The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, an unmanaged index, is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI ex-US includes both developed and emerging markets.

⁽⁴⁾		The Citigroup 3-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury Bills.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 3

Your Fund at a Glance (continued) Variable Portfolio — Conservative Portfolio


⁽⁵⁾		The Blended Index for Conservative Portfolio is a hypothetical representation of the performance of the Fund’s asset classes according to their respective neutral asset allocation weightings adjusted each calendar year to reflect the changes of the Fund’s neutral asset allocation. The following indices are used when calculating the Blended Index’s return: domestic equity — Russell 3000 Index; international equity — MSCI ACWI Index ex-US; bonds — Barclays Capital U.S. Aggregate Bond Index; and cash — Citigroup 3-Month U.S. Treasury Bill Index. The indices reflect reinvestment of all distributions and changes in market prices.

The indices do not reflect the effects of expenses.

It is not possible to invest directly in an index.

4 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

Variable Portfolio – Moderately Conservative Portfolio

FUND SUMMARY


>	Variable Portfolio – Moderately Conservative Portfolio (the Fund) Class 2 shares gained 3.71% for the six-months ended June 30, 2011.

>	The Fund’s bond benchmark, the Barclays Capital U.S. Aggregate Bond Index, advanced 2.72% during the same period.

>	The Russell 3000^® Index, the Fund’s domestic equity benchmark, increased 6.35% during the same period.

>	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, rose 4.11% during the same period.

>	The Citigroup 3-Month U.S. Treasury Bill Index, gained 0.06% during the same period.

>	The Fund’s blended benchmark, composed of 60% Barclays U.S. Aggregate Bond Index, 24.5% Russell 3000^® Index, 10.5% MSCI ACWI ex-US and 5% Citigroup 3-Month Treasury Bill Index, rose 3.65%.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

Inception

6 months*

1 year

5/7/10

Variable Portfolio – Moderately Conservative Portfolio

Class 2

+3.71%

+14.10%

+10.21%

Class 4

+3.71%

+14.08%

+10.30%

Barclays Capital U.S. Aggregate Bond Index⁽¹⁾ (unmanaged)

+2.72%

+3.90%

+5.16%

Russell 3000^® Index⁽²⁾ (unmanaged)

+6.35%

+32.37%

+19.97%

MSCI All Country World Index ex-US⁽³⁾ (unmanaged)

+4.11%

+30.27%

+23.48%

Citigroup 3-Month U.S. Treasury Bill Index⁽⁴⁾ (unmanaged)

+0.06%

+0.14%

Blended Index⁽⁵⁾ (unmanaged)

+3.65%

+13.04%

+8.11%


*		Not annualized.
**		Fund data, Russell 3000 Index, Barclays Capital U.S. Aggrgate Bond Index and MSCI All Country World Index ex-US are from May 7, 2010. Citigroup 3-Month U.S. Treasury Bill Index and Blended Index are from April 30, 2010.


⁽¹⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance.

⁽²⁾		The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

⁽³⁾		The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, an unmanaged index, is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI ex-US includes both developed and emerging markets.

⁽⁴⁾		The Citigroup 3-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury Bills.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 5

Your Fund at a Glance (continued) Variable Portfolio — Moderately Conservative Portfolio


⁽⁵⁾		The Blended Index for Moderately Conservative Portfolio is a hypothetical representation of the performance of the Fund’s asset classes according to their respective neutral asset allocation weightings adjusted each calendar year to reflect the changes of the Fund’s neutral asset allocation. The following indices are used when calculating the Blended Index’s return: domestic equity — Russell 3000 Index; international equity — MSCI ACWI Index ex-US; bonds — Barclays Capital U.S. Aggregate Bond Index; and cash — Citigroup 3-Month U.S. Treasury Bill Index. The indices reflect reinvestment of all distributions and changes in market prices.

The indices do not reflect the effects of expenses.

It is not possible to invest directly in an index.

6 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

Variable Portfolio – Moderate Portfolio

FUND SUMMARY


>	Variable Portfolio – Moderate Portfolio (the Fund) Class 2 shares gained 4.18% for the six-months ended June 30, 2011.

>	The Fund’s bond benchmark, the Barclays Capital U.S. Aggregate Bond Index, advanced 2.72% during the same period.

>	The Russell 3000^® Index, the Fund’s domestic equity benchmark, increased 6.35% during the same period.

>	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, rose 4.11% during the same period.

>	The Fund’s blended benchmark, composed of 50% Barclays U.S. Aggregate Bond Index, 35% Russell 3000^® Index, 15% MSCI ACWI ex-US, rose 4.23% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

Inception

6 months*

1 year

5/7/10

Variable Portfolio – Moderate Portfolio

Class 2

+4.18%

+18.61%

+12.79%

Class 4

+4.27%

+18.60%

+12.87%

Barclays Capital U.S. Aggregate Bond Index⁽¹⁾ (unmanaged)

+2.72%

+3.90%

+5.16%

Russell 3000^® Index⁽²⁾ (unmanaged)

+6.35%

+32.37%

+19.97%

MSCI All Country World Index ex-US⁽³⁾ (unmanaged)

+4.11%

+30.27%

+23.48%

Blended Index⁽⁴⁾ (unmanaged)

+4.23%

+17.39%

+13.20%


*		Not annualized.


⁽¹⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance.

⁽²⁾		The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

⁽³⁾		The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, an unmanaged index, is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI ex-US includes both developed and emerging markets.

⁽⁴⁾		The Blended Index for Moderate Portfolio is a hypothetical representation of the performance of the Fund’s asset classes according to their respective neutral asset allocation weightings adjusted each calendar year to reflect the changes of the Fund’s neutral asset allocation. The following indices are used when calculating the Blended Index’s return: domestic equity — Russell 3000 Index; international equity — MSCI ACWI Index ex-US; and bonds — Barclays Capital U.S. Aggregate Bond Index. The indices reflect reinvestment of all distributions and changes in market prices.

The indices do not reflect the effects of expenses.

It is not possible to invest directly in an index.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 7

Your Fund at a Glance

(Unaudited)

Variable Portfolio – Moderately Aggressive Portfolio

FUND SUMMARY


>	Variable Portfolio – Moderate Aggressive Portfolio (the Fund) Class 2 shares gained 4.65% for the six-months ended June 30, 2011.

>	The Russell 3000^® Index, the Fund’s domestic equity benchmark, increased 6.35% during the same period.

>	The Fund’s bond benchmark, the Barclays Capital U.S. Aggregate Bond Index, advanced 2.72% during the same period.

>	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, rose 4.11% during the same period.

>	The Fund’s blended benchmark, composed of 45.5% Russell 3000^® Index, 35% Barclays U.S. Aggregate Bond Index and 19.5% MSCI ACWI ex-US, rose 4.67% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

Inception

6 months*

1 year

5/7/10

Variable Portfolio – Moderately Aggressive Portfolio

Class 2

+4.65%

+22.75%

+14.84%

Class 4

+4.64%

+22.85%

+14.93%

Russell 3000^® Index⁽¹⁾ (unmanaged)

+6.35%

+32.37%

+19.97%

Barclays Capital U.S. Aggregate Bond Index⁽²⁾ (unmanaged)

+2.72%

+3.90%

+5.16%

MSCI All Country World Index ex-US⁽³⁾ (unmanaged)

+4.11%

+30.27%

+23.48%

Blended Index⁽⁴⁾ (unmanaged)

+4.67%

+21.61%

+15.58%


*		Not annualized.


⁽¹⁾		The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

⁽²⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance.

⁽³⁾		The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, an unmanaged index, is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI ex-US includes both developed and emerging markets.

⁽⁴⁾		The Blended Index for Moderately Aggressive Portfolio is a hypothetical representation of the performance of the Fund’s asset classes according to their respective neutral asset allocation weightings adjusted each calendar year to reflect the changes of the Fund’s neutral asset allocation. The following indices are used when calculating the Blended Index’s return: domestic equity — Russell 3000 Index; international equity — MSCI ACWI Index ex-US; and bonds — Barclays Capital U.S. Aggregate Bond Index. The indices reflect reinvestment of all distributions and changes in market prices.

The indices do not reflect the effects of expenses.

It is not possible to invest directly in an index.

8 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

Variable Portfolio – Aggressive Portfolio

FUND SUMMARY


>	Variable Portfolio – Aggressive Portfolio (the Fund) Class 2 shares gained 5.05% for the six-months ended June 30, 2011.

>	The Russell 3000^® Index, the Fund’s domestic equity benchmark, increased 6.35% during the same period.

>	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, rose 4.11% during the same period.

>	The Fund’s bond benchmark, the Barclays Capital U.S. Aggregate Bond Index, advanced 2.72% during the same period.

>	The Fund’s blended benchmark, composed of 56% Russell 3000^® Index, 24% MSCI ACWI ex-US and 20% Barclays U.S. Aggregate Bond Index, rose 5.11% during the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

Inception

6 months*

1 year

5/7/10

Variable Portfolio – Aggressive Portfolio

Class 2

+5.05%

+26.98%

+17.04%

Class 4

+5.23%

+27.19%

+17.21%

Russell 3000^® Index⁽¹⁾ (unmanaged)

+6.35%

+32.37%

+19.97%

MSCI All Country World Index ex-US⁽²⁾ (unmanaged)

+4.11%

+30.27%

+23.48%

Barclays Capital U.S. Aggregate Bond Index⁽³⁾ (unmanaged)

+2.72%

+3.90%

+5.16%

Blended Index⁽⁴⁾ (unmanaged)

+5.11%

+25.92%

+17.95%


*		Not annualized.


⁽¹⁾		The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

⁽²⁾		The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-US, an unmanaged index, is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI ex-US includes both developed and emerging markets.

⁽³⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance.

⁽⁴⁾		The Blended Index for Aggressive Portfolio is a hypothetical representation of the performance of the Fund’s asset classes according to their respective neutral asset allocation weightings adjusted each calendar year to reflect the changes of the Fund’s neutral asset allocation. The following indices are used when calculating the Blended Index’s return: domestic equity — Russell 3000 Index; international equity — MSCI ACWI Index ex-US; and bonds — Barclays Capital U.S. Aggregate Bond Index. The indices reflect reinvestment of all distributions and changes in market prices.

The indices do not reflect the effects of expenses.

It is not possible to invest directly in an index.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 9

Investment Changes

(Unaudited)

VARIABLE PORTFOLIO — CONSERVATIVE PORTFOLIO

Fund holdings at June 30, 2011


	% of Fund’s			% of Fund’s portfolio assets
	portfolio assets			6 months ago
Domestic Equity Funds/International Equity Funds

Includes large cap, international, mid cap, real estate, global real estate, small cap, small-mid cap

Columbia Variable Portfolio – Diversified Equity Income Fund		1.7	%		1.6	%

Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		0.0	%*		—

Variable Portfolio – AllianceBernstein International Value Fund		1.2	%		1.1	%

Variable Portfolio – American Century Growth Fund		1.6	%		1.7	%

Variable Portfolio – Columbia Wanger International Equities Fund		0.4	%		0.3	%

Variable Portfolio – Columbia Wanger U.S. Equities Fund		0.8	%		0.7	%

Variable Portfolio – Davis New York Venture Fund		1.0	%		1.1	%

Variable Portfolio – Goldman Sachs Mid Cap Value Fund		1.4	%		1.5	%

Variable Portfolio – Invesco International Growth Fund		1.3	%		1.2	%

Variable Portfolio – Jennison Mid Cap Growth Fund		1.2	%		1.1	%

Variable Portfolio – Marsico Growth Fund		1.6	%		1.6	%

Variable Portfolio – MFS Value Fund		1.6	%		1.6	%

Variable Portfolio – Mondrian International Small Cap Fund		0.4	%		0.4	%

Variable Portfolio – Morgan Stanley Global Real Estate Fund		0.5	%		0.5	%

Variable Portfolio – NFJ Dividend Value Fund		1.6	%		1.6	%

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		1.7	%		1.2	%

Variable Portfolio – Partners Small Cap Growth Fund		0.4	%		0.4	%

Variable Portfolio – Partners Small Cap Value Fund		1.2	%		1.2	%

Variable Portfolio – Pyramis^® International Equity Fund		1.2	%		1.1	%


		20.8	%		19.9	%

Fixed-Income Funds

Includes government, corporate, mortgage and agency securities, floating rate, global, high yield, inflation protected, multisector

Columbia Variable Portfolio – Diversified Bond Fund		11.6	%		11.8	%

Columbia Variable Portfolio – Global Bond Fund		3.0	%		3.0	%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund		6.9	%		7.0	%

Columbia Variable Portfolio – Income Opportunities Fund		2.0	%		2.0	%

Columbia Variable Portfolio – Limited Duration Credit Fund		8.9	%		9.0	%

Columbia Variable Portfolio – Short Duration U.S. Government Fund		3.5	%		3.5	%

Columbia Variable Portfolio – Strategic Income Fund		2.0	%		2.0	%

Variable Portfolio – American Century Diversified Bond Fund		11.3	%		11.6	%

Variable Portfolio – Eaton Vance Floating-Rate Income Fund		4.0	%		3.9	%

Variable Portfolio – J.P. Morgan Core Bond Fund		10.6	%		10.8	%

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		4.0	%		4.0	%

Variable Portfolio – Wells Fargo Short Duration Government Fund		5.4	%		5.5	%


		73.2	%		74.1	%

Cash Equivalents

Columbia Variable Portfolio – Cash Management Fund		6.0	%		6.0	%


		6.0	%		6.0	%


		100.0	%		100.0	%

Pyramis^® is a registered service mark of FMR LLC. Used under license.


*		Rounds to less than 0.1%.

10 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Portfolio Allocation

(at June 30, 2011; % of portfolio assets)


Equity Funds⁽¹⁾			20.8%

Fixed-Income Funds⁽²⁾			73.2%

Cash Equivalents⁽³⁾			6.0%


⁽¹⁾		Includes U.S. Large Cap 11.6%, International 4.5%, U.S. Mid Cap 2.6%, U.S. Small Cap 1.6% and Global Real Estate 0.5%.
⁽²⁾		Includes Investment Grade 57.3%, Inflation Protected Securities 6.9%, Floating Rate 4.0%, Global Bond 3.0% and Multisector 2.0%.
⁽³⁾		Money Market 6.0%.

Top Five Holdings

(at June 30, 2011; % of portfolio assets)


Columbia Variable Portfolio – Diversified Bond Fund			11.6%

Variable Portfolio – American Century Diversified Bond Fund			11.3%

Variable Portfolio – J.P. Morgan Core Bond Fund			10.6%

Columbia Variable Portfolio – Limited Duration Credit Fund			8.9%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund			6.9%

For further detail about these holdings, please refer to the section entitled “Investments in Affiliated Funds.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 11

Investment Changes

(Unaudited)

VARIABLE PORTFOLIO — MODERATELY CONSERVATIVE PORTFOLIO

Fund holdings at June 30, 2011


	% of Fund’s			% of Fund’s portfolio assets
	portfolio assets			6 months ago
Domestic Equity Funds/International Equity Funds

Includes large cap, international, mid cap, real estate, global real estate, small cap, small-mid cap

Columbia Variable Portfolio – Diversified Equity Income Fund		2.8	%		2.9	%

Columbia Variable Portfolio – Emerging Markets Opportunity Fund		0.5	%		0.5	%

Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		1.2	%		1.2	%

Variable Portfolio – AllianceBernstein International Value Fund		2.1	%		2.1	%

Variable Portfolio – American Century Growth Fund		2.6	%		3.0	%

Variable Portfolio – Columbia Wanger International Equities Fund		0.9	%		1.0	%

Variable Portfolio – Columbia Wanger U.S. Equities Fund		1.1	%		1.1	%

Variable Portfolio – Davis New York Venture Fund		1.9	%		2.3	%

Variable Portfolio – Goldman Sachs Mid Cap Value Fund		1.4	%		1.5	%

Variable Portfolio – Invesco International Growth Fund		2.9	%		2.9	%

Variable Portfolio – Jennison Mid Cap Growth Fund		1.8	%		1.9	%

Variable Portfolio – Marsico Growth Fund		2.6	%		2.7	%

Variable Portfolio – MFS Value Fund		2.8	%		2.9	%

Variable Portfolio – Mondrian International Small Cap Fund		0.7	%		0.7	%

Variable Portfolio – Morgan Stanley Global Real Estate Fund		0.8	%		0.8	%

Variable Portfolio – NFJ Dividend Value Fund		2.9	%		2.9	%

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		2.6	%		2.0	%

Variable Portfolio – Partners Small Cap Growth Fund		0.8	%		0.8	%

Variable Portfolio – Partners Small Cap Value Fund		1.8	%		1.9	%

Variable Portfolio – Pyramis^® International Equity Fund		1.8	%		1.8	%


		36.0	%		36.9	%

Fixed-Income Funds

Includes government, corporate, mortgage and agency securities, floating rate, global, high yield, inflation protected, multisector

Columbia Variable Portfolio – Diversified Bond Fund		8.9	%		8.8	%

Columbia Variable Portfolio – Global Bond Fund		2.2	%		2.2	%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund		6.9	%		6.8	%

Columbia Variable Portfolio – Limited Duration Credit Fund		9.1	%		9.1	%

Columbia Variable Portfolio – Short Duration U.S. Government Fund		3.0	%		2.9	%

Columbia Variable Portfolio – Strategic Income Fund		1.0	%		0.9	%

RiverSource Variable Portfolio – Income Opportunities Fund		1.5	%		1.4	%

Variable Portfolio – American Century Diversified Bond Fund		8.8	%		8.7	%

Variable Portfolio – Eaton Vance Floating-Rate Income Fund		2.0	%		1.9	%

Variable Portfolio – J.P. Morgan Core Bond Fund		7.9	%		7.7	%

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		4.9	%		4.9	%

Variable Portfolio – Wells Fargo Short Duration Government Fund		5.9	%		5.9	%


		62.1	%		61.2	%

Cash Equivalents

Columbia Variable Portfolio – Cash Management Fund		1.9	%		1.9	%


		1.9	%		1.9	%


		100.0	%		100.0	%

Pyramis^® is a registered service mark of FMR LLC. Used under license.

12 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Portfolio Allocation

(at June 30, 2011; % of portfolio assets)


Equity Funds⁽¹⁾			36.0%

Fixed-Income Funds⁽²⁾			62.1%

Cash Equivalents⁽³⁾			1.9%


⁽¹⁾		Includes U.S. Large Cap 19.3%, International 8.9%, U.S. Mid Cap 4.4%, U.S. Small Cap 2.6% and Global Real Estate 0.8%.
⁽²⁾		Includes Investment Grade 50.0%, Inflation Protected Securities 6.9%, Global Bond 2.2%, Floating Rate 2.0% and Multisector 1.0%.
⁽³⁾		Money Market 1.9%.

Top Five Holdings

(at June 30, 2011; % of portfolio assets)


Columbia Variable Portfolio – Limited Duration Credit Fund			9.1%

Columbia Variable Portfolio – Diversified Bond Fund			8.9%

Variable Portfolio – American Century Diversified Bond Fund			8.8%

Variable Portfolio – J.P. Morgan Core Bond Fund			7.9%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund			6.9%

For further detail about these holdings, please refer to the section entitled “Investments in Affiliated Funds.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 13

Investment Changes

(Unaudited)

VARIABLE PORTFOLIO — MODERATE PORTFOLIO

Fund holdings at June 30, 2011


	% of Fund’s			% of Fund’s portfolio assets
	portfolio assets			6 months ago
Domestic Equity Funds/International Equity Funds

Includes large cap, international, mid cap, real estate, global real estate, small cap, small-mid cap

Columbia Variable Portfolio – Diversified Equity Income Fund		3.7	%		3.8	%

Columbia Variable Portfolio – Emerging Markets Opportunity Fund		1.3	%		1.3	%

Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		1.8	%		1.8	%

Variable Portfolio – AllianceBernstein International Value Fund		3.0	%		3.1	%

Variable Portfolio – American Century Growth Fund		3.9	%		4.4	%

Variable Portfolio – Columbia Wanger International Equities Fund		1.3	%		1.3	%

Variable Portfolio – Columbia Wanger U.S. Equities Fund		1.4	%		1.5	%

Variable Portfolio – Davis New York Venture Fund		2.9	%		3.3	%

Variable Portfolio – Goldman Sachs Mid Cap Value Fund		2.2	%		2.3	%

Variable Portfolio – Invesco International Growth Fund		4.1	%		4.0	%

Variable Portfolio – Jennison Mid Cap Growth Fund		2.0	%		2.0	%

Variable Portfolio – Marsico Growth Fund		3.8	%		3.9	%

Variable Portfolio – MFS Value Fund		3.8	%		3.8	%

Variable Portfolio – Mondrian International Small Cap Fund		0.7	%		0.7	%

Variable Portfolio – Morgan Stanley Global Real Estate Fund		1.0	%		1.0	%

Variable Portfolio – NFJ Dividend Value Fund		3.8	%		3.8	%

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		3.7	%		2.9	%

Variable Portfolio – Partners Small Cap Growth Fund		0.9	%		1.0	%

Variable Portfolio – Partners Small Cap Value Fund		2.8	%		2.9	%

Variable Portfolio – Pyramis^® International Equity Fund		2.2	%		2.3	%


		50.3	%		51.1	%
		��
Fixed-Income Funds

Includes government, corporate, mortgage and agency securities, floating rate, global, high yield, inflation protected, multisector

Columbia Variable Portfolio – Diversified Bond Fund		5.6	%		5.6	%

Columbia Variable Portfolio – Global Bond Fund		3.0	%		3.0	%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund		6.5	%		6.4	%

Columbia Variable Portfolio – Income Opportunities Fund		3.0	%		2.9	%

Columbia Variable Portfolio – Limited Duration Credit Fund		6.6	%		6.6	%

Columbia Variable Portfolio – Short Duration U.S. Government Fund		1.7	%		1.7	%

Columbia Variable Portfolio – Strategic Income Fund		3.0	%		2.8	%

Variable Portfolio – American Century Diversified Bond Fund		5.8	%		5.7	%

Variable Portfolio – Eaton Vance Floating-Rate Income Fund		2.0	%		1.9	%

Variable Portfolio – J.P. Morgan Core Bond Fund		5.6	%		5.5	%

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		3.0	%		2.9	%

Variable Portfolio – Wells Fargo Short Duration Government Fund		3.9	%		3.9	%


		49.7	%		48.9	%

Cash Equivalents

Columbia Variable Portfolio – Cash Management Fund		0.0	%*		0.0	%*


		0.0	%		0.0	%


		100.0	%		100.0	%

Pyramis^® is a registered service mark of FMR LLC. Used under license.


*		Rounds to less than 0.1%.

14 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Portfolio Allocation

(at June 30, 2011; % of portfolio assets)


Equity Funds⁽¹⁾			50.3%

Fixed-Income Funds⁽²⁾			49.7%

Cash Equivalents⁽³⁾			0.0%


⁽¹⁾		Includes U.S. Large Cap 27.0%, International 12.6%, U.S. Mid Cap 6.0%, U.S. Small Cap 3.7% and Global Real Estate 1.0%.
⁽²⁾		Includes Investment Grade 35.2%, Inflation Protected Securities 6.5%, Global Bond 3.0%, Multisector 3.0% and Floating Rate 2.0%.
⁽³⁾		Money Market 0.0%. Rounds to less than 0.1%.

Top Five Holdings

(at June 30, 2011; % of portfolio assets)


Columbia Variable Portfolio – Limited Duration Credit Fund			6.6%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund			6.5%

Variable Portfolio – American Century Diversified Bond Fund			5.8%

Columbia Variable Portfolio – Diversified Bond Fund			5.6%

Variable Portfolio – J.P. Morgan Core Bond Fund			5.6%

For further detail about these holdings, please refer to the section entitled “Investments in Affiliated Funds.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 15

Investment Changes

(Unaudited)

VARIABLE PORTFOLIO — MODERATELY AGGRESSIVE PORTFOLIO

Fund holdings at June 30, 2011


	% of Fund’s			% of Fund’s portfolio assets
	portfolio assets			6 months ago
Domestic Equity Funds/International Equity Funds

Includes large cap, international, mid cap, real estate, global real estate, small cap, small-mid cap

Columbia Variable Portfolio – Diversified Equity Income Fund		4.8	%		4.8	%

Columbia Variable Portfolio – Emerging Markets Opportunity Fund		1.5	%		1.6	%

Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		2.2	%		2.3	%

Variable Portfolio – AllianceBernstein International Value Fund		4.0	%		4.0	%

Variable Portfolio – American Century Growth Fund		5.0	%		5.7	%

Variable Portfolio – Columbia Wanger International Equities Fund		1.4	%		1.4	%

Variable Portfolio – Columbia Wanger U.S. Equities Fund		2.1	%		2.2	%

Variable Portfolio – Davis New York Venture Fund		3.7	%		4.3	%

Variable Portfolio – Goldman Sachs Mid Cap Value Fund		2.4	%		2.4	%

Variable Portfolio – Invesco International Growth Fund		5.3	%		5.2	%

Variable Portfolio – Jennison Mid Cap Growth Fund		2.4	%		2.4	%

Variable Portfolio – Marsico Growth Fund		5.0	%		5.1	%

Variable Portfolio – MFS Value Fund		4.8	%		4.7	%

Variable Portfolio – Mondrian International Small Cap Fund		0.8	%		0.8	%

Variable Portfolio – Morgan Stanley Global Real Estate Fund		1.0	%		1.0	%

Variable Portfolio – NFJ Dividend Value Fund		4.8	%		4.7	%

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		5.0	%		3.8	%

Variable Portfolio – Partners Small Cap Growth Fund		1.7	%		1.8	%

Variable Portfolio – Partners Small Cap Value Fund		3.5	%		3.6	%

Variable Portfolio – Pyramis^® International Equity Fund		3.5	%		3.5	%


		64.9	%		65.3	%

Fixed-Income Funds

Includes government, corporate, mortgage and agency securities, floating rate, global, high yield, inflation protected, multisector

Columbia Variable Portfolio – Diversified Bond Fund		4.6	%		4.6	%

Columbia Variable Portfolio – Global Bond Fund		3.0	%		3.0	%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund		4.6	%		4.5	%

Columbia Variable Portfolio – Income Opportunities Fund		2.0	%		2.0	%

Columbia Variable Portfolio – Limited Duration Credit Fund		4.6	%		4.6	%

Columbia Variable Portfolio – Short Duration U.S. Government Fund		1.8	%		1.7	%

Columbia Variable Portfolio – Strategic Income Fund		2.0	%		2.0	%

Variable Portfolio – American Century Diversified Bond Fund		2.8	%		2.8	%

Variable Portfolio – Eaton Vance Floating-Rate Income Fund		2.0	%		2.0	%

Variable Portfolio – J.P. Morgan Core Bond Fund		1.9	%		1.8	%

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		2.0	%		2.0	%

Variable Portfolio – Wells Fargo Short Duration Government Fund		3.8	%		3.7	%


		35.1	%		34.7	%

Cash Equivalents

Columbia Variable Portfolio – Cash Management Fund		0.0	%*		0.0	%*


		0.0	%		0.0	%


		100.0	%		100.0	%

Pyramis^® is a registered service mark of FMR LLC. Used under license.


*		Rounds to less than 0.1%.

16 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Portfolio Allocation

(at June 30, 2011; % of portfolio assets)


Equity Funds⁽¹⁾			64.9%

Fixed-Income Funds⁽²⁾			35.1%

Cash Equivalents⁽³⁾			0.0%


⁽¹⁾		Includes U.S. Large Cap 35.2%, International 16.5%, U.S. Mid Cap 7.0%, U.S. Small Cap 5.2% and Global Real Estate 1.0%.
⁽²⁾		Includes Investment Grade 23.5%, Inflation Protected Securities 4.6%, Global Bond 3.0%, Floating Rate 2.0% and Multisector 2.0%.
⁽³⁾		Money Market 0.0%. Rounds to less than 0.1%.

Top Five Holdings

(at June 30, 2011; % of portfolio assets)


Variable Portfolio – Invesco International Growth Fund			5.3%

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund			5.0%

Variable Portfolio – Marsico Growth Fund			5.0%

Variable Portfolio – American Century Growth Fund			5.0%

Variable Portfolio – NFJ Dividend Value Fund			4.8%

For further detail about these holdings, please refer to the section entitled “Investments in Affiliated Funds.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 17

Investment Changes

(Unaudited)

VARIABLE PORTFOLIO — AGGRESSIVE PORTFOLIO

Fund holdings at June 30, 2011


	% of Fund’s			% of Fund’s portfolio assets
	portfolio assets			6 months ago
Domestic Equity Funds/International Equity Funds

Includes large cap, international, mid cap, real estate, global real estate, small cap, small-mid cap

Columbia Variable Portfolio – Diversified Equity Income Fund		5.7	%		5.7	%

Columbia Variable Portfolio – Emerging Markets Opportunity Fund		2.0	%		2.0	%

Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		2.8	%		2.8	%

Variable Portfolio – AllianceBernstein International Value Fund		5.0	%		5.0	%

Variable Portfolio – American Century Growth Fund		6.0	%		6.7	%

Variable Portfolio – Columbia Wanger International Equities Fund		2.0	%		2.0	%

Variable Portfolio – Columbia Wanger U.S. Equities Fund		2.7	%		2.8	%

Variable Portfolio – Davis New York Venture Fund		4.3	%		5.0	%

Variable Portfolio – Goldman Sachs Mid Cap Value Fund		3.4	%		3.4	%

Variable Portfolio – Invesco International Growth Fund		6.3	%		6.3	%

Variable Portfolio – Jennison Mid Cap Growth Fund		3.4	%		3.4	%

Variable Portfolio – Marsico Growth Fund		6.1	%		6.0	%

Variable Portfolio – MFS Value Fund		5.8	%		5.7	%

Variable Portfolio – Mondrian International Small Cap Fund		1.2	%		1.2	%

Variable Portfolio – Morgan Stanley Global Real Estate Fund		1.0	%		1.0	%

Variable Portfolio – NFJ Dividend Value Fund		5.8	%		5.8	%

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		6.0	%		4.5	%

Variable Portfolio – Partners Small Cap Growth Fund		2.1	%		2.2	%

Variable Portfolio – Partners Small Cap Value Fund		4.3	%		4.3	%

Variable Portfolio – Pyramis^® International Equity Fund		4.0	%		4.0	%


		79.9	%		79.8	%

Fixed-Income Funds

Includes government, corporate, mortgage and agency securities, floating rate, global, high yield, inflation protected, multisector

Columbia Variable Portfolio – Diversified Bond Fund		1.7	%		1.8	%

Columbia Variable Portfolio – Global Bond Fund		2.0	%		2.0	%

Columbia Variable Portfolio – Global Inflation Protected Securities Fund		3.5	%		3.5	%

Columbia Variable Portfolio – Limited Duration Credit Fund		2.6	%		2.6	%

Columbia Variable Portfolio – Short Duration U.S. Government Fund		0.9	%		0.9	%

Columbia Variable Portfolio – Strategic Income Fund		2.0	%		2.0	%

Variable Portfolio – American Century Diversified Bond Fund		0.9	%		0.9	%

Variable Portfolio – Eaton Vance Floating-Rate Income Fund		2.0	%		2.0	%

Variable Portfolio – J.P. Morgan Core Bond Fund		0.9	%		0.9	%

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		1.0	%		1.0	%

Variable Portfolio – Wells Fargo Short Duration Government Fund		2.6	%		2.6	%


		20.1	%		20.2	%

Cash Equivalents

Columbia Variable Portfolio – Cash Management Fund		0.0	%*		0.0	%*


		0.0	%*		0.0	%*


		100.0	%		100.0	%

Pyramis^® is a registered service mark of FMR LLC. Used under license.


*		Rounds to less than 0.1%.

18 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Portfolio Allocation

(at June 30, 2011; % of portfolio assets)


Equity Funds⁽¹⁾			79.9%

Fixed-Income Funds⁽²⁾			20.1%

Cash Equivalents⁽³⁾			0.0%


⁽¹⁾		Includes U.S. Large Cap 42.4%, International 20.5%, U.S. Mid Cap 9.6%, U.S. Small Cap 6.4% and Global Real Estate 1.0%.
⁽²⁾		Includes Investment Grade 10.6%, Inflation Protected Securities 3.5%, Global Bond 2.0%, Floating Rate 2.0% and Multisector 2.0%.
⁽³⁾		Money Market 0.0%. Rounds to less than 0.1%.

Top Five Holdings

(at June 30, 2011; % of portfolio assets)


Variable Portfolio – Invesco International Growth Fund			6.3%

Variable Portfolio – Marsico Growth Fund			6.1%

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund			6.0%

Variable Portfolio – American Century Growth Fund			6.0%

Variable Portfolio – NFJ Dividend Value Fund			5.8%

For further detail about these holdings, please refer to the section entitled “Investments in Affiliated Funds.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 19

Fund Expense Examples

(Unaudited)

You may not buy (nor will you own) shares of the Funds directly. You invest by buying an annuity contract or life insurance policy and allocating your purchase payments to the subaccount that invests in a Fund. Your purchase price will be the next NAV calculated after your request is received by a Fund or an authorized insurance company.

As a contract/policy owner investing in the Funds, you incur, depending on the share class, ongoing costs, which may include management fees and other expenses; distribution and service (Rule 12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds that underlie various annuity contracts and/or life insurance policies. In addition to the ongoing expense which each Fund bears directly, each Fund’s shareholders indirectly bear the expenses of the underlying funds (also referred to as “acquired funds”) in which each Fund invests. Each Fund’s indirect expense from investing in the acquired funds is based on the Fund’s pro rata portion of the cumulative expenses charged by the acquired funds using the expense ratio of each of the acquired funds as of the acquired fund’s most recent shareholder report.

These examples are based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

The first line of each table provides information about actual account values and actual expenses for each class. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Direct expenses paid during the period” to estimate the expenses you paid on your account during this period. You can also estimate the direct and indirect expenses you paid over the period by using the number in the first line under the heading “Direct and indirect expenses paid during the period.”

Hypothetical Example for Comparison Purposes

The second line of each table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for each class, and an assumed rate of return of 5% per year before expenses, which is not the actual return for the class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare each 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

20 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Conservative Portfolio


							Direct and
					Direct		indirect
	Beginning		Ending		expenses		expenses
	account value		account value		paid during		paid during
	Jan. 1, 2011		June 30, 2011		the period^(a)		the period^(b),(c)
Class 2

Actual^(d)	$	1,000	$	1,032.30	$	1.36	$	4.43

Hypothetical (5% return before expenses)	$	1,000	$	1,023.46	$	1.35	$	4.42

Class 4

Actual^(d)	$	1,000	$	1,031.40	$	1.21	$	4.28

Hypothetical (5% return before expenses)	$	1,000	$	1,023.60	$	1.20	$	4.26

Annualized Expense Ratios

Fund’s

Acquired fund

annualized

(underlying fund)

Total Fund and acquired

expense ratio

fees and expenses^(c)

fund fees and expenses

Class 2

.27%

.61%

.88%

Class 4

.24%

.61%

.85%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Expenses are equal to the annualized expense ratio for each class as indicated above, plus the acquired fund (underlying fund) fees and expenses, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(c)		Columbia Management Investment Advisers, LLC (the Investment Manager) and its affiliates have contractually agreed to waive fees and expenses for Class I shares on a number of underlying funds until at least the end of the underlying funds’ next fiscal year, unless sooner terminated at the sole discretion of the underlying funds’ Board. Before taking the fee waivers into account, the acquired fund (underlying fund) fees and expenses would have been 0.69% for all classes. Had these commitments not been in place for the entire six month period ended June 30, 2011, the actual direct and indirect expenses paid would have been $4.84 for Class 2 and $4.68 for Class 4; the hypothetical direct and indirect expenses paid would have been $4.82 for Class 2 and $4.67 for Class 4.
^(d)		Based on the actual return for the six months ended June 30, 2011: +3.23% for Class 2 and +3.14% for Class 4.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 21

Fund Expense Examples (continued)

Variable Portfolio – Moderately Conservative Portfolio


							Direct and
					Direct		indirect
	Beginning		Ending		expenses		expenses
	account value		account value		paid during		paid during
	Jan. 1, 2011		June 30, 2011		the period^(a)		the period^(b),(c)
Class 2

Actual^(d)	$	1,000	$	1,037.10	$	1.41	$	4.80

Hypothetical (5% return before expenses)	$	1,000	$	1,023.41	$	1.40	$	4.77

Class 4

Actual^(d)	$	1,000	$	1,037.10	$	1.16	$	4.55

Hypothetical (5% return before expenses)	$	1,000	$	1,023.65	$	1.15	$	4.52

Annualized Expense Ratios

Fund’s

Acquired fund

annualized

(underlying fund)

Total Fund and acquired

expense ratio

fees and expenses^(c)

fund fees and expenses

Class 2

.28%

.67%

.95%

Class 4

.23%

.67%

.90%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Expenses are equal to the annualized expense ratio for each class as indicated above, plus the acquired fund (underlying fund) fees and expenses, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(c)		The Investment Manager and its affiliates have contractually agreed to waive fees and expenses for Class I shares on a number of underlying funds until at least the end of the underlying funds’ next fiscal year, unless sooner terminated at the sole discretion of the underlying funds’ Board. Before taking the fee waivers into account, the acquired fund (underlying fund) fees and expenses would have been 0.74% for all classes. Had these commitments not been in place for the entire six month period ended June 30, 2011, the actual direct and indirect expenses paid would have been $5.15 for Class 2 and $4.90 for Class 4; the hypothetical direct and indirect expenses paid would have been $5.12 for Class 2 and $4.87 for Class 4.
^(d)		Based on the actual return for the six months ended June 30, 2011: +3.71% for Class 2 and +3.71% for Class 4.

22 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Moderate Portfolio


							Direct and
					Direct		indirect
	Beginning		Ending		expenses		expenses
	account value		account value		paid during		paid during
	Jan. 1, 2011		June 30, 2011		the period^(a)		the period^(b),(c)
Class 2

Actual^(d)	$	1,000	$	1,041.80	$	1.42	$	5.06

Hypothetical (5% return before expenses)	$	1,000	$	1,023.41	$	1.40	$	5.02

Class 4

Actual^(d)	$	1,000	$	1,042.70	$	1.11	$	4.76

Hypothetical (5% return before expenses)	$	1,000	$	1,023.70	$	1.10	$	4.72

Annualized Expense Ratios

Fund’s

Acquired fund

annualized

(underlying fund)

Total Fund and acquired

expense ratio

fees and expenses^(c)

fund fees and expenses

Class 2

.28%

.72%

1.00%

Class 4

.22%

.72%

.94%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Expenses are equal to the annualized expense ratio for each class as indicated above, plus the acquired fund (underlying fund) fees and expenses, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(c)		The Investment Manager and its affiliates have contractually agreed to waive fees and expenses for Class I shares on a number of underlying funds until at least the end of the underlying funds’ next fiscal year, unless sooner terminated at the sole discretion of the underlying funds’ Board. Before taking the fee waivers into account, the acquired fund (underlying fund) fees and expenses would have been 0.79% for all classes. Had these commitments not been in place for the entire six month period ended June 30, 2011, the actual direct and indirect expenses paid would have been $5.42 for Class 2 and $5.12 for Class 4; the hypothetical direct and indirect expenses paid would have been $5.37 for Class 2 and $5.07 for Class 4.
^(d)		Based on the actual return for the six months ended June 30, 2011: +4.18% for Class 2 and +4.27% for Class 4.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 23

Fund Expense Examples (continued)

Variable Portfolio – Moderately Aggressive Portfolio


							Direct and
					Direct		indirect
	Beginning		Ending		expenses		expenses
	account value		account value		paid during		paid during
	Jan. 1, 2011		June 30, 2011		the period^(a)		the period^(b),(c)
Class 2

Actual^(d)	$	1,000	$	1,046.50	$	1.42	$	5.28

Hypothetical (5% return before expenses)	$	1,000	$	1,023.41	$	1.40	$	5.22

Class 4

Actual^(d)	$	1,000	$	1,046.40	$	1.12	$	4.97

Hypothetical (5% return before expenses)	$	1,000	$	1,023.70	$	1.10	$	4.92

Annualized Expense Ratios

Fund’s

Acquired fund

annualized

(underlying fund)

Total Fund and acquired

expense ratio

fees and expenses^(c)

fund fees and expenses

Class 2

.28%

.76%

1.04%

Class 4

.22%

.76%

.98%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Expenses are equal to the annualized expense ratio for each class as indicated above, plus the acquired fund (underlying fund) fees and expenses, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(c)		The Investment Manager and its affiliates have contractually agreed to waive fees and expenses for Class I shares on a number of underlying funds until at least the end of the underlying funds’ next fiscal year, unless sooner terminated at the sole discretion of the underlying funds’ Board. Before taking the fee waivers into account, the acquired fund (underlying fund) fees and expenses would have been 0.83% for all classes. Had these commitments not been in place for the entire six month period ended June 30, 2011, the actual direct and indirect expenses paid would have been $5.63 for Class 2 and $5.33 for Class 4; the hypothetical direct and indirect expenses paid would have been $5.57 for Class 2 and $5.27 for Class 4.
^(d)		Based on the actual return for the six months ended June 30, 2011: +4.65% for Class 2 and +4.64% for Class 4.

24 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Aggressive Portfolio


							Direct and
					Direct		indirect
	Beginning		Ending		expenses		expenses
	account value		account value		paid during		paid during
	Jan. 1, 2011		June 30, 2011		the period^(a)		the period^(b),(c)
Class 2

Actual^(d)	$	1,000	$	1,050.50	$	1.42	$	5.49

Hypothetical (5% return before expenses)	$	1,000	$	1,023.41	$	1.40	$	5.42

Class 4

Actual^(d)	$	1,000	$	1,052.30	$	0.97	$	5.04

Hypothetical (5% return before expenses)	$	1,000	$	1,023.85	$	0.95	$	4.97

Annualized Expense Ratios

Fund’s

Acquired fund

annualized

(underlying fund)

Total Fund and acquired

expense ratio

fees and expenses^(c)

fund fees and expenses

Class 2

.28%

.80%

1.08%

Class 4

.19%

.80%

.99%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Expenses are equal to the annualized expense ratio for each class as indicated above, plus the acquired fund (underlying fund) fees and expenses, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(c)		The Investment Manager and its affiliates have contractually agreed to waive fees and expenses for Class I shares on a number of underlying funds until at least the end of the underlying funds’ next fiscal year, unless sooner terminated at the sole discretion of the underlying funds’ Board. Before taking the fee waivers into account, the acquired fund (underlying fund) fees and expenses would have been 0.87% for all classes. Had these commitments not been in place for the entire six month period ended June 30, 2011, the actual direct and indirect expenses paid would have been $5.85 for Class 2 and $5.39 for Class 4; the hypothetical direct and indirect expenses paid would have been $5.77 for Class 2 and $5.32 for Class 4.
^(d)		Based on the actual return for the six months ended June 30, 2011: +5.05% for Class 2 and +5.23% for Class 4.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 25

Investments in Affiliated Funds

Variable Portfolio – Conservative Portfolio

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Shares		Value

Equity Funds (20.8%)

Global Real Estate (0.5%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund		914,609	$10,737,510


International (4.5%)
Variable Portfolio – Alliance Bernstein International Value Fund		2,167,267	23,884,379
Variable Portfolio – Columbia Wanger International Equities Fund		602,246	7,401,607
Variable Portfolio – Invesco International Growth Fund		2,217,282	26,806,944
Variable Portfolio – Mondrian International Small Cap Fund		669,992	8,716,591
Variable Portfolio – Pyramis^® International Equity Fund		2,029,212	23,843,240

Total			90,652,761


U.S. Large Cap (11.6%)
Columbia Variable Portfolio – Diversified Equity Income Fund^(a)		2,440,402	33,799,564
Variable Portfolio – American Century Growth Fund^(a)		2,789,353	33,388,550
Variable Portfolio – Columbia Wanger U.S. Equities Fund^(a)		1,153,154	15,198,571
Variable Portfolio – Davis New York Venture Fund^(a)		1,956,166	20,109,388
Variable Portfolio – MFS Value Fund^(a)		2,950,287	33,544,757
Variable Portfolio – Marsico Growth Fund^(a)		2,632,210	33,534,359
Variable Portfolio – NFJ Dividend Value Fund^(a)		2,787,757	33,676,110
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund^(a)		2,819,260	34,705,093

Total			237,956,392


U.S. Mid Cap (2.6%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund^(a)		83,367	971,222
Variable Portfolio – Goldman Sachs Mid Cap Value Fund^(a)		2,459,536	29,170,101
Variable Portfolio – Jennison Mid Cap Growth Fund^(a)		2,008,702	24,988,248

Total			55,129,571


U.S. Small Cap (1.6%)
Variable Portfolio – Partners Small Cap Growth Fund^(a)		694,024	8,918,212
Variable Portfolio – Partners Small Cap Value Fund^(a)		1,609,326	25,491,729

Total			34,409,941


Total Equity Funds
(Cost: $352,650,706)			$428,886,175




	Shares		Value

Fixed-Income Funds (73.2%)

Floating Rate (4.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		8,259,066	$81,764,755


Global Bond (3.0%)
Columbia Variable Portfolio – Global Bond Fund		5,231,215	62,722,274


Inflation Protected Securities (6.9%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		15,795,113	143,419,622


Investment Grade (57.3%)
Columbia Variable Portfolio – Diversified Bond Fund		22,217,193	238,834,820
Columbia Variable Portfolio – Income Opportunities Fund		4,204,001	41,325,326
Columbia Variable Portfolio – Limited Duration Credit Fund		17,734,607	183,553,178
Columbia Variable Portfolio – Short Duration U.S. Government Fund		6,919,622	71,825,674
Variable Portfolio – American Century Diversified Bond Fund		22,138,650	234,226,920
Variable Portfolio – J.P. Morgan Core Bond Fund		20,878,747	218,809,271
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		7,934,317	81,882,157
Variable Portfolio – Wells Fargo Short Duration Government Fund		11,030,221	112,618,561

Total			1,183,075,907


Multisector (2.0%)
Columbia Variable Portfolio – Strategic Income Fund		4,826,847	41,269,541


Total Fixed-Income Funds
(Cost: $1,503,302,786)			$1,512,252,099




Cash Equivalents (6.0%)

Money Market (6.0%)
Columbia Variable Portfolio – Cash Management Fund, 0.100%^(b)		123,778,221	$123,778,221


Total Cash Equivalents
(Cost: $123,778,221)			$123,778,221


Total Investments in Affiliated Funds
(Cost: $1,979,731,713)			$2,064,916,495
Other Assets and Liabilities			487,647


Net Assets			$2,065,404,142

Notes to Investments in Affiliated Funds


^(a)		Non-income producing.

^(b)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Conservative Portfolio

Fair Value Measurements

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


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

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

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

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Fair value at June 30, 2011

Level 1

Level 2

quoted prices

other

Level 3

in active

significant

markets for

observable

unobservable

Description

identical assets(a)

inputs

Total

Investments in Affiliated Funds

$2,064,916,495

$—

$2,064,916,495


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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 27

Investments in Affiliated Funds

Variable Portfolio – Moderately Conservative Portfolio

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Shares		Value

Equity Funds (36.0%)

Global Real Estate (0.8%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund		3,297,879	$38,717,099


International (8.9%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		1,493,889	26,008,611
Variable Portfolio – Alliance Bernstein International Value Fund		9,356,813	103,112,077
Variable Portfolio – Columbia Wanger International Equities Fund		3,790,449	46,584,617
Variable Portfolio – Invesco International Growth Fund		12,013,517	145,243,420
Variable Portfolio – Mondrian International Small Cap Fund		2,578,390	33,544,856
Variable Portfolio – Pyramis^® International Equity Fund		7,706,079	90,546,431

Total			445,040,012


U.S. Large Cap (19.3%)
Columbia Variable Portfolio – Diversified Equity Income Fund^(a)		10,187,347	141,094,751
Variable Portfolio – American Century Growth Fund^(a)		10,902,316	130,500,717
Variable Portfolio – Columbia Wanger U.S. Equities Fund^(a)		4,095,504	53,978,747
Variable Portfolio – Davis New York Venture Fund^(a)		9,491,722	97,574,907
Variable Portfolio – MFS Value Fund^(a)		12,568,115	142,899,465
Variable Portfolio – Marsico Growth Fund^(a)		10,232,053	130,356,349
Variable Portfolio – NFJ Dividend Value Fund^(a)		11,886,520	143,589,166
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund^(a)		10,520,073	129,502,103

Total			969,496,205


U.S. Mid Cap (4.4%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund^(a)		5,060,376	58,953,384
Variable Portfolio – Goldman Sachs Mid Cap Value Fund^(a)		5,810,556	68,913,195
Variable Portfolio – Jennison Mid Cap Growth Fund^(a)		7,319,848	91,058,902

Total			218,925,481


U.S. Small Cap (2.6%)
Variable Portfolio – Partners Small Cap Growth Fund^(a)		3,092,774	39,742,146
Variable Portfolio – Partners Small Cap Value Fund^(a)		5,840,056	92,506,487

Total			132,248,633


Total Equity Funds
(Cost: $1,449,396,634)			$1,804,427,430




	Shares		Value

Fixed-Income Funds (62.1%)

Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		10,131,806	$100,304,881


Global Bond (2.2%)
Columbia Variable Portfolio – Global Bond Fund		9,172,821	109,982,117


Inflation Protected Securities (6.9%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		38,310,791	347,861,984


Investment Grade (50.0%)
Columbia Variable Portfolio – Diversified Bond Fund		41,297,047	443,943,256
Columbia Variable Portfolio – Income Opportunities Fund		7,554,082	74,256,622
Columbia Variable Portfolio – Limited Duration Credit Fund		44,380,912	459,342,441
Columbia Variable Portfolio – Short Duration U.S. Government Fund		14,343,394	148,884,433
Variable Portfolio – American Century Diversified Bond Fund		41,955,505	443,889,241
Variable Portfolio – J.P. Morgan Core Bond Fund		37,612,055	394,174,337
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		23,972,263	247,393,756
Variable Portfolio – Wells Fargo Short Duration Government Fund		29,106,156	297,173,854

Total			2,509,057,940


Multisector (1.0%)
Columbia Variable Portfolio – Strategic Income Fund		5,801,378	49,601,781


Total Fixed-Income Funds
(Cost: $3,104,169,676)			$3,116,808,703




Cash Equivalents (1.9%)

Money Market (1.9%)
Columbia Variable Portfolio – Cash Management Fund, 0.100%^(b)		93,826,188	$93,826,188


Total Cash Equivalents
(Cost: $93,826,188)			$93,826,188


Total Investments in Affiliated Funds
(Cost: $4,647,392,498)			$5,015,062,321
Other Assets and Liabilities			1,030,058


Net Assets			$5,016,092,379

Notes to Investments in Affiliated Funds


^(a)		Non-income producing.

^(b)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

28 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Moderately Conservative Portfolio

Fair Value Measurements

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


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

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

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

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Fair value at June 30, 2011

Level 1

Level 2

quoted prices

other

Level 3

in active

significant

markets for

observable

unobservable

Description

identical assets(a)

inputs

Total

Investments in Affiliated Funds

$5,015,062,321

$—

$5,015,062,321


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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 29

Investments in Affiliated Funds

Variable Portfolio – Moderate Portfolio

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Shares		Value

Equity Funds (50.3%)

Global Real Estate (1.0%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund		16,789,789	$197,112,122


International (12.6%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		14,252,992	248,144,596
Variable Portfolio – Alliance Bernstein International Value Fund		53,647,291	591,193,150
Variable Portfolio – Columbia Wanger International Equities Fund		20,167,643	247,860,328
Variable Portfolio – Invesco International Growth Fund		65,034,073	786,261,946
Variable Portfolio – Mondrian International Small Cap Fund		10,731,090	139,611,479
Variable Portfolio – Pyramis^® International Equity Fund		37,267,749	437,896,047

Total			2,450,967,546


U.S. Large Cap (27.0%)
Columbia Variable Portfolio – Diversified Equity Income Fund^(a)		52,234,653	723,449,942
Variable Portfolio – American Century Growth Fund^(a)		63,313,649	757,864,381
Variable Portfolio – Columbia Wanger U.S. Equities Fund^(a)		21,336,490	281,214,933
Variable Portfolio – Davis New York Venture Fund^(a)		54,272,567	557,921,985
Variable Portfolio – MFS Value Fund^(a)		65,025,644	739,341,577
Variable Portfolio – Marsico Growth Fund^(a)		58,441,992	744,550,985
Variable Portfolio – NFJ Dividend Value Fund^(a)		61,786,965	746,386,535
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund^(a)		58,391,790	718,802,940

Total			5,269,533,278


U.S. Mid Cap (6.0%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund^(a)		29,866,317	347,942,597
Variable Portfolio – Goldman Sachs Mid Cap Value Fund^(a)		36,532,898	433,280,172
Variable Portfolio – Jennison Mid Cap Growth Fund^(a)		32,099,033	399,311,970

Total			1,180,534,739


U.S. Small Cap (3.7%)
Variable Portfolio – Partners Small Cap Growth Fund^(a)		14,162,189	181,984,126
Variable Portfolio – Partners Small Cap Value Fund^(a)		34,719,704	549,960,109

Total			731,944,235


Total Equity Funds
(Cost: $7,944,125,181)			$9,830,091,920




	Shares		Value

Fixed-Income Funds (49.7%)

Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		39,452,888	$390,583,587


Global Bond (3.0%)
Columbia Variable Portfolio – Global Bond Fund		49,003,730	587,554,723


Inflation Protected Securities (6.5%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		139,560,411	1,267,208,529


Investment Grade (35.2%)
Columbia Variable Portfolio – Diversified Bond Fund		102,008,097	1,096,587,047
Columbia Variable Portfolio – Income Opportunities Fund		58,741,769	577,431,590
Columbia Variable Portfolio – Limited Duration Credit Fund		124,924,021	1,292,963,621
Columbia Variable Portfolio – Short Duration U.S. Government Fund		32,783,913	340,297,015
Variable Portfolio – American Century Diversified Bond Fund		106,152,478	1,123,093,217
Variable Portfolio – J.P. Morgan Core Bond Fund		103,610,167	1,085,834,549
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		56,648,267	584,610,117
Variable Portfolio – Wells Fargo Short Duration Government Fund		75,021,371	765,968,194

Total			6,866,785,350


Multisector (3.0%)
Columbia Variable Portfolio – Strategic Income Fund		68,110,798	582,347,324


Total Fixed-Income Funds
(Cost: $9,671,655,296)			$9,694,479,513




Cash Equivalents (—%)

Money Market (—%)
Columbia Variable Portfolio – Cash Management Fund, 0.100%^(b)		317,015	$317,015


Total Cash Equivalents
(Cost: $317,015)			$317,015


Total Investments in Affiliated Funds
(Cost: $17,616,097,492)			$19,524,888,448
Other Assets and Liabilities			3,402,588


Net Assets			$19,528,291,036

Notes to Investments in Affiliated Funds


^(a)		Non-income producing.

^(b)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Moderate Portfolio

Fair Value Measurements

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


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

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

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

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Fair value at June 30, 2011

Level 1

Level 2

quoted prices

other

Level 3

in active

significant

markets for

observable

unobservable

Description

identical assets(a)

inputs

Total

Investments in Affiliated Funds

$19,524,888,448

$—

$19,524,888,448


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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 31

Investments in Affiliated Funds

Variable Portfolio – Moderately Aggressive Portfolio

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Shares		Value

Equity Funds (64.9%)

Global Real Estate (1.0%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund		11,067,026	$129,926,881


International (16.5%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		11,297,132	196,683,069
Variable Portfolio – Alliance Bernstein International Value Fund		46,744,613	515,125,627
Variable Portfolio – Columbia Wanger International Equities Fund		14,355,544	176,429,635
Variable Portfolio – Invesco International Growth Fund		56,369,107	681,502,505
Variable Portfolio – Mondrian International Small Cap Fund		8,264,011	107,514,782
Variable Portfolio – Pyramis^® International Equity Fund		38,939,527	457,539,445

Total			2,134,795,063


U.S. Large Cap (35.2%)
Columbia Variable Portfolio – Diversified Equity Income Fund^(a)		44,396,926	614,897,421
Variable Portfolio – American Century Growth Fund^(a)		53,915,890	645,373,203
Variable Portfolio – Columbia Wanger U.S. Equities Fund^(a)		20,625,208	271,840,237
Variable Portfolio – Davis New York Venture Fund^(a)		46,467,264	477,683,472
Variable Portfolio – MFS Value Fund^(a)		54,409,881	618,640,349
Variable Portfolio – Marsico Growth Fund^(a)		51,152,701	651,685,411
Variable Portfolio – NFJ Dividend Value Fund^(a)		51,483,150	621,916,458
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund^(a)		52,644,347	648,051,916

Total			4,550,088,467


U.S. Mid Cap (7.0%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund^(a)		24,504,518	285,477,631
Variable Portfolio – Goldman Sachs Mid Cap Value Fund^(a)		25,810,946	306,117,823
Variable Portfolio – Jennison Mid Cap Growth Fund^(a)		25,184,815	313,299,103

Total			904,894,557


U.S. Small Cap (5.2%)
Variable Portfolio – Partners Small Cap Growth Fund^(a)		17,297,284	222,270,093
Variable Portfolio – Partners Small Cap Value Fund^(a)		28,898,622	457,754,179

Total			680,024,272


Total Equity Funds
(Cost: $6,863,610,205)			$8,399,729,240




	Shares		Value

Fixed-Income Funds (35.1%)

Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		26,067,338	$258,066,648


Global Bond (3.0%)
Columbia Variable Portfolio – Global Bond Fund		32,600,254	390,877,044


Inflation Protected Securities (4.6%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		64,620,978	586,758,478


Investment Grade (23.5%)
Columbia Variable Portfolio – Diversified Bond Fund		55,695,909	598,731,018
Columbia Variable Portfolio – Income Opportunities Fund		26,060,986	256,179,497
Columbia Variable Portfolio – Limited Duration Credit Fund		57,883,355	599,092,728
Columbia Variable Portfolio – Short Duration U.S. Government Fund		21,896,522	227,285,896
Variable Portfolio – American Century Diversified Bond Fund		34,450,049	364,481,518
Variable Portfolio – J.P. Morgan Core Bond Fund		23,037,955	241,437,770
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		25,294,130	261,035,427
Variable Portfolio – Wells Fargo Short Duration Government Fund		48,012,469	490,207,306

Total			3,038,451,160


Multisector (2.0%)
Columbia Variable Portfolio – Strategic Income Fund		30,465,431	260,479,435


Total Fixed-Income Funds
(Cost: $4,530,111,793)			$4,534,632,765




Cash Equivalents (—%)

Money Market (—%)
Columbia Variable Portfolio – Cash Management Fund, 0.100%^(b)		15	$15


Total Cash Equivalents
(Cost: $15)			$15


Total Investments in Affiliated Funds
(Cost: $11,393,722,013)			$12,934,362,020
Other Assets and Liabilities			696,168


Net Assets			$12,935,058,188

Notes to Investments in Affiliated Funds


^(a)		Non-income producing.

^(b)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

32 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Moderately Aggressive Portfolio

Fair Value Measurements

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


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

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

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

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Fair value at June 30, 2011

Level 1

Level 2

quoted prices

other

Level 3

in active

significant

markets for

observable

unobservable

Description

identical assets(a)

inputs

Total

Investments in Affiliated Funds

$12,934,362,020

$—

$12,934,362,020


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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 33

Investments in Affiliated Funds

Variable Portfolio – Aggressive Portfolio

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Shares		Value

Equity Funds (79.9%)

Global Real Estate (1.0%)
Variable Portfolio – Morgan Stanley Global Real Estate Fund		2,870,992	$33,705,443


International (20.5%)
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		3,867,290	67,329,525
Variable Portfolio – Alliance Bernstein International Value Fund		15,069,129	166,061,804
Variable Portfolio – Columbia Wanger International Equities Fund		5,461,795	67,125,463
Variable Portfolio – Invesco International Growth Fund		17,296,912	209,119,672
Variable Portfolio – Mondrian International Small Cap Fund		3,062,308	39,840,629
Variable Portfolio – Pyramis^® International Equity Fund		11,470,466	134,777,971

Total			684,255,064


U.S. Large Cap (42.4%)
Columbia Variable Portfolio – Diversified Equity Income Fund^(a)		13,706,572	189,836,019
Variable Portfolio – American Century Growth Fund^(a)		16,669,967	199,539,500
Variable Portfolio – Columbia Wanger U.S. Equities Fund^(a)		6,896,408	90,894,652
Variable Portfolio – Davis New York Venture Fund^(a)		13,903,146	142,924,336
Variable Portfolio – MFS Value Fund^(a)		17,046,743	193,821,471
Variable Portfolio – Marsico Growth Fund^(a)		15,832,631	201,707,719
Variable Portfolio – NFJ Dividend Value Fund^(a)		16,126,535	194,808,541
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund^(a)		16,290,042	200,530,417

Total			1,414,062,655


U.S. Mid Cap (9.6%)
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund^(a)		7,887,687	91,891,554
Variable Portfolio – Goldman Sachs Mid Cap Value Fund^(a)		9,505,605	112,736,474
Variable Portfolio – Jennison Mid Cap Growth Fund^(a)		9,187,186	114,288,599

Total			318,916,627


U.S. Small Cap (6.4%)
Variable Portfolio – Partners Small Cap Growth Fund^(a)		5,538,827	71,173,924
Variable Portfolio – Partners Small Cap Value Fund^(a)		9,014,639	142,791,880

Total			213,965,804


Total Equity Funds
(Cost: $2,180,743,331)			$2,664,905,593




	Shares		Value

Fixed-Income Funds (20.0%)

Floating Rate (2.0%)
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		6,720,632	$66,534,260


Global Bond (2.0%)
Columbia Variable Portfolio – Global Bond Fund		5,609,270	67,255,147


Inflation Protected Securities (3.5%)
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		12,994,409	117,989,235


Investment Grade (10.5%)
Columbia Variable Portfolio – Diversified Bond Fund		5,420,587	58,271,306
Columbia Variable Portfolio – Limited Duration Credit Fund		8,366,593	86,594,236
Columbia Variable Portfolio – Short Duration U.S. Government Fund		2,731,765	28,355,717
Variable Portfolio – American Century Diversified Bond Fund		2,678,126	28,334,573
Variable Portfolio – J.P. Morgan Core Bond Fund		2,706,773	28,366,980
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		3,245,171	33,490,168
Variable Portfolio – Wells Fargo Short Duration Government Fund		8,476,677	86,546,877

Total			349,959,857


Multisector (2.0%)
Columbia Variable Portfolio – Strategic Income Fund		7,789,902	66,603,662


Total Fixed-Income Funds
(Cost: $664,121,096)			$668,342,161




Cash Equivalents (—%)

Money Market (—%)
Columbia Variable Portfolio – Cash Management Fund, 0.100%^(b)		10	$10


Total Cash Equivalents
(Cost: $10)			$10


Total Investments in Affiliated Funds
(Cost: $2,844,864,437)			$3,333,247,764
Other Assets and Liabilities			138,070


Net Assets			$3,333,385,834

Notes to Investments in Affiliated Funds


^(a)		Non-income producing.

^(b)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

34 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Aggressive Portfolio

Fair Value Measurements

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


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

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

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

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:

Fair value at June 30, 2011

Level 1

Level 2

quoted prices

other

Level 3

in active

significant

markets for

observable

unobservable

Description

identical assets(a)

inputs

Total

Investments in Affiliated Funds

$3,333,247,764

$—

$3,333,247,764


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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 35

Statement of Assets and Liabilities


			Variable Portfolio –
	Variable Portfolio –		Moderately		Variable Portfolio –
	Conservative		Conservative		Moderate
June 30, 2011 (Unaudited)	Portfolio		Portfolio		Portfolio
Assets
Investments in affiliated funds, at value
(identified cost $1,979,731,713, $4,647,392,498, $17,616,097,492)	$	2,064,916,495	$	5,015,062,321	$	19,524,888,448
Receivable for:
Capital shares sold		1,995,217		1,971,035		7,679,385
Affiliated investments sold		615,494		3,685,631		16,628,149
Dividends from affiliated funds		34		26		—
Expense reimbursement due from Investment Manager		61,767		228,331		1,018,863

Total assets		2,067,589,007		5,020,947,344		19,550,214,845

Liabilities
Payable for:
Capital shares purchased		1,665,861		3,649,846		17,374,573
Distribution fees		417,250		1,015,511		3,946,225
Administration fees		33,377		81,234		315,673
Other expenses		68,377		108,374		287,338

Total liabilities		2,184,865		4,854,965		21,923,809

Net assets applicable to outstanding capital stock	$	2,065,404,142	$	5,016,092,379	$	19,528,291,036

Represented by
Partners’ capital	$	2,065,404,142	$	5,016,092,379	$	19,528,291,036

Total — representing net assets applicable to outstanding capital stock	$	2,065,404,142	$	5,016,092,379	$	19,528,291,036


Net assets applicable to outstanding shares
Class 2	$	410,632,533	$	1,065,303,347	$	3,953,804,965
Class 4	$	1,654,771,609	$	3,950,789,032	$	15,574,486,071
Shares outstanding
Class 2		37,816,425		95,414,335		344,590,848
Class 4		152,469,759		353,281,891		1,356,162,912
Net asset value per share
Class 2	$	10.86	$	11.17	$	11.47
Class 4	$	10.85	$	11.18	$	11.48

The accompanying Notes to Financial Statements are an integral part of this statement.

36 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –
	Moderately		Variable Portfolio –
	Aggressive		Aggressive
June 30, 2011 (Unaudited)	Portfolio		Portfolio
Assets
Investments in affiliated funds, at value
(identified cost $11,393,722,013, $2,844,864,437)	$	12,934,362,020	$	3,333,247,764
Receivable for:
Capital shares sold		3,608,922		1,377,835
Affiliated investments sold		11,261,976		2,647,032
Expense reimbursement due from Investment Manager		654,799		235,236

Total assets		12,949,887,717		3,337,507,867

Liabilities
Capital shares purchased		11,842,328		3,319,918
Distribution fees		2,603,388		667,566
Administration fees		208,254		53,401
Other expenses		175,559		81,148

Total liabilities		14,829,529		4,122,033

Net assets applicable to outstanding capital stock	$	12,935,058,188	$	3,333,385,834

Represented by
Partners’ capital	$	12,935,058,188	$	3,333,385,834

Total — representing net assets applicable to outstanding capital stock	$	12,935,058,188	$	3,333,385,834

Net assets applicable to outstanding shares
Class 2	$	2,637,652,571	$	646,800,267
Class 4	$	10,297,405,617	$	2,686,585,567
Shares outstanding
Class 2		225,245,284		54,516,663
Class 4		878,303,799		226,231,306
Net asset value per share
Class 2	$	11.71	$	11.86
Class 4	$	11.72	$	11.88

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 37

Statement of Operations


				Variable
	Variable			Portfolio –			Variable
	Portfolio –			Moderately			Portfolio –
	Conservative			Conservative			Moderate
Six months ended June 30, 2011 (Unaudited)	Portfolio			Portfolio			Portfolio
Net investment income
Income:
Dividend distributions from underlying affiliated funds	$	41,817,596		$	89,610,165		$	344,208,928

Expenses:
Distribution fees
Class 2		372,022			1,023,973			3,772,456
Class 4		2,098,084			4,958,894			19,417,609
Administration fees		197,593			478,591			1,855,056
Custodian fees		11,240			10,240			11,050
Printing and postage fees		16,009			95,127			332,648
Professional fees		—			2,540			16,540
Other		—			36,055			36,421

Total expenses		2,694,948			6,605,420			25,441,780
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(246,197	)		(896,800	)		(4,330,854	)

Total net expenses		2,448,751			5,708,620			21,110,926

Net investment income		39,368,845			83,901,545			323,098,002

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Sales of underlying affiliated funds		23,420,810			28,990,588			46,768,623
Capital gain distributions from underlying affiliated funds		10,915,127			28,177,653			119,337,887

Net realized gain		34,335,937			57,168,241			166,106,510
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		(11,832,557	)		32,727,875			278,828,787

Net change in unrealized appreciation (depreciation)		(11,832,557	)		32,727,875			278,828,787

Net realized and unrealized gain		22,503,380			89,896,116			444,935,297

Net increase in net assets resulting from operations	$	61,872,225		$	173,797,661		$	768,033,299

The accompanying Notes to Financial Statements are an integral part of this statement.

38 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT


	Variable
	Portfolio –			Variable
	Moderately			Portfolio –
	Aggressive			Aggressive
Six months ended June 30, 2011 (Unaudited)	Portfolio			Portfolio
Net investment income
Income:
Dividend distributions from underlying affiliated funds	$	179,118,728		$	31,798,293

Expenses:
Distribution fees
Class 2		2,451,817			574,242
Class 4		12,741,611			3,351,497
Administration fees		1,215,377			314,034
Custodian fees		10,240			10,240
Printing and postage fees		188,051			52,670
Professional fees		12,540			540
Other		37,057			36,057

Total expenses		16,656,693			4,339,280
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(2,791,864	)		(1,100,796	)

Total net expenses		13,864,829			3,238,484

Net investment income		165,253,899			28,559,809

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Sales of underlying affiliated funds		29,701,664			11,208,000
Capital gain distributions from underlying affiliated funds		71,706,595			16,906,691

Net realized gain		101,408,259			28,114,691
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		278,299,800			97,261,022
						��
Net change in unrealized appreciation (depreciation)		278,299,800			97,261,022

Net realized and unrealized gain		379,708,059			125,375,713

Net increase in net assets resulting from operations	$	544,961,958		$	153,935,522

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 39

Statement of Changes in Net Assets


	Variable Portfolio –						Variable Portfolio –
	Conservative Portfolio						Moderately Conservative Portfolio
	Six months ended			Year ended			Six months ended		Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011		December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income	$	39,368,845		$	21,290,610		$	83,901,545	$	37,653,340
Net realized gain (loss)		34,335,937			7,036,974			57,168,241		(620,144	)
Net change in unrealized appreciation (depreciation)		(11,832,557	)		91,838,798			32,727,875		327,207,301

Net increase in net assets resulting from operations		61,872,225			120,166,382			173,797,661		364,240,497

Increase (decrease) in net assets from share transactions		(74,554,351	)		1,957,864,616			107,173,077		4,370,873,015

Total increase (decrease) in net assets		(12,682,126	)		2,078,030,998			280,970,738		4,735,113,512
Net assets at beginning of period		2,078,086,268			55,270	^(b)		4,735,121,641		8,129	^(c)

Net assets at end of period	$	2,065,404,142		$	2,078,086,268		$	5,016,092,379	$	4,735,121,641


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $5,000 for Class 2 was contributed on April 20, 2010. Initial capital of $50,000 and $640 for Class 4 was contributed on April 20, 2010 and May 3, 2010, respectively. The Fund had a decrease in net assets resulting from operations of $370 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $5,000 for Class 2 was contributed on April 20, 2010. Initial capital of $2,500 and $640 for Class 4 was contributed on April 20, 2010 and May 3, 2010, respectively. The Fund had a decrease in net assets resulting from operations of $11 during the period from April 20, 2010 to May 7, 2010 (when shares became available).


	Variable Portfolio – Conservative Portfolio												Variable Portfolio – Moderately Conservative Portfolio
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010						(Unaudited)						December 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 2 shares
Subscriptions		10,689,034			114,857,048			22,940,148			234,214,876			29,846,807			328,950,259			59,685,478			614,342,216
Fund merger		5,828,816			63,440,284			—			—			6,663,260			75,014,356			—			—
Redemptions		(1,272,165	)		(13,569,516	)		(369,908	)		(3,834,394	)		(459,285	)		(5,057,170	)		(322,425	)		(3,348,448	)

Net increase		15,245,685			164,727,816			22,570,240			230,380,482			36,050,782			398,907,445			59,363,053			610,993,768

Class 4 shares
Subscriptions		4,540,722			48,753,670			192,541,466			1,909,309,669			2,412,858			26,668,031			397,568,845			3,945,746,679
Redemptions		(27,057,386	)		(288,035,837	)		(17,560,107	)		(181,825,535	)		(28,978,919	)		(318,402,399	)		(17,721,207	)		(185,867,432	)

Net increase (decrease)		(22,516,664	)		(239,282,167	)		174,981,359			1,727,484,134			(26,566,061	)		(291,734,368	)		379,847,638			3,759,879,247

Total net increase (decrease)		(7,270,979	)		(74,554,351	)		197,551,599			1,957,864,616			9,484,721			107,173,077			439,210,691			4,370,873,015

The accompanying Notes to Financial Statements are an integral part of this statement.

40 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –					Variable Portfolio –
	Moderate Portfolio					Moderately Aggressive Portfolio
	Six months ended		Year ended			Six months ended		Year ended
	June 30, 2011		December 31, 2010^(a)			June 30, 2011		December 31, 2010^(a)
	(Unaudited)					(Unaudited)
Operations
Net investment income	$	323,098,002	$	140,573,096		$	165,253,899	$	68,714,227
Net realized gain (loss)		166,106,510		(24,160,373	)		101,408,259		(21,359,873	)
Net change in unrealized appreciation (depreciation)		278,828,787		1,610,839,481			278,299,800		1,249,404,424

Net increase in net assets resulting from operations		768,033,299		1,727,252,204			544,961,958		1,296,758,778

Increase (decrease) in net assets from share transactions		1,048,451,495		15,984,545,909			1,138,334,145		9,954,995,178

Total increase (decrease) in net assets		1,816,484,794		17,711,798,113			1,683,296,103		11,251,753,956
Net assets at beginning of period		17,711,806,242		8,129	^(b)		11,251,762,085		8,129	^(b)

Net assets at end of period	$	19,528,291,036	$	17,711,806,242		$	12,935,058,188	$	11,251,762,085


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $5,000 for Class 2 was contributed on April 20, 2010. Initial capital of $2,500 and $640 for Class 4 was contributed on April 20, 2010 and May 3, 2010, respectively. The Fund had a decrease in net assets resulting from operations of $11 during the period from April 20, 2010 to May 7, 2010 (when shares became available).


	Variable Portfolio – Moderate Portfolio												Variable Portfolio – Moderately Aggressive Portfolio
	Six months ended												Six months ended
	June 30, 2011						Year ended						June 30, 2011						Year ended
	(Unaudited)						December 31, 2010						(Unaudited)						December 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 2 shares
Subscriptions		132,052,930			1,493,101,953			200,919,511			2,083,627,737			101,555,376			1,171,109,611			117,278,065			1,217,043,991
Fund merger		12,460,442			145,067,599			—			—			7,191,772			85,852,215			—			—
Redemptions		(601,397	)		(6,800,874	)		(241,138	)		(2,435,738	)		(625,693	)		(7,255,195	)		(154,736	)		(1,563,096	)

Net increase		143,911,975			1,631,368,678			200,678,373			2,081,191,999			108,121,455			1,249,706,631			117,123,329			1,215,480,895

Class 4 shares
Subscriptions		2,012,797			22,598,836			1,457,822,893			14,424,675,804			14,000,159			160,488,521			931,084,653			9,183,910,473
Redemptions		(53,461,908	)		(605,516,019	)		(50,211,184	)		(521,321,894	)		(23,436,129	)		(271,861,007	)		(43,345,198	)		(444,396,190	)

Net increase (decrease)		(51,449,111	)		(582,917,183	)		1,407,611,709			13,903,353,910			(9,435,970	)		(111,372,486	)		887,739,455			8,739,514,283

Total net increase (decrease)		92,462,864			1,048,451,495			1,608,290,082			15,984,545,909			98,685,485			1,138,334,145			1,004,862,784			9,954,995,178

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 41

Statement of Changes in Net Assets (continued)


	Variable Portfolio –
	Aggressive Portfolio
	Six months ended		Year ended
	June 30, 2011		December 31, 2010^(a)
	(Unaudited)
Operations
Net investment income	$	28,559,809	$	6,960,574
Net realized gain (loss)		28,114,691		(5,890,964	)
Net change in unrealized appreciation (depreciation)		97,261,022		385,272,873

Net increase in net assets resulting from operations		153,935,522		386,342,483

Increase (decrease) in net assets from share transactions		276,774,100		2,516,278,613

Total increase (decrease) in net assets		430,709,622		2,902,621,096
Net assets at beginning of period		2,902,676,212		55,116	^(b)

Net assets at end of period	$	3,333,385,834	$	2,902,676,212


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $5,000 for Class 2 was contributed on April 20, 2010. Initial capital of $50,000 and $640 for Class 4 was contributed on April 20, 2010 and May 3, 2010, respectively. The Fund had a decrease in net assets resulting from operations of $524 during the period from April 20, 2010 to May 7, 2010 (when shares became available).


	Variable Portfolio – Aggressive Portfolio
	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 2 shares
Subscriptions		26,351,954			312,403,756			25,311,959			262,183,029
Fund merger		3,271,114			34,949,477			—			—
Redemptions		(290,503	)		(3,395,071	)		(128,361	)		(1,329,917	)

Net increase		29,332,565			343,958,162			25,183,598			260,853,112

Class 4 shares
Subscriptions		4,832,047			56,120,493			245,813,236			2,396,617,168
Redemptions		(10,476,228	)		(123,304,555	)		(13,942,814	)		(141,191,667	)

Net increase (decrease)		(5,644,181	)		(67,184,062	)		231,870,422			2,255,425,501

Total net increase (decrease)		23,688,384			276,774,100			257,054,020			2,516,278,613

The accompanying Notes to Financial Statements are an integral part of this statement.

42 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Financial Highlights

The following tables are intended to help you understand each Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the period shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract charges, if any, and are not annualized for periods of less than one year.

Variable Portfolio – Conservative Portfolio


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.52			$9.93

Income from investment operations:
Net investment income		0.29			0.04
Net realized and unrealized gain on investments		0.05			0.55

Total from investment operations		0.34			0.59

Net asset value, end of period		$10.86			$10.52

Total return		3.23%			5.94%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.27%	^(c)		0.28%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.27%	^(c)		0.28%	^(c)

Net investment income		5.42%	^(c)		0.55%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$410,633			$237,556

Portfolio turnover		7%			28%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 4
Per share data
Net asset value, beginning of period		$10.52			$9.93

Income from operations:
Net investment income		0.20			0.12
Net realized and unrealized gain on investments		0.13			0.47

Total from investment operations		0.33			0.59

Net asset value, end of period		$10.85			$10.52

Total return		3.14%			5.94%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.27%	^(c)		0.28%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.24%	^(c)		0.22%	^(c)

Net investment income		3.73%	^(c)		1.84%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,654,772			$1,840,530

Portfolio turnover		7%			28%

Notes to Financial Highlights


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 43

Financial Highlights (continued)

Variable Portfolio – Moderately Conservative Portfolio


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.77			$9.99

Income from investment operations:
Net investment income		0.25			0.03
Net realized and unrealized gain on investments		0.15			0.75

Total from investment operations		0.40			0.78

Net asset value, end of period		$11.17			$10.77

Total return		3.71%			7.81%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.28%	^(c)		0.27%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.28%	^(c)		0.27%	^(c)

Net investment income		4.50%	^(c)		0.43%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,065,303			$639,226

Portfolio turnover		3%			29%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 4
Per share data
Net asset value, beginning of period		$10.78			$9.99

Income from operations:
Net investment income		0.18			0.10
Net realized and unrealized gain on investments		0.22			0.69

Total from investment operations		0.40			0.79

Net asset value, end of period		$11.18			$10.78

Total return		3.71%			7.91%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.28%	^(c)		0.28%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.23%	^(c)		0.21%	^(c)

Net investment income		3.30%	^(c)		1.52%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$3,950,789			$4,095,896

Portfolio turnover		3%			29%

Notes to Financial Highlights


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

44 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Moderate Portfolio


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.01			$9.99

Income from investment operations:
Net investment income		0.25			0.03
Net realized and unrealized gain on investments		0.21			0.99

Total from investment operations		0.46			1.02

Net asset value, end of period		$11.47			$11.01

Total return		4.18%			10.21%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.28%	^(c)		0.27%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.28%	^(c)		0.27%	^(c)

Net investment income		4.43%	^(c)		0.46%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$3,953,805			$2,208,757

Portfolio turnover		1%			20%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 4
Per share data
Net asset value, beginning of period		$11.01			$9.99

Income from operations:
Net investment income		0.19			0.10
Net realized and unrealized gain on investments		0.28			0.92

Total from investment operations		0.47			1.02

Net asset value, end of period		$11.48			$11.01

Total return		4.27%			10.21%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.27%	^(c)		0.27%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.22%	^(c)		0.20%	^(c)

Net investment income		3.30%	^(c)		1.53%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$15,574,486			$15,503,050

Portfolio turnover		1%			20%

Notes to Financial Highlights


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 45

Financial Highlights (continued)

Variable Portfolio – Moderately Aggressive Portfolio


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.19			$9.99

Income from investment operations:
Net investment income		0.20			0.03
Net realized and unrealized gain on investments		0.32			1.17

Total from investment operations		0.52			1.20

Net asset value, end of period		$11.71			$11.19

Total return		4.65%			12.01%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.28%	^(c)		0.27%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.28%	^(c)		0.27%	^(c)

Net investment income		3.55%	^(c)		0.43%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,637,653			$1,310,385

Portfolio turnover		1%			18%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 4
Per share data
Net asset value, beginning of period		$11.20			$9.99

Income from operations:
Net investment income		0.15			0.08
Net realized and unrealized gain on investments		0.37			1.13

Total from investment operations		$0.52			$1.21

Net asset value, end of period		$11.72			$11.20

Total return		4.64%			12.11%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.27%	^(c)		0.27%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.22%	^(c)		0.20%	^(c)

Net investment income		2.56%	^(c)		1.18%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$10,297,406			$9,941,377

Portfolio turnover		1%			18%

Notes to Financial Highlights


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

46 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Aggressive Portfolio


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.29			$9.90

Income from investment operations:
Net investment income		0.15			0.01
Net realized and unrealized gain on investments		0.42			1.38

Total from investment operations		0.57			1.39

Net asset value, end of period		$11.86			$11.29

Total return		5.05%			14.04%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.28%	^(c)		0.27%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.28%	^(c)		0.27%	^(c)

Net investment income		2.52%	^(c)		0.19%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$646,800			$284,243

Portfolio turnover		2%			20%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 4
Per share data
Net asset value, beginning of period		$11.29			$9.90

Income from operations:
Net investment income		0.10			0.03
Net realized and unrealized gain on investments		0.49			1.36

Total from investment operations		$0.59			$1.39

Net asset value, end of period		$11.88			$11.29

Total return		5.23%			14.04%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.27%	^(c)		0.28%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.19%	^(c)		0.17%	^(c)

Net investment income		1.70%	^(c)		0.46%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,686,586			$2,618,433

Portfolio turnover		2%			20%

Notes to Financial Highlights


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 47

Notes to Financial Statements

June 30, 2011 (Unaudited)

Note 1. Organization

Columbia Variable Series Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to March 7, 2011 the Trust was named RiverSource Variable Series Trust. Information presented in these financial statements pertains to the following series of the Trust (each a Fund and collectively, the Funds): Variable Portfolio – Conservative Portfolio; Variable Portfolio – Moderately Conservative Portfolio; Variable Portfolio – Moderate Portfolio; Variable Portfolio – Moderately Aggressive Portfolio; and Variable Portfolio – Aggressive Portfolio. Reference to shares and shareholders within these financial statements refer to partners’ interests and partners.

Each Fund currently operates as a diversified fund. Each Fund is a “fund-of-funds” and invests in a combination of affiliated underlying funds* for which Columbia Management Investment Advisers, LLC (Columbia Management) or an affiliate acts as investment manager or principal underwriter. Columbia Management is the Investment Manager for the Funds.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). Each Fund offers Class 2 and Class 4 shares. Class 2 shares are offered to separate accounts funding variable annuity contracts and variable life insurance policies issued by affiliated life insurance companies. Class 4 shares are offered to participants in the Portfolio Navigator program, and to owners of other series of annuity contracts or life insurance policies issued by RiverSource Life Insurance Company or RiverSource Life Insurance Co. of New York. You may not buy (nor will you own) shares of the Fund directly. You invest by buying a contract or life insurance policy and making allocations to the subaccounts that invest in each Fund. Both share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure.


*	For information on the goals, investment strategies and risks of the underlying funds please refer to Appendix A and B in the Funds’ most recent prospectus.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange on the valuation date.

Security Transactions

Income Recognition

Income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of Class Net Asset Value

48 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Federal Income Tax Status

The Funds are treated as a partnerships for federal income tax purposes, and the Funds do not expect to make regular distributions. The Funds will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of each Fund are subject to tax on their distributive share of the Fund’s income and loss. The components of each Fund’s net assets are reported at the partner-level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees and Underlying Fund Fees

Each Fund does not pay Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), a direct management fee for managing its assets.

In addition to the fees and expenses which each Fund bears directly, each Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds (also referred to as “acquired funds”) in which a Fund invests. Because the underlying funds have varied expense and fee levels and each Fund may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by each Fund will vary.

Administration Fees

Compensation of Board Members

Compensation to board members and certain other core expenses are paid directly by the affiliated underlying funds in which each Fund invests.

Distribution Fees

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through April 30, 2012, unless sooner terminated at the sole discretion of the Board of Trustees (the Board), so that each Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of 0.32% for Class 2 and Class 4 as a percentage of each Fund’s average daily net assets.

Under the agreement, the following fees and expenses, are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: expenses associated with investments in underlying funds, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Fund’s Board. This agreement may be modified or amended only with approval from all parties.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 49

Notes to Financial Statements (continued)

Under the agreement, net operating expenses, including fees and expenses of Underlying Funds, will not exceed the amounts shown below for Class 4 shares through April 30, 2012:


	Net expenses, including
	Underlying Fund fees
Fund	and expense
Variable Portfolio – Conservative Portfolio		0.86	%
Variable Portfolio – Moderately Conservative Portfolio		0.90
Variable Portfolio – Moderate Portfolio		0.94
Variable Portfolio – Moderately Aggressive Portfolio		0.98
Variable Portfolio – Aggressive Portfolio		0.99

For the six months ended June 30, 2011, the total expenses, as a percentage of average daily net assets applicable to Class 4 shares, before fee waiver/expense reimbursements and including Underlying Fund fees and expenses were as follows:


				Class 4 Underlying
	Class 4 Annualized			Fund Fees and			Class 4
Fund	Expenses			Expenses			Total Expenses
Variable Portfolio – Conservative Portfolio		0.27	%		0.62	%		0.89	%
Variable Portfolio – Moderately Conservative Portfolio		0.28			0.67			0.95
Variable Portfolio – Moderate Portfolio		0.27			0.72			0.99
Variable Portfolio – Moderately Aggressive Portfolio		0.27			0.76			1.03
Variable Portfolio – Aggressive Portfolio		0.27			0.80			1.07

Note 4. Portfolio Information

For the six months ended June 30, 2011, the cost of purchases and proceeds from sales of investments in Underlying Funds, for each fund aggregated to:


Fund	Purchases		Proceeds
Variable Portfolio – Conservative Portfolio	$	143,740,419	$	231,826,666
Variable Portfolio – Moderately Conservative Portfolio		272,890,674		129,354,154
Variable Portfolio – Moderate Portfolio		1,531,854,171		178,407,026
Variable Portfolio – Moderately Aggressive Portfolio		1,425,884,691		136,584,978
Variable Portfolio – Aggressive Portfolio		338,278,352		51,069,716

Transactions to realign each Fund’s portfolio following the mergers (as described in Note 7) are excluded for purposes of calculating each Fund’s portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales as follows:


Fund	Realignment Purchases		Realignment Proceeds
Variable Portfolio – Conservative Portfolio	$	63,376,714	$	63,329,927
Variable Portfolio – Moderately Conservative Portfolio		74,640,751		74,597,841
Variable Portfolio – Moderate Portfolio		143,763,959		143,701,959
Variable Portfolio – Moderately Aggressive Portfolio		84,826,512		84,800,895
Variable Portfolio – Aggressive Portfolio		34,427,180		34,421,106

Note 5. Investments in Underlying Affiliated Funds over 5%

The Funds do not invest in the Underlying Funds for the purpose of exercising management or control. At June 30, 2011, each Fund held the following positions, which exceeded 5% of the Underlying Fund’s shares outstanding:

Variable Portfolio – Conservative Portfolio


Underlying Fund	Percentage of Underlying Fund’s Shares Held
Columbia Variable Portfolio – Cash Management Fund		16.61	%
Variable Portfolio – J.P. Morgan Core Bond Fund		11.11
Variable Portfolio – American Century Diversified Bond Fund		10.67
Columbia Variable Portfolio – Diversified Bond Fund		5.98
Columbia Variable Portfolio – Short Duration U.S. Government Fund		5.79
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		5.16

50 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Moderately Conservative Portfolio


Underlying Fund	Percentage of Underlying Fund’s Shares Held
Variable Portfolio – American Century Diversified Bond Fund		20.22	%
Variable Portfolio – J.P. Morgan Core Bond Fund		20.01
Columbia Variable Portfolio – Cash Management Fund		12.59
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		12.51
Columbia Variable Portfolio – Short Duration U.S. Government Fund		12.00
Columbia Variable Portfolio – Diversified Bond Fund		11.12
Variable Portfolio – Mondrian International Small Cap Fund		10.19
Variable Portfolio – Jennison Mid Cap Growth Fund		9.65
Variable Portfolio – Morgan Stanley Global Real Estate Fund		9.38
Variable Portfolio – MFS Value Fund		8.27
Variable Portfolio – Pyramis International Equity Fund		7.91
Variable Portfolio – Invesco International Growth Fund		7.85
Variable Portfolio – Partners Small Cap Growth Fund		7.54
Variable Portfolio – Columbia Wanger U.S. Equities Fund		7.50
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		7.49
Variable Portfolio – Marsico Growth Fund		7.40
Variable Portfolio – American Century Growth Fund		7.39
Variable Portfolio – Davis New York Venture Fund		7.14
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		7.11
Columbia Variable Portfolio – Global Bond Fund		6.40
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		6.32
Columbia Variable Portfolio – Income Opportunities Fund		6.19
Variable Portfolio – Partners Small Cap Value Fund		6.05

Variable Portfolio – Moderate Portfolio


Underlying Fund	Percentage of Underlying Fund’s Shares Held
Variable Portfolio – J.P. Morgan Core Bond Fund		55.11	%
Columbia Variable Portfolio – Strategic Income Fund		54.63
Variable Portfolio – American Century Diversified Bond Fund		51.15
Columbia Variable Portfolio – Income Opportunities Fund		48.10
Variable Portfolio – Morgan Stanley Global Real Estate Fund		47.76
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		45.57
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		44.69
Variable Portfolio – American Century Growth Fund		42.97
Variable Portfolio – MFS Value Fund		42.75
Variable Portfolio – Invesco International Growth Fund		42.50
Variable Portfolio – Mondrian International Small Cap Fund		42.40
Variable Portfolio – Jennison Mid Cap Growth Fund		42.34
Variable Portfolio – Marsico Growth Fund		42.22
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		41.50
Variable Portfolio – Davis New York Venture Fund		40.72
Variable Portfolio – Columbia Wanger U.S. Equities Fund		39.41
Variable Portfolio – Pyramis International Equity Fund		38.24
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		37.32
Variable Portfolio – Partners Small Cap Value Fund		35.87
Variable Portfolio – Partners Small Cap Growth Fund		34.77
Columbia Variable Portfolio – Global Bond Fund		34.21
Columbia Variable Portfolio – Diversified Bond Fund		27.47
Columbia Variable Portfolio – Short Duration U.S. Government Fund		27.44
Columbia Variable Portfolio – Emerging Markets Opportunity		23.57
Columbia Variable Portfolio – Diversified Equity Income Fund		21.86

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 51

Notes to Financial Statements (continued)

Variable Portfolio – Moderately Aggressive Portfolio


Underlying Fund	Percentage of Underlying Fund’s Shares Held
Variable Portfolio – Partners Small Cap Growth Fund		42.41	%
Variable Portfolio – Pyramis International Equity Fund		39.96
Variable Portfolio – Columbia Wanger U.S. Equities Fund		38.05
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		37.41
Variable Portfolio – Marsico Growth Fund		36.95
Variable Portfolio – Invesco International Growth Fund		36.83
Variable Portfolio – American Century Growth Fund		36.45
Variable Portfolio – MFS Value Fund		35.77
Variable Portfolio – Davis New York Venture Fund		34.86
Variable Portfolio – Jennison Mid Cap Growth Fund		33.19
Variable Portfolio – Mondrian International Small Cap Fund		32.66
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		31.57
Variable Portfolio – Morgan Stanley Global Real Estate Fund		31.48
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		30.50
Variable Portfolio – Partners Small Cap Value Fund		29.84
Columbia Variable Portfolio – Strategic Income Fund		24.44
Columbia Variable Portfolio – Global Bond Fund		22.76
Columbia Variable Portfolio – Income Opportunities Fund		21.34
Columbia Variable Portfolio – Global Inflation Protected Securities Fund		21.10
Columbia Variable Portfolio – Emerging Markets Opportunity		18.68
Columbia Variable Portfolio – Diversified Equity Income Fund		18.58
Columbia Variable Portfolio – Short Duration U.S. Government Fund		18.33
Variable Portfolio – American Century Diversified Bond Fund		16.60
Columbia Variable Portfolio – Diversified Bond Fund		15.00
Variable Portfolio – J.P. Morgan Core Bond Fund		12.26

Variable Portfolio – Aggressive Portfolio


Underlying Fund	Percentage of Underlying Fund’s Shares Held
Variable Portfolio – Partners Small Cap Growth Fund		13.50	%
Variable Portfolio – Columbia Wanger U.S. Equities Fund		12.65
Variable Portfolio – Mondrian International Small Cap Fund		12.10
Variable Portfolio – Jennison Mid Cap Growth Fund		12.10
Variable Portfolio – Pyramis International Equity Fund		11.77
Variable Portfolio – Goldman Sachs Mid Cap Value Fund		11.63
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		11.58
Variable Portfolio – Marsico Growth Fund		11.44
Variable Portfolio – Invesco International Growth Fund		11.30
Variable Portfolio – American Century Growth Fund		11.27
Variable Portfolio – MFS Value Fund		11.21
Variable Portfolio – Davis New York Venture Fund		10.43
Columbia Variable Portfolio – Mid Cap Value Opportunity Fund		9.82
Variable Portfolio – Partners Small Cap Value Fund		9.31
Variable Portfolio – Morgan Stanley Global Real Estate Fund		8.17
Columbia Variable Portfolio – Emerging Markets Opportunity Fund		6.40
Columbia Variable Portfolio – Strategic Income Fund		6.25
Columbia Variable Portfolio – Diversified Equity Income Fund		5.74

Note 6. Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of each Fund’s Class 2 and Class 4 shares.

52 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Note 7. Fund Merger

Variable Portfolio – Conservative Portfolio

At the close of business on April 29, 2011, Variable Portfolio – Conservative Portfolio acquired the assets and assumed the identified liabilities of Disciplined Asset Allocation Portfolios – Conservative. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of Variable Portfolio – Conservative Portfolio immediately before the acquisition were $1,959,931,198 and the combined net assets immediately after the acquisition were $2,023,356,793.

The merger was accomplished by a tax-free exchange of 5,657,227 shares of Disciplined Asset Allocation Portfolios – Conservative valued at $63,440,284 (including $5,178,613 of unrealized appreciation).

In exchange for Disciplined Asset Allocation Portfolios – Conservative shares, Variable Portfolio – Conservative Portfolio issued the following number of shares:


	Shares
Class 2		5,828,816

For financial reporting purposes, net assets received and shares issued by Variable Portfolio – Conservative Portfolio were recorded at fair value; however, Disciplined Asset Allocation Portfolios – Conservative’s cost of investments was carried forward to align ongoing reporting of Variable Portfolio – Conservative Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The financial statements reflect the operations of Variable Portfolio – Conservative Portfolio for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Disciplined Asset Allocation Portfolios – Conservative that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011 Variable Portfolio – Conservative Portfolio’s pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the six months ended June 30, 2011 would have been approximately $39.5 million, $35.8 million, $(10.8) million, and $64.5 million, respectively.

Variable Portfolio – Moderately Conservative Portfolio

At the close of business on April 29, 2011, Variable Portfolio – Moderately Conservative Portfolio acquired the assets and assumed the identified liabilities of Disciplined Asset Allocation Portfolios – Moderately Conservative. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of Variable Portfolio – Moderately Conservative Portfolio immediately before the acquisition were $4,892,029,967 and the combined net assets immediately after the acquisition were $4,967,044,323.

The merger was accomplished by a tax-free exchange of 6,845,648 shares of Disciplined Asset Allocation Portfolios – Moderately Conservative valued at $75,014,356 (including $7,734,657 of unrealized appreciation).

In exchange for Disciplined Asset Allocation Portfolios – Moderately Conservative shares, Variable Portfolio – Moderately Conservative Portfolio issued the following number of shares:


	Shares
Class 2		6,663,260

For financial reporting purposes, net assets received and shares issued by Variable Portfolio – Moderately Conservative Portfolio were recorded at fair value; however, Disciplined Asset Allocation Portfolios – Moderately Conservative’s cost of investments was carried forward to align ongoing reporting of Variable Portfolio – Moderately Conservative Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 53

Notes to Financial Statements (continued)

The financial statements reflect the operations of Variable Portfolio – Moderately Conservative Portfolio for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Disciplined Asset Allocation Portfolios – Moderately Conservative that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011 Variable Portfolio – Moderately Conservative Portfolio’s pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the six months ended June 30, 2011 would have been approximately $83.7 million, $58.5 million, $35 million and $177.2 million, respectively.

Variable Portfolio – Moderate Portfolio

At the close of business on April 29, 2011, Variable Portfolio – Moderate Portfolio acquired the assets and assumed the identified liabilities of Disciplined Asset Allocation Portfolios – Moderate. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of Variable Portfolio – Moderate Portfolio immediately before the acquisition were $19,350,638,941 and the combined net assets immediately after the acquisition were $19,495,706,540.

The merger was accomplished by a tax-free exchange of 13,454,504 shares of Disciplined Asset Allocation Portfolios – Moderate valued at $145,067,599 (including $19,122,698 of unrealized appreciation).

In exchange for Disciplined Asset Allocation Portfolios – Moderate shares, Variable Portfolio – Moderate Portfolio issued the following number of shares:


	Shares
Class 2		12,460,442

For financial reporting purposes, net assets received and shares issued by Variable Portfolio – Moderate Portfolio were recorded at fair value; however, Disciplined Asset Allocation Portfolios – Moderate’s cost of investments was carried forward to align ongoing reporting of Variable Portfolio – Moderate Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The financial statements reflect the operations of Variable Portfolio – Moderate Portfolio for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Disciplined Asset Allocation Portfolios – Moderate that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011 Variable Portfolio – Moderate Portfolio’s pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the six months ended June 30, 2011 would have been approximately $320 million, $167.9 million, $285.2 million and $773.1 million, respectively.

Variable Portfolio – Moderately Aggressive Portfolio

At the close of business on April 29, 2011, Variable Portfolio – Moderately Aggressive Portfolio acquired the assets and assumed the identified liabilities of Disciplined Asset Allocation Portfolios – Moderately Aggressive. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of Variable Portfolio – Moderately Aggressive Portfolio immediately before the acquisition were $12,904,118,662 and the combined net assets immediately after the acquisition were $12,989,970,877.

The merger was accomplished by a tax-free exchange of 7,987,884 shares of Disciplined Asset Allocation Portfolios – Moderately Aggressive valued at $85,852,215 (including $12,935,793 of unrealized appreciation).

54 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

In exchange for Disciplined Asset Allocation Portfolios – Moderately Aggressive shares, Variable Portfolio – Moderately Aggressive Portfolio issued the following number of shares:


	Shares
Class 2		7,191,772

For financial reporting purposes, net assets received and shares issued by Variable Portfolio – Moderately Aggressive Portfolio were recorded at fair value; however, Disciplined Asset Allocation Portfolios – Moderately Aggressive’s cost of investments was carried forward to align ongoing reporting of Variable Portfolio – Moderately Aggressive Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The financial statements reflect the operations of Variable Portfolio – Moderately Aggressive Portfolio for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Disciplined Asset Allocation Portfolios – Moderately Aggressive that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011 Variable Portfolio – Moderately Aggressive Portfolio’s pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the six months ended June 30, 2011 would have been approximately $163.1 million, $103.1 million, $282.2 million and $548.4 million, respectively.

Variable Portfolio – Aggressive Portfolio

At the close of business on April 29, 2011, Variable Portfolio – Aggressive Portfolio acquired the assets and assumed the identified liabilities of Disciplined Asset Allocation Portfolios – Aggressive. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of Variable Portfolio – Aggressive Portfolio immediately before the acquisition were $3,340,413,252 and the combined net assets immediately after the acquisition were $3,375,362,729.

The merger was accomplished by a tax-free exchange of 3,271,114 shares of Disciplined Asset Allocation Portfolios – Aggressive valued at $34,949,477 (including $5,849,448 of unrealized appreciation).

In exchange for Disciplined Asset Allocation Portfolios – Aggressive shares, Variable Portfolio – Aggressive Portfolio issued the following number of shares:


	Shares
Class 2		2,872,985

For financial reporting purposes, net assets received and shares issued by Variable Portfolio – Aggressive Portfolio were recorded at fair value; however, Disciplined Asset Allocation Portfolios – Aggressive’s cost of investments was carried forward to align ongoing reporting of Variable Portfolio – Aggressive Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The financial statements reflect the operations of Variable Portfolio – Aggressive Portfolio for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Disciplined Asset Allocation Portfolios – Aggressive that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on January 1, 2011 Variable Portfolio – Aggressive Portfolio’s pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the six months ended June 30, 2011 would have been approximately $27.5 million, $28.6 million, $99.3 million and $155.4 million, respectively.

Note 8. Subsequent Events

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 55

Notes to Financial Statements (continued)

Note 9. Information Regarding Pending and Settled Legal Proceedings

56 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Proxy Voting

The policy of the Board is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; or searching the website of the Securities and Exchange Commission (SEC) at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting riversource.com/funds; or searching the website of the SEC at www.sec.gov.

Results of Meeting of Shareholders

For Variable Portfolio-Conservative Portfolio, Variable Portfolio-Moderately Conservative Portfolio, Variable Portfolio-Moderate Portfolio, Variable Portfolio-Moderately Aggressive Portfolio and Variable Portfolio-Aggressive Portfolio

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*		All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Variable Portfolio-Conservative Portfolio

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.


Dollars Voted “For”		Dollars Voted “Against”		Abstentions		Broker Non-Votes
	1,922,628,220.676		71,844,702.188		90,936,273.968		0.000

Variable Portfolio-Moderately Conservative Portfolio

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.


Dollars Voted “For”		Dollars Voted “Against”		Abstentions		Broker Non-Votes
	4,385,296,542.042		150,031,608.943		169,631,919.474		0.000

VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT 57

Results of Meeting of Shareholders

Variable Portfolio-Moderate Portfolio

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.


Dollars Voted “For”		Dollars Voted “Against”		Abstentions		Broker Non-Votes
	16,242,730,420.816		584,888,875.478		651,310,545.858		0.000

Variable Portfolio-Moderately Aggressive Portfolio

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.


Dollars Voted “For”		Dollars Voted “Against”		Abstentions		Broker Non-Votes
	10,251,983,257.626		443,670,109.021		360,374,998.479		0.000

Variable Portfolio-Aggressive Portfolio

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.


Dollars Voted “For”		Dollars Voted “Against”		Abstentions		Broker Non-Votes
	2,634,206,808.382		124,260,167.209		86,609,369.044		0.000

58 VARIABLE PORTFOLIOS — 2011 SEMIANNUAL REPORT

Variable Portfolios

P.O. Box 8081

Boston, MA 02266-8081

This report must be accompanied or preceded by the Fund’s current prospectus. Variable Portfolios are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6535 C (8/11)

Semiannual Report

Variable Portfolio Funds

Semiannual Report For the Period Ended
June 30, 2011

References to “Fund” throughout this semiannual report refer to the following individual funds, singularly or collectively as the context requires:

Columbia Variable Portfolio – Limited Duration Credit Fund
(formerly known as RiverSource Variable Portfolio – Limited
Duration Bond Fund)

Variable Portfolio – AllianceBernstein International Value Fund

Variable Portfolio – American Century Diversified Bond Fund

Variable Portfolio – American Century Growth Fund

Variable Portfolio – Columbia Wanger International Equities Fund

Variable Portfolio – Columbia Wanger U.S. Equities Fund

Variable Portfolio – Eaton Vance Floating-Rate Income Fund

Variable Portfolio – Invesco International Growth Fund

Variable Portfolio – J.P. Morgan Core Bond Fund

Variable Portfolio – Jennison Mid Cap Growth Fund

Variable Portfolio – MFS Value Fund

Variable Portfolio – Marsico Growth Fund

Variable Portfolio – Mondrian International Small Cap Fund

Variable Portfolio – Morgan Stanley Global Real Estate Fund

Variable Portfolio – NFJ Dividend Value Fund

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund

Variable Portfolio – Partners Small Cap Growth Fund

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund

Variable Portfolio – Pyramis^® International Equity Fund

Variable Portfolio – Wells Fargo Short Duration Government Fund

Please remember that you may not buy (nor will you own) shares of the Funds directly. You invest by buying a variable annuity contract or life insurance policy and allocating your purchase payments to the variable subaccount or variable account (the subaccounts) that invests in a Fund.

Pyramis^® is a registered service mark of FMR LLC. Used under license.

Not FDIC insured - May Lose Value - No Bank Guarantee

The Variable Portfolio (VP) Funds provide several alternatives to consider for investment through your variable annuity contract or life insurance policy.

Table of Contents

2011 SEMIANNUAL REPORT

The purpose of this semiannual report is to tell investors how the Fund performed.


Columbia VP – Limited Duration Credit Fund
Your Fund at a Glance			2
VP – AllianceBernstein International Value Fund
Your Fund at a Glance			4
VP – American Century Diversified Bond Fund
Your Fund at a Glance			6
VP – American Century Growth Fund
Your Fund at a Glance			8
VP – Columbia Wanger International Equities Fund
Your Fund at a Glance			10
VP – Columbia Wanger U.S. Equities Fund
Your Fund at a Glance			13
VP – Eaton Vance Floating-Rate Income Fund
Your Fund at a Glance			15
VP – Invesco International Growth Fund
Your Fund at a Glance			17
VP – J.P. Morgan Core Bond Fund
Your Fund at a Glance			19
VP – Jennison Mid Cap Growth Fund
Your Fund at a Glance			21
VP – MFS Value Fund
Your Fund at a Glance			23
VP – Marsico Growth Fund
Your Fund at a Glance			25
VP – Mondrian International Small Cap Fund
Your Fund at a Glance			27
VP – Morgan Stanley Global Real Estate Fund
Your Fund at a Glance			29
VP – NFJ Dividend Value Fund
Your Fund at a Glance			31
VP – Nuveen Winslow Large Cap Growth Fund
Your Fund at a Glance			33
VP – Partners Small Cap Growth Fund
Your Fund at a Glance			35
VP – PIMCO Mortgage-Backed Securities Fund
Your Fund at a Glance			37
VP – Pyramis^® International Equity Fund
Your Fund at a Glance			39
VP – Wells Fargo Short Duration Government Fund
Your Fund at a Glance			41
Fund Expense Examples			43
Portfolio of Investments			54
Statement of Assets and Liabilities			195
Statement of Operations			202
Statement of Changes in Net Assets			209
Financial Highlights			219
Notes to Financial Statements			239
Proxy Voting			260
Results of Meeting of Shareholders			260

See the Fund’s prospectus for risks associated with investing in the Fund.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

Columbia VP – Limited Duration Credit Fund

FUND SUMMARY


>	Columbia VP – Limited Duration Credit Fund (the Fund) Class 2 shares gained 2.29% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, the Barclays Capital U.S. 1-5 Year Credit Index, which advanced 2.55% for the reporting period.

>	The Fund’s peer group, as represented by the Lipper Short-Intermediate Investment Grade Debt Funds Index, increased 2.33% during the reporting period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

Columbia VP – Limited Duration Credit Fund

Class 1

+2.38%

+4.83%

+4.47%

Class 2

+2.29%

+4.64%

+4.21%

Barclays Capital U.S. 1-5 Year Credit Index⁽¹⁾ (unmanaged)

+2.55%

+4.78%

+4.77%

Lipper Short-Intermediate Investment Grade Debt Funds Index⁽²⁾ (unmanaged)

+2.33%

+4.08%

+4.56%


*		Not annualized.


⁽¹⁾		The Barclays Capital U.S. 1-5 Year Credit Index is an unmanaged index of dollar-denominated, non-convertible U.S. corporate fixed-income securities. The index also includes specified foreign fixed-income securities that meet its maturity, liquidity and quality requirements. Only publicly issued fixed-income securities with a remaining maturity from one to five years are included. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Short-Intermediate Investment Grade Debt Funds Index includes the 30 largest short-intermediate investment grade debt funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia VP – Limited Duration Credit Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)



Corporate Bonds & Notes	97.5	%

U.S. Treasury Obligations	0.4

Other⁽²⁾	2.1


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)



AAA rating*	0.4	%

AA rating	3.7

A rating	20.5

BBB rating	61.6

BB rating	12.2

B rating	1.6


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).


*		On August 5, 2011, Standard & Poor’s Ratings Services (S&P) lowered its long-term sovereign credit rating on the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by the S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 3

Your Fund at a Glance

(Unaudited)

VP – AllianceBernstein International Value Fund

FUND SUMMARY


>	VP – AllianceBernstein International Value Fund (the Fund) Class 2 shares gained 2.27% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, the Morgan Stanley Capital International (MSCI) EAFE Index, which gained 5.35% over the same period.

>	The Fund also underperformed its peer group, as represented by the Lipper International Large-Cap Value Funds Index, which increased 5.63% for the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – AllianceBernstein International Value Fund

Class 1

+2.46%

+29.00%

+14.08%

Class 2

+2.27%

+28.57%

+13.69%

MSCI EAFE Index⁽¹⁾ (unmanaged)

+5.35%

+30.93%

+23.67%

Lipper International Large-Cap Value Funds Index⁽²⁾ (unmanaged)

+5.63%

+33.01%

+23.99%


*		Not annualized.


⁽¹⁾		The MSCI EAFE Index, an unmanaged index, is compiled from a composite of securities markets of Europe, Australia and the Far East. The index is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper International Large-Cap Value Funds Index includes the 10 largest large cap value funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

4 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – AllianceBernstein International Value Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)



Australia	3.8	%

Austria	0.8

Belgium	1.4

Bermuda	0.5

Brazil	1.1

Canada	4.7

Cayman Islands	0.3

China	0.3

Denmark	0.6

France	9.6

Germany	7.0

Hong Kong	0.6

India	0.4

Ireland	0.2

Italy	3.9

Japan	24.2

Korea	1.5

Netherlands	4.6

Norway	0.6

Poland	0.3

Portugal	0.6

Russian Federation	1.6

Singapore	0.8

Spain	0.7

Switzerland	4.6

Taiwan	0.5

Turkey	0.5

United Kingdom	21.9

Other⁽²⁾	2.4


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Royal Dutch Shell PLC, Class A (United Kingdom)	3.1	%

Rio Tinto PLC (United Kingdom)	3.0

AstraZeneca PLC (United Kingdom)	2.8

Societe Generale SA (France)	2.4

ING Groep NV-CVA (Netherlands)	2.2

Novartis AG (Switzerland)	2.2

Allianz SE (Germany)	2.0

Vodafone Group PLC (United Kingdom)	2.0

E.ON AG (Germany)	1.8

Telecom Italia SpA (Italy)	1.8


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 5

Your Fund at a Glance

(Unaudited)

VP – American Century Diversified Bond Fund

FUND SUMMARY


>	VP – American Century Diversified Bond Fund (the Fund) Class 2 shares gained 2.35% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, as represented by the Barclays Capital U.S. Aggregate Bond Index, which gained 2.72% over the same period.

>	The Fund also underperformed its peer group, represented by the Lipper Intermediate Investment Grade Debt Funds Index, which increased 3.13% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – American Century Diversified Bond Fund

Class 1

+2.56%

+3.75%

+5.03%

Class 2

+2.35%

+3.44%

+4.75%

Barclays Capital U.S. Aggregate Bond Index⁽¹⁾ (unmanaged)

+2.72%

+3.90%

+5.16%

Lipper Intermediate Investment Grade Debt Funds Index⁽²⁾ (unmanaged)

+3.13%

+5.63%

+6.52%


*		Not annualized.


⁽¹⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Intermediate Investment Grade Debt Funds Index includes the 30 largest investment grade funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

6 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – American Century Diversified Bond Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)



Corporate Bonds & Notes	26.9	%

Commercial Mortgage-Backed Securities — Non-Agency	5.1

Foreign Government Obligations	5.0

Municipal Bonds	1.9

Residential Mortgage-Backed Securities — Agency	28.4

Residential Mortgage-Backed Securities — Non-Agency	3.3

U.S. Government & Agency Obligations	1.4

U.S. Treasury Obligations	20.8

Other⁽²⁾	7.2


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)



AAA rating*	66.1	%

AA rating	4.4

A rating	12.0

BBB rating	13.2

Non-investment grade	4.1

Non-rated	0.2


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).


*		On August 5, 2011, Standard & Poor’s Ratings Services (S&P) lowered its long-term sovereign credit rating on the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by the S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 7

Your Fund at a Glance

(Unaudited)

VP – American Century Growth Fund

FUND SUMMARY


>	VP – American Century Growth Fund (the Fund) Class 2 shares gained 5.48% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, as represented by the Russell 1000 Growth Index, which gained 6.83% over the same period.

>	The Fund outperformed its peer group, represented by the Lipper Large-Cap Growth Funds Index, which increased 5.24% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – American Century Growth Fund

Class 1

+5.65%

+33.59%

+16.96%

Class 2

+5.48%

+33.30%

+16.62%

Russell 1000 Growth Index⁽¹⁾ (unmanaged)

+6.83%

+35.01%

+22.19%

Lipper Large-Cap Growth Funds Index⁽²⁾ (unmanaged)

+5.24%

+32.67%

+20.59%


*		Not annualized.


⁽¹⁾		The Russell 1000 Growth Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Growth Funds Index includes the 30 largest large-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

8 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – American Century Growth Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)



Stocks	97.8	%

Consumer Discretionary	12.9

Consumer Staples	11.3

Energy	11.5

Financials	3.8

Health Care	11.0

Industrials	11.6

Information Technology	28.3

Materials	5.5

Telecommunication Services	1.9

Exchange-Traded Funds	0.2	%

Other⁽²⁾	2.0	%


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Apple, Inc.	4.8	%

Exxon Mobil Corp.	4.7

Schlumberger Ltd.	2.8

QUALCOMM, Inc.	2.3

Coca-Cola Co. (The)	2.1

Oracle Corp.	2.1

PepsiCo, Inc.	2.0

United Parcel Service, Inc., Class B	1.8

McDonald’s Corp.	1.7

IBM Corp.	1.6


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 9

Your Fund at a Glance

(Unaudited)

VP – Columbia Wanger International Equities Fund

FUND SUMMARY


>	VP – Columbia Wanger International Equities Fund (the Fund) Class 2 shares gained 3.61% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, as represented by the Standard and Poor’s Global ex-U.S. Cap Range Companies between USD500 Million to USD5 Billion Index, which increased 2.63% for the period.

>	The Fund also outperformed its peer group, represented by the Lipper International Small/Mid Cap Growth Funds Index, which increased 2.88% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Columbia Wanger International Equities Fund

Class 1

+3.63%

+32.55%

+24.19%

Class 2

+3.61%

+32.32%

+24.07%

S&P Global ex-U.S. Cap Range Companies between USD500 Million to USD5 Billion Index⁽¹⁾ (unmanaged)

+2.63%

+34.30%

+27.12%

Lipper International Small/Mid-Cap Growth Funds Index⁽²⁾ (unmanaged)

+2.88%

+36.54%

+28.83%


*		Not annualized.


⁽¹⁾		The S&P Global ex-U.S. Cap Range Companies Between USD500 Million to USD5 Billion Index, an unmanaged index, is a subset of the broad market selected by the index sponsor representing the mid- and small-cap developed and emerging markets, excluding the United States.

⁽²⁾		The Lipper International Small/Mid-Cap Growth Funds Index includes the 10 largest international small/mid-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

10 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Columbia Wanger International Equities Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)



Australia	1.7	%

Belgium	0.2

Bermuda	1.2

Brazil	4.1

Canada	5.7

Cayman Islands	4.6

Chile	0.3

China	1.9

Czech Republic	0.5

Denmark	1.2

Finland	0.5

France	4.5

Germany	3.9

Greece	0.2

Guernsey	0.1

Hong Kong	0.2

India	1.9

Indonesia	0.0	*

Ireland	0.8

Israel	0.7

Italy	2.4

Japan	15.9

Korea	1.3

Luxembourg	0.7

Malta	0.2

Mexico	0.5

Netherlands	6.8

Norway	0.3

Portugal	0.6

Singapore	4.8

South Africa	3.7

Spain	0.6

Sweden	2.3

Switzerland	3.9

Taiwan	3.4

Thailand	0.3

United Kingdom	6.8

United States	3.8

Virgin Islands	0.4

Other⁽²⁾	7.1


*		Rounds to less than 0.1%.

⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 11

Your Fund at a Glance (continued) 

VP – Columbia Wanger International Equities Fund

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Hexagon AB, Series B (Sweden)	1.5	%

Melco Crown Entertainment Ltd., ADR (Caymen Islands)	1.5

Olam International Ltd. (Singapore)	1.3

Localiza Rent a Car SA (Brazil)	1.3

Kansai Paint Co., Ltd. (Japan)	1.1

Zhaojin Mining Industry Co., Ltd., Series H (China)	1.1

Imtech NV (Netherlands)	1.1

Intertek Group PLC (United Kingdom)	1.0

Naspers Ltd., Series N (South Africa)	1.0

Atwood Oceanics, Inc. (United States)	0.9


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

12 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Columbia Wanger U.S. Equities Fund

FUND SUMMARY


>	VP – Columbia Wanger U.S. Equities Fund (the Fund) Class 2 shares gained 10.89% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, as represented by the Russell 2000 Index, which gained 6.21% over the same period.

>	The Fund also outperformed its peer group, represented by the Lipper Small-Cap Growth Funds Index, which increased 9.07% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Columbia Wanger U.S. Equities Fund

Class 1

+11.04%

+47.10%

+27.19%

Class 2

+10.89%

+46.82%

+26.86%

Russell 2000 Index⁽¹⁾ (unmanaged)

+6.21%

+37.41%

+24.44%

Lipper Small-Cap Growth Funds Index⁽²⁾ (unmanaged)

+9.07%

+41.91%

+29.59%


*		Not annualized.


⁽¹⁾		The Russell 2000 Index, an unmanaged index, measures the performance of the 2,000 smallest companies in the Russell 3000^® Index. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Small-Cap Growth Funds Index includes the 30 largest small-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 13

Your Fund at a Glance (continued) 

VP – Columbia Wanger U.S. Equities Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	14.7	%

Consumer Staples	0.8

Energy	9.1

Financials	13.1

Health Care	10.3

Industrials	20.7

Information Technology	24.9

Materials	0.7

Telecommunication Services	3.8

Other⁽²⁾	1.9


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



IPG Photonics Corp.	4.3	%

Lululemon Athletica, Inc.	2.6

Nordson Corp.	2.6

FMC Technologies, Inc.	2.5

Informatica Corp.	2.4

AMETEK, Inc.	2.4

MICROS Systems, Inc.	2.3

tw telecom, inc.	1.9

Abercrombie & Fitch Co., Class A	1.8

Mettler-Toledo International, Inc.	1.7


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

14 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Eaton Vance Floating-Rate Income Fund

FUND SUMMARY


>	VP – Eaton Vance Floating-Rate Income Fund (the Fund) Class 2 shares gained 1.71% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, as represented by the S&P/LSTA Leveraged Loan Index, which gained 2.61% over the same period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Eaton Vance Floating-Rate Income Fund

Class 1

+1.88%

+7.41%

+4.39%

Class 2

+1.71%

+7.27%

+3.41%

S&P/LSTA Leveraged Loan Index⁽¹⁾ (unmanaged)

+2.61%

+9.35%

+5.49%


*		Not annualized.

**		Fund data is from May 7, 2010. S&P/LSTA Leveraged Loan Index is from April 30, 2010.


⁽¹⁾		The S&P/LSTA Leveraged Loan Index is a daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. On a real-time basis, the S&P/LSTA Leveraged Loan Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included in the S&P/LSTA Leveraged Loan Index represent a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 15

Your Fund at a Glance (continued) 

VP – Eaton Vance Floating-Rate Income Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	27.0	%

Consumer Staples	9.6

Energy	1.1

Financials	4.2

Health Care	14.3

Industrials	7.7

Materials	11.0

Telecommunication	16.2

Utilities	3.6

Other⁽²⁾	5.3


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments. The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)



BBB rating	2.4	%

BB rating	27.1

B rating	68.1

CCC rating	1.0

CC rating	0.8

Non-rated	0.6


⁽¹⁾		Percentages indicated are based upon total fixed income securities excluding Cash & Cash Equivalents.

16 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Invesco International Growth Fund

FUND SUMMARY


>	VP – Invesco International Growth Fund (the Fund) Class 2 shares gained 6.21% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, the Morgan Stanley Capital International (MSCI) EAFE Growth Index, which gained 4.66% over the same period.

>	The Fund also outperformed its peer group, represented by the Lipper International Large-Cap Growth Funds Index, which increased 4.44% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Invesco International Growth Fund

Class 1

+6.39%

+30.89%

+21.11%

Class 2

+6.21%

+30.50%

+20.73%

MSCI EAFE Growth Index⁽¹⁾ (unmanaged)

+4.66%

+31.65%

+25.24%

Lipper International Large-Cap Growth Funds Index⁽²⁾ (unmanaged)

+4.44%

+31.50%

+24.81%


*		Not annualized.


⁽¹⁾		The MSCI EAFE Growth Index, an unmanaged index, is compiled from a composite of securities markets in Europe, Australasia and the Far East. The index represents the growth half of the market capitalizations of each country index, determined by price/book value, from the standard MSCI country indices. The index covers the full range of developed, emerging and MSCI All Country indices, including Free indices where applicable. The Country Growth indices are aggregated into regional Growth indices to create the composite. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper International Large-Cap Growth Funds Index includes the 30 largest international large-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 17

Your Fund at a Glance (continued) 

VP – Invesco International Growth Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)



Australia	6.5	%

Belgium	1.5

Bermuda	0.8

Brazil	2.4

Canada	5.9

China	1.5

Denmark	1.7

France	7.2

Germany	5.5

Hong Kong	1.1

India	1.2

Israel	1.6

Japan	9.8

Korea	2.9

Mexico	3.0

Netherlands	2.1

Russia Federation	1.1

Singapore	2.7

Sweden	3.6

Switzerland	7.9

Taiwan	2.0

Turkey	0.6

United Kingdom	19.2

Other⁽²⁾	8.2


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Compass Group PLC (United Kingdom)	2.1	%

BHP Billiton Ltd. (Australia)	2.1

Hyundai Mobis (Korea)	2.0

Imperial Tobacco Group PLC (United Kingdom)	2.0

Nestlé SA (Switzerland)	1.9

Yamada Denki Co., Ltd. (Japan)	1.9

Novo Nordisk A/S, Series B (Denmark)	1.8

Novartis AG (Switzerland)	1.8

Teva Pharmaceutical Industries Ltd., ADR (Israel)	1.8

Banco Bradesco SA, ADR (Brazil)	1.8


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

18 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – J.P. Morgan Core Bond Fund

FUND SUMMARY


>	VP – J.P. Morgan Core Bond Fund (the Fund) Class 2 shares gained 2.73% for the six month period ended June 30, 2011.

>	The Fund performed in-line with its benchmark, the Barclays Capital U.S. Aggregate Bond Index, an unmanaged index representing U.S. taxable investment-grade bonds, which returned 2.72% during the same period.

>	The Fund underperformed the Lipper Intermediate Investment Grade Debt Funds Index, representing the Fund’s peer group, which advanced 3.13%.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – J.P. Morgan Core Bond Fund

Class 1

+2.87%

+4.38%

+5.97%

Class 2

+2.73%

+4.14%

+5.67%

Barclays Capital U.S. Aggregate Bond Index⁽¹⁾ (unmanaged)

+2.72%

+3.90%

+5.16%

Lipper Intermediate Investment Grade Debt Funds Index⁽²⁾ (unmanaged)

+3.13%

+5.63%

+6.52%


*		Not annualized.


⁽¹⁾		The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Intermediate Investment Grade Debt Funds Index includes the 30 largest investment grade funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 19

Your Fund at a Glance (continued) 

VP – J.P. Morgan Core Bond Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)



Asset-Backed Securities — Agency	0.1	%

Asset-Backed Securities — Non-Agency	2.0

Commercial Mortgage-Backed Securities — Agency	2.8

Commercial Mortgage-Backed Securities — Non-Agency	1.8

Corporate Bonds & Notes	12.0

Foreign Government Obligations	0.1

Municipal Bonds	0.1

Residential Mortgage-Backed Securities — Agency	35.7

Residential Mortgage-Backed Securities — Non-Agency	9.7

U.S. Government & Agency Obligations	14.2

U.S. Treasury Obligations	20.5

Other⁽²⁾	1.0


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)



AAA rating⁽²⁾	83.2	%

AA rating	3.0

A rating	6.1

BBB rating	3.6

Non-investment grade	0.0	*

Non-rated	4.1


*		Rounds to less than 0.01%.

⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).


⁽²⁾		On August 5, 2011, Standard & Poor’s Ratings Services (S&P) lowered its long-term sovereign credit rating on the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by the S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

20 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Jennison Mid Cap Growth Fund

FUND SUMMARY


>	VP – Jennison Mid Cap Growth Fund (the Fund) Class 2 shares gained 9.36% from for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, as represented by the Russell Midcap Growth Index, which gained 9.59% over the same period.

>	The Fund outperformed its peer group, represented by the Lipper Mid-Cap Growth Funds Index, which increased 7.57% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Jennison Mid Cap Growth Fund

Class 1

+9.51%

+34.34%

+20.95%

Class 2

+9.36%

+33.95%

+20.52%

Russell Midcap Growth Index⁽¹⁾ (unmanaged)

+9.59%

+43.25%

+29.96%

Lipper Mid-Cap Growth Funds Index⁽²⁾ (unmanaged)

+7.57%

+39.76%

+28.00%


*		Not annualized.


⁽¹⁾		The Russell Midcap Growth Index, an unmanaged index, measures the performance of those stocks in the Russell Midcap Index with higher price-to-book ratios and higher forecasted growth values. The stocks in the index are also members of the Russell 1000^® Growth Index. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Mid-Cap Growth Funds Index includes the 30 largest mid-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 21

Your Fund at a Glance (continued) 

VP – Jennison Mid Cap Growth Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	16.7	%

Consumer Staples	6.6

Energy	7.9

Financials	4.7

Health Care	16.5

Industrials	11.7

Information Technology	23.1

Materials	5.3

Telecommunication Services	6.0

Other⁽²⁾	1.5


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



NII Holdings, Inc.	2.3	%

Check Point Software Technologies Ltd.	2.0

Crown Castle International Corp.	2.0

Dollar Tree, Inc.	1.9

DaVita, Inc.	1.9

Church & Dwight Co., Inc.	1.8

Tim Hortons, Inc.	1.8

Southwestern Energy Co.	1.8

American Tower Corp., Class A	1.8

Roper Industries, Inc.	1.7


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

22 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – MFS Value Fund

FUND SUMMARY


>	VP – MFS Value Fund (the Fund) Class 2 shares gained 5.49% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, as represented by the Russell 1000 Value Index, which gained 5.92% over the same period.

>	The Fund performed in-line with its peer group, represented by the Lipper Large-Cap Value Funds Index, which increased 5.47% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – MFS Value Fund

��

Class 1

+5.67%

+27.04%

+11.83%

Class 2

+5.49%

+26.70%

+11.58%

Russell 1000 Value Index⁽¹⁾ (unmanaged)

+5.92%

+28.94%

+17.05%

Lipper Large-Cap Value Funds Index⁽²⁾ (unmanaged)

+5.47%

+28.35%

+16.41%


*		Not annualized.


⁽¹⁾		The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Value Funds Index includes the 30 largest large-cap value funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 23

Your Fund at a Glance (continued) 

VP – MFS Value Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	10.0	%

Consumer Staples	12.4

Energy	8.8

Financials	20.8

Health Care	12.7

Industrials	13.5

Information Technology	10.4

Materials	3.2

Telecommunication Services	4.2

Utilities	2.2

Other⁽²⁾	1.8


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Lockheed Martin Corp.	3.6	%

Philip Morris International, Inc.	3.5

AT&T, Inc.	3.0

Goldman Sachs Group, Inc. (The)	2.9

JPMorgan Chase & Co.	2.8

Johnson & Johnson	2.8

Pfizer, Inc.	2.5

MetLife, Inc.	2.5

IBM Corp.	2.4

United Technologies Corp.	2.3


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

24 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Marsico Growth Fund

FUND SUMMARY


>	VP – Marsico Growth Fund (the Fund) Class 2 shares gained 5.56% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, the Standard & Poor’s 500 Index (S&P 500 Index), which gained 6.02% over the same period.

>	The Fund outperformed its peer group, represented by the Lipper Large-Cap Growth Funds Index, which increased 5.24% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Marsico Growth Fund
Class 1

+5.64%

+36.55%

+23.49%

Class 2

+5.56%

+36.23%

+23.23%

S&P 500 Index⁽¹⁾ (unmanaged)

+6.02%

+30.69%

+18.64%

Lipper Large-Cap Growth Funds Index⁽²⁾ (unmanaged)

+5.24%

+32.67%

+20.59%


*		Not annualized.


⁽¹⁾		The S&P 500 Index, an unmanaged index of common stocks, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Growth Funds Index includes the 30 largest large-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 25

Your Fund at a Glance (continued) 

VP – Marsico Growth Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	30.2	%

Consumer Staples	3.2

Energy	6.9

Financials	4.1

Health Care	4.0

Industrials	13.4

Information Technology	14.2

Materials	13.1

Other⁽²⁾	10.9


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Oracle Corp.	4.1	%

Praxair, Inc.	4.0

Apple, Inc.	4.0

Dow Chemical Co. (The)	3.6

priceline.com, Inc.	3.6

TJX Companies, Inc.	3.6

Baidu, Inc., ADR	3.6

Time Warner, Inc.	3.5

Monsanto Co.	3.2

Union Pacific Corp.	3.1


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

26 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Mondrian International Small Cap Fund

FUND SUMMARY


>	VP – Mondrian International Small Cap Fund (the Fund) Class 2 shares gained 8.29% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, the Morgan Stanley Capital International (MSCI) World ex U.S. Small Cap Index, which gained 3.37% over the same period.

>	The Fund also outperformed its peer group, represented by the Lipper International Small/Mid-Cap Core Funds Index, which increased 4.69% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Mondrian International Small Cap Fund
Class 1

+8.33%

+41.67%

+30.86%

Class 2

+8.29%

+41.23%

+30.44%

MSCI World ex U.S. Small Cap Index⁽¹⁾ (unmanaged)

+3.37%

+37.51%

+28.39%

Lipper International Small/Mid-Cap Core Funds Index⁽²⁾ (unmanaged)

+4.69%

+39.24%

+29.21%


*		Not annualized.


⁽¹⁾		The MSCI World ex U.S. Small Cap Index is composed of stocks which are categorized as small capitalization stocks. The MSCI World ex U.S. Index is a market capitalization-weighted index designed to measure equity performance in 22 global developed markets, excluding the U.S.

⁽²⁾		The Lipper International Small/Mid-Cap Core Funds Index includes the 10 largest international small/mid-cap core funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 27

Your Fund at a Glance (continued) 

VP – Mondrian International Small Cap Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)



Australia	7.0	%

Bermuda	1.4

Canada	3.5

Cayman Islands	2.2

Denmark	1.0

France	9.6

Germany	11.4

Ireland	1.0

Japan	11.5

Luxembourg	1.3

Netherlands	5.3

New Zealand	3.0

Norway	0.7

Singapore	12.2

Spain	0.7

Sweden	0.9

United Kingdom	25.1

Other⁽²⁾	2.2


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Koninklijke Boskalis Westminster NV (Netherlands)	3.5	%

Neopost SA (France)	2.9

Croda International PLC (United Kingdom)	2.9

Commonwealth Property Office Fund (Australia)	2.8

Rexam PLC (United Kingdom)	2.7

CapitaMall Trust (Singapore)	2.7

Symrise AG (Germany)	2.5

Rotork PLC (United Kingdom)	2.5

Bilfinger Berger SE (Germany)	2.3

Transfield Services Ltd. (Australia)	2.3


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

28 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Morgan Stanley Global Real Estate Fund

FUND SUMMARY


>	VP – Morgan Stanley Global Real Estate Fund (the Fund) Class 2 shares gained 5.39% for the six month period ended June 30, 2011.

>	The Fund underperformed its benchmark, the FTSE EPRA/NAREIT Developed Real Estate Index, which gained 6.07% over the same period.

>	The Fund also underperformed its peer group, represented by the Lipper Global Real Estate Funds Index, which increased 5.55% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Morgan Stanley Global Real Estate Fund
Class 1

+5.39%

+33.04%

+20.38%

Class 2

+5.39%

+32.85%

+20.11%

FTSE EPRA/NAREIT Developed Real Estate Index⁽¹⁾ (unmanaged)

+6.07%

+33.36%

+25.10%

Lipper Global Real Estate Funds Index⁽²⁾ (unmanaged)

+5.55%

+32.05%

+22.60%


*		Not annualized.


⁽¹⁾		The FTSE EPRA/NAREIT Developed Real Estate Index is a global free float-adjusted market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

⁽²⁾		The Lipper Global Real Estate Funds Index includes the 10 largest global real estate funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 29

Your Fund at a Glance (continued) 

VP – Morgan Stanley Global Real Estate Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)



Australia	8.0	%

Austria	0.0	*

Belgium	0.2

Bermuda	4.5

Brazil	0.4

Canada	2.8

Cayman Islands	2.0

China	0.8

Finland	0.3

France	4.3

Germany	0.6

Hong Kong	13.4

Italy	0.4

Japan	9.4

Netherlands	1.5

Singapore	2.4

Sweden	0.7

Switzerland	0.9

United Kingdom	7.5

United States	37.0

Other⁽²⁾	2.9


*		Rounds to less than 0.1%.

⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Sun Hung Kai Properties Ltd. (Hong Kong)	5.8	%

Simon Property Group, Inc. (United States)	4.6

Equity Residential (United States)	3.5

Mitsubishi Estate Co., Ltd. (Japan)	3.5

Hongkong Land Holdings Ltd. (Bermuda)	3.2

Westfield Group (Australia)	3.0

Mitsui Fudosan Co., Ltd. (Japan)	3.0

Unibail-Rodamco SE (France)	2.5

Starwood Hotels & Resorts Worldwide, Inc. (United States)	2.5

Host Hotels & Resorts, Inc. (United States)	2.4


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

30 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – NFJ Dividend Value Fund

FUND SUMMARY


>	VP – NFJ Dividend Value Fund (the Fund) Class 2 shares gained 7.21% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, as represented by the Russell 1000 Value Index, which gained 5.92% over the same period.

>	The Fund also outperformed its peer group, represented by the Lipper Large-Cap Value Funds Index, which increased 5.47% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – NFJ Dividend Value Fund
Class 1

+7.28%

+31.88%

+17.89%

Class 2

+7.21%

+31.69%

+17.64%

Russell 1000 Value Index⁽¹⁾ (unmanaged)

+5.92%

+28.94%

+17.05%

Lipper Large-Cap Value Funds Index⁽²⁾ (unmanaged)

+5.47%

+28.35%

+16.41%


*		Not annualized.


⁽¹⁾		The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Value Funds Index includes the 30 largest large-cap value funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 31

Your Fund at a Glance (continued) 

VP – NFJ Dividend Value Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	3.6	%

Consumer Staples	9.4

Energy	18.3

Financials	17.1

Health Care	11.8

Industrials	8.9

Information Technology	11.8

Materials	4.0

Telecommunication Services	3.6

Utilities	3.5

Other⁽²⁾	8.0


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Total SA, ADR	4.6	%

ConocoPhillips	4.5

Intel Corp.	4.1

Annaly Capital Management, Inc.	3.2

Sanofi, ADR	2.6

Microsoft Corp.	2.5

Kimberly-Clark Corp.	2.3

Royal Dutch Shell PLC, ADR	2.3

JPMorgan Chase & Co.	2.3

Wells Fargo & Co.	2.3


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

32 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Nuveen Winslow Large Cap Growth Fund

FUND SUMMARY


>	VP – Nuveen Winslow Large Cap Growth Fund (the Fund) Class 2 shares gained 7.63% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, as represented by the Russell 1000 Growth Index, which gained 6.83% over the same period.

>	The Fund also outperformed its peer group, represented by the Lipper Large-Cap Growth Funds Index, which increased 5.24% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Nuveen Winslow Large Cap Growth Fund
Class 1

+7.79%

+37.70%

+19.85%

Class 2

+7.63%

+37.40%

+19.51%

Russell 1000 Growth Index⁽¹⁾ (unmanaged)

+6.83%

+35.01%

+22.19%

Lipper Large-Cap Growth Funds Index⁽²⁾ (unmanaged)

+5.24%

+32.67%

+20.59%


*		Not annualized.


⁽¹⁾		The Russell 1000 Growth Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Large-Cap Growth Funds Index includes the 30 largest large-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 33

Your Fund at a Glance (continued) 

VP – Nuveen Winslow Large Cap Growth Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	14.4	%

Consumer Staples	3.4

Energy	9.4

Financials	6.4

Health Care	11.7

Industrials	15.1

Information Technology	31.8

Materials	4.4

Telecommunication Services	1.7

Other⁽²⁾	1.7


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Apple, Inc.	4.7	%

QUALCOMM, Inc.	3.2

Union Pacific Corp.	3.1

Schlumberger Ltd.	2.8

Cognizant Technology Solutions Corp., Class A	2.8

Danaher Corp.	2.7

Oracle Corp.	2.7

Amazon.com, Inc.	2.7

Visa, Inc., Class A	2.7

EMC Corp.	2.7


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

34 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Partners Small Cap Growth Fund

FUND SUMMARY


>	VP – Partners Small Cap Growth Fund (the Fund) Class 2 shares gained 9.02% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, as represented by the Russell 2000 Growth Index, which gained 8.59% over the same period.

>	The Fund slightly underperformed its peer group, represented by the Lipper Small-Cap Growth Funds Index, which increased 9.07% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Partners Small Cap Growth Fund
Class 1

+9.18%

+42.62%

+24.41%

Class 2

+9.02%

+42.33%

+24.08%

Russell 2000 Growth Index⁽¹⁾ (unmanaged)

+8.59%

+43.50%

+31.29%

Lipper Small-Cap Growth Funds Index⁽²⁾ (unmanaged)

+9.07%

+41.91%

+29.59%


*		Not annualized.


⁽¹⁾		The Russell 2000 Growth Index, an unmanaged index, measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Small-Cap Growth Funds Index includes the 30 largest small-cap growth funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 35

Your Fund at a Glance (continued) 

VP – Partners Small Cap Growth Fund

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)



Consumer Discretionary	14.8	%

Consumer Staples	6.9

Energy	6.9

Financials	10.0

Health Care	15.8

Industrials	14.6

Information Technology	24.7

Materials	4.0

Other⁽²⁾	2.3


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Aruba Networks, Inc.	1.8	%

Pricesmart, Inc.	1.7

Green Mountain Coffee Roasters, Inc.	1.6

Cabela’s, Inc.	1.6

Atwood Oceanics, Inc.	1.6

Volcano Corp.	1.6

NewMarket Corp.	1.5

Alexander & Baldwin, Inc.	1.4

Albemarle Corp.	1.4

Old Dominion Freight Line, Inc.	1.3


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

36 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – PIMCO Mortgage-Backed Securities Fund

FUND SUMMARY


>	VP – PIMCO Mortgage-Backed Securities Fund (the Fund) Class 2 shares gained 2.42% for the six month period ended June 30, 2011.

>	The Fund underperformed the 2.87% increase of its benchmark, the Barclays Capital U.S. Mortgage-Backed Securities Index, during the same period.

>	The Fund also underperformed the Lipper U.S. Mortgage Funds Index, representing the Fund’s peer group, which advanced 2.72%.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – PIMCO Mortgage-Backed Securities Fund
Class 1

+2.54%

+3.74%

+5.50%

Class 2

+2.42%

+3.62%

+5.30%

Barclays Capital U.S. Mortgage-Backed Securities Index⁽¹⁾ (unmanaged)

+2.87%

+3.77%

+4.91%

Lipper U.S. Mortgage Funds Index⁽²⁾ (unmanaged)

+2.72%

+4.19%

+5.21%


*		Not annualized.


⁽¹⁾		The Barclays Capital U.S. Mortgage-Backed Securities Index is composed of all mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

⁽²⁾		The Lipper U.S. Mortgage Funds Index includes the 10 largest U.S. mortgage funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 37

Your Fund at a Glance (continued) 

VP – PIMCO Mortgage-Backed Securities Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)



Asset-Backed Securities — Non-Agency	1.8	%

Commercial Mortgage-Backed Securities — Non-Agency	1.9

Repurchase Agreements	0.1

Residential Mortgage-Backed Securities — Agency	83.6

Residential Mortgage-Backed Securities — Non-Agency	4.2

U.S. Government & Agency Obligations	6.6

U.S. Treasury Obligations	1.8


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments. The Fund’s composition is subject to change.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)



AAA rating*	98.5	%

AA rating	0.2

A rating	0.5

Non-rated	0.8


⁽¹⁾		Percentages indicated are based upon total fixed income securities.


*		On August 5, 2011, Standard & Poor’s Ratings Services (S&P) lowered its long-term sovereign credit rating on the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by the S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

38 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Pyramis^® International Equity Fund

FUND SUMMARY


>	VP – Pyramis^® International Equity Fund (the Fund) Class 2 shares gained 5.56% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, the Morgan Stanley Capital International (MSCI) EAFE Index, which gained 5.35% over the same period.

>	The Fund also outperformed its peer group, represented by the Lipper International Large-Cap Core Funds Index, which increased 4.84% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Pyramis^® International Equity Fund
Class 1

+5.75%

+32.55%

+19.61%

Class 2

+5.56%

+32.28%

+19.22%

MSCI EAFE Index⁽¹⁾ (unmanaged)

+5.35%

+30.93%

+23.67%

Lipper International Large-Cap Core Funds Index⁽²⁾ (unmanaged)

+4.84%

+31.15%

+23.58%


*		Not annualized.


⁽¹⁾		The MSCI EAFE Index, an unmanaged index, is compiled from a composite of securities markets of Europe, Australia and the Far East. The index is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper International Large-Cap Core Funds Index includes the 30 largest large-cap core funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 39

Your Fund at a Glance (continued) 

VP – Pyramis^® International Equity Fund

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)



Australia	8.8	%

Austria	0.4

Belgium	1.2

Bermuda	0.4

Denmark	2.4

Finland	0.4

France	10.1

Germany	9.6

Guernsey	0.3

Hong Kong	2.1

Israel	0.2

Italy	2.4

Japan	19.5

Netherlands	3.1

Norway	1.5

Papua New Guinea	0.2

Portugal	0.3

Singapore	1.6

Spain	2.9

Sweden	1.5

Switzerland	7.3

United Kingdom	19.9

Other⁽²⁾	3.9


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)



Nestlé SA (Switzerland)	2.4	%

Novo Nordisk A/S, Series B (Denmark)	1.6

Royal Dutch Shell PLC, Class A (United Kingdom)	1.5

HSBC Holdings PLC (United Kingdom)	1.5

Siemens AG (Germany)	1.4

Vodafone Group PLC (United Kingdom)	1.4

Volkswagen AG (Germany)	1.3

Toyota Motor Corp. (Japan)	1.3

Sanofi (France)	1.3

UBS AG (Switerland)	1.2


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

40 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Your Fund at a Glance

(Unaudited)

VP – Wells Fargo Short Duration Government Fund

FUND SUMMARY


>	VP – Wells Fargo Short Duration Government Fund (the Fund) Class 2 shares gained 1.19% for the six month period ended June 30, 2011.

>	The Fund outperformed its benchmark, the Barclays Capital U.S. 1-3 Year Government Index, which gained 0.88% over the same period.

>	The Fund also outperformed its peer group, represented by the Lipper Short U.S. Government Funds Index, which increased 0.92% for the period.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

5/7/10

VP – Wells Fargo Short Duration Government Fund
Class 1

+1.32%

+2.33%

+2.64%

Class 2

+1.19%

+2.09%

+2.35%

Barclays Capital U.S. 1-3 Year Government Index⁽¹⁾ (unmanaged)

+0.88%

+1.38%

+1.79%

Lipper Short U.S. Government Funds Index⁽²⁾ (unmanaged)

+0.92%

+1.63%

+1.96%


*		Not annualized.


⁽¹⁾		The Barclays Capital U.S. 1-3 Year Government Index, an unmanaged index, is made up of all publicly issued, non-convertible domestic debt of the U.S. government, or agency thereof, or any quasi-federal corporation. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper Short U.S. Government Funds Index includes the 30 largest short U.S. government funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 41

Your Fund at a Glance (continued) 

VP – Wells Fargo Short Duration Government Fund

PORTFOLIO BREAKDOWN⁽¹⁾ (at June 30, 2011)



Asset-Backed Securities — Non-Agency	8.3	%

Commercial Mortgage-Backed Securities — Agency	1.4

Commercial Mortgage-Backed Securities — Non-Agency	4.8

Corporate Bonds & Notes	1.3

Residential Mortgage-Backed Securities — Agency	34.4

U.S. Government & Agency Obligations	5.5

U.S. Treasury Obligations	42.3

Other⁽²⁾	2.0


⁽¹⁾		Portfolio holdings include industry sectors that can be comprised of securities in several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.
⁽²⁾		Cash & Cash Equivalents.

QUALITY BREAKDOWN⁽¹⁾ (at June 30, 2011)



AAA rating*	98.7	%

Non-investment grade	1.3


⁽¹⁾		Percentages indicated are based upon total fixed income securities (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).


*		On August 5, 2011, Standard & Poor’s Ratings Services (S&P) lowered its long-term sovereign credit rating on the United States of America to “AA+” from “AAA”. The table above does not reflect the effect of such downgrade because it occurred after the period-end noted in the table. Because the Fund invests in U.S. government obligations, the value of the Fund’s shares may be adversely affected by the S&P’s downgrade or any future downgrades of the U.S. government’s credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.

42 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Fund Expense Examples

(Unaudited)

As a contract/policy owner investing in the Funds, you incur ongoing costs, which may include management fees and other expenses; distribution and service (Rule 12b-1) fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds that underlie various annuity contracts and/or life insurance policies. In addition to the ongoing expense which each Fund bears directly, each Fund’s shareholders indirectly bear the expense of the funds in which it invests (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds). Each Fund’s indirect expense from investing in the acquired funds is based on the Fund’s pro rata portion of the ongoing expenses charged by the acquired funds using the expense ratio of each of the acquired funds as of the acquired fund’s most recent shareholder report.

These examples are based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

The first line of each table provides information about actual account values and actual expenses for each class. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 43

Fund Expense Examples (continued)

Columbia VP – Limited Duration Credit Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,023.80	$	2.71		.54%

Hypothetical (5% return before expenses)	$	1,000	$	1,022.12	$	2.71		.54%

Class 2

Actual^(b)	$	1,000	$	1,022.90	$	3.96		.79%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.88	$	3.96		.79%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.38% for Class 1 and +2.29% for Class 2.

VP – AllianceBernstein International Value Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,024.60	$	4.72	^(c)		.94%	^(c)

Hypothetical (5% return before expenses)	$	1,000	$	1,020.13	$	4.71	^(c)		.94%	^(c)

Class 2

Actual^(b)	$	1,000	$	1,022.70	$	5.92	^(c)		1.18%	^(c)

Hypothetical (5% return before expenses)	$	1,000	$	1,018.94	$	5.91	^(c)		1.18%	^(c)


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.46% for Class 1 and +2.27% for Class 2.
^(c)		Columbia Management Investment Advisers, LLC (the Investment Manager) and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.93% for Class 1 and 1.18% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $4.67 for Class 1 and $5.92 for Class 2; the hypothetical expenses paid would have been $4.66 for Class 1 and $5.91 for Class 2.

44 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – American Century Diversified Bond Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,025.60	$	2.81	^(c)		.56%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,022.02	$	2.81	^(c)		.56%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,023.50	$	4.06	^(c)		.81%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.78	$	4.06	^(c)		.81%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.56% for Class 1 and +2.35% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.70% for Class 1 and 0.95% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.52 for Class 1 and $4.77 for Class 2; the hypothetical expenses paid would have been $3.51 for Class 1 and $4.76 for Class 2.

VP – American Century Growth Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,056.50	$	3.57		.70%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.32	$	3.51		.70%

Class 2

Actual^(b)	$	1,000	$	1,054.80	$	4.84		.95%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.08	$	4.76		.95%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.65% for Class 1 and +5.48% for Class 2.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 45

Fund Expense Examples (continued)

VP – Columbia Wanger International Equities Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,036.30	$	5.55	^(c)		1.10%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.34	$	5.51	^(c)		1.10%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,036.10	$	6.76	^(c)		1.34%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,018.15	$	6.71	^(c)		1.34%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +3.63% for Class 1 and +3.61% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 1.01% for Class 1 and 1.26% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $5.10 for Class 1 and $6.36 for Class 2; the hypothetical expenses paid would have been $5.06 for Class 1 and $6.31 for Class 2.

VP – Columbia Wanger U.S. Equities Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,110.40	$	5.02		.96%

Hypothetical (5% return before expenses)	$	1,000	$	1,020.03	$	4.81		.96%

Class 2

Actual^(b)	$	1,000	$	1,108.90	$	6.27		1.20%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.84	$	6.01		1.20%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +11.04% for Class 1 and +10.89% for Class 2.

46 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Eaton Vance Floating-Rate Income Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,018.80	$	3.15	^(c)		.63%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,021.67	$	3.16	^(c)		.63%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,017.10	$	4.50	^(c)		.90%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.33	$	4.51	^(c)		.90%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +1.88% for Class 1 and +1.71% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.73% for Class 1 and 0.98% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.65 for Class 1 and $4.90 for Class 2; the hypothetical expenses paid would have been $3.66 for Class 1 and $4.91 for Class 2.

VP – Invesco International Growth Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,063.90	$	4.91	^(c)		.96%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.03	$	4.81	^(c)		.96%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,062.10	$	6.19	^(c)		1.21%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,018.79	$	6.06	^(c)		1.21%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +6.39% for Class 1 and +6.21% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.95% for Class 1 and 1.20% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $4.86 for Class 1 and $6.14 for Class 2; the hypothetical expenses paid would have been $4.76 for Class 1 and $6.01 for Class 2.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 47

Fund Expense Examples (continued)

VP – J.P. Morgan Core Bond Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,028.70	$	2.82	^(c)		.56%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,022.02	$	2.81	^(c)		.56%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,027.30	$	4.07	^(c)		.81%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.78	$	4.06	^(c)		.81%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.87% for Class 1 and +2.73% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.70% for Class 1 and 0.95% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.52 for Class 1 and $4.78 for Class 2; the hypothetical expenses paid would have been $3.51 for Class 1 and $4.76 for Class 2.

VP – Jennison Mid Cap Growth Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,095.10	$	4.26	^(c)		.82%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.73	$	4.11	^(c)		.82%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,093.60	$	5.55	^(c)		1.07%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.49	$	5.36	^(c)		1.07%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +9.51% for Class 1 and +9.36% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.83% for Class 1 and 1.08% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $4.31 for Class 1 and $5.61 for Class 2; the hypothetical expenses paid would have been $4.16 for Class 1 and $5.41 for Class 2.

48 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – MFS Value Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,056.70	$	3.42	^(c)		.67%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,021.47	$	3.36	^(c)		.67%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,054.90	$	4.74	^(c)		.93%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.18	$	4.66	^(c)		.93%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.67% for Class 1 and +5.49% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.72% for Class 1 and 0.97% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.67 for Class 1 and $4.94 for Class 2; the hypothetical expenses paid would have been $3.61 for Class 1 and $4.86 for Class 2.

VP – Marsico Growth Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,056.40	$	3.62	^(c)		.71%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,021.27	$	3.56	^(c)		.71%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,055.60	$	4.89	^(c)		.96%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.03	$	4.81	^(c)		.96%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.64% for Class 1 and +5.56% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.72% for Class 1 and 0.97% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.67 for Class 1 and $4.94 for Class 2; the hypothetical expenses paid would have been $3.61 for Class 1 and $4.86 for Class 2.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 49

Fund Expense Examples (continued)

VP – Mondrian International Small Cap Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,083.30	$	5.58		1.08%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.44	$	5.41		1.08%

Class 2

Actual^(b)	$	1,000	$	1,082.90	$	6.82		1.32%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.25	$	6.61		1.32%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +8.33% for Class 1 and +8.29% for Class 2.

VP – Morgan Stanley Global Real Estate Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,053.90	$	4.43	^(c)		.87%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.48	$	4.36	^(c)		.87%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,053.90	$	5.70	^(c)		1.12%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.24	$	5.61	^(c)		1.12%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.39% for Class 1 and +5.39% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.89% for Class 1 and 1.14% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $4.53 for Class 1 and $5.81 for Class 2; the hypothetical expenses paid would have been $4.46 for Class 1 and $5.71 for Class 2.

50 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – NFJ Dividend Value Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,072.80	$	3.44	^(c)		.67%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,021.47	$	3.36	^(c)		.67%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,072.10	$	4.78	^(c)		.93%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.18	$	4.66	^(c)		.93%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +7.28% for Class 1 and +7.21% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.76% for Class 1 and 1.01% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.91 for Class 1 and $5.19 for Class 2; the hypothetical expenses paid would have been $3.81 for Class 1 and $5.06 for Class 2.

VP – Nuveen Winslow Large Cap Growth Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,077.90	$	3.71	^(c)		.72%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,021.22	$	3.61	^(c)		.72%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,076.30	$	4.99	^(c)		.97%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,019.98	$	4.86	^(c)		.97%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +7.79% for Class 1 and +7.63% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.74% for Class 1 and 0.99% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $3.81 for Class 1 and $5.10 for Class 2; the hypothetical expenses paid would have been $3.71 for Class 1 and $4.96 for Class 2.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 51

Fund Expense Examples (continued)

VP – Partners Small Cap Growth Fund


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,091.80	$	5.29		1.02%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.74	$	5.11		1.02%

Class 2

Actual^(b)	$	1,000	$	1,090.20	$	6.48		1.25%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.60	$	6.26		1.25%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +9.18% for Class 1 and +9.02% for Class 2.

VP – PIMCO Mortgage-Backed Securities Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,025.40	$	2.76	^(c)		.55%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,022.07	$	2.76	^(c)		.55%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,024.20	$	4.02	^(c)		.80%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.83	$	4.01	^(c)		.80%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +2.54% for Class 1 and +2.42% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.56% for Class 1 and 0.81% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $2.81 for Class 1 and $4.07 for Class 2; the hypothetical expenses paid would have been $2.81 for Class 1 and $4.06 for Class 2.

52 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

VP – Pyramis^® International Equity Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,057.50	$	4.90	^(c)		.96%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.03	$	4.81	^(c)		.96%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,055.60	$	6.17	^(c)		1.21%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,018.79	$	6.06	^(c)		1.21%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.75% for Class 1 and +5.56% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.95% for Class 1 and 1.20% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $4.85 for Class 1 and $6.12 for Class 2; the hypothetical expenses paid would have been $4.76 for Class 1 and $6.01 for Class 2.

VP – Wells Fargo Short Duration Government Fund


	Beginning		Ending		Expenses
	account value		account value		paid during			Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)			expense ratio
Class 1

Actual^(b)	$	1,000	$	1,013.20	$	2.80	^(c)		.56%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,022.02	$	2.81	^(c)		.56%^(c	⁾

Class 2

Actual^(b)	$	1,000	$	1,011.90	$	4.04	^(c)		.81%^(c	⁾

Hypothetical (5% return before expenses)	$	1,000	$	1,020.78	$	4.06	^(c)		.81%^(c	⁾


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +1.32% for Class 1 and +1.19% for Class 2.
^(c)		The Investment Manager and its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until April 30, 2012, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds), will not exceed 0.58% for Class 1 and 0.83% for Class 2. Any amounts waived will not be reimbursed by the Fund. This change was effective April 30, 2011. Had this change been in place for the entire six month period ended June 30, 2011, the actual expenses paid would have been $2.90 for Class 1 and $4.14 for Class 2; the hypothetical expenses paid would have been $2.91 for Class 1 and $4.16 for Class 2.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 53

Portfolio of Investments

Columbia Variable Portfolio – Limited Duration Credit Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes 96.3%


Banking (7.5%)
ANZ National International Ltd. Senior Unsecured (a)(b)(c)
08/10/15	3.125%	$	10,360,000	$	10,506,648
Bank of America Corp. Senior Unsecured (a)
03/17/16	3.625%		18,100,000		18,152,128
Citigroup, Inc. Senior Unsecured (a)
10/15/14	5.500%		21,120,000		22,967,641
Fifth Third Bancorp Senior Unsecured
01/25/16	3.625%		7,825,000		7,892,976
Goldman Sachs Group, Inc. (The) Senior Unsecured (a)
02/07/16	3.625%		32,200,000		32,549,627
JPMorgan Chase & Co. Senior Unsecured
03/01/16	3.450%		36,650,000		37,332,973
KeyCorp Senior Unsecured (a)
08/13/15	3.750%		7,800,000		8,055,585
Morgan Stanley Senior Unsecured (a)
04/29/16	3.800%		41,510,000		41,027,986
Santander U.S. Debt SA Unipersonal Bank Guaranteed (a)(b)(c)
10/07/15	3.781%		2,800,000		2,705,408
Wells Fargo & Co. Senior Unsecured (a)(d)
06/15/16	3.676%		15,200,000		15,615,553

Total					196,806,525


Chemicals (2.7%)
Dow Chemical Co. (The) Senior Unsecured
02/15/15	5.900%		43,387,000		48,737,355
Lyondell Chemical Co. Senior Secured (a)(b)
11/01/17	8.000%		18,003,000		20,118,352
Nova Chemicals Corp. Senior Unsecured (c)
11/01/16	8.375%		818,000		899,800

Total					69,755,507


Construction Machinery (1.2%)
Case New Holland, Inc. (a)
09/01/13	7.750%		14,635,000		15,842,388
Manitowoc Co., Inc. (The) (a)
11/01/13	7.125%		14,940,000		15,052,050

Total					30,894,438


Consumer Products (0.5%)
Fortune Brands, Inc. Senior Unsecured
06/15/14	6.375%		10,684,000		11,877,638


Electric (20.7%)
Appalachian Power Co. Senior Unsecured
05/24/15	3.400%		25,360,000		26,278,660
Arizona Public Service Co. Senior Unsecured
06/30/14	5.800%		6,750,000		7,501,687
05/15/15	4.650%		16,255,000		17,584,041
Arizona Public Service Co. (a) Senior Unsecured
08/01/16	6.250%		5,000,000		5,716,595
CMS Energy Corp. Senior Unsecured
09/30/15	4.250%		10,805,000		11,210,187
12/15/15	6.875%		25,094,000		28,038,254
Carolina Power & Light Co. 1st Mortgage
04/01/15	5.150%		1,065,000		1,177,581
Cleveland Electric Illuminating Co. (The) Senior Unsecured
12/15/13	5.650%		19,408,000		21,211,663
Consumers Energy Co. 1st Mortgage
02/15/14	6.000%		4,700,000		5,227,425
03/15/15	5.000%		15,201,000		16,754,633
08/15/16	5.500%		3,930,000		4,428,289
DTE Energy Co. Senior Unsecured
05/15/14	7.625%		35,585,000		41,074,734
06/01/16	6.350%		4,204,000		4,875,396
Dominion Resources, Inc. Senior Unsecured
01/15/16	5.200%		6,460,000		7,124,133
06/15/18	6.400%		7,595,000		8,810,868
Dominion Resources, Inc. (a) Senior Unsecured
08/01/33	5.250%		29,463,000		32,438,616
Duke Energy Corp. Senior Unsecured
02/01/14	6.300%		23,544,000		26,293,045
Duke Energy Corp. (a) Senior Unsecured
04/01/15	3.350%		32,850,000		34,116,860
06/15/18	6.250%		8,990,000		10,377,130
Indiana Michigan Power Co. Senior Unsecured
11/01/12	6.375%		850,000		906,873
11/15/14	5.050%		8,302,000		9,024,340
12/01/15	5.650%		4,263,000		4,759,652
Metropolitan Edison Co. Senior Unsecured
03/15/13	4.950%		2,331,000		2,446,937
04/01/14	4.875%		1,650,000		1,745,639
Midamerican Energy Holdings Co. Senior Unsecured
02/15/14	5.000%		4,881,000		5,291,448
Nevada Power Co.
01/15/15	5.875%		38,824,000		43,487,617
03/15/16	5.950%		1,685,000		1,920,187
Ohio Edison Co. Senior Unsecured (a)
05/01/15	5.450%		19,772,000		21,606,268
Ohio Power Co. Senior Unsecured
09/01/13	5.750%		330,000		359,999
01/15/14	4.850%		2,135,000		2,304,772
06/01/16	6.000%		3,800,000		4,357,650
Oncor Electric Delivery Co. LLC Senior Secured
01/15/15	6.375%		36,811,000		41,879,138
Progress Energy, Inc. Senior Unsecured
03/15/14	6.050%		22,956,000		25,597,455
01/15/16	5.625%		10,000,000		11,275,700
Sierra Pacific Power Co.
05/15/16	6.000%		7,390,000		8,450,746
TransAlta Corp. Senior Unsecured (c)
01/15/15	4.750%		45,715,000		49,042,223

Total					544,696,441


Entertainment (0.6%)
Time Warner, Inc.
07/15/15	3.150%		15,595,000		16,061,349


Environmental (0.3%)
Waste Management, Inc.
03/11/15	6.375%		6,011,000		6,878,009


Food and Beverage (4.3%)
Bacardi Ltd. (b)(c)
04/01/14	7.450%		13,505,000		15,556,234
ConAgra Foods, Inc. Senior Unsecured
04/15/14	5.875%		1,520,000		1,669,421
06/15/17	5.819%		13,637,000		15,114,419
Kraft Foods, Inc. (a) Senior Unsecured
02/01/18	6.125%		3,800,000		4,371,653
08/23/18	6.125%		33,658,000		38,599,129
SABMiller PLC Senior Unsecured (b)(c)
01/15/14	5.700%		33,450,000		36,805,804

Total					112,116,660


Gas Pipelines (11.1%)
Centerpoint Energy Resources Corp. Senior Unsecured
01/15/14	5.950%		4,250,000		4,678,995
Colorado Interstate Gas Co. Senior Unsecured (a)
11/15/15	6.800%		44,899,000		52,283,583
Enterprise Products Operating LLC
06/01/15	3.700%		9,500,000		9,959,534
02/01/16	3.200%		15,850,000		16,100,842
Gulfstream Natural Gas System LLC Senior Unsecured (b)
06/01/16	6.950%		20,735,000		24,476,693
Kinder Morgan Energy Partners LP (a) Senior Unsecured
02/15/15	5.625%		18,290,000		20,407,269
03/01/16	3.500%		19,530,000		20,107,404

The accompanying Notes to Financial Statements are an integral part of this statement.

54 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – Limited Duration Credit Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes (continued)

Gas Pipelines (cont.)
Midcontinent Express Pipeline LLC Senior Unsecured (a)(b)
09/15/14	5.450%		$26,405,000		$28,973,335
Nisource Finance Corp.
09/15/17	5.250%		18,830,000		20,367,018
Nisource Finance Corp. (a)
07/15/14	5.400%		11,300,000		12,442,238
Northwest Pipeline GP Senior Unsecured
06/15/16	7.000%		5,215,000		6,214,648
Northwest Pipeline GP (a) Senior Unsecured
04/15/17	5.950%		5,800,000		6,711,873
Panhandle Eastern Pipeline Co. LP Senior Unsecured
08/15/13	6.050%		8,000,000		8,700,976
11/01/17	6.200%		7,864,000		8,978,030
Plains All American Pipeline LP/Finance Corp.
09/15/15	3.950%		19,387,000		20,335,257
Regency Energy Partners LP/Finance Corp.
06/01/16	9.375%		1,808,000		2,015,920
Southern Natural Gas Co. Senior Unsecured (b)
04/01/17	5.900%		7,543,000		8,573,766
TransCanada PipeLines Ltd. Senior Unsecured (a)(c)
06/01/15	3.400%		12,000,000		12,573,825
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured (a)
04/15/16	6.400%		6,751,000		7,824,281

Total					291,725,487


Health Care (5.1%)
AmerisourceBergen Corp. (a)
09/15/15	5.875%		12,982,000		14,743,541
Cardinal Health, Inc. Senior Unsecured (a)
06/15/15	4.000%		5,430,000		5,740,792
CareFusion Corp. Senior Unsecured
08/01/14	5.125%		27,825,000		30,471,491
Express Scripts, Inc. (a)
05/15/16	3.125%		50,150,000		50,459,024
Hospira, Inc. Senior Unsecured
05/15/15	6.400%		7,000,000		7,935,377
Hospira, Inc. (a) Senior Unsecured
06/15/14	5.900%		5,420,000		6,019,718
Medco Health Solutions, Inc. Senior Unsecured (a)
09/15/15	2.750%		13,975,000		14,048,259
Omnicare, Inc.
12/15/15	6.875%		4,180,000		4,279,275

Total					133,697,477


Healthcare Insurance (0.6%)
UnitedHealth Group, Inc. Senior Unsecured
11/15/17	6.000%		15,055,000		17,046,581


Independent Energy (3.9%)
Anadarko Petroleum Corp. (a) Senior Unsecured
09/15/16	5.950%		10,068,000		11,332,410
09/15/17	6.375%		30,050,000		34,412,284
Denbury Resources, Inc. (a)
03/01/16	9.750%		1,055,000		1,178,963
Forest Oil Corp. (a)
02/15/14	8.500%		16,270,000		17,652,950
Newfield Exploration Co. Senior Subordinated Notes
09/01/14	6.625%		9,500,000		9,642,500
Petrohawk Energy Corp.
08/01/14	10.500%		5,111,000		5,724,320
Woodside Finance Ltd. (a)(b)(c)
11/10/14	4.500%		21,225,000		22,759,797

Total					102,703,224


Integrated Energy (1.2%)
Marathon Petroleum Corp. (a)(b)
03/01/16	3.500%		32,035,000		32,839,303


Life Insurance (2.4%)
Metropolitan Life Global Funding I Secured (a)(b)
06/14/18	3.650%		26,705,000		26,130,161
Prudential Financial, Inc. Senior Unsecured
12/01/17	6.000%		9,970,000		11,189,560
Prudential Financial, Inc. (a) Senior Unsecured
01/14/15	3.875%		23,609,000		24,642,508

Total					61,962,229


Media Cable (5.6%)
CSC Holdings LLC (a) Senior Unsecured
04/15/14	8.500%		3,000,000		3,322,500
06/15/15	8.500%		6,505,000		7,017,269
Charter Communications Operating LLC/Capital Secured (b)(d)
04/30/12	8.000%		10,000,000		10,400,000
Comcast Corp.
03/15/16	5.900%		32,125,000		36,568,883
DIRECTV Holdings LLC/Financing Co., Inc. (a)
02/15/16	3.125%		12,485,000		12,666,082
03/01/16	3.500%		19,500,000		20,128,192
DISH DBS Corp.
02/01/16	7.125%		2,300,000		2,426,500
DISH DBS Corp. (a)
10/01/14	6.625%		5,790,000		6,093,975
Time Warner Cable, Inc. (a)
05/01/17	5.850%		39,010,000		43,868,813
Videotron Ltee (a)(c)
01/15/14	6.875%		3,850,000		3,893,313

Total					146,385,527


Media Non-Cable (6.3%)
BSKYB Finance UK PLC (a)(b)(c)
10/15/15	5.625%		43,515,000		48,680,970
NBCUniversal Media LLC Senior Unsecured (a)(b)
04/01/16	2.875%		20,410,000		20,442,717
RR Donnelley & Sons Co. (a) Senior Unsecured
04/01/14	4.950%		9,060,000		9,212,235
05/15/15	5.500%		17,543,000		17,762,288
Reed Elsevier Capital, Inc.
06/15/12	4.625%		1,400,000		1,446,190
01/15/14	7.750%		17,042,000		19,538,517
TCM Sub LLC (b)
01/15/15	3.550%		46,700,000		48,962,028

Total					166,044,945


Metals (2.2%)
ArcelorMittal USA, Inc. (a)
04/15/14	6.500%		21,245,000		23,559,133
ArcelorMittal Senior Unsecured (a)(c)
03/01/16	3.750%		21,310,000		21,548,139
FMG Resources August 2006 Proprietary Ltd. (b)(c)
11/01/15	7.000%		3,750,000		3,823,864
United States Steel Corp. Senior Unsecured
06/01/13	5.650%		7,976,000		8,314,980

Total					57,246,116


Non-Captive Diversified (1.5%)
General Electric Capital Corp. Senior Unsecured (a)
05/09/16	2.950%		38,120,000		38,261,900


Oil Field Services (—%)
Weatherford International Ltd. (a)(c)
03/15/13	5.150%		164,000		173,279
Weatherford International Ltd. (c)
02/15/16	5.500%		1,000,000		1,096,074

Total					1,269,353


Railroads (1.2%)
Burlington Northern Sante Fe LLC Senior Unsecured
01/15/15	4.875%		5,500,000		6,051,952
CSX Corp. Senior Unsecured
04/01/15	6.250%		14,520,000		16,624,819
03/15/18	6.250%		5,685,000		6,559,535
Canadian Pacific Railway Co. Senior Unsecured (c)
05/15/13	5.750%		2,250,000		2,417,873

Total					31,654,179


Refining (0.3%)
Valero Energy Corp. (a)
02/01/15	4.500%		8,665,000		9,249,939


Retailers (2.9%)
Best Buy Co., Inc. Senior Unsecured (a)
03/15/16	3.750%		30,910,000		31,058,090
CVS Caremark Corp. Senior Unsecured (a)
06/01/17	5.750%		39,825,000		44,730,484

Total					75,788,574

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 55

Portfolio of Investments (continued)

Columbia Variable Portfolio – Limited Duration Credit Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes (continued)
Supermarkets (0.9%)
Kroger Co. (The)
01/15/14	7.500%		$5,000,000		$5,715,090
10/01/15	3.900%		16,626,000		17,584,373

Total					23,299,463


Transportation Services (1.6%)
ERAC U.S.A. Finance LLC (a)(b)
07/01/13	2.750%		9,000,000		9,201,068
ERAC U.S.A. Finance LLC (b)
10/15/17	6.375%		28,925,000		33,366,422

Total					42,567,490


Wireless (2.0%)
Rogers Communications, Inc. (c)
08/15/18	6.800%		25,990,000		30,702,621
Vodafone Group PLC Senior Unsecured (c)
01/30/15	5.375%		18,750,000		20,844,469

Total					51,547,090


Wirelines (9.7%)
AT&T, Inc. Senior Unsecured
05/15/16	2.950%		60,000,000		60,767,040
Deutsche Telekom International Finance BV (a)(b)(c)
04/11/16	3.125%		23,225,000		23,541,185
Embarq Corp. Senior Unsecured
06/01/16	7.082%		57,480,000		63,895,918
Frontier Communications Corp. Senior Unsecured (a)
01/15/13	6.250%		6,600,000		6,888,750
Telecom Italia Capital SA (a)(c)
10/01/15	5.250%		18,915,000		19,664,488
Telefonica Emisiones SAU (a)(c)
01/15/15	4.949%		19,375,000		20,617,713
Telefonica Emisiones SAU (c)
02/16/16	3.992%		6,180,000		6,251,212
Verizon Communications, Inc. Senior Unsecured (a)
04/01/16	3.000%		37,945,000		38,757,516
Verizon New York, Inc. Senior Unsecured
04/01/12	6.875%		520,000		543,151
Windstream Corp. (a)
08/01/13	8.125%		13,625,000		14,783,124

Total					255,710,097


Total Corporate Bonds & Notes
(Cost: $2,485,246,507)				$	2,528,085,541


U.S. Treasury Obligations 0.4%

U.S. Treasury (a)
04/15/14	1.250%	$	8,075,000	$	8,188,555
05/31/16	1.750%		2,738,000		2,742,272


Total U.S. Treasury Obligations
(Cost: $10,850,822)				$	10,930,827


	Shares		Value

Money Market Fund 2.1%

Columbia Short-Term Cash Fund, 0.166% (e)(f)		54,780,044	$	54,780,044


Total Money Market Fund
(Cost: $54,780,044)			$	54,780,044


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 11.5%


Asset-Backed Commercial Paper (1.4%)
Antalis US Funding Corp.
08/05/11	0.280%	$	2,997,877	$	2,997,877
08/23/11	0.275%		4,996,486		4,996,486
Cancara Asset Securitisation LLC
07/13/11	0.150%		4,999,375		4,999,375
Rhein-Main Securitisation Ltd.
07/11/11	0.481%		1,997,760		1,997,760
Royal Park Investments Funding Corp.
09/16/11	0.410%		7,991,709		7,991,709
Scaldis Capital LLC
07/01/11	0.200%		14,999,916		14,999,916

Total					37,983,123


Certificates of Deposit (6.4%)
Australia and New Zealand Bank Group, Ltd.
07/25/11	0.190%		8,000,000		8,000,000
07/29/11	0.230%		5,000,000		5,000,000
Barclays Bank PLC
09/13/11	0.310%		3,000,000		3,000,000
Clydesdale Bank PLC
07/21/11	0.280%		4,996,463		4,996,463
07/25/11	0.270%		7,500,000		7,500,000
Commerzbank AG
07/20/11	0.220%		12,000,000		12,000,000
Credit Industrial et Commercial
11/21/11	0.410%		5,000,000		5,000,000
DZ Bank AG
07/12/11	0.200%		5,000,000		5,000,000
07/27/11	0.150%		10,000,000		10,000,000
Development Bank of Singapore Ltd.
08/09/11	0.300%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		4,000,000		4,000,000
07/25/11	0.240%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		10,000,000		10,000,000
07/14/11	0.280%		2,000,000		2,000,000
La Banque Postale
09/13/11	0.250%		10,000,000		10,000,000
Landesbank Hessen Thuringen
07/27/11	0.218%		10,000,021		10,000,021
Lloyds Bank PLC
10/03/11	0.260%		5,000,000		5,000,000
N.V. Bank Nederlandse Gemeenten
07/27/11	0.270%		2,500,000		2,500,000
National Bank of Canada
11/18/11	0.186%		7,000,000		7,000,000
Natixis
09/07/11	0.544%		8,000,000		8,000,000
Societe Generale
09/23/11	0.410%		7,000,000		7,000,000
Swedbank AB
08/05/11	0.240%		10,000,000		10,000,000
Union Bank of Switzerland
12/09/11	0.239%		10,000,000		10,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		8,000,000		8,000,000

Total					168,996,484


Commercial Paper (0.8%)
Danske Corp.
08/02/11	0.220%		9,996,517		9,996,517
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
07/11/11	0.200%		4,999,112		4,999,112

Total					19,994,462


Other Short-Term Obligations (0.4%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		8,000,000		8,000,000
Natixis Financial Products LLC
07/01/11	0.370%		2,000,000		2,000,000

Total					10,000,000


Repurchase Agreements (2.5%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $10,000,028 (g)
	0.100%		10,000,000		10,000,000
Citibank NA dated 06/30/11, matures 07/01/11, repurchase price $5,000,011 (g)
	0.080%		5,000,000		5,000,000
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $10,000,008 (g)
	0.030%		10,000,000		10,000,000
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $15,000,017 (g)
	0.040%		15,000,000		15,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $15,000,050 (g)
	0.120%		15,000,000		15,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $3,000,010 (g)
	0.120%		3,000,000		3,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

56 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – Limited Duration Credit Fund


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (cont.)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $7,734,248 (g)
	0.080%		$7,734,231		$7,734,231

Total					65,734,231


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $302,708,300)				$	302,708,300


Total Investments
(Cost: $2,853,585,673)				$	2,896,504,712
Other Assets & Liabilities, Net					(270,784,531)


Net Assets				$	2,625,720,181

Investments in Derivatives

At June 30, 2011, $6,457,500 was held in a margin deposit account as collateral to cover initial margin requirements on open interest rate futures contracts.

Futures Contracts Outstanding at June 30, 2011


	Number of
	contracts			Notional			Expiration		Unrealized		Unrealized
Contract description	long (short)			market value			date		appreciation		depreciation
U.S. Treasury Note, 5-year		(7,245	)		$(863,570,021	)		Oct. 2011		$—		$(3,734,676	)
U.S. Treasury Note, 10-year		(1,260	)		(154,133,444	)		Sept. 2011		229,988		—

Total										$229,988		$(3,734,676	)

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $427,863,755 or 16.30% of net assets.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 13.49% of net assets.

^(d)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(f)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$44,122,639

$508,309,767

$(497,652,362

)

$—

$54,780,044

$44,062

$54,780,044

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 57

Portfolio of Investments (continued)

Columbia Variable Portfolio – Limited Duration Credit Fund

Notes to Portfolio of Investments (continued)


^(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. (0.100%)
Security description	Value
Fannie Mae Interest Strip		$106,341
Fannie Mae Pool		3,980,131
Fannie Mae Principal Strip		297,175
Fannie Mae REMICS		235,192
Federal Home Loan Banks		88,633
Federal National Mortgage Association		272,380
Freddie Mac Non Gold Pool		1,874,821
Freddie Mac REMICS		1,194,344
Ginnie Mae II Pool		689,667
Government National Mortgage Association		168,742
United States Treasury Note/Bond		1,292,574

Total Market Value of Collateral Securities		$10,200,000



Citibank NA (0.080%)
Security description	Value
Fannie Mae Pool		$3,706,467
Freddie Mac Gold Pool		1,393,533

Total Market Value of Collateral Securities		$5,100,000



Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$3,493,767
Fannie Mae-Aces		173,823
Freddie Mac REMICS		4,980,362
Government National Mortgage Association		1,552,048

Total Market Value of Collateral Securities		$10,200,000



Deutsche Bank AG (0.040%)
Security description	Value
Fannie Mae Pool		$14,241,658
Freddie Mac Non Gold Pool		1,058,342

Total Market Value of Collateral Securities		$15,300,000



Mizuho Securities USA, Inc. (0.120%)
Security description	Value
Freddie Mac REMICS		$531,788
Ginnie Mae I Pool		13,061,706
Government National Mortgage Association		1,706,506

Total Market Value of Collateral Securities		$15,300,000

The accompanying Notes to Financial Statements are an integral part of this statement.

58 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – Limited Duration Credit Fund

Notes to Portfolio of Investments (continued)


Pershing LLC (0.120%)
Security description_	Value
Fannie Mae Pool		$26,633
Fannie Mae REMICS		746,283
Fannie Mae Whole Loan		4,749
Freddie Mac Reference REMIC		71,430
Freddie Mac REMICS		1,907,454
Freddie Mac Strips		30,383
Government National Mortgage Association		273,068

Total Market Value of Collateral Securities		$3,060,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$7,888,951

Total Market Value of Collateral Securities		$7,888,951

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 59

Portfolio of Investments (continued)

Columbia Variable Portfolio – Limited Duration Credit Fund

Fair Value Measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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		$—		$2,528,085,541		$—		$2,528,085,541
U.S. Treasury Obligations		10,930,827		—		—		10,930,827

Total Bonds		10,930,827		2,528,085,541		—		2,539,016,368

Other
Affiliated Money Market Fund(c)		54,780,044		—		—		54,780,044
Investments of Cash Collateral Received for Securities on Loan		—		302,708,300		—		302,708,300

Total Other		54,780,044		302,708,300		—		357,488,344

The accompanying Notes to Financial Statements are an integral part of this statement.

60 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – Limited Duration Credit Fund

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)


	Fair value at June 30, 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
Investments in Securities		$65,710,871			$2,830,793,841		$—		$2,896,504,712
Derivatives(d)
Assets
Futures Contracts		229,988			—		—		229,988
Liabilities
Futures Contracts		(3,734,676	)		—		—		(3,734,676	)

Total		$62,206,183			$2,830,793,841		$—		$2,893,000,024


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 61

Portfolio of Investments

Variable Portfolio – AllianceBernstein International Value Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 96.8%


AUSTRALIA (3.8%)
Australia & New Zealand Banking Group Ltd. (a)		289,000	$	6,850,698
Caltex Australia Ltd. (a)		38,188		484,544
Fairfax Media Ltd. (a)(b)		5,504,500		5,810,792
Incitec Pivot Ltd. (a)		1,161,661		4,838,007
Macquarie Group Ltd. (a)(b)		63,200		2,132,082
National Australia Bank Ltd. (a)		722,600		19,978,048
OneSteel Ltd. (a)		3,274,246		6,538,641
Telstra Corp., Ltd. (a)		2,081,700		6,468,652

Total				53,101,464


AUSTRIA (0.8%)
OMV AG (a)		250,200		10,930,177


BELGIUM (1.4%)
Delhaize Group SA (a)		138,014		10,347,287
KBC Groep NV (a)(b)		245,800		9,659,708

Total				20,006,995


BERMUDA (0.5%)
Esprit Holdings Ltd. (a)		2,219,900		6,936,086


BRAZIL (1.1%)
Banco do Brasil SA (a)		209,900		3,741,658
Petroleo Brasileiro SA, ADR (a)(b)		98,000		3,006,640
Rossi Residencial SA (a)		107,500		869,974
Vale SA, ADR (a)(b)		257,000		7,442,720

Total				15,060,992


CANADA (4.6%)
Agrium, Inc. (a)		114,700		10,072,003
Industrial Alliance Insurance & Financial Services, Inc. (a)		25,228		1,048,932
Magna International, Inc., Class A (a)(b)(c)		270,600		14,631,956
National Bank of Canada (a)		67,100		5,442,026
New Gold, Inc. (a)(c)		351,800		3,629,436
Nexen, Inc. (a)		614,643		13,854,880
Penn West Petroleum Ltd. (a)(b)(c)		381,903		8,818,477
Quebecor, Inc., Class B (a)		83,100		2,729,647
Yellow Media, Inc. (a)(b)		1,738,000		4,324,952

Total				64,552,309


CAYMAN ISLANDS (0.3%)
Daphne International Holdings Ltd. (a)		2,420,000		2,163,060
Evergrande Real Estate Group Ltd. (a)(b)		3,470,000		2,272,388

Total				4,435,448


CHINA (0.3%)
China Petroleum & Chemical Corp., Series H (a)		4,374,000		4,440,018


DENMARK (0.6%)
Danske Bank AS (a)(c)		431,754		7,995,600


FRANCE (9.6%)
BNP Paribas SA (a)		243,541		18,799,287
Bouygues SA (a)		516,200		22,692,816
Cie de St. Gobain (a)(b)		93,100		6,028,824
Faurecia (a)		132,617		5,680,009
Renault SA (a)		350,200		20,763,137
Sanofi (a)		174,049		13,992,895
Societe Generale SA (a)(b)		549,960		32,634,694
Vivendi SA (a)		477,398		13,274,825

Total				133,866,487


GERMANY (6.9%)
Allianz SE (a)		194,600		27,184,242
Deutsche Bank AG (a)		271,200		16,026,184
E.ON AG (a)		880,600		25,010,080
Muenchener Rueckversicherungs AG (a)		91,100		13,930,855
ThyssenKrupp AG (a)		293,700		15,262,447

Total				97,413,808


HONG KONG (0.6%)
New World Development Ltd. (a)		5,783,000		8,779,870


INDIA (0.4%)
Hindalco Industries Ltd. (a)		723,500		2,933,067
Tata Steel Ltd. (a)		216,200		2,960,186

Total				5,893,253


IRELAND (0.2%)
Smurfit Kappa Group PLC (a)(c)		250,700		2,988,402


ITALY (3.9%)
ENI SpA (a)		727,600		17,209,152
Telecom Italia SpA (a)		17,333,800		24,118,572
UniCredit SpA (a)		6,272,000		13,279,194

Total				54,606,918


JAPAN (24.0%)
Air Water, Inc. (a)		110,000		1,325,132
Asahi Glass Co., Ltd. (a)(b)		1,125,000		13,165,066
Asahi Group Holdings Ltd. (a)(b)		568,900		11,459,652
Bridgestone Corp. (a)(b)		670,800		15,455,584
DIC Corp. (a)		1,057,000		2,503,715
Dowa Holdings Co., Ltd. (a)(b)		496,000		3,078,364
East Japan Railway Co. (a)		131,500		7,531,113
Fujitsu Ltd. (a)		1,786,000		10,208,593
Furukawa Electric Co., Ltd. (a)(b)		1,330,000		5,552,875
Japan Tobacco, Inc. (a)		5,905		22,793,727
JFE Holdings, Inc. (a)		491,000		13,503,312
JX Holdings, Inc. (a)		1,795,400		12,075,940
Konica Minolta Holdings, Inc. (a)(b)		1,104,500		9,225,324
Mazda Motor Corp. (a)(c)		140,000		368,928
Mitsubishi Corp. (a)		369,200		9,221,826
Mitsubishi Electric Corp. (a)		600,000		6,969,665
Mitsubishi Gas Chemical Co., Inc. (a)		851,000		6,234,887
Mitsubishi UFJ Financial Group, Inc. (a)(b)		1,754,200		8,548,807
Mitsui & Co., Ltd. (a)		249,700		4,317,344
NGK Spark Plug Co., Ltd. (a)		359,000		4,960,477
Nippon Express Co., Ltd. (a)		1,338,000		5,421,735
Nippon Telegraph & Telephone Corp. (a)		419,200		20,218,781
Nissan Motor Co., Ltd. (a)(b)		1,898,100		19,947,538
ORIX Corp. (a)(b)		93,400		9,085,187
Otsuka Holdings Co., Ltd. (a)		127,000		3,360,501
Sharp Corp. (a)(b)		1,572,000		14,346,119
Sony Corp. (a)		386,500		10,197,906
Sumco Corp. (a)(b)(c)		227,000		3,843,199
Sumitomo Electric Industries Ltd. (a)		1,099,800		16,041,290
Sumitomo Mitsui Financial Group, Inc. (a)		410,600		12,660,724
Sumitomo Rubber Industries Ltd. (a)(b)		292,600		3,540,788
Tokyo Electric Power Co., Inc. (The) (a)(b)		1,172,100		4,744,833
Tokyo Gas Co., Ltd. (a)		1,532,000		6,914,463
Toshiba Corp. (a)		1,962,000		10,344,343
Toyota Motor Corp. (a)		557,100		22,940,925
Ube Industries Ltd. (a)		1,151,000		3,465,246

Total				335,573,909


KOREA (1.5%)
Hana Financial Group, Inc. (a)		127,800		4,484,478
KB Financial Group, Inc. (a)		92,000		4,373,502
LG Display Co., Ltd. (a)		64,200		1,791,926
LG Electronics, Inc. (a)		59,161		4,612,842
Samsung Electronics Co., Ltd. (a)		6,900		5,362,882

Total				20,625,630

The accompanying Notes to Financial Statements are an integral part of this statement.

62 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – AllianceBernstein International Value Fund


Issuer	Shares		Value

Common Stocks (continued)
NETHERLANDS (4.5%)
Aegon NV (a)(c)		2,272,500		$15,501,868
ING Groep NV-CVA (a)(c)		2,471,400		30,423,726
Koninklijke Ahold NV (a)		612,100		8,224,841
Koninklijke DSM NV (a)		149,432		9,698,353

Total				63,848,788


NORWAY (0.6%)
Telenor ASA (a)		483,600		7,919,346


POLAND (0.2%)
KGHM Polska Miedz SA (a)(c)		42,100		3,023,808


PORTUGAL (0.6%)
EDP-Energias de Portugal SA (a)		2,449,000		8,697,419


RUSSIAN FEDERATION (1.6%)
Gazprom OAO, ADR (a)(b)(c)		961,500		14,018,670
Lukoil OAO, ADR (a)(b)		73,150		4,652,340
Tatneft, ADR (a)(b)		74,200		3,198,020

Total				21,869,030


SINGAPORE (0.7%)
SembCorp Industries Ltd. (a)(b)		2,584,000		10,522,652


SPAIN (0.7%)
Gas Natural SDG SA (a)		468,600		9,815,957


SWITZERLAND (4.6%)
Clariant AG (a)(c)		460,700		8,805,767
Novartis AG (a)		475,600		29,132,798
Roche Holding AG (a)		115,000		19,245,317
UBS AG (a)(c)		399,208		7,279,047

Total				64,462,929


TAIWAN (0.5%)
AU Optronics Corp. (a)(c)		5,294,000		3,630,175
Lite-On Technology Corp. (a)		2,628,073		3,469,051

Total				7,099,226


TURKEY (0.5%)
Turkiye Is Bankasi, Series C (a)		1,064,400		3,265,996
Turkiye Vakiflar Bankasi Tao, Series D (a)		1,600,800		3,619,801

Total				6,885,797


UNITED KINGDOM (21.8%)
AstraZeneca PLC (a)		751,800		37,501,194
Aviva PLC (a)		1,825,100		12,859,170
BAE Systems PLC (a)		2,761,100		14,114,105
Barclays PLC (a)		3,261,700		13,424,820
BP PLC (a)		2,878,900		21,191,893
Cookson Group PLC (a)		479,200		5,172,147
Firstgroup PLC (a)		78,830		431,301
GKN PLC (a)		3,182,500		11,839,779
GlaxoSmithKline PLC (a)		419,179		8,974,642
Imperial Tobacco Group PLC (a)		321,300		10,679,541
Inchcape PLC (a)(c)		1,068,219		7,164,641
Informa PLC (a)		1,081,100		7,497,421
Lloyds Banking Group PLC (a)(c)		20,672,800		16,257,627
Rentokil Initial PLC (a)(c)		3,490,900		5,325,388
Rio Tinto PLC (a)		566,100		40,799,010
Royal Dutch Shell PLC, Class A (a)(c)		1,173,224		41,649,057
Vodafone Group PLC (a)		10,024,500		26,594,837
Xstrata PLC (a)		1,003,474		22,088,372

Total				303,564,945


Total Common Stocks
(Cost: $1,242,452,198)			$	1,354,917,263




	Shares		Value

Money Market Fund 2.4%

Columbia Short-Term Cash Fund,
0.166% (d)(e)		33,587,550	$	33,587,550


Total Money Market Fund
(Cost: $33,587,550)			$	33,587,550


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 8.1%


Asset-Backed Commercial Paper (0.7%)
Antalis US Funding Corp.
08/05/11	0.280%	$	4,996,461	$	4,996,461
08/23/11	0.275%		4,996,486		4,996,486

Total					9,992,947


Certificates of Deposit (3.9%)
Clydesdale Bank PLC
07/21/11	0.280%		2,997,878		2,997,878
Commerzbank AG
07/20/11	0.220%		4,000,000		4,000,000
DZ Bank AG
07/12/11	0.200%		5,000,000		5,000,000
Development Bank of Singapore Ltd.
07/18/11	0.180%		2,000,000		2,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
08/12/11	0.300%		7,250,000		7,250,000
KBC Bank NV
07/27/11	0.280%		4,000,000		4,000,000
La Banque Postale
09/13/11	0.250%		3,000,000		3,000,000
Lloyds Bank PLC
10/03/11	0.260%		5,000,000		5,000,000
N.V. Bank Nederlandse Gemeenten
08/05/11	0.260%		5,000,000		5,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		2,000,000		2,000,000
Swedbank AB
08/05/11	0.240%		10,000,000		10,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		5,000,000		5,000,000

Total					55,247,878


Money Market Fund (0.4%)
JPMorgan Prime Money Market Fund, 0.010% (d)			5,000,000		5,000,000


Other Short-Term Obligations (0.5%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		4,000,000		4,000,000
08/08/11	0.300%		3,000,000		3,000,000

Total					7,000,000


Repurchase Agreements (2.6%)
MF Global Holdings Ltd. dated 06/30/11, matures 07/01/11, repurchase price $25,000,104 (f)
	0.150%		25,000,000		25,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (f)
	0.100%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,918,813 (f)
	0.080%		5,918,800		5,918,800

Total					35,918,800


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $113,159,625)				$	113,159,625


Total Investments
(Cost: $1,389,199,373)				$	1,501,664,438
Other Assets & Liabilities, Net					(101,368,540)


Net Assets				$	1,400,295,898

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 63

Portfolio of Investments (continued)

Variable Portfolio – AllianceBernstein International Value Fund

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 June 30, 2011:


	Percentage of
Industry	net assets			Value
Aerospace & Defense		1.0	%		$14,114,105
Auto Components		4.0			56,108,593
Automobiles		4.6			64,020,528
Beverages		0.8			11,459,652
Building Products		1.4			19,193,890
Capital Markets		1.8			25,437,313
Chemicals		3.3			46,943,110
Commercial Banks		13.2			185,016,668
Commercial Services & Supplies		0.4			5,325,388
Computers & Peripherals		1.7			24,021,987
Construction & Engineering		1.6			22,692,816
Containers & Packaging		0.2			2,988,402
Distributors		0.5			7,164,641
Diversified Financial Services		2.8			39,508,913
Diversified Telecommunication Services		4.2			58,725,351
Electric Utilities		2.7			38,452,332
Electrical Equipment		2.0			28,563,830
Electronic Equipment, Instruments & Components		0.4			5,422,101
Food & Staples Retailing		1.3			18,572,128
Gas Utilities		1.2			16,730,420
Household Durables		2.1			30,026,840
Industrial Conglomerates		1.1			15,694,800
Insurance		5.0			70,525,067
Media		2.4			33,637,637
Metals & Mining		8.7			121,259,363
Office Electronics		0.7			9,225,324
Oil, Gas & Consumable Fuels		11.1			155,529,807
Pharmaceuticals		8.0			112,207,347
Real Estate Management & Development		0.8			11,052,258
Road & Rail		1.0			13,384,149
Semiconductors & Semiconductor Equipment		0.7			9,206,082
Specialty Retail		0.5			6,936,086
Textiles, Apparel & Luxury Goods		0.2			2,163,060
Tobacco		2.4			33,473,268
Trading Companies & Distributors		1.0			13,539,170
Wireless Telecommunication Services		1.9			26,594,837
Other⁽¹⁾		10.5			146,747,175

Total					$1,501,664,438


⁽¹⁾		Cash & Cash Equivalents.

Investments in Derivatives

At June 30, 2011, $1,024,687 was held in a margin deposit account as collateral to cover initial margin requirements on open stock index futures contracts.

Futures Contracts Outstanding at June 30, 2011

Number of

contracts

Notional

Expiration

Unrealized

Contract description

long(short)

market value

date

appreciation

depreciation

EURO STOXX 50

336

$13,876,888

Sept. 2011

$437,180

$—

The accompanying Notes to Financial Statements are an integral part of this statement.

64 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – AllianceBernstein International Value Fund

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
J.P. Morgan Securities, Inc.		August 15, 2011		56,812,000 (CAD	)		58,677,959 (USD	)		$—		$(165,400	)

J.P. Morgan Securities, Inc.		August 15, 2011		10,636,000 (EUR	)		15,077,615 (USD	)		—		(327,776	)

J.P. Morgan Securities, Inc.		August 15, 2011		5,960,047,000 (JPY	)		72,845,938 (USD	)		—		(1,203,319	)

J.P. Morgan Securities, Inc.		August 15, 2011		45,243,358 (USD	)		42,834,000 (AUD	)		450,956		—

J.P. Morgan Securities, Inc.		August 15, 2011		45,529,529 (USD	)		40,268,000 (CHF	)		2,377,902		—

J.P. Morgan Securities, Inc.		August 15, 2011		14,793,427 (USD	)		9,043,000 (GBP	)		—		(287,464	)

J.P. Morgan Securities, Inc.		August 15, 2011		44,997,901 (USD	)		282,565,000 (SEK	)		—		(435,314	)

Total										$2,828,858		$(2,419,273	)

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 96.76% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Non-income producing.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$33,511,746

$163,255,290

$(163,179,486

)

$—

$33,587,550

$26,266

$33,587,550


^(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.


MF Global Holdings Ltd. (0.150%)
Security Description	Value
Fannie Mae Pool		$17,344,226
Fannie Mae REMICS		468,561
Freddie Mac Gold Pool		24,337
Freddie Mac Non Gold Pool		287,781
Freddie Mac REMICS		348,862
Ginnie Mae I Pool		2,797,280
Ginnie Mae II Pool		3,151,574
Government National Mortgage Association		1,077,532

Total Market Value of Collateral Securities		$25,500,153



Nomura Securities (0.100%)
Security Description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 65

Portfolio of Investments (continued)

Variable Portfolio – AllianceBernstein International Value Fund

Notes to Portfolio of Investments (continued)


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$6,037,202

Total Market Value of Collateral Securities		$6,037,202

Abbreviation Legend


ADR		American Depositary Receipt

Currency Legend


AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
EUR		Euro
GBP		Pound Sterling
JPY		Japanese Yen
SEK		Swedish Krona
USD		US Dollar

The accompanying Notes to Financial Statements are an integral part of this statement.

66 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – AllianceBernstein International Value Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 67

Portfolio of Investments (continued)

Variable Portfolio – AllianceBernstein International Value Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Consumer Discretionary		$22,556,529		$177,500,856			$—		$200,057,385
Consumer Staples		—		63,505,048			—		63,505,048
Energy		25,679,996		129,849,810			—		155,529,806
Financials		10,232,616		321,307,603			—		331,540,219
Health Care		—		112,207,347			—		112,207,347
Industrials		—		132,508,148			—		132,508,148
Information Technology		—		47,875,494			—		47,875,494
Materials		21,144,159		150,046,717			—		171,190,876
Telecommunication Services		—		85,320,188			—		85,320,188
Utilities		—		55,182,752			—		55,182,752

Total Equity Securities		79,613,300		1,275,303,963			—		1,354,917,263

Other
Affiliated Money Market Fund(c)		33,587,550		—			—		33,587,550
Investments of Cash Collateral Received for Securities on Loan		5,000,000		108,159,625			—		113,159,625

Total Other		38,587,550		108,159,625			—		146,747,175

Investments in Securities		118,200,850		1,383,463,588			—		1,501,664,438
Derivatives(d)
Assets
Futures Contracts		437,180		—			—		437,180
Forward Foreign Currency Exchange Contracts		—		2,828,858			—		2,828,858
Liabilities
Forward Foreign Currency Exchange Contracts		—		(2,419,273	)		—		(2,419,273	)

Total		$118,638,030		$1,383,873,173			$—		$1,502,511,203


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

68 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – American Century Diversified Bond Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes 29.0%


Aerospace & Defense (0.1%)
Lockheed Martin Corp. Senior Unsecured (a)
11/15/19	4.250%	$	2,430,000	$	2,493,532
Northrop Grumman Corp. Senior Unsecured
08/01/14	3.700%		500,000		530,573

Total					3,024,105


Agencies (1.3%)
Ally Financial, Inc. FDIC Government Guaranty
10/30/12	1.750%		10,000,000		10,169,780
General Electric Capital Corp. FDIC Government Guaranty
12/28/12	2.625%		10,000,000		10,320,385
JPMorgan Chase & Co. FDIC Government Guaranty
06/15/12	2.200%		7,000,000		7,127,477

Total					27,617,642


Automotive (0.2%)
American Honda Finance Corp. Senior Unsecured (b)
09/21/15	2.500%		2,500,000		2,513,017
Nissan Motor Acceptance Corp. Senior Unsecured (b)
01/30/13	3.250%		1,000,000		1,022,058

Total					3,535,075


Banking (7.0%)
American Express Centurion Bank
09/13/17	6.000%		3,000,000		3,384,051
Senior Unsecured
10/17/12	5.550%		1,000,000		1,055,687
American Express Co. Senior Unsecured (a)
05/20/14	7.250%		2,050,000		2,344,560
American Express Credit Corp. Senior Unsecured
09/15/15	2.750%		680,000		679,797
BB&T Corp. Senior Unsecured
03/15/16	3.200%		1,910,000		1,953,865
BB&T Corp. (a) Senior Unsecured
04/30/14	5.700%		722,000		801,291
BNP Paribas SA Bank Guaranteed (a)(c)
02/23/16	3.600%		1,380,000		1,395,413
Bank of America Corp. Senior Unsecured
05/01/13	4.900%		1,960,000		2,064,795
04/01/15	4.500%		2,330,000		2,436,015
08/01/16	6.500%		5,500,000		6,133,897
07/01/20	5.625%		2,670,000		2,758,724
Bank of America NA Subordinated Notes
03/15/17	5.300%		2,000,000		2,061,492
Barclays Bank PLC Senior Unsecured (a)(c)
09/22/16	5.000%		1,500,000		1,613,613
Capital One Bank USA NA Subordinated Notes
07/15/19	8.800%		1,000,000		1,227,241
Citigroup, Inc. Senior Unsecured
01/15/15	6.010%		6,110,000		6,723,676
06/15/16	3.953%		1,460,000		1,494,614
05/15/18	6.125%		5,930,000		6,530,294
07/15/39	8.125%		750,000		938,526
Citigroup, Inc. (a) Senior Unsecured
12/13/13	6.000%		2,670,000		2,903,035
05/19/15	4.750%		2,000,000		2,115,124
Credit Suisse Senior Unsecured
03/23/15	3.500%		3,000,000		3,093,087
Credit Suisse (a) Senior Unsecured
05/01/14	5.500%		1,560,000		1,713,418
Subordinated Notes
02/15/18	6.000%		1,170,000		1,262,497
Deutsche Bank AG Senior Unsecured (c)
08/18/14	3.875%		2,000,000		2,102,192
Fifth Third Bancorp Senior Unsecured (a)
05/01/13	6.250%		1,780,000		1,927,154
Goldman Sachs Group, Inc. (The) Senior Notes
08/01/15	3.700%		1,570,000		1,598,681
02/01/41	6.250%		960,000		967,844
Goldman Sachs Group, Inc. (The) (a) Senior Unsecured
01/15/15	5.125%		3,950,000		4,238,749
02/07/16	3.625%		4,650,000		4,700,490
02/15/19	7.500%		2,880,000		3,343,044
03/15/20	5.375%		4,300,000		4,440,374
HSBC Bank PLC (b)(c) Senior Notes
06/28/15	3.500%		1,660,000		1,702,399
Senior Unsecured
05/24/16	3.100%		970,000		963,587
HSBC Holdings PLC (c) Senior Unsecured
04/05/21	5.100%		1,170,000		1,198,997
Subordinated Notes
06/01/38	6.800%		750,000		800,375
Huntington Bancshares, Inc. Subordinated Notes
12/15/20	7.000%		360,000		405,901
JPMorgan Chase & Co. Senior Unsecured
03/01/16	3.450%		3,500,000		3,565,223
10/02/17	6.400%		900,000		1,026,841
01/15/18	6.000%		2,875,000		3,197,443
JPMorgan Chase & Co. (a) Senior Unsecured
01/20/15	3.700%		6,000,000		6,238,842
03/25/20	4.950%		2,900,000		2,995,604
KeyBank NA FDIC Government Guaranty
06/15/12	3.200%		7,500,000		7,710,653
Morgan Stanley Senior Unsecured
04/28/15	6.000%		2,800,000		3,035,388
04/01/18	6.625%		2,930,000		3,227,668
09/23/19	5.625%		2,550,000		2,616,660
07/24/20	5.500%		1,980,000		2,004,138
01/25/21	5.750%		2,380,000		2,408,153
Morgan Stanley (a) Senior Unsecured
11/20/14	4.200%		1,500,000		1,557,767
National Australia Bank Ltd. Senior Unsecured (a)(b)(c)
09/28/15	2.750%		900,000		899,373
Northern Trust Co. (The) Subordinated Notes
08/15/18	6.500%		1,090,000		1,262,356
PNC Bank NA Subordinated Notes
12/07/17	6.000%		2,200,000		2,470,996
PNC Funding Corp. Bank Guaranteed
02/08/15	3.625%		660,000		695,149
09/21/15	4.250%		500,000		536,449
Royal Bank of Scotland PLC (The) (a)(c) Bank Guaranteed
09/21/15	3.950%		2,370,000		2,377,498
03/16/16	4.375%		3,890,000		3,923,971
SunTrust Banks, Inc. Senior Unsecured (a)
04/15/16	3.600%		300,000		302,911
U.S. Bancorp
02/01/16	3.442%		1,190,000		1,208,977
Senior Unsecured
06/14/13	2.000%		670,000		683,448
UBS AG Senior Unsecured
08/12/13	2.250%		1,000,000		1,017,211
12/20/17	5.875%		4,140,000		4,541,456
04/25/18	5.750%		500,000		542,089
Wells Fargo & Co. Senior Unsecured
06/15/16	3.676%		1,430,000		1,469,095
12/11/17	5.625%		3,000,000		3,313,812
Wells Fargo & Co. (a) Senior Unsecured
04/01/21	4.600%		1,920,000		1,930,660
Westpac Banking Corp. Senior Unsecured (a)(c)
08/04/15	3.000%		1,050,000		1,061,383

Total					152,895,713

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 69

Portfolio of Investments (continued)

Variable Portfolio – American Century Diversified Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes (continued)
Brokerage (0.1%)
Jefferies Group, Inc. Senior Unsecured
04/15/21	6.875%		$500,000		$537,377
Jefferies Group, Inc. (a) Senior Unsecured
04/13/18	5.125%		1,200,000		1,202,420

Total					1,739,797


Chemicals (0.3%)
CF Industries, Inc.
05/01/18	6.875%		2,000,000		2,255,000
Dow Chemical Co. (The) Senior Unsecured
02/15/15	5.900%		2,760,000		3,100,355
02/15/16	2.500%		1,150,000		1,141,707
Mosaic Co. (The) Senior Unsecured (b)
12/01/16	7.625%		1,000,000		1,062,500

Total					7,559,562


Construction Machinery (0.1%)
Deere & Co. Senior Unsecured (a)
10/16/29	5.375%		1,450,000		1,538,025
John Deere Capital Corp. Senior Unsecured
06/17/13	1.875%		1,000,000		1,019,849

Total					2,557,874


Consumer Cyclical Services (0.1%)
Corrections Corp. of America
06/01/17	7.750%		2,950,000		3,211,812


Consumer Products (0.1%)
Jarden Corp. (a)
05/01/16	8.000%		2,000,000		2,170,000
Kimberly-Clark Corp. Senior Unsecured
11/01/18	7.500%		400,000		502,193

Total					2,672,193


Diversified Manufacturing (0.5%)
Danaher Corp. Senior Notes
06/23/21	3.900%		1,000,000		996,065
General Electric Co. Senior Unsecured
02/01/13	5.000%		3,000,000		3,184,313
12/06/17	5.250%		2,300,000		2,547,995
United Technologies Corp. Senior Unsecured
02/01/19	6.125%		1,250,000		1,461,828
United Technologies Corp. (a) Senior Unsecured
04/15/40	5.700%		1,680,000		1,799,524

Total					9,989,725


Electric (1.2%)
AES Corp. (The) Senior Unsecured (a)
10/15/17	8.000%		2,800,000		2,968,000
CMS Energy Corp. Senior Unsecured
06/15/19	8.750%		3,550,000		4,366,500
Cleveland Electric Illuminating Co. (The) Senior Unsecured
04/01/17	5.700%		571,000		624,345
Consolidated Edison Co. of New York, Inc. Senior Unsecured
07/01/12	5.625%		1,700,000		1,782,222
Dominion Resources, Inc. Senior Unsecured
06/15/18	6.400%		1,880,000		2,180,966
Duke Energy Carolinas LLC
11/15/18	7.000%		700,000		854,739
Duke Energy Corp. Senior Unsecured
09/15/14	3.950%		3,000,000		3,190,467
Edison International Senior Unsecured (a)
09/15/17	3.750%		1,200,000		1,205,424
Exelon Generation Co. LLC Senior Unsecured
10/01/19	5.200%		1,370,000		1,429,736
FirstEnergy Solutions Corp. (a)
08/15/21	6.050%		2,710,000		2,916,093
Florida Power Corp. 1st Mortgage
09/15/37	6.350%		1,000,000		1,144,723
Niagara Mohawk Power Corp. Senior Unsecured (b)
08/15/19	4.881%		700,000		741,921
PacifiCorp 1st Mortgage
01/15/39	6.000%		1,000,000		1,104,013
Pacific Gas & Electric Co. Senior Unsecured
03/01/37	5.800%		1,650,000		1,694,725

Total					26,203,874


Entertainment (0.3%)
Time Warner, Inc.
07/15/15	3.150%		1,530,000		1,575,753
03/15/20	4.875%		2,000,000		2,071,096
05/01/32	7.700%		1,500,000		1,811,027
07/15/40	6.100%		1,060,000		1,077,549

Total					6,535,425


Environmental (0.3%)
Republic Services, Inc. (a)
09/15/19	5.500%		1,900,000		2,064,350
03/01/20	5.000%		2,000,000		2,113,778
05/15/41	5.700%		1,000,000		976,221
Waste Management, Inc. (a)
06/30/20	4.750%		2,000,000		2,075,676

Total					7,230,025


Food and Beverage (1.1%)
Anheuser-Busch InBev Worldwide, Inc. (c)
11/15/14	5.375%		400,000		446,694
01/15/19	7.750%		3,000,000		3,774,132
11/15/19	6.875%		3,000,000		3,648,414
General Mills, Inc. Senior Unsecured
08/15/13	5.250%		3,000,000		3,259,548
Kellogg Co. Senior Unsecured
05/30/16	4.450%		1,000,000		1,090,975
Kraft Foods, Inc. Senior Unsecured
02/01/18	6.125%		1,142,000		1,313,797
02/10/20	5.375%		5,400,000		5,903,269
Mead Johnson Nutrition Co. Senior Unsecured
11/01/14	3.500%		1,500,000		1,571,745
11/01/39	5.900%		1,000,000		1,037,045
PepsiCo, Inc. Senior Unsecured
11/01/40	4.875%		450,000		430,105
SABMiller PLC Senior Unsecured (b)(c)
08/15/13	5.500%		830,000		899,035
Tyson Foods, Inc.
04/01/16	6.850%		1,000,000		1,105,000

Total					24,479,759


Gaming (0.1%)
International Game Technology Senior Unsecured
06/15/20	5.500%		1,000,000		1,027,100


Gas Distributors (0.2%)
Sempra Energy Senior Unsecured
06/01/16	6.500%		1,675,000		1,939,801
02/15/19	9.800%		1,000,000		1,341,407

Total					3,281,208


Gas Pipelines (1.2%)
CenterPoint Energy Resources Corp. Senior Unsecured
02/01/37	6.250%		305,000		318,201
El Paso Corp. Senior Unsecured
06/01/18	7.250%		2,800,000		3,185,000
Enbridge Energy Partners LP Senior Unsecured
09/15/40	5.500%		1,200,000		1,138,381
Enbridge Energy Partners LP (a) Senior Unsecured
03/15/20	5.200%		2,000,000		2,120,628
Enterprise Products Operating LLC
06/01/15	3.700%		1,000,000		1,048,372
Enterprise Products Operating LLC (a)
09/01/20	5.200%		4,770,000		5,029,669
02/01/41	5.950%		1,190,000		1,181,896
Kinder Morgan Energy Partners LP Senior Unsecured
02/15/20	6.850%		2,000,000		2,312,472
Kinder Morgan Energy Partners LP (a) Senior Unsecured
09/15/20	5.300%		1,050,000		1,104,599
09/01/39	6.500%		1,200,000		1,246,057
Magellan Midstream Partners LP Senior Unsecured
07/15/19	6.550%		1,480,000		1,719,445
Plains All American Pipeline LP/Finance Corp.
09/15/15	3.950%		1,280,000		1,342,608
05/01/19	8.750%		2,000,000		2,516,038
TransCanada PipeLines Ltd. Senior Unsecured (c)
10/01/20	3.800%		820,000		811,271

The accompanying Notes to Financial Statements are an integral part of this statement.

70 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Diversified Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes (continued)

Gas Pipelines (cont.)
Williams Partners LP Senior Unsecured
02/15/15	3.800%		$250,000		$261,874
Williams Partners LP (a) Senior Unsecured
11/15/20	4.125%		1,570,000		1,507,032

Total					26,843,543


Health Care (0.9%)
Baxter International, Inc. Senior Unsecured
09/01/16	5.900%		500,000		585,995
Boston Scientific Corp. Senior Unsecured (a)
01/15/15	4.500%		1,000,000		1,054,373
CareFusion Corp. Senior Unsecured
08/01/12	4.125%		1,350,000		1,391,472
Covidien International Finance SA (c)
06/15/13	1.875%		2,000,000		2,033,852
Express Scripts, Inc.
06/15/12	5.250%		2,500,000		2,600,940
06/15/19	7.250%		3,493,000		4,177,825
HCA, Inc. Senior Secured (a)
02/15/20	7.875%		3,170,000		3,439,450
Medco Health Solutions, Inc. Senior Unsecured
08/15/13	7.250%		2,269,000		2,526,266
Medco Health Solutions, Inc. (a) Senior Unsecured
09/15/20	4.125%		1,040,000		1,002,646

Total					18,812,819


Healthcare Insurance (—%)
WellPoint, Inc. Senior Unsecured
08/15/40	5.800%		500,000		507,815


Home Construction (—%)
Toll Brothers Finance Corp.
11/01/19	6.750%		500,000		517,344
Toll Brothers Finance Corp. (a)
11/15/12	6.875%		450,000		478,016

Total					995,360


Independent Energy (0.8%)
Anadarko Petroleum Corp. Senior Unsecured
09/15/16	5.950%		2,500,000		2,813,968
Anadarko Petroleum Corp. (a) Senior Unsecured
09/15/36	6.450%		1,000,000		1,043,446
Apache Corp. Senior Unsecured
02/01/42	5.250%		640,000		630,409
Chesapeake Energy Corp. (a)
07/15/13	7.625%		970,000		1,057,300
EOG Resources, Inc. Senior Unsecured
06/01/19	5.625%		750,000		841,132
02/01/21	4.100%		1,160,000		1,145,689
Newfield Exploration Co. Senior Subordinated Notes
02/01/20	6.875%		2,510,000		2,666,875
Nexen, Inc. Senior Unsecured (a)(c)
07/30/19	6.200%		1,840,000		2,067,043
Talisman Energy, Inc. (c) Senior Unsecured
06/01/19	7.750%		2,600,000		3,168,573
02/01/21	3.750%		1,040,000		983,094

Total					16,417,529


Integrated Energy (0.8%)
BP Capital Markets PLC (a)(c)
03/11/16	3.200%		1,230,000		1,251,033
BP Capital Markets PLC (c)
10/01/20	4.500%		1,000,000		1,019,794
Cenovus Energy, Inc. Senior Unsecured (c)
09/15/14	4.500%		1,000,000		1,085,305
ConocoPhillips
02/01/19	5.750%		4,000,000		4,600,140
Hess Corp. Senior Unsecured
01/15/40	6.000%		940,000		972,873
Marathon Petroleum Corp. (b)
03/01/16	3.500%		1,000,000		1,025,107
03/01/21	5.125%		890,000		914,963
Shell International Finance BV (a)(c)
09/22/15	3.250%		1,225,000		1,288,196
Shell International Finance BV (c)
06/28/15	3.100%		3,000,000		3,135,291
Suncor Energy, Inc. (c) Senior Unsecured
06/01/18	6.100%		1,753,000		1,993,662
06/01/39	6.850%		730,000		833,115

Total					18,119,479


Life Insurance (0.6%)
Hartford Financial Services Group, Inc. Senior Unsecured
03/30/15	4.000%		1,510,000		1,556,591
03/15/18	6.300%		1,130,000		1,228,766
Lincoln National Corp. Senior Unsecured (a)
02/15/20	6.250%		1,565,000		1,721,301
MetLife, Inc. Senior Unsecured
06/01/16	6.750%		3,000,000		3,491,865
Prudential Financial, Inc. Senior Unsecured
09/17/12	3.625%		750,000		769,956
06/15/19	7.375%		1,730,000		2,051,616
11/15/40	6.200%		510,000		521,179
Prudential Financial, Inc. (a) Senior Unsecured
06/21/20	5.375%		1,270,000		1,337,948
05/12/41	5.625%		730,000		675,126

Total					13,354,348


Media Cable (1.5%)
CSC Holdings LLC Senior Unsecured (a)
04/15/12	6.750%		300,000		308,625
Comcast Corp.
03/15/16	5.900%		2,500,000		2,845,827
05/15/18	5.700%		500,000		557,880
05/15/38	6.400%		800,000		851,296
Comcast Corp. (a)
03/01/20	5.150%		5,060,000		5,448,056
DIRECTV Holdings LLC/Financing Co., Inc.
03/01/21	5.000%		3,000,000		3,107,214
DIRECTV Holdings LLC/Financing Co., Inc. (a)
10/01/14	4.750%		1,500,000		1,641,934
03/15/15	3.550%		4,700,000		4,910,598
DISH DBS Corp. (a)
10/01/13	7.000%		650,000		697,938
DISH DBS Corp. (a)(b)
06/01/21	6.750%		1,230,000		1,260,750
Time Warner Cable, Inc.
07/02/12	5.400%		2,200,000		2,299,825
07/01/18	6.750%		4,200,000		4,870,711
Virgin Media Secured Finance PLC (a)(c) Senior Secured
01/15/18	6.500%		3,580,000		3,924,575
Virgin Media Secured Finance PLC (b)(c) Senior Secured
01/15/21	5.250%		950,000		1,011,667

Total					33,736,896


Media Non-Cable (0.7%)
CBS Corp. (a)
02/15/21	4.300%		1,360,000		1,319,485
Discovery Communications LLC
08/15/19	5.625%		1,200,000		1,326,148
Discovery Communications LLC (a)
06/15/21	4.375%		1,200,000		1,188,257
Interpublic Group of Companies, Inc. (The) Senior Unsecured (a)
07/15/17	10.000%		1,500,000		1,773,750
Lamar Media Corp. (a)
04/01/14	9.750%		1,500,000		1,732,500
NBCUniversal Media LLC (b) Senior Unsecured
04/30/20	5.150%		920,000		971,430
04/01/21	4.375%		2,420,000		2,394,713
News America, Inc.
08/15/39	6.900%		1,590,000		1,750,937
Omnicom Group, Inc. Senior Unsecured
08/15/20	4.450%		1,990,000		1,974,040

Total					14,431,260


Metals (0.9%)
Anglo American Capital PLC (a)(b)(c)
09/27/20	4.450%		250,000		253,998
Anglo American Capital PLC (b)(c)
04/08/19	9.375%		1,000,000		1,315,450
AngloGold Ashanti Holdings PLC (c)
04/15/20	5.375%		1,755,000		1,727,994
ArcelorMittal (a)(c) Senior Unsecured
06/01/19	9.850%		1,480,000		1,876,242
08/05/20	5.250%		1,345,000		1,329,846
03/01/21	5.500%		1,300,000		1,302,029
Barrick North America Finance LLC (b)
05/30/21	4.400%		1,450,000		1,443,275
Freeport-McMoRan Copper & Gold, Inc. Senior Unsecured
04/01/17	8.375%		1,500,000		1,638,750
Newmont Mining Corp.
10/01/39	6.250%		1,060,000		1,100,299

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 71

Portfolio of Investments (continued)

Variable Portfolio – American Century Diversified Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes (continued)

Metals (cont.)
Peabody Energy Corp.
09/15/20	6.500%		$1,000,000		$1,075,000
Rio Tinto Finance USA Ltd. (a)(c)
11/02/20	3.500%		680,000		650,765
Teck Resources Ltd. (c)(d)
01/15/17	3.150%		1,000,000		1,000,647
Vale Overseas Ltd. (a)(c)
09/15/19	5.625%		3,240,000		3,457,919
Vale Overseas Ltd. (c)
09/15/20	4.625%		1,400,000		1,379,774

Total					19,551,988


Non-Captive Consumer (0.4%)
American International Group, Inc. Senior Unsecured
01/16/18	5.850%		3,410,000		3,568,142
08/15/18	8.250%		1,650,000		1,895,234
HSBC Finance Corp. Senior Unsecured (a)
07/15/13	4.750%		600,000		635,348
SLM Corp. (a) Senior Notes
01/25/16	6.250%		1,110,000		1,151,625
Senior Unsecured
10/01/13	5.000%		1,750,000		1,820,000

Total					9,070,349


Non-Captive Diversified (0.9%)
Ford Motor Credit Co. LLC Senior Unsecured
09/15/15	5.625%		1,340,000		1,387,153
Ford Motor Credit Co. LLC (a) Senior Unsecured
10/01/13	7.000%		250,000		267,169
General Electric Capital Corp.
09/15/17	5.625%		2,000,000		2,208,046
Senior Unsecured
11/09/15	2.250%		2,000,000		1,965,990
08/07/19	6.000%		4,100,000		4,539,766
01/10/39	6.875%		750,000		849,013
Subordinated Notes
02/11/21	5.300%		810,000		843,466
General Electric Capital Corp. (a) Senior Unsecured
11/14/14	3.750%		4,000,000		4,234,032
09/16/20	4.375%		2,250,000		2,224,213
01/07/21	4.625%		200,000		201,177
International Lease Finance Corp. Senior Unsecured (a)
05/15/16	5.750%		1,180,000		1,161,966

Total					19,881,991


Oil Field Services (0.2%)
Ensco PLC Senior Unsecured (c)
03/15/16	3.250%		980,000		995,048
Transocean, Inc. (a)(c)
11/15/20	6.500%		900,000		1,006,415
Weatherford International Ltd. (a)(c)
03/01/19	9.625%		1,490,000		1,924,248
Weatherford International Ltd. (c)
09/15/20	5.125%		900,000		918,919

Total					4,844,630


Other Financial Institutions (0.1%)
QBE Capital Funding III Ltd. (b)(c)(e)
05/24/41	7.250%		1,310,000		1,314,420


Packaging (0.1%)
Ball Corp. (a)
09/15/20	6.750%		2,710,000		2,879,375


Paper (0.2%)
Georgia-Pacific LLC (a)(b)
11/01/20	5.400%		3,000,000		3,057,396
International Paper Co. Senior Unsecured
05/15/19	9.375%		950,000		1,213,164

Total					4,270,560


Pharmaceuticals (0.6%)
Abbott Laboratories Senior Unsecured (a)
05/27/40	5.300%		1,435,000		1,441,480
Amgen, Inc. Senior Unsecured
10/01/20	3.450%		960,000		915,372
Amgen, Inc. (a) Senior Unsecured
06/01/17	5.850%		950,000		1,100,059
Amgen, Inc. (d) Senior Unsecured
06/15/21	4.100%		980,000		972,268
Pfizer, Inc. Senior Unsecured (a)
03/15/39	7.200%		1,400,000		1,748,055
Roche Holdings, Inc. (b)
03/01/19	6.000%		4,100,000		4,723,860
Watson Pharmaceuticals, Inc. Senior Unsecured
08/15/14	5.000%		2,432,000		2,641,573

Total					13,542,667


Property & Casualty (0.3%)
Allstate Corp. (The) Senior Unsecured (a)
05/16/19	7.450%		3,000,000		3,569,787
Berkshire Hathaway Finance Corp. (a)
01/15/21	4.250%		1,195,000		1,216,750
CNA Financial Corp. Senior Unsecured
08/15/20	5.875%		700,000		727,815
08/15/21	5.750%		500,000		516,295

Total					6,030,647


Railroads (0.2%)
Burlington Northern Santa Fe LLC Senior Unsecured (a)
03/01/41	5.050%		700,000		652,302
CSX Corp. Senior Unsecured
03/15/13	5.750%		1,000,000		1,075,945
Norfolk Southern Corp. Senior Unsecured
04/01/18	5.750%		1,200,000		1,358,530
Union Pacific Corp. Senior Unsecured
02/15/14	5.125%		1,000,000		1,097,826

Total					4,184,603


Refining (0.1%)
Valero Energy Corp. (a)
02/01/15	4.500%		2,270,000	��	2,423,239


REITs (1.0%)
AMB Property LP
06/01/13	6.300%		1,100,000		1,182,823
Developers Diversified Realty Corp. Senior Unsecured
04/15/18	4.750%		2,730,000		2,691,108
Developers Diversified Realty Corp. (a) Senior Unsecured
10/15/12	5.375%		730,000		751,453
Digital Realty Trust LP
07/15/15	4.500%		1,000,000		1,040,778
HCP, Inc. Senior Unsecured
02/01/16	3.750%		730,000		742,355
HCP, Inc. (a) Senior Unsecured
02/01/21	5.375%		2,025,000		2,088,640
Kimco Realty Corp. Senior Unsecured (a)
10/01/19	6.875%		910,000		1,057,372
ProLogis LP
12/01/19	6.625%		400,000		435,597
Senior Unsecured
03/15/20	6.875%		40,000		44,168
Reckson Operating Partnership LP Senior Unsecured
03/31/16	6.000%		670,000		717,825
03/15/20	7.750%		1,615,000		1,850,226
Simon Property Group LP Senior Unsecured (a)
02/01/20	5.650%		1,945,000		2,101,376
UDR, Inc.
06/01/18	4.250%		1,130,000		1,117,420
Ventas Realty LP/Capital Corp.
11/30/15	3.125%		1,995,000		1,975,367
Ventas Realty LP/Capital Corp. (a)
06/01/21	4.750%		1,200,000		1,171,386
WEA Finance LLC (b)
05/10/21	4.625%		1,960,000		1,902,096

Total					20,869,990


Restaurants (—%)
McDonald’s Corp. Senior Unsecured
03/01/18	5.350%		700,000		793,638


Retailers (0.8%)
CVS Caremark Corp. Senior Unsecured
03/15/19	6.600%		3,500,000		4,062,460
Gap, Inc. (The) Senior Unsecured (a)
04/12/21	5.950%		1,110,000		1,066,387
Home Depot, Inc. Senior Unsecured
03/01/16	5.400%		1,610,000		1,799,037
Home Depot, Inc. (a) Senior Unsecured
04/01/41	5.950%		850,000		875,352
Limited Brands, Inc. Senior Unsecured (a)
07/15/17	6.900%		1,400,000		1,499,750

The accompanying Notes to Financial Statements are an integral part of this statement.

72 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Diversified Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes (continued)

Retailers (cont.)
Macy’s Retail Holdings, Inc.
03/15/12	5.350%		$1,000,000		$1,025,337
Macy’s Retail Holdings, Inc. (a)
12/01/16	5.900%		1,030,000		1,156,240
Wal-Mart Stores, Inc. Senior Unsecured
04/01/40	5.625%		3,500,000		3,609,288
10/25/40	5.000%		1,940,000		1,826,570
Wal-Mart Stores, Inc. (a) Senior Unsecured
04/15/41	5.625%		1,000,000		1,031,697

Total					17,952,118


Supermarkets (0.3%)
Delhaize Group SA (a)(c)
06/15/17	6.500%		1,867,000		2,152,419
Kroger Co. (The)
06/15/12	6.200%		1,343,000		1,410,721
Kroger Co. (The) (a)
08/15/17	6.400%		1,600,000		1,874,309
Safeway, Inc. Senior Unsecured
08/15/12	5.800%		2,000,000		2,104,236

Total					7,541,685


Technology (0.6%)
Cisco Systems, Inc. Senior Unsecured
02/15/39	5.900%		1,170,000		1,236,158
Intuit, Inc. Senior Unsecured
03/15/17	5.750%		1,000,000		1,122,438
Jabil Circuit, Inc. Senior Unsecured
07/15/16	7.750%		1,910,000		2,115,325
12/15/20	5.625%		1,560,000		1,528,800
Oracle Corp. Senior Unsecured
01/15/16	5.250%		1,000,000		1,128,514
Oracle Corp. (b) Senior Notes
07/15/40	5.375%		3,800,000		3,802,925
Xerox Corp. Senior Unsecured
02/15/15	4.250%		2,850,000		3,034,500

Total					13,968,660


Textile (0.1%)
Hanesbrands, Inc. (a)
12/15/20	6.375%		1,540,000		1,493,800


Tobacco (0.2%)
Altria Group, Inc.
08/06/19	9.250%		525,000		684,571
02/06/39	10.200%		1,000,000		1,434,264
Philip Morris International, Inc. Senior Unsecured (a)
05/17/21	4.125%		1,870,000		1,863,313

Total					3,982,148


Wireless (0.9%)
America Movil SAB de CV (a)(c)
03/30/20	5.000%		2,550,000		2,660,157
American Tower Corp Senior Unsecured
04/01/15	4.625%		2,300,000		2,421,330
Cellco Partnership/Verizon Wireless Capital LLC Senior Unsecured
02/01/14	5.550%		2,400,000		2,645,352
11/15/18	8.500%		3,400,000		4,415,114
Rogers Communications, Inc. (c)
06/15/13	6.250%		750,000		822,545
SBA Telecommunications, Inc.
08/15/19	8.250%		2,000,000		2,140,000
Vodafone Group PLC (a)(c) Senior Unsecured
12/16/13	5.000%		2,800,000		3,046,677
Vodafone Group PLC (c) Senior Unsecured
02/27/17	5.625%		2,170,000		2,431,593

Total					20,582,768


Wirelines (1.6%)
AT&T, Inc. Senior Unsecured
11/15/13	6.700%		1,000,000		1,121,387
09/15/14	5.100%		1,000,000		1,098,942
AT&T, Inc. (a) Senior Unsecured
02/15/39	6.550%		4,100,000		4,497,003
British Telecommunications PLC (a)(c) Senior Unsecured
01/15/13	5.150%		1,000,000		1,060,215
British Telecommunications PLC (c) Senior Unsecured
01/15/18	5.950%		3,065,000		3,385,240
CenturyLink, Inc. Senior Unsecured
09/15/19	6.150%		1,505,000		1,513,675
CenturyLink, Inc. (a) Senior Unsecured
09/15/39	7.600%		860,000		827,217
Deutsche Telekom International Finance BV (c)
07/22/13	5.250%		4,000,000		4,318,350
08/20/18	6.750%		600,000		707,947
France Telecom SA Senior Unsecured (c)
07/08/14	4.375%		1,300,000		1,407,839
Qwest Corp. Senior Unsecured (a)
03/15/12	8.875%		1,250,000		1,315,625
Telecom Italia Capital SA (c)
06/04/18	6.999%		2,620,000		2,865,444
06/18/19	7.175%		780,000		861,187
Telefonica Emisiones SAU (c)
07/15/19	5.877%		1,200,000		1,260,114
02/16/21	5.462%		1,680,000		1,705,483
Verizon Communications, Inc. Senior Unsecured
04/01/39	7.350%		1,520,000		1,826,260
Verizon Communications, Inc. (a) Senior Unsecured
11/01/18	8.750%		300,000		390,332
04/01/19	6.350%		2,500,000		2,904,015
Windstream Corp. (a)
11/01/17	7.875%		1,530,000		1,623,713

Total					34,689,988


Total Corporate Bonds & Notes
(Cost: $623,705,744)				$	636,649,202


Residential Mortgage-Backed Securities — Agency 30.6%

Federal Home Loan Mortgage Corp. (d)(f)
04/01/41	4.000%	$	22,418,707	$	22,481,533
02/01/38	6.000%		9,736,769		10,717,169
Federal Home Loan Mortgage Corp. (f)
11/01/22-06/01/33	5.000%		11,001,705		11,794,586
03/01/34-08/01/38	5.500%		22,411,129		24,379,228
CMO Series 2702 Class AB
07/15/27	4.500%		66,039		66,028
CMO Series 3599 Class B
11/15/14	1.600%		2,324,738		2,335,571
Federal National Mortgage Association (d)(f)
07/01/41	4.500%		44,000,000		45,519,364
07/01/31-07/01/41	5.000%		51,000,000		54,358,255
07/01/41	6.000%		9,100,000		9,995,786
07/01/41	6.500%		7,000,000		7,925,316
Federal National Mortgage Association (e)(f) CMO Series 2002-82 Class FP
02/25/32	0.686%		1,651,273		1,652,262
CMO Series 2006-43 Class FM
06/25/36	0.486%		3,734,464		3,743,410
CMO Series 2007-36 Class FB
04/25/37	0.586%		2,352,054		2,352,055
Federal National Mortgage Association (f)
10/01/40-12/01/40	4.000%		29,168,188		29,243,244
07/01/33- 11/01/40	4.500%		52,056,791		54,200,447
11/01/33- 08/01/39	5.000%		77,868,873		83,202,147
04/01/33- 01/01/39	5.500%		97,545,576		105,998,233
08/01/34- 09/01/37	6.000%		35,739,747		39,460,653
Government National Mortgage Association (a)(f)
07/20/39	5.000%		23,513,074		25,569,243
Government National Mortgage Association (d)(f)
06/15/41	4.500%		24,901,927		26,354,539
Government National Mortgage Association (f)
11/20/40	4.000%		32,311,073		32,878,201
02/15/40-05/15/40	4.500%		44,181,435		46,765,290
03/15/40-10/20/40	5.000%		28,357,280		30,828,905


Total Residential Mortgage-Backed Securities — Agency
(Cost: $667,588,543)				$	671,821,465

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 73

Portfolio of Investments (continued)

Variable Portfolio – American Century Diversified Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Non-Agency 3.5%

Banc of America Mortgage Securities, Inc. CMO Series 2004-7 Class 7A1 (f)
08/25/19	5.000%		$1,392,427		$1,402,137
Chase Mortgage Financial Corp. CMO Series 2006-S4 Class A3 (f)
12/25/36	6.000%		2,235,114		2,159,150
CitiCorp Mortgage Securities, Inc. CMO Series 2003-6 Class 1A2 (f)
05/25/33	4.500%		994,254		998,545
Citicorp Mortgage Securities, Inc. CMO Series 2007-8 Class 1A3 (f)
09/25/37	6.000%		2,314,217		2,273,390
Citigroup Mortgage Loan Trust, Inc. CMO Series 2005-4 Class A (e)(f)
08/25/35	5.340%		3,696,934		3,591,293
Countrywide Home Loan Mortgage Pass-Through Trust (f) CMO Series 2003-35 Class 1A3
09/25/18	5.000%		2,454,031		2,532,151
CMO Series 2004-5 Class 2A4
05/25/34	5.500%		821,052		862,584
JP Morgan Mortgage Trust (e)(f) CMO Series 2005-A4 Class 2A1
07/25/35	2.773%		3,085,543		2,600,832
CMO Series 2005-S2 Class 3A1
02/25/32	6.782%		3,107,660		3,137,422
JP Morgan Mortgage Trust (f) CMO Series 2004-S2 Class 1A3
11/25/19	4.750%		2,191,679		2,238,947
PHH Mortgage Capital LLC CMO Series 2007-6 Class A1 (e)(f)
12/18/37	6.140%		2,899,576		3,020,140
Provident Funding Mortgage Loan Trust CMO Series 2005-1 Class 2A1 (e)(f)
05/25/35	2.666%		3,832,559		3,811,284
Residential Funding Mortgage Securities I CMO Series 2006-S10 Class 2A1 (f)
10/25/21	5.500%		1,514,494		1,448,312
WaMu Mortgage Pass-Through Certificates (f) CMO Series 2003-S11 Class 3A5
11/25/33	5.950%		1,799,088		1,896,823
CMO Series 2003-S8 Class A2
09/25/18	5.000%		2,026,396		2,086,432
Wells Fargo Mortgage-Backed Securities Trust (e)(f) CMO Series 2004-A Class A1
02/25/34	4.850%		2,277,692		2,307,063
CMO Series 2005-AR14 Class A1
08/25/35	5.363%		2,745,721		2,670,382
CMO Series 2005-AR16 Class 4A6
10/25/35	2.816%		1,038,971		1,022,933
CMO Series 2005-AR2 Class 2A2
03/25/35	2.742%		3,829,841		3,420,446
CMO Series 2007-AR10 Class 1A1
01/25/38	6.078%		2,015,616		1,983,930
Wells Fargo Mortgage-Backed Securities Trust (f) CMO Series 2003-12 Class A1
11/25/18	4.750%		2,365,504		2,438,354
CMO Series 2003-17 Class 1A14
01/25/34	5.250%		2,871,685		2,968,291
CMO Series 2004-4 Class A9
05/25/34	5.500%		3,502,449		3,603,705
CMO Series 2005-17 Class 1A1
01/25/36	5.500%		667,685		624,647
CMO Series 2005-2 Class 1A1
04/25/35	5.500%		3,293,221		3,313,375
CMO Series 2005-5 Class 1A1
05/25/20	5.000%		1,224,887		1,225,486
CMO Series 2005-6 Class A1
08/25/35	5.250%		2,772,161		2,785,367
CMO Series 2006-10 Class A19
08/25/36	6.000%		2,894,802		2,858,259
CMO Series 2006-10 Class A4
08/25/36	6.000%		3,000,000		2,920,803
CMO Series 2006-3 Class A9
03/25/36	5.500%		2,941,731		2,947,511
CMO Series 2006-9 Class 1A15
08/25/36	6.000%		2,814,636		2,805,745
CMO Series 2007-3 Class 3A1
04/25/22	5.500%		2,986,576		3,103,008


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $76,766,788)				$	77,058,747


Commercial Mortgage-Backed Securities — Non-Agency 5.4%

Banc of America Merrill Lynch Commercial Mortgage, Inc. (f) Series 2004-6 Class A3
12/10/42	4.512%	$	10,000,000	$	10,104,769
Series 2005-1 Class A3
11/10/42	4.877%		825,597		827,918
Bank of America-First Union NB Commercial Mortgage Series 2001-3 Class A2 (f)
04/11/37	5.464%		496,153		495,901
Commercial Mortgage Pass-Through Certificates Series 2004-LB3A Class A4 (e)(f)
07/10/37	5.234%		1,120,206		1,161,556
GE Capital Commercial Mortgage Corp. Series 2005-C3 Class A5 (e)(f)
07/10/45	4.979%		2,000,000		2,010,212
GMAC Commercial Mortgage Securities, Inc. Series 2003-C3 Class A3 (f)
04/10/40	4.646%		753,107		772,271
GS Mortgage Securities Corp. II (e)(f) Series 2004-GG2 Class A6
08/01/38	5.396%		4,675,000		5,040,145
GS Mortgage Securities Corp. II (f) Series 2005-GG4 Class A4
07/10/39	4.761%		9,400,000		9,905,474
Series 2005-GG4 Class A4A
07/10/39	4.751%		4,580,000		4,882,032
Greenwich Capital Commercial Funding Corp. (e)(f) Series 2005-GG3 Class A4
08/10/42	4.799%		3,500,000		3,739,146
Greenwich Capital Commercial Funding Corp. (f) Series 2005-GG3 Class A3
08/10/42	4.569%		5,875,000		5,943,549
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2001-CIB2 Class A3 (f)
04/15/35	6.429%		227,891		227,676
LB-UBS Commercial Mortgage Trust (e)(f) Series 2003-C7 Class A3
09/15/27	4.559%		7,975,000		8,041,354
Series 2004-C4 Class A4
06/15/29	5.499%		3,000,000		3,230,953
Series 2004-C8 Class AJ
12/15/39	4.858%		1,250,000		1,274,487
Series 2005-C5 Class AM
09/15/40	5.017%		3,500,000		3,614,366
Series 2005-C7 Class AM
11/15/40	5.263%		4,100,000		4,265,439
LB-UBS Commercial Mortgage Trust (f) Series 2004-C1 Class A4
01/15/31	4.568%		8,500,000		8,963,848
Series 2004-C7 Class A5
10/15/29	4.628%		5,141,000		5,373,255
Series 2005-C2 Class A4
04/15/30	4.998%		3,000,000		3,064,479
Series 2005-C3 Class A3
07/15/30	4.647%		3,055,000		3,086,968
Series 2005-C3 Class AJ
07/15/40	4.843%		2,100,000		2,020,890
Morgan Stanley Capital I Series 2005-HQ6 Class A2A (f)
08/13/42	4.882%		2,213,708		2,232,593
Morgan Stanley Dean Witter Capital I Series 2001-TOP5 Class A4 (f)
10/15/35	6.390%		10,614,130		10,740,167
PNC Mortgage Acceptance Corp. Series 2001-C1 Class A2 (f)
03/12/34	6.360%		39,017		39,156
Wachovia Bank Commercial Mortgage Trust (e)(f) Series 2005-C20 Class A5
07/15/42	5.087%		2,132,254		2,155,793
Series 2005-C20 Class A6A
07/15/42	5.110%		8,262,000		8,492,311
Wachovia Bank Commercial Mortgage Trust (f) Series 2003-C3 Class A2
02/15/35	4.867%		3,800,000		3,953,386
Series 2004-C11 Class A4
01/15/41	5.030%		1,665,500		1,723,442
Series 2004-C15 Class A3
10/15/41	4.502%		2,200,000		2,258,258


Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $119,459,111)				$	119,641,794


U.S. Treasury Obligations 22.4%

U.S. Treasury
10/15/12	1.375%	$	38,900,000	$	39,434,875
11/15/12	1.375%		11,100,000		11,259,995
01/15/13	1.375%		6,000,000		6,092,814
12/31/16	3.250%		93,400,000		99,638,840
11/15/27	6.125%		22,000,000		27,816,250
05/15/41	4.375%		6,600,000		6,589,704
U.S. Treasury (a)
04/30/12	1.000%		30,000,000		30,199,200
11/30/12	0.500%		4,160,000		4,170,238
05/15/13	1.375%		115,000,000		117,003,300
03/15/14	1.250%		10,840,000		10,997,519
09/30/15	1.250%		27,500,000		27,321,690
02/29/16	2.125%		45,000,000		46,068,750
02/15/31	5.375%		15,000,000		17,580,465
02/15/40	4.625%		1,350,000		1,407,585
05/15/40	4.375%		29,000,000		28,982,020

The accompanying Notes to Financial Statements are an integral part of this statement.

74 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Diversified Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

U.S. Treasury Obligations (continued)
02/15/41	4.750%		$16,000,000		$17,007,504


Total U.S. Treasury Obligations
(Cost: $486,699,530)				$	491,570,749


U.S. Government & Agency Obligations 1.5%

Federal Home Loan Mortgage Corp. (a)
09/10/15	1.750%	$	10,000,000	$	10,041,570
06/13/18	4.875%		5,500,000		6,252,434
Federal National Mortgage Association (a)
02/13/17	5.000%		7,000,000		7,992,614
11/15/30	6.625%		6,500,000		8,210,443


Total U.S. Government & Agency Obligations
(Cost: $32,065,426)				$	32,497,061


Foreign Government Obligations (g) 5.4%


BRAZIL (0.6%)
Brazilian Government International Bond (c) Senior Unsecured
01/15/19	5.875%	$	5,300,000	$	6,134,750
01/22/21	4.875%		1,600,000		1,694,219
01/07/41	5.625%		1,150,000		1,175,886
Petrobras International Finance Co. (c)
01/20/20	5.750%		900,000		960,080
01/27/21	5.375%		2,700,000		2,770,855

Total					12,735,790


CANADA (0.1%)
Province of Ontario Senior Unsecured (a)(c)
04/27/16	5.450%		1,550,000		1,776,082


GERMANY (3.9%)
Bundesrepublik Deutschland (c)
07/04/19	3.500%	EUR	55,160,000		83,965,771
Kreditanstalt fuer Wiederaufbau Government Guaranteed (c)
10/15/14	4.125%		2,290,000		2,498,268

Total					86,464,039


ITALY (0.1%)
Republic of Italy Senior Unsecured (c)
01/26/15	3.125%		2,400,000		2,443,322


KOREA (0.1%)
Korea Development Bank Senior Unsecured (c)
03/09/16	3.250%		1,450,000		1,445,805


MEXICO (0.5%)
Mexico Government International Bond (a)(c) Senior Unsecured
01/15/20	5.125%		1,500,000		1,620,000
Mexico Government International Bond (c) Senior Unsecured
01/15/17	5.625%		925,000		1,051,263
03/19/19	5.950%		4,720,000		5,416,200
01/11/40	6.050%		500,000		532,000
Pemex Project Funding Master Trust (a)(c)
03/05/20	6.000%		1,635,000		1,794,412
Pemex Project Funding Master Trust (c)
06/15/35	6.625%		470,000		495,391

Total					10,909,266


POLAND (0.1%)
Poland Government International Bond (c) Senior Unsecured
07/16/15	3.875%		530,000		548,550
07/15/19	6.375%		1,150,000		1,313,875
04/21/21	5.125%		1,095,000		1,130,588

Total					2,993,013


Total Foreign Government Obligations
(Cost: $112,314,590)				$	118,767,317




Issue	Coupon	Principal
description	rate	amount		Value

Municipal Bonds 2.0%

American Municipal Power, Inc. Revenue Bonds Hydroelectric Projects Series 2010B
02/15/41	7.834%	$	2,300,000	$	2,750,432
Bay Area Toll Authority Revenue Bonds Build America Bonds Series 2010-S1
04/01/40	6.918%		2,900,000		3,160,855
City of New York Unlimited General Obligation Bonds Taxable Build America Bonds Series 2010F-1
12/01/37	6.271%		1,905,000		2,091,290
Kentucky Turnpike Authority Revenue Bonds Build America Bonds Series 2010B
07/01/30	5.722%		2,050,000		2,090,754
Los Angeles Community College District Unlimited General Obligation Bonds Build America Bonds Series 2010
08/01/49	6.750%		1,550,000		1,789,413
Maryland State Transportation Authority Revenue Bonds Taxable Build America Bonds Series 2010
07/01/41	5.754%		300,000		318,474
Metropolitan Transportation Authority Revenue Bonds Taxable Build America Bonds Series 2010
11/15/40	6.687%		1,000,000		1,082,560
11/15/40	6.814%		1,500,000		1,641,000
Missouri Highway & Transportation Commission Revenue Bonds Build America Bonds Series 2009
05/01/33	5.445%		1,000,000		1,025,090
Municipal Electric Authority of Georgia Revenue Bonds Taxable Build America Bonds Series 2010
04/01/57	6.637%		2,125,000		2,082,287
New Jersey State Turnpike Authority Revenue Bonds Taxable Build America Bonds Series 2009
01/01/40	7.414%		775,000		942,144
Series 2010A
01/01/41	7.102%		1,410,000		1,645,583
New York City Municipal Water Finance Authority Revenue Bonds Build America Bonds Series 2010
06/15/42	5.724%		2,000,000		2,090,700
New York State Dormitory Authority Revenue Bonds Build America Bonds Series 2010
03/15/40	5.600%		1,000,000		1,027,440
Ohio State University (The) Revenue Bonds Build America Bonds Series 2010
06/01/40	4.910%		120,000		114,888
Ohio State Water Development Authority Revenue Bonds Taxable Loan Fund-Water Quality Series 2010B-2
12/01/34	4.879%		1,160,000		1,121,105
Sacramento Municipal Utility District Revenue Bonds Build America Bonds Series 2010
05/15/36	6.156%		1,800,000		1,857,186
San Francisco City & County Public Utilities Commission Revenue Bonds Build America Bonds Series 2010
11/01/40	6.000%		1,500,000		1,532,040
Santa Clara Valley Transportation Authority Revenue Bonds Build America Bonds Series 2010
04/01/32	5.876%		1,740,000		1,809,217
State of California Unlimited General Obligation Bonds Build America Bonds Series 2009
10/01/39	7.300%		800,000		894,544
Series 2010
11/01/40	7.600%		595,000		687,154
Taxable Build America Bonds Series 2009
04/01/39	7.550%		400,000		459,880
State of Illinois Unlimited General Obligation Bonds Build America Bonds Series 2010
07/01/35	7.350%		920,000		984,014
Taxable Pension Bonds Series 2003
06/01/33	5.100%		2,820,000		2,403,401

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 75

Portfolio of Investments (continued)

Variable Portfolio – American Century Diversified Bond Fund


Issue	Coupon	Principal
description	rate	amount		Value

Municipal Bonds (continued)
Unlimited General Obligation Taxable Bonds Series 2011
03/01/19	5.877%		$2,380,000		$2,451,519
State of Washington Unlimited General Obligation Bonds Build America Bonds Series 2010
08/01/40	5.140%		3,000,000		2,977,470
University of California Revenue Bonds Build America Bonds Series 2010
05/15/48	6.548%		930,000		946,833
University of Texas Revenue Bonds Build America Bonds Series 2010D
08/15/42	5.134%		2,000,000		1,994,940


Total Municipal Bonds
(Cost: $42,244,953)				$	43,972,213




		Shares		Value

Money Market Fund 7.8%

Columbia Short-Term Cash Fund, 0.166% (h)(i)			171,188,252	$	171,188,252


Total Money Market Fund
(Cost: $171,188,252)				$	171,188,252




		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 17.5%


Asset-Backed Commercial Paper (1.8%)
Antalis US Funding Corp.
08/05/11	0.280%	$	4,996,461	$	4,996,461
08/09/11	0.230%		9,996,167		9,996,167
08/23/11	0.275%		4,996,486		4,996,486
Cancara Asset Securitisation LLC
07/13/11	0.150%		9,998,750		9,998,750
Royal Park Investments Funding Corp.
07/08/11	0.531%		8,988,605		8,988,605

Total					38,976,469


Certificates of Deposit (13.2%)
Australia and New Zealand Bank Group, Ltd.
07/25/11	0.190%		5,000,000		5,000,000
07/29/11	0.220%		5,000,000		5,000,000
07/29/11	0.230%		10,000,000		10,000,000
Barclays Bank PLC
08/19/11	0.330%		5,000,000		5,000,000
09/13/11	0.310%		10,000,000		10,000,000
Clydesdale Bank PLC
07/25/11	0.270%		7,500,000		7,500,000
Commerzbank AG
07/20/11	0.220%		15,000,000		15,000,000
Credit Industrial et Commercial
11/21/11	0.410%		5,000,000		5,000,000
DZ Bank AG
07/12/11	0.200%		10,000,000		10,000,000
07/27/11	0.150%		10,000,000		10,000,000
Den Danske Bank
07/13/11	0.210%		9,996,443		9,996,443
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		10,000,000		10,000,000
07/25/11	0.240%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11	0.300%		5,000,000		5,000,000
08/12/11	0.300%		10,000,000		10,000,000
KBC Bank NV
07/05/11	0.300%		15,000,000		15,000,000
07/07/11	0.300%		5,000,000		5,000,000
07/14/11	0.280%		3,000,000		3,000,000
La Banque Postale
09/13/11	0.250%		15,000,000		15,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		9,997,801		9,997,801
Lloyds Bank PLC
10/03/11	0.260%		12,000,000		12,000,000
National Australia Bank
11/18/11	0.211%		4,999,978		4,999,978
National Bank of Canada
11/18/11	0.186%		11,500,000		11,500,000
Natixis
09/07/11	0.544%		12,000,000		12,000,000
Overseas Chinese Banking Corp.
07/15/11	0.450%		5,000,000		5,000,000
08/09/11	0.450%		10,000,000		10,000,000
Pohjola Bank PLC
08/15/11	0.340%		10,000,000		10,000,000
Societe Generale
09/23/11	0.411%		10,000,000		10,000,000
Swedbank AB
08/05/11	0.240%		15,000,000		15,000,000
Union Bank of Switzerland
12/09/11	0.239%		15,000,000		15,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		8,000,000		8,000,000
08/26/11	0.300%		5,000,000		5,000,000

Total					288,994,222


Commercial Paper (1.2%)
Danske Corp.
08/02/11	0.220%		7,997,214		7,997,214
PB Capital Corp.
08/12/11	0.491%		2,996,407		2,996,407
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
07/11/11	0.200%		9,998,222		9,998,222

Total					25,990,676


Money Market Fund (0.2%)
JPMorgan Prime Money Market Fund, 0.010% (h)			5,000,000		5,000,000


Other Short-Term Obligations (0.8%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		10,000,000		10,000,000
08/08/11	0.300%		7,000,000		7,000,000

Total					17,000,000


Repurchase Agreements (0.3%)
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $3,000,010 (j)
	0.120%		3,000,000		3,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $4,655,253 (j)
	0.080%		4,655,242		4,655,242

Total					7,655,242


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $383,616,609)				$	383,616,609


Total Investments
(Cost: $2,715,649,546)				$	2,746,783,409
Other Assets & Liabilities, Net					(551,948,072)


Net Assets				$	2,194,835,337

The accompanying Notes to Financial Statements are an integral part of this statement.

76 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Diversified Bond Fund

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation

HSBC securities (USA), Inc.		July 29, 2011		47,785,404 (EUR	)		69,465,728 (USD	)		$217,532		$—

HSBC Securities (USA), Inc.		July 29, 2011		11,676,093 (EUR	)		16,642,967 (USD	)		—		(277,438	)

UBS Securities		July 29, 2011		700,000 (EUR	)		1,005,900 (USD	)		—		(8,504	)

Total										$217,532		$(285,942	)

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $35,195,940 or 1.60% of net assets.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 9.99% of net assets.

^(d)		Represents a security purchased on a when-issued or delayed delivery basis.

^(e)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(f)		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

^(g)		Principal amounts are denominated in United States Dollars unless otherwise noted.

^(h)		The rate shown is the seven-day current annualized yield at June 30, 2011.

⁽ⁱ⁾		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$108,114,030

$384,979,359

$(321,905,137

)

$—

$171,188,252

$87,982

$171,188,252


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


Pershing LLC (0.120%)
Security description	Value
Fannie Mae Pool		$26,633
Fannie Mae REMICS		746,283
Fannie Mae Whole Loan		4,749
Freddie Mac Reference REMIC		71,430
Freddie Mac REMICS		1,907,454
Freddie Mac Strips		30,383
Government National Mortgage Association		273,068

Total Market Value of Collateral Securities		$3,060,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$4,748,368

Total Market Value of Collateral Securities		$4,748,368

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 77

Portfolio of Investments (continued)

Variable Portfolio – American Century Diversified Bond Fund

Abbreviation Legend


CMO		Collateralized Mortgage Obligation
FDIC		Federal Deposit Insurance Corporation

Currency Legend


EUR		Euro
USD		US Dollar

The accompanying Notes to Financial Statements are an integral part of this statement.

78 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Diversified Bond Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 79

Portfolio of Investments (continued)

Variable Portfolio – American Century Diversified Bond Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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		$—		$636,649,202			$—			$636,649,202
Residential Mortgage-Backed Securities — Agency		—		671,821,465			—			671,821,465
Residential Mortgage-Backed Securities — Non-Agency		—		77,058,747			—			77,058,747
Commercial Mortgage-Backed Securities — Non-Agency		—		119,641,794			—			119,641,794
U.S. Treasury Obligations		491,570,749		—			—			491,570,749
U.S. Government & Agency Obligations		—		32,497,061			—	��		32,497,061
Foreign Government Obligations		—		118,767,317			—			118,767,317
Municipal Bonds		—		43,972,213			—			43,972,213

Total Bonds		491,570,749		1,700,407,799			—			2,191,978,548

Other
Affiliated Money Market Fund(c)		171,188,252		—			—			171,188,252
Investments of Cash Collateral Received for Securities on Loan		5,000,000		378,616,609			—			383,616,609

Total Other		176,188,252		378,616,609			—			554,804,861

Investments in Securities		667,759,001		2,079,024,408			—			2,746,783,409
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		217,532			—			217,532
Liabilities
Forward Foreign Currency Exchange Contracts		—		(285,942	)		—			(285,942	)

Total		$667,759,001		$2,078,955,998			$—			$2,746,714,999


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

80 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – American Century Growth Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 99.1%


CONSUMER DISCRETIONARY (13.1%)

Auto Components (2.1%)
Autoliv, Inc. (a)		195,030	$	15,300,103
BorgWarner, Inc. (a)(b)		270,210		21,830,266

Total				37,130,369


Automobiles (0.7%)
Harley-Davidson, Inc.		324,881		13,310,374


Hotels, Restaurants & Leisure (3.7%)
Chipotle Mexican Grill, Inc. (a)(b)		16,510		5,088,217
McDonald’s Corp.		359,847		30,342,299
Starbucks Corp.		367,829		14,525,567
Starwood Hotels & Resorts Worldwide, Inc.		260,656		14,607,162

Total				64,563,245


Household Durables (0.6%)
Tempur-Pedic International, Inc. (a)(b)		80,387		5,451,846
Whirlpool Corp. (a)		54,361		4,420,637

Total				9,872,483


Internet & Catalog Retail (1.4%)
Amazon.com, Inc. (b)		80,574		16,476,577
Netflix, Inc. (a)(b)		31,821		8,359,059

Total				24,835,636


Media (1.5%)
CBS Corp., Class B Non Voting		248,010		7,065,805
Scripps Networks Interactive, Inc., Class A		226,405		11,066,676
Walt Disney Co. (The)		212,415		8,292,682

Total				26,425,163


Multiline Retail (0.9%)
Macy’s, Inc.		386,325		11,296,143
Target Corp.		103,948		4,876,201

Total				16,172,344


Specialty Retail (1.9%)
Home Depot, Inc. (a)		490,786		17,776,269
Limited Brands, Inc. (a)		366,698		14,099,538
Williams-Sonoma, Inc. (a)		52,844		1,928,278

Total				33,804,085


Textiles, Apparel & Luxury Goods (0.3%)
Coach, Inc.		76,110		4,865,712

TOTAL CONSUMER DISCRECTIONARY				230,979,411


CONSUMER STAPLES (11.5%)

Beverages (4.3%)
Coca-Cola Co. (The)		549,168		36,953,515
Hansen Natural Corp. (a)(b)		55,745		4,512,558
PepsiCo, Inc.		497,376		35,030,191

Total				76,496,264


Food & Staples Retailing (2.8%)
Costco Wholesale Corp.		261,765		21,265,789
SYSCO Corp. (a)		321,190		10,014,704
Walgreen Co. (a)		446,225		18,946,713

Total				50,227,206


Food Products (1.9%)
General Mills, Inc.		124,082		4,618,332
Hershey Co. (The)		182,436		10,371,487
Kellogg Co.		214,743		11,879,583
Mead Johnson Nutrition Co.		95,617		6,458,928

Total				33,328,330


Household Products (1.9%)
Church & Dwight Co., Inc.		129,658		5,256,335
Colgate-Palmolive Co. (a)		215,879		18,869,984
Procter & Gamble Co. (The)		137,789		8,759,247

Total				32,885,566


Personal Products (0.6%)
Estee Lauder Companies, Inc. (The), Class A		98,068		10,315,773

TOTAL CONSUMER STAPLES				203,253,139


ENERGY (11.6%)

Energy Equipment & Services (4.2%)
Core Laboratories NV (a)(c)		67,921		7,575,908
Halliburton Co.		369,750		18,857,250
Schlumberger Ltd. (a)(c)		562,664		48,614,170

Total				75,047,328


Oil, Gas & Consumable Fuels (7.4%)
ConocoPhillips		59,354		4,462,827
Devon Energy Corp.		86,803		6,840,944
Exxon Mobil Corp.		1,019,425		82,960,807
Occidental Petroleum Corp.		181,214		18,853,505
Peabody Energy Corp.		69,295		4,082,168
Southwestern Energy Co. (b)		303,062		12,995,299

Total				130,195,550


TOTAL ENERGY				205,242,878


FINANCIALS (3.8%)

Capital Markets (1.7%)
BlackRock, Inc.		87,613		16,805,049
Charles Schwab Corp. (The)		360,409		5,928,728
T Rowe Price Group, Inc. (a)		107,982		6,515,634

Total				29,249,411


Consumer Finance (1.3%)
American Express Co.		428,739		22,165,806


Real Estate Investment Trusts (REITs) (0.3%)
AvalonBay Communities, Inc. (a)		46,564		5,978,818


Real Estate Management & Development (0.5%)
CB Richard Ellis Group, Inc., Class A (b)		389,663		9,784,438

TOTAL FINANCIALS				67,178,473


HEALTH CARE (11.2%)

Biotechnology (1.5%)
Alexion Pharmaceuticals, Inc. (b)		123,619		5,813,801
Amgen, Inc. (a)(b)		116,122		6,775,719
Gilead Sciences, Inc. (b)		265,775		11,005,743
Human Genome Sciences, Inc. (a)(b)		141,128		3,463,281

Total				27,058,544


Health Care Equipment & Supplies (4.5%)
Becton Dickinson and Co.		55,458		4,778,816
Cooper Companies, Inc. (The)		44,416		3,519,524
Covidien PLC (c)		311,034		16,556,340
CR Bard, Inc. (a)		40,949		4,498,657
DENTSPLY International, Inc.		82,779		3,152,224
Edwards Lifesciences Corp. (b)		74,838		6,524,377
Gen-Probe, Inc. (b)		62,333		4,310,327
Intuitive Surgical, Inc. (b)		20,244		7,532,995
Medtronic, Inc.		299,235		11,529,525
St. Jude Medical, Inc.		249,224		11,883,000
Zimmer Holdings, Inc. (b)		81,361		5,142,015

Total				79,427,800


Health Care Providers & Services (1.6%)
Express Scripts, Inc. (b)		458,140		24,730,397
UnitedHealth Group, Inc.		88,002		4,539,143

Total				29,269,540


Health Care Technology (0.2%)
Cerner Corp. (a)(b)		46,070		2,815,338


Life Sciences Tools & Services (0.4%)
Thermo Fisher Scientific, Inc. (b)		100,875		6,495,341


Pharmaceuticals (3.0%)
Abbott Laboratories		490,915		25,831,947
Allergan, Inc.		206,783		17,214,685
Teva Pharmaceutical Industries Ltd., ADR (c)		200,218		9,654,512

Total				52,701,144


TOTAL HEALTH CARE				197,767,707


INDUSTRIALS (11.8%)

Aerospace & Defense (3.1%)
Honeywell International, Inc.		415,043		24,732,412
Textron, Inc. (a)		232,301		5,484,627
United Technologies Corp.		281,473		24,913,175

Total				55,130,214


Air Freight & Logistics (1.8%)
United Parcel Service, Inc., Class B		431,237		31,450,114


Electrical Equipment (1.2%)
Rockwell Automation, Inc. (a)		244,648		21,225,661


Industrial Conglomerates (0.8%)
General Electric Co.		699,929		13,200,661


Machinery (4.3%)
Caterpillar, Inc.		86,937		9,255,313
Deere & Co.		181,718		14,982,649
Eaton Corp.		325,351		16,739,309
Illinois Tool Works, Inc. (a)		359,031		20,281,661
Joy Global, Inc.		151,517		14,430,479

Total				75,689,411


Road & Rail (0.6%)
Union Pacific Corp.		105,784		11,043,850

TOTAL INDUSTRIALS				207,739,911

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 81

Portfolio of Investments (continued)

Variable Portfolio – American Century Growth Fund


Issuer	Shares		Value

Common Stocks (continued)
INFORMATION TECHNOLOGY (28.7%)

Communications Equipment (3.8%)
Brocade Communications Systems, Inc. (a)(b)		757,648		$4,894,406
Cisco Systems, Inc.		397,605		6,206,614
Juniper Networks, Inc. (b)		268,653		8,462,569
QUALCOMM, Inc.		721,528		40,975,575
Riverbed Technology, Inc. (a)(b)		169,350		6,704,567

Total				67,243,731


Computers & Peripherals (8.3%)
Apple, Inc. (b)		252,718		84,829,851
Dell, Inc. (a)(b)		853,964		14,235,580
EMC Corp. (b)		1,037,486		28,582,739
NetApp, Inc. (b)		351,356		18,544,570

Total				146,192,740


Electronic Equipment, Instruments & Components (0.6%)
Jabil Circuit, Inc.		489,328		9,884,426


Internet Software & Services (1.4%)
Google, Inc., Class A (a)(b)		48,713		24,667,289


IT Services (4.9%)
Accenture PLC, Class A (c)		413,752		24,998,896
Automatic Data Processing, Inc.		290,998		15,329,775
IBM Corp.		168,522		28,909,949
Mastercard, Inc., Class A		56,516		17,030,531

Total				86,269,151


Semiconductors & Semiconductor Equipment (3.3%)
Altera Corp.		360,377		16,703,474
Cree, Inc. (a)(b)		154,440		5,187,639
GT Solar International, Inc. (a)(b)		230,368		3,731,962
Linear Technology Corp. (a)		335,461		11,076,922
Texas Instruments, Inc.		190,413		6,251,259
Xilinx, Inc. (a)		420,893		15,349,968

Total				58,301,224


Software (6.4%)
Citrix Systems, Inc. (b)		139,115		11,129,200
Electronic Arts, Inc. (a)(b)		385,441		9,096,408
Microsoft Corp.		976,984		25,401,584
Oracle Corp.		1,103,348		36,311,183
Red Hat, Inc. (b)		248,827		11,421,159
Salesforce.com, Inc. (a)(b)		47,485		7,074,315
VMware, Inc., Class A (a)(b)		135,274		13,558,513

Total				113,992,362


TOTAL INFORMATION TECHNOLOGY				506,550,923


MATERIALS (5.5%)

Chemicals (3.8%)
EI du Pont de Nemours & Co.		534,780		28,904,859
LyondellBasell Industries NV, Class A (c)		265,909		10,242,815
PPG Industries, Inc. (a)		235,448		21,376,324
Sigma-Aldrich Corp.		105,006		7,705,340

Total				68,229,338


Metals & Mining (1.7%)
Cliffs Natural Resources, Inc.		181,026		16,735,853
Freeport-McMoRan Copper & Gold, Inc.		248,851		13,164,218

Total				29,900,071


TOTAL MATERIALS				98,129,409


TELECOMMUNICATION SERVICES (1.9%)

Diversified Telecommunication Services (0.9%)
Verizon Communications, Inc.		452,028		16,829,003


Wireless Telecommunication Services (1.0%)
Crown Castle International Corp. (b)		428,803		17,490,874

TOTAL TELECOMMUNICATION SERVICES				34,319,877


Total Common Stocks
(Cost: $1,503,557,668)			$	1,751,161,728




	Shares		Value

Exchange-Traded Funds 0.2%

iShares Russell 1000 Growth Index Fund		49,041	$	2,985,616


Total Exchange-Traded Funds
(Cost: $2,956,800)			$	2,985,616




Money Market Fund 2.0%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		36,184,503	$	36,184,503


Total Money Market Fund
(Cost: $36,184,503)			$	36,184,503


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 13.1%


Asset-Backed Commercial Paper (1.4%)
Antalis US Funding Corp.
08/05/11	0.280%	$	4,996,461	$	4,996,461
08/23/11	0.275%		4,996,486		4,996,486
Cancara Asset Securitisation LLC
07/19/11	0.250%		9,993,820		9,993,820
Royal Park Investments Funding Corp.
09/16/11	0.410%		4,994,818		4,994,818

Total					24,981,585


Certificates of Deposit (5.9%)
Australia and New Zealand Bank Group, Ltd.
07/25/11	0.190%		5,000,000		5,000,000
Barclays Bank PLC
09/15/11	0.310%		5,000,000		5,000,000
Commerzbank AG
07/20/11	0.220%		10,000,000		10,000,000
Credit Industrial et Commercial
11/21/11	0.410%		5,000,000		5,000,000
DZ Bank AG
07/12/11	0.200%		5,000,000		5,000,000
07/27/11	0.150%		4,000,000		4,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		7,500,000		7,500,000
KBC Bank NV
07/05/11	0.300%		10,000,000		10,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Landesbank Hessen Thuringen
07/27/11	0.218%		4,000,008		4,000,008
Lloyds Bank PLC
10/03/11	0.260%		5,000,000		5,000,000
National Australia Bank
11/18/11	0.211%		3,999,983		3,999,983
National Bank of Canada
11/18/11	0.186%		6,000,000		6,000,000
Natixis
09/07/11	0.544%		8,000,000		8,000,000
Swedbank AB
08/05/11	0.240%		10,000,000		10,000,000
Union Bank of Switzerland
12/09/11	0.239%		6,000,000		6,000,000
United Overseas Bank Ltd.
08/26/11	0.300%		5,000,000		5,000,000

Total					104,499,991


Commercial Paper (1.1%)
Danske Corp.
07/11/11	0.240%		4,998,433		4,998,433
08/02/11	0.220%		3,998,607		3,998,607
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
07/11/11	0.200%		4,999,111		4,999,111

Total					18,994,984


Money Market Fund (1.7%)
JPMorgan Prime Money Market Fund, 0.010% (d)			30,000,000		30,000,000


Other Short-Term Obligations (0.3%)
Goldman Sachs Group, Inc. (The)
08/08/11	0.300%		5,000,000		5,000,000


Repurchase Agreements (2.7%)
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $5,000,006 (f)
	0.040%		5,000,000		5,000,000
MF Global Holdings Ltd. dated 06/30/11, matures 07/01/11, repurchase price $25,000,104 (f)
	0.150%		25,000,000		25,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017 (f)
	0.120%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004 (f)
	0.030%		5,000,000		5,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (f)
	0.100%		5,000,000		5,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $2,000,007 (f)
	0.120%		2,000,000		2,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

82 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Growth Fund


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (cont.)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $384,074 (f)
	0.080%		$384,073		$384,073

Total					47,384,073


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $230,860,633)				$	230,860,633


Total Investments
(Cost: $1,773,559,604)				$	2,021,192,480
Other Assets & Liabilities, Net					(254,197,791)


Net Assets				$	1,766,994,689

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 6.66% of net assets.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$24,540,898

$216,919,820

$(205,276,215

)

$—

$36,184,503

$13,577

$36,184,503


^(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.


Deutsche Bank AG (0.040%)
Security description	Value
Fannie Mae Pool		$4,747,219
Freddie Mac Non Gold Pool		352,781

Total Market Value of Collateral Securities		$5,100,000


MF Global Holdings Ltd. (0.150%)
Security description	Value
Fannie Mae Pool		$17,344,226
Fannie Mae REMICS		468,561
Freddie Mac Gold Pool		24,337
Freddie Mac Non Gold Pool		287,781
Freddie Mac REMICS		348,863
Ginnie Mae I Pool		2,797,280
Ginnie Mae II Pool		3,151,574
Government National Mortgage Association		1,077,531

Total Market Value of Collateral Securities		$25,500,153

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 83

Portfolio of Investments (continued)

Variable Portfolio – American Century Growth Fund

Notes to Portfolio of Investments (continued)


Mizuho Securities USA, Inc. (0.120%)
Security description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



Natixis Financial Products, Inc. (0.030%)
Security description	Value
Fannie Mae Interest Strip		$115,945
Fannie Mae REMICS		2,834,033
Federal Farm Credit Bank		367,345
Freddie Mac REMICS		836,677
Government National Mortgage Association		946,004

Total Market Value of Collateral Securities		$5,100,004



Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000



Pershing LLC (0.120%)
Security description	Value
Fannie Mae Pool		$17,756
Fannie Mae REMICS		497,522
Fannie Mae Whole Loan		3,166
Freddie Mac Reference REMIC		47,620
Freddie Mac REMICS		1,271,636
Freddie Mac Strips		20,255
Government National Mortgage Association		182,045

Total Market Value of Collateral Securities		$2,040,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$391,757

Total Market Value of Collateral Securities		$391,757

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

84 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Growth Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 85

Portfolio of Investments (continued)

Variable Portfolio – American Century Growth Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$230,979,411		$—		$—		$230,979,411
Consumer Staples		203,253,139		—		—		203,253,139
Energy		205,242,878		—		—		205,242,878
Financials		67,178,473		—		—		67,178,473
Health Care		197,767,707		—		—		197,767,707
Industrials		207,739,911		—		—		207,739,911
Information Technology		506,550,923		—		—		506,550,923
Materials		98,129,409		—		—		98,129,409
Telecommunication Services		34,319,877		—		—		34,319,877

Total Equity Securities		1,751,161,728		—		—		1,751,161,728

Other
Exchange-Traded Funds		2,985,616		—		—		2,985,616
Affiliated Money Market Fund(c)		36,184,503		—		—		36,184,503
Investments of Cash Collateral Received for Securities on Loan		30,000,000		200,860,633		—		230,860,633

Total Other		69,170,119		200,860,633		—		270,030,752

Total		$1,820,331,847		$200,860,633		$—		$2,021,192,480


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

86 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – Columbia Wanger International Equities Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 91.6%


AUSTRALIA (1.7%)
Cochlear Ltd. (a)		38,305	$	2,964,716
SAI Global Ltd. (a)(b)		537,480		2,738,713
Seek Ltd. (a)(b)		80,000		554,856
UGL Ltd. (a)		203,062		3,034,650

Total				9,292,935


BELGIUM (0.2%)
EVS Broadcast Equipment SA (a)(b)		11,800		798,777


BERMUDA (1.1%)
China Yurun Food Group Ltd. (a)(b)		870,000		2,459,972
PureCircle Ltd. (a)(b)(c)		311,357		434,750
REXLot Holdings Ltd. (a)(b)		19,654,050		1,901,165
Textainer Group Holdings Ltd. (a)		48,028		1,476,381

Total				6,272,268


BRAZIL (3.4%)
Localiza Rent a Car SA (a)		364,100		6,476,414
Mills Estruturas e Servicos de Engenharia SA (a)		248,000		3,575,433
MRV Engenharia e Participacoes SA (a)		275,000		2,304,809
Multiplus SA (a)		88,000		1,530,901
Natura Cosmeticos SA (a)		110,100		2,759,819
PDG Realty SA Empreendimentos e Participacoes (a)		360,000		2,027,617

Total				18,674,993


CANADA (5.7%)
AG Growth International, Inc. (a)(b)		73,874		3,508,144
Alliance Grain Traders, Inc. (a)		43,500		1,163,668
Baytex Energy Corp. Unit (a)(b)(c)		47,933		2,620,175
Black Diamond Group Ltd. (a)(b)		45,197		1,476,184
Canacol Energy Ltd. (a)(c)		674,000		740,775
CCL Industries, Inc., Class B (a)		107,468		3,694,996
Celtic Exploration Ltd. (a)(c)		12,400		274,241
Crew Energy, Inc. (a)(c)		31,000		482,140
DeeThree Exploration Ltd. (a)		207,000		772,668
DeeThree Exploration Ltd. (a)(c)		117,000		436,726
Guyana Goldfields, Inc. (a)(c)		116,465		827,192
Horizon North Logistics, Inc. (a)		198,109		920,243
Ivanhoe Mines Ltd. (a)(c)		76,111		1,925,608
Ivanhoe Mines Ltd. (a)(c)		80,960		2,045,721
Madalena Ventures, Inc. (a)(c)		465,000		274,820
Onex Corp. (a)		51,000		1,976,121
Pan Orient Energy Corp. (a)(c)		132,433		736,006
ShawCor Ltd., Class A (a)		141,738		4,353,030
Southern Arc Minerals, Inc. (a)(c)		435,000		780,289
Sterling Resources Ltd. (a)(c)		225,000		384,934
Tahoe Resources, Inc. (a)(c)		90,900		1,696,511

Total				31,090,192


CAYMAN ISLANDS (4.5%)
51job, Inc., ADR (a)(c)		21,000		1,178,730
ENN Energy Holdings Ltd. (a)		480,000		1,633,690
Lifestyle International Holdings Ltd. (a)		1,470,000		4,300,609
Melco Crown Entertainment Ltd., ADR (a)(b)(c)		600,000		7,662,000
MGM China Holdings Ltd. (a)(c)		940,000		1,729,802
Mongolian Mining Corp. (a)(b)(c)		1,775,900		2,200,525
New Oriental Education & Technology Group, ADR (a)(c)		19,000		2,122,680
Noah Holdings Ltd., ADR (a)(b)(c)		37,700		423,748
SA SA International Holdings Ltd. (a)		3,000,000		1,923,562
Want Want China Holdings Ltd. (a)		603,500		586,749
Wasion Group Holdings Ltd. (a)(b)		1,895,100		892,103
Zuoan Fashion Ltd., ADR (a)(b)(c)		44,600		249,314

Total				24,903,512


CHILE (0.3%)
Sociedad Quimica y Minera de Chile SA, ADR (a)(b)		28,384		1,837,012


CHINA (1.9%)
China Communications Services Corp., Ltd., Series H (a)		3,543,400		2,098,128
Jiangsu Expressway Co., Ltd., Series H (a)		1,910,000		1,768,157
Shandong Weigao Group Medical Polymer Co., Ltd., Class H (a)		750,000		1,083,055
Zhaojin Mining Industry Co., Ltd., Series H (a)		2,642,460		5,451,300

Total				10,400,640


CZECH REPUBLIC (0.5%)
Komercni Banka AS (a)		10,241		2,497,500


DENMARK (1.2%)
Novozymes A/S, Series B (a)		25,324		4,121,046
SimCorp AS (a)		13,000		2,565,424

Total				6,686,470


FINLAND (0.5%)
Poyry OYJ (a)(b)		36,704		525,343
Stockmann OYJ Abp, Class B (a)(b)		80,103		2,269,793

Total				2,795,136


FRANCE (4.4%)
Eurofins Scientific (a)		41,500		3,822,710
Hi-Media SA (a)(b)(c)		150,963		904,135
Mersen (a)		47,000		2,651,309
Neopost SA (a)(b)		51,000		4,381,250
Norbert Dentressangle SA (a)		18,000		2,127,109
Pierre & Vacances (a)(b)		28,000		2,334,335
Rubis (a)		22,400		2,841,644
Saft Groupe SA (a)		74,600		2,565,516
Teleperformance (a)(b)		90,000		2,644,855

Total				24,272,863


GERMANY (3.8%)
CTS Eventim AG (a)(b)		33,868		2,340,266
Deutsche Beteiligungs AG (a)		27,524		776,326
Duerr AG (a)		20,387		827,798
ElringKlinger AG (a)		45,000		1,596,832
Rational AG (a)		11,298		2,977,754
Rheinmetall AG (a)		51,000		4,515,114
Rhoen Klinikum AG (a)(b)		120,600		2,910,137
Vossloh AG (a)		13,900		1,950,802
Wirecard AG (a)		173,465		3,100,356

Total				20,995,385


GREECE (0.2%)
Intralot SA-Integrated Lottery Systems & Services (a)		559,800		1,193,337


GUERNSEY (0.1%)
SKIL Ports & Logistics Ltd. (a)(c)		135,000		422,503


HONG KONG (0.2%)
Hong Kong Exchanges and Clearing Ltd. (a)(b)		60,000		1,263,412


INDIA (1.9%)
Infrastructure Development Finance Co., Ltd. (a)(c)		300,000		883,821
Jain Irrigation Systems Ltd. (a)		686,335		2,623,448

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 87

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger International Equities Fund


Issuer	Shares		Value

Common Stocks (continued)

INDIA (cont.)
Manappuram General Finance & Leasing Ltd. (a)		920,600		$1,162,753
Mundra Port and Special Economic Zone Ltd. (a)		620,000		2,249,716
REI Agro Ltd. (a)		2,416,000		1,378,378
S Kumars Nationwide Ltd. (a)(c)		690,000		837,622
Shriram Transport Finance Co., Ltd. (a)		59,000		815,847
United Breweries Ltd. (a)		29,000		344,992

Total				10,296,577


INDONESIA (—%)
PT Ace Hardware Indonesia Tbk (a)		571,100		201,455


IRELAND (0.8%)
Paddy Power PLC (a)		31,151		1,696,721
United Drug PLC (a)		810,100		2,774,798

Total				4,471,519


ISRAEL (0.7%)
Israel Chemicals Ltd. (a)		236,418		3,772,786


ITALY (2.4%)
Ansaldo STS SpA (a)		181,000		2,536,841
CIR — Compagnie Industriali Riunite SpA (a)(b)		807,000		2,021,058
Credito Emiliano SpA (a)(b)		373,044		2,359,709
Geox SpA (a)(b)		295,000		1,767,645
Terna Rete Elettrica Nazionale SpA (a)(b)		343,000		1,594,669
Tod’s SpA (a)		21,500		2,876,191

Total				13,156,113


JAPAN (15.8%)
Advance Residence Investment Corp. (a)		1,280		2,679,000
Aeon Delight Co., Ltd. (a)		153,220		3,089,396
Aeon Mall Co., Ltd. (a)		74,101		1,795,080
Ain Pharmaciez, Inc. (a)		61,197		2,517,957
Asahi Diamond Industrial Co., Ltd. (a)(b)		110,000		2,404,894
Asics Corp. (a)(b)		303,000		4,522,674
Daiseki Co., Ltd. (a)		101,024		2,045,318
Fukuoka REIT Corp. (a)		230		1,731,624
Glory Ltd. (a)		86,920		1,957,829
Gree, Inc. (a)(b)(c)		115,000		2,513,985
Hamamatsu Photonics KK (a)(b)		58,060		2,510,334
Hoshizaki Electric Co., Ltd. (a)		130,700		2,901,210
Ibiden Co., Ltd. (a)		65,153		2,039,806
Icom, Inc. (a)(b)		59,356		1,527,437
Japan Airport Terminal Co., Ltd. (a)(b)		135,119		1,573,678
Jupiter Telecommunications Co., Ltd. (a)		2,136		2,389,703
Kakaku.com, Inc. (a)		245		1,722,802
Kamigumi Co., Ltd. (a)		268,655		2,510,797
Kansai Paint Co., Ltd. (a)(b)		619,011		5,639,930
Kintetsu World Express, Inc. (a)		77,108		2,532,235
Kuraray Co., Ltd. (a)(b)		162,000		2,373,304
Makita Corp. (a)		45,489		2,119,740
Miura Co., Ltd. (a)		52,292		1,515,860
Mori Hills REIT Investment Corp. (a)		240		878,208
Nakanishi, Inc. (a)		23,439		2,415,027
Nippon Sheet Glass Co., Ltd. (a)		617,000		1,918,416
Orix JREIT, Inc. (a)		545		3,011,680
Osaka Securities Exchange Co., Ltd. (a)		417		1,861,443
Pigeon Corp. (a)(b)		37,800		1,242,446
Seven Bank Ltd. (a)(b)		1,770		3,536,939
Shimadzu Corp. (a)		192,000		1,758,562
Shinsei Bank Ltd. (a)		1,983,000		1,983,501
Sintokogio Ltd. (a)		142,000		1,457,838
Start Today Co., Ltd. (a)		108,700		2,170,639
Torishima Pump Manufacturing Co., Ltd. (a)(b)		99,771		1,601,426
Tsumura & Co. (a)(b)		64,580		2,064,547
Ushio, Inc. (a)		108,001		2,135,428
Wacom Co., Ltd. (a)(b)		1,917		2,238,664

Total				86,889,357


KOREA (1.3%)
MegaStudy Co., Ltd. (a)		10,200		1,372,126
NHN Corp. (a)(c)		11,900		2,109,713
Woongjin Coway Co., Ltd. (a)		99,300		3,541,483

Total				7,023,322


LUXEMBOURG (0.7%)
GlobeOp Financial Services SA (a)		314,000		1,972,982
L’Occitane International SA (a)(c)		675,000		1,808,153

Total				3,781,135


MALTA (0.2%)
Unibet Group PLC, SDR (a)(c)		49,000		1,063,247


MEXICO (0.5%)
Grupo Aeroportuario del Sureste SAB de CV, ADR (a)		47,000		2,770,180


NETHERLANDS (6.7%)
Aalberts Industries NV (a)		187,938		4,393,316
Arcadis NV (a)		103,512		2,532,320
Core Laboratories NV (a)		20,322		2,266,716
Fugro NV-CVA (a)		64,181		4,627,543
Gemalto NV (a)(b)		65,600		3,136,906
Imtech NV (a)(b)		152,090		5,379,294
Koninklijke Ten Cate NV (a)		105,484		4,270,855
Koninklijke Vopak NV (a)(b)		90,345		4,426,955
Unit 4 NV (a)		122,386		4,424,527
USG People NV (a)(b)		89,125		1,541,242

Total				36,999,674


NORWAY (0.3%)
Atea ASA (a)		176,500		1,856,552


PORTUGAL (0.6%)
Banco Comercial Portugues SA, Series R (a)(b)(c)		1,924,315		1,144,124
REN — Redes Energeticas Nacionais SA (a)		592,000		2,128,193

Total				3,272,317


SINGAPORE (4.8%)
Ascendas Real Estate Investment Trust (a)		1,803,279		2,999,313
CDL Hospitality Trusts (a)		1,881,900		3,158,909
Goodpack Ltd. (a)		1,100,000		1,640,815
Hutchison Port Holdings Trust Unit (a)(c)		2,500,000		2,112,500
Mapletree Commercial Trust (a)(c)		2,500,000		1,760,563
Mapletree Industrial Trust (a)		3,020,000		2,879,705
Mapletree Logistics Trust (a)		4,100,000		3,074,302
Olam International Ltd. (a)(b)		2,981,000		6,626,783
Singapore Exchange Ltd. (a)		327,000		2,009,380

Total				26,262,270


SOUTH AFRICA (3.7%)
Adcock Ingram Holdings Ltd. (a)		381,000		3,347,513
Coronation Fund Managers Ltd. (a)		718,200		2,049,936
Mr. Price Group Ltd. (a)		381,231		3,845,123
Naspers Ltd., Series N (a)		90,200		5,095,077
Northam Platinum Ltd. (a)		473,000		2,970,852
RMI Holdings (a)		1,678,600		3,065,857

Total				20,374,358


SPAIN (0.6%)
Red Electrica Corp. SA (a)(b)		50,500		3,048,305


SWEDEN (2.3%)
East Capital Explorer AB (a)		80,577		936,320
Hexagon AB, Series B (a)		317,897		7,830,322
ORC Software AB (a)(b)		56,881		757,640
Sweco AB, Series B (a)		318,005		3,129,673

Total				12,653,955

The accompanying Notes to Financial Statements are an integral part of this statement.

88 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger International Equities Fund


Issuer	Shares		Value

Common Stocks (continued)
SWITZERLAND (3.9%)
Aryzta AG (a)		26,421		$1,399,817
Bank Sarasin & Cie AG, Series B (a)		57,620		2,282,184
Dufry Group (a)(c)		16,000		2,015,343
Geberit AG (a)(c)		15,959		3,781,187
Kuehne & Nagel International AG (a)		26,913		4,084,566
Partners Group Holding AG (a)		19,900		3,521,998
Sika AG (a)		1,824		4,397,559

Total				21,482,654


TAIWAN (3.4%)
China Steel Chemical Corp. (a)		343,000		1,837,384
Everlight Electronics Co., Ltd. (a)		606,000		1,632,243
Far EasTone Telecommunications Co., Ltd. (a)		1,770,000		2,825,018
Formosa International Hotels Corp. (a)		94,790		1,798,087
President Chain Store Corp. (a)		467,000		2,705,659
Simplo Technology Co., Ltd. (a)		476,680		3,852,811
Sinyi Realty Co. (a)		180,960		349,537
St. Shine Optical Co., Ltd. (a)		120,400		1,829,245
Taiwan Hon Chuan Enterprise Co., Ltd. (a)		569,000		1,715,547

Total				18,545,531


THAILAND (0.3%)
Home Product Center PCL, Foreign Registered Shares (a)		6,375,000		1,706,782


UNITED KINGDOM (6.8%)
Abcam PLC (a)(c)		238,500		1,595,239
Archipelago Resources PLC (a)(c)		2,254,130		2,233,972
Charles Taylor Consulting PLC (a)		1,057,000		2,570,096
Chemring Group PLC (a)(c)		450,337		4,625,720
Cobham PLC (a)		438,000		1,487,481
Flybe Group PLC (a)(c)		100,100		295,606
Intertek Group PLC (a)		165,000		5,224,838
Jardine Lloyd Thompson Group PLC (a)		236,500		2,584,878
Kesa Electricals PLC (a)		691,000		1,527,122
Next PLC (a)		48,000		1,791,125
Petropavlovsk PLC (a)		169,000		1,980,028
Premier Oil PLC (a)(c)		196,000		1,404,871
Rotork PLC (a)		60,000		1,623,568
Serco Group PLC (a)		296,400		2,628,284
Shaftesbury PLC (a)		68,200		577,937
Smith & Nephew PLC (a)		133,209		1,421,730
Tullow Oil PLC (a)		61,386		1,221,667
Workspace Group PLC (a)		4,622,000		2,243,970

Total				37,038,132


UNITED STATES (3.8%)
Alexion Pharmaceuticals, Inc. (c)		71,200		3,348,536
Atwood Oceanics, Inc. (b)(c)		105,919		4,674,205
BioMarin Pharmaceutical, Inc. (b)(c)		100,000		2,721,000
Bristow Group, Inc. (b)		34,989		1,785,139
Central European Distribution Corp. (c)		79,527		890,702
FMC Technologies, Inc. (c)		53,826		2,410,867
Gulf United Energy, Inc., PIPE		1,694,000		537,845
Oil States International, Inc. (c)		21,000		1,678,110
World Fuel Services Corp. (b)		75,115		2,698,882

Total				20,745,286


VIRGIN ISLANDS (0.4%)
Mail.ru Group Ltd., GDR (a)(d)		63,800		2,119,436


Total Common Stocks
(Cost: $403,722,006)			$	502,927,878


Preferred Stocks 0.6%


BRAZIL (0.6%)
Suzano Papel e Celulose SA (a)		485,800	$	3,511,245


Total Preferred Stocks
(Cost: $4,165,170)			$	3,511,245




	Shares		Value

Money Market Fund 7.1%

Columbia Short-Term Cash Fund,
0.166% (e)(f)		38,939,551	$	38,939,551


Total Money Market Fund
(Cost: $38,939,551)			$	38,939,551


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 12.2%


Asset-Backed Commercial Paper (0.2%)
Antalis US Funding Corp.
08/23/11	0.275%	$	1,189,164	$	1,189,164


Certificates of Deposit (2.0%)
Clydesdale Bank PLC
07/21/11	0.280%		1,998,585		1,998,585
Commerzbank AG
07/27/11	0.180%		3,000,000		3,000,000
KBC Bank NV
07/05/11	0.300%		2,000,000		2,000,000
Nationwide Building Society
08/23/11	0.250%		2,998,085		2,998,085
Societe Generale
09/23/11	0.411%		1,000,000		1,000,000

Total					10,996,670


Money Market Fund (0.9%)
JPMorgan Prime Money Market Fund, 0.010% (f)			5,000,000		5,000,000


Repurchase Agreements (9.1%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (g)
	0.100%		5,000,000		5,000,000
Citibank NA dated 06/30/11, matures 07/01/11, repurchase price $5,000,011 (g)
	0.080%		5,000,000		5,000,000
Citigroup Global Markets, Inc. (g) dated 06/30/11, matures 07/01/11, repurchase price $1,000,001
	0.030%		1,000,000		1,000,000
repurchase price $15,000,013
	0.030%		15,000,000		15,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017 (g)
	0.120%		5,000,000		5,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (g)
	0.100%		5,000,000		5,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $5,000,017 (g)
	0.120%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $8,625,372 (g)
	0.080%		8,625,352		8,625,352

Total					49,625,352


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $66,811,186)				$	66,811,186


Total Investments
(Cost: $513,637,913)				$	612,189,860
Other Assets & Liabilities, Net					(63,320,256)


Net Assets				$	548,869,604

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 89

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger International Equities Fund

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 June 30, 2011:


	Percentage of
Industry	net assets			Value
Aerospace & Defense		1.1	%		$6,113,202
Air Freight & Logistics		1.2			6,300,159
Airlines		0.1			295,606
Auto Components		0.3			1,596,832
Beverages		0.2			1,235,694
Biotechnology		1.4			7,664,775
Building Products		1.0			5,699,602
Capital Markets		1.8			9,990,512
Chemicals		4.4			23,979,020
Commercial Banks		2.1			11,521,773
Commercial Services & Supplies		2.1			11,690,325
Communications Equipment		0.4			2,326,214
Computers & Peripherals		1.7			9,228,382
Construction & Engineering		2.6			14,075,938
Consumer Finance		0.4			1,978,600
Containers & Packaging		1.0			5,410,543
Diversified Consumer Services		0.6			3,494,806
Diversified Financial Services		1.8			9,967,159
Diversified Telecommunication Services		0.4			2,098,128
Electric Utilities		0.8			4,642,974
Electrical Equipment		1.3			7,352,252
Electronic Equipment, Instruments & Components		1.6			8,833,048
Energy Equipment & Services		4.0			21,795,609
Food & Staples Retailing		2.2			11,850,399
Food Products		1.4			7,423,335
Gas Utilities		0.8			4,475,334
Health Care Equipment & Supplies		1.8			9,713,773
Health Care Providers & Services		1.0			5,684,935
Hotels, Restaurants & Leisure		3.5			19,378,694
Household Durables		1.4			7,873,908
Household Products		0.2			1,242,446
Industrial Conglomerates		1.2			6,536,171
Insurance		1.5			8,220,831
Internet & Catalog Retail		0.4			2,170,639
Internet Software & Services		1.5			8,465,936
IT Services		0.9			4,956,908
Life Sciences Tools & Services		0.7			3,822,710
Machinery		7.2			39,693,950
Marine		0.7			4,084,566
Media		2.0			10,729,182
Metals & Mining		4.0			22,111,999
Multiline Retail		1.5			8,361,526
Multi-Utilities		0.4			2,128,193
Office Electronics		0.8			4,381,250
Oil, Gas & Consumable Fuels		2.3			12,585,750
Paper & Forest Products		0.6			3,511,245
Personal Products		0.5			2,759,819
Pharmaceuticals		1.0			5,412,059
Professional Services		2.6			14,408,578
Real Estate Investment Trusts (REITs)		4.6			24,995,212
Real Estate Management & Development		0.4			2,144,617
Road & Rail		1.2			6,476,414
Software		1.4			7,747,590
Specialty Retail		2.4			13,027,540
Textiles, Apparel & Luxury Goods		2.7			14,524,301
Trading Companies & Distributors		0.9			5,051,814
Transportation Infrastructure		3.7			20,371,328

The accompanying Notes to Financial Statements are an integral part of this statement.

90 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger International Equities Fund

Summary of Investments in Securities by Industry (continued)


	Percentage of
Industry	net assets			Value
Wireless Telecommunication Services		0.5	%		$2,825,018
Other⁽¹⁾		19.3			105,750,737

Total					$612,189,860


⁽¹⁾		Cash & Cash Equivalents.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
Mellon Bank		July 1, 2011		12,628 (USD	)		8,796 (EUR	)		$128		$—

Mellon Bank		July 1, 2011		60,008 (USD	)		413,008 (ZAR	)		1,072		—

Northern Trust Company		July 1, 2011		24,761 (USD	)		170,211 (ZAR	)		412		—

State Street (Directed)		July 5, 2011		15,368 (CAD	)		15,827 (USD	)		—		(108	)

Morgan Stanley		July 5, 2011		5,105,662 (HKD	)		656,019 (USD	)		—		(93	)

State Street (Directed)		July 5, 2011		62,767 (USD	)		60,947 (CAD	)		426		—

Mellon Bank		July 5, 2011		41,983 (USD	)		287,040 (ZAR	)		467		—

State Street (Directed)		July 6, 2011		24,855 (CAD	)		25,788 (USD	)		17		—

State Street (Directed)		July 6, 2011		113,406 (USD	)		109,301 (CAD	)		—		(76	)

Morgan Stanley		July 6, 2011		34,841 (USD	)		237,508 (ZAR	)		279		—

Morgan Stanley		July 7, 2011		282,293 (USD	)		1,908,303 (ZAR	)		—		(75	)

Total										$2,801		$(352	)

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 88.49% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Non-income producing.

^(d)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $2,119,436, representing 0.39% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$35,727,879

$44,718,540

$(41,506,868

)

$—

$38,939,551

$31,074

$38,939,551

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 91

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger International Equities Fund

Notes to Portfolio of Investments (continued)


^(f)		The rate shown is the seven-day current annualized yield at June 30, 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. (0.100%)
Security description	Value
Fannie Mae Interest Strip		$53,170
Fannie Mae Pool		1,990,066
Fannie Mae Principal Strip		148,588
Fannie Mae REM1CS		117,596
Federal Home Loan Banks		44,317
Federal National Mortgage Association		136,190
Freddie Mac Non Gold Pool		937,411
Freddie Mac REMICS		597,172
Ginnie Mae II Pool		344,833
Government National Mortgage Association		84,370
United States Treasury Note/Bond		646 287

Total Market Value of Collateral Securities		$5,100,000



Citibank NA (0.080%)
Security description	Value
Fannie Mae Pool		$3,706,467
Freddie Mac Gold Pool		1,393 533

Total Market Value of Collateral Securities		$5,100,000



Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$349,377
Fannie Mae-Aces		17,382
Freddie Mac REMICS		498,036
Government National Mortgage Association		155,205

Total Market Value of Collateral Securities		$1,020,000



Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$5,240,651
Fannie Mae-Aces		260,735
Freddie Mac REMICS		7,470,543
Government National Mortgage Association		2,328.071

Total Market Value of Collateral Securities		$15,300,000



Mizuho Securities USA, Inc. (0.120%)
Security description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae 1 Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000

The accompanying Notes to Financial Statements are an integral part of this statement.

92 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger International Equities Fund

Notes to Portfolio of Investments (continued)


Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000



Pershing LLC (0.120%)
Security description	Value
Fannie Mae Pool		$44,388
Fannie Mae REMICS		1,243,806
Fannie Mae Whole Loan		7,915
Freddie Mac Reference REM1C		119,050
Freddie Mac REMICS		3,179,090
Freddie Mac Strips		50,638
Government National Mortgage Association		455,113

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$8,797,898

Total Market Value of Collateral Securities		$8,797,898

Abbreviation Legend


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
SDR		Swedish Depositary Receipt

Currency Legend


CAD		Canadian Dollar
EUR		Euro
HKD		Hong Kong Dollar
USD		US Dollar
ZAR		South African Rand

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 93

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger International Equities Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

94 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger International Equities Fund

Fair Value Measurements (continued)

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 June 30, 2011:


	Fair value at June 30, 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
Consumer Discretionary		$14,366,419		$66,791,008			$—		$81,157,427
Consumer Staples		4,814,190		19,697,504			—		24,511,694
Energy		26,589,434		7,254,081			537,845		34,381,360
Financials		2,399,869		66,418,834			—		68,818,703
Health Care		6,069,536		26,228,716			—		32,298,252
Industrials		22,912,609		125,237,296			—		148,149,905
Information Technology		—		45,939,328			—		45,939,328
Materials		12,027,040		38,694,233			780,289		51,501,562
Telecommunication Services		—		4,923,146			—		4,923,146
Utilities		—		11,246,501			—		11,246,501
Preferred Stocks
Materials		3,511,245		—			—		3,511,245

Total Equity Securities		92,690,342		412,430,647			1,318,134		506,439,123

Other
Affiliated Money Market Fund(c)		38,939,551		—			—		38,939,551
Investments of Cash Collateral Received for Securities on Loan		5,000,000		61,811,186			—		66,811,186

Total Other		43,939,551		61,811,186			—		105,750,737

Investments in Securities		136,629,893		474,241,833			1,318,134		612,189,860
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		2,801			—		2,801
Liabilities
Forward Foreign Currency Exchange Contracts		—		(352	)		—		(352	)

Total		$136,629,893		$474,244,282			$1,318,134		$612,192,309

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through its correlation to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

Certain private placements classified as Level 3 securities are valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.


^(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 June 30, 2011.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 95

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger International Equities Fund

Fair Value Measurements (continued)

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


	Common Stocks
Balance as of December 31, 2010		$—
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)*		103,192
Sales		—
Purchases		1,214,942
Issuances		—
Settlements		—
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of June 30, 2011		$1,318,134


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $103,192.

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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

96 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – Columbia Wanger U.S. Equities Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 100.4%


CONSUMER DISCRETIONARY (15.0%)

Auto Components (0.4%)
Drew Industries, Inc. (a)		127,000	$	3,139,440


Automobiles (0.2%)
Thor Industries, Inc. (a)		50,000		1,442,000


Distributors (0.6%)
Pool Corp. (a)		131,000		3,905,110


Diversified Consumer Services (0.1%)
ITT Educational Services, Inc. (a)(b)		10,350		809,784


Hotels, Restaurants & Leisure (4.6%)
Bally Technologies, Inc. (a)(b)		156,000		6,346,080
Bravo Brio Restaurant Group, Inc. (a)(b)		14,800		361,564
Gaylord Entertainment Co. (a)(b)		362,000		10,860,000
Life Time Fitness, Inc. (a)(b)		99,000		3,951,090
Penn National Gaming, Inc. (b)		95,000		3,832,300
Pinnacle Entertainment, Inc. (a)(b)		348,000		5,185,200
WMS Industries, Inc. (a)(b)		75,000		2,304,000

Total				32,840,234


Household Durables (0.7%)
Cavco Industries, Inc. (a)(b)		66,000		2,970,000
Jarden Corp. (a)		57,000		1,967,070

Total				4,937,070


Internet & Catalog Retail (1.3%)
Gaiam, Inc., Class A		8,000		39,760
HomeAway, Inc. (b)		9,000		348,300
Shutterfly, Inc. (a)(b)		134,000		7,694,280
U.S. Auto Parts Network, Inc. (a)(b)		107,400		822,684

Total				8,905,024


Media (0.2%)
Entravision Communications Corp., Class A (b)		301,000		556,850
Salem Communications Corp., Class A (a)		192,000		689,280
Spanish Broadcasting System, Inc., Class A (b)		176,000		123,200

Total				1,369,330


Multiline Retail (0.4%)
Saks, Inc. (a)(b)		284,000		3,172,280


Specialty Retail (2.8%)
Aaron’s, Inc. (a)		47,000		1,328,220
Abercrombie & Fitch Co., Class A		189,000		12,647,880
Chico’s FAS, Inc. (a)		188,000		2,863,240
Pier 1 Imports, Inc. (a)(b)		247,000		2,857,790
Talbots, Inc. (a)(b)		164,000		547,760

Total				20,244,890


Textiles, Apparel & Luxury Goods (3.7%)
Deckers Outdoor Corp. (b)		16,000		1,410,240
Lululemon Athletica, Inc. (b)		167,000		18,673,940
True Religion Apparel, Inc. (a)(b)		103,300		3,003,964
Warnaco Group, Inc. (The) (a)(b)		70,000		3,657,500

Total				26,745,644


TOTAL CONSUMER DISCRECTIONARY				107,510,806


CONSUMER STAPLES (0.8%)

Food & Staples Retailing (—%)
Fresh Market, Inc. (The) (a)(b)		5,000		193,400


Food Products (0.8%)
Diamond Foods, Inc. (a)		71,000		5,420,140

TOTAL CONSUMER STAPLES				5,613,540


ENERGY (9.3%)

Energy Equipment & Services (5.4%)
Atwood Oceanics, Inc. (a)(b)		240,900		10,630,917
Bristow Group, Inc. (a)		70,000		3,571,400
Core Laboratories NV (a)(c)		40,000		4,461,600
FMC Technologies, Inc. (b)		404,800		18,130,992
Hornbeck Offshore Services, Inc. (a)(b)		76,000		2,090,000

Total				38,884,909


Oil, Gas & Consumable Fuels (3.9%)
Carrizo Oil & Gas, Inc. (b)		66,000		2,755,500
Houston American Energy Corp. (a)		153,000		2,773,890
Northern Oil and Gas, Inc. (a)(b)		72,000		1,594,800
Oasis Petroleum, Inc. (b)		6,500		192,920
Quicksilver Resources, Inc. (a)(b)		183,000		2,701,080
Rosetta Resources, Inc. (a)(b)		84,000		4,329,360
SM Energy Co. (a)		82,000		6,025,360
Swift Energy Co. (a)(b)		62,000		2,310,740
Ultra Petroleum Corp. (a)(b)(c)		40,000		1,832,000
World Fuel Services Corp. (a)		94,000		3,377,420

Total				27,893,070


TOTAL ENERGY				66,777,979


FINANCIALS (13.4%)

Capital Markets (1.4%)
Eaton Vance Corp. (a)		99,000		2,992,770
Investment Technology Group, Inc. (a)(b)		48,700		682,774
MF Global Holdings Ltd. (a)(b)		265,000		2,051,100
SEI Investments Co.		185,000		4,164,350

Total				9,890,994


Commercial Banks (4.9%)
Associated Banc-Corp. (a)		143,000		1,987,700
City National Corp.		37,000		2,007,250
CVB Financial Corp. (a)		80,000		740,000
First Busey Corp. (a)		627,400		3,318,946
Green Bankshares, Inc. (a)(b)		83,709		219,317
Guaranty Bancorp (a)(b)		291,000		389,940
Hancock Holding Co.		122,918		3,808,000
Lakeland Financial Corp. (a)		170,000		3,784,200
MB Financial, Inc. (a)		177,000		3,405,480
Pacific Continental Corp. (a)		155,295		1,420,949
Sandy Spring Bancorp, Inc. (a)		57,000		1,025,430
SVB Financial Group (b)		64,000		3,821,440
TCF Financial Corp. (a)		271,000		3,739,800
Valley National Bancorp (a)		364,999		4,967,636

Total				34,636,088


Consumer Finance (0.1%)
World Acceptance Corp. (a)(b)		10,000		655,700


Diversified Financial Services (0.7%)
Leucadia National Corp.		148,000		5,046,800


Insurance (0.3%)
Enstar Group Ltd. (a)(b)(c)		14,000		1,462,860
Tower Group, Inc. (a)		33,000		786,060

Total				2,248,920


Real Estate Investment Trusts (REITs) (5.0%)
Associated Estates Realty Corp. (a)		162,000		2,632,500
BioMed Realty Trust, Inc. (a)		492,000		9,466,080
Corporate Office Properties Trust (a)		61,000		1,897,710
DCT Industrial Trust, Inc. (a)		202,000		1,056,460
Digital Realty Trust, Inc. (a)		18,000		1,112,040
DuPont Fabros Technology, Inc. (a)		94,000		2,368,800
Education Realty Trust, Inc. (a)		156,000		1,336,920
Extra Space Storage, Inc. (a)		413,000		8,809,290
Kilroy Realty Corp. (a)		99,000		3,909,510
Kite Realty Group Trust (a)		510,000		2,539,800
Summit Hotel Properties, Inc. (a)		48,000		544,800

Total				35,673,910


Thrifts & Mortgage Finance (1.0%)
Berkshire Hills Bancorp, Inc. (a)		81,000		1,813,590
Kaiser Federal Financial Group, Inc.		21,541		265,385
Provident New York Bancorp		3,000		25,080
TrustCo Bank Corp.		313,000		1,533,700
ViewPoint Financial Group (a)		269,000		3,712,200

Total				7,349,955


TOTAL FINANCIALS				95,502,367


HEALTH CARE (10.6%)

Biotechnology (5.7%)
Alexion Pharmaceuticals, Inc. (a)(b)		138,000		6,490,140
Anthera Pharmaceuticals, Inc. (a)(b)		85,000		694,450
Array Biopharma, Inc. (a)(b)		205,000		459,200
BioMarin Pharmaceutical, Inc. (b)		180,000		4,897,800
Cepheid, Inc. (a)(b)		146,800		5,085,152
Chelsea Therapeutics International Ltd. (a)(b)		305,000		1,555,500
Idenix Pharmaceuticals, Inc. (b)		81,000		405,000

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 97

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger U.S. Equities Fund


Issuer	Shares		Value

Common Stocks (continued)

HEALTH CARE (cont.)

Biotechnology (cont.)
InterMune, Inc. (a)(b)		82,000		$2,939,700
Isis Pharmaceuticals, Inc. (a)(b)		336,000		3,077,760
Micromet, Inc. (a)(b)		320,000		1,836,800
Nabi Biopharmaceuticals (a)(b)		180,000		968,400
NPS Pharmaceuticals, Inc. (a)(b)		249,000		2,353,050
Onyx Pharmaceuticals, Inc. (b)		90,000		3,177,000
Savient Pharmaceuticals, Inc. (a)(b)		94,000		704,060
Seattle Genetics, Inc. (a)(b)		190,000		3,898,800
United Therapeutics Corp. (b)		46,000		2,534,600

Total				41,077,412


Health Care Equipment & Supplies (1.5%)
Alimera Sciences, Inc. (a)(b)		92,800		756,320
Gen-Probe, Inc. (b)		44,000		3,042,600
IDEXX Laboratories, Inc. (b)		22,000		1,706,320
Neogen Corp. (b)		17,000		768,570
Sirona Dental Systems, Inc. (b)		80,000		4,248,000

Total				10,521,810


Health Care Providers & Services (0.6%)
Community Health Systems, Inc. (b)		57,000		1,463,760
Health Management Associates, Inc., Class A (b)		261,500		2,818,970

Total				4,282,730


Health Care Technology (0.3%)
Quality Systems, Inc.		22,000		1,920,600


Life Sciences Tools & Services (1.8%)
eResearchTechnology, Inc. (a)(b)		16,000		101,920
Mettler-Toledo International, Inc. (b)		72,000		12,144,240
Pacific Biosciences of California, Inc. (a)(b)		65,000		760,500

Total				13,006,660


Pharmaceuticals (0.7%)
Akorn, Inc. (a)(b)		215,000		1,505,000
Auxilium Pharmaceuticals, Inc. (b)		160,000		3,136,000

Total				4,641,000


TOTAL HEALTH CARE				75,450,212


INDUSTRIALS (21.2%)

Aerospace & Defense (0.8%)
HEICO Corp., Class A		52,500		2,087,400
Moog, Inc., Class A (a)(b)		77,000		3,351,040

Total				5,438,440


Air Freight & Logistics (0.2%)
Forward Air Corp. (a)		43,000		1,452,970


Commercial Services & Supplies (2.1%)
Herman Miller, Inc. (a)		121,000		3,293,620
Knoll, Inc. (a)		379,000		7,606,530
McGrath Rentcorp (a)		136,100		3,821,688

Total				14,721,838


Electrical Equipment (5.2%)
Acuity Brands, Inc. (a)		107,500		5,996,350
AMETEK, Inc.		376,500		16,904,850
GrafTech International Ltd. (b)		189,900		3,849,273
II-VI, Inc. (a)(b)		418,000		10,700,800

Total				37,451,273


Machinery (9.3%)
Albany International Corp., Class A (a)		154,000		4,064,060
Donaldson Co., Inc. (a)		175,000		10,619,000
ESCO Technologies, Inc. (a)		178,000		6,550,400
Kennametal, Inc.		198,000		8,357,580
Mueller Water Products, Inc., Class A (a)		80,200		319,196
Nordson Corp.		334,000		18,319,900
Oshkosh Corp. (b)		65,000		1,881,100
Pentair, Inc. (a)		190,000		7,668,400
Toro Co. (The)		20,000		1,210,000
WABCO Holdings, Inc. (b)		114,000		7,872,840

Total				66,862,476


Professional Services (0.7%)
GP Strategies Corp. (a)(b)		129,000		1,762,140
Navigant Consulting, Inc. (a)(b)		175,000		1,835,750
RCM Technologies, Inc. (b)		233,000		1,246,550

Total				4,844,440


Road & Rail (1.7%)
Avis Budget Group, Inc. (a)(b)		373,500		6,383,115
Heartland Express, Inc. (a)		81,000		1,341,360
Hertz Global Holdings, Inc. (b)		294,000		4,668,720

Total				12,393,195


Trading Companies & Distributors (1.2%)
CAI International, Inc. (a)(b)		91,000		1,880,060
H&E Equipment Services, Inc. (a)(b)		58,800		822,612
Rush Enterprises, Inc., Class A (a)(b)		153,100		2,913,493
Rush Enterprises, Inc., Class B (b)		32,000		515,200
Textainer Group Holdings Ltd. (a)(c)		80,000		2,459,200

Total				8,590,565


TOTAL INDUSTRIALS				151,755,197


INFORMATION TECHNOLOGY (25.5%)

Communications Equipment (3.1%)
Finisar Corp. (a)(b)		399,800		7,208,394
Infinera Corp. (a)(b)		158,000		1,091,780
Ixia (a)(b)		184,000		2,355,200
Netgear, Inc. (a)(b)		77,000		3,366,440
Polycom, Inc. (b)		127,000		8,166,100

Total				22,187,914


Electronic Equipment, Instruments & Components (5.5%)
Amphenol Corp., Class A		57,000		3,077,430
IPG Photonics Corp. (a)(b)		424,000		30,829,040
Plexus Corp. (a)(b)		125,000		4,351,250
Sanmina-SCI Corp. (b)		85,000		878,050

Total				39,135,770


Internet Software & Services (1.1%)
Constant Contact, Inc. (a)(b)		37,000		939,060
Equinix, Inc. (b)		23,000		2,323,460
IntraLinks Holdings, Inc. (a)(b)		72,000		1,244,160
SPS Commerce, Inc. (a)(b)		117,000		2,081,430
TheStreet, Inc. (a)		344,000		1,056,080

Total				7,644,190


IT Services (1.3%)
Acxiom Corp. (a)(b)		62,000		812,820
ExlService Holdings, Inc. (a)(b)		208,000		4,804,800
Global Payments, Inc.		53,000		2,703,000
Hackett Group, Inc. (The) (a)(b)		218,000		1,109,620

Total				9,430,240


Office Electronics (0.7%)
Zebra Technologies Corp., Class A (b)		123,000		5,186,910


Semiconductors & Semiconductor Equipment (4.9%)
Applied Micro Circuits Corp. (a)(b)		174,000		1,541,640
Atmel Corp. (b)		761,000		10,707,270
Entegris, Inc. (b)		604,000		6,112,480
Microsemi Corp. (b)		293,000		6,006,500
Monolithic Power Systems, Inc. (b)		188,000		2,898,960
ON Semiconductor Corp. (b)		355,000		3,716,850
Pericom Semiconductor Corp. (a)(b)		117,000		1,045,980
TriQuint Semiconductor, Inc. (a)(b)		316,000		3,220,040

Total				35,249,720


Software (8.9%)
Advent Software, Inc. (b)		169,000		4,760,730
ANSYS, Inc. (b)		120,000		6,560,400
Ariba, Inc. (b)		100,000		3,447,000
Blackbaud, Inc. (a)		159,000		4,407,480
Blackboard, Inc. (a)		53,500		2,321,365
Concur Technologies, Inc. (a)(b)		82,000		4,105,740
Informatica Corp. (b)		295,000		17,236,850
MICROS Systems, Inc. (b)		334,000		16,603,140
NetSuite, Inc. (a)(b)		65,000		2,548,000
NICE Systems Ltd., ADR (a)(b)(c)		31,000		1,127,160
Tyler Technologies, Inc. (a)(b)		13,000		348,140

Total				63,466,005


TOTAL INFORMATION TECHNOLOGY				182,300,749


MATERIALS (0.7%)

Chemicals (0.7%)
Albemarle Corp.		71,000		4,913,200


Metals & Mining (—%)
Augusta Resource Corp. (a)(b)(c)		75,000		347,250

TOTAL MATERIALS				5,260,450

The accompanying Notes to Financial Statements are an integral part of this statement.

98 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger U.S. Equities Fund


Issuer	Shares		Value

Common Stocks (continued)
TELECOMMUNICATION SERVICES (3.9%)

Diversified Telecommunication Services (3.4%)
AboveNet, Inc. (a)		97,500		$6,869,850
PAETEC Holding Corp. (a)(b)		825,000		3,951,750
tw telecom, inc. (b)		660,000		13,549,800

Total				24,371,400


Wireless Telecommunication Services (0.5%)
SBA Communications Corp., Class A (b)		95,000		3,628,050

TOTAL TELECOMMUNICATION SERVICES				27,999,450


Total Common Stocks
(Cost: $534,010,589)			$	718,170,750




	Shares		Value

Money Market Fund 1.9%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		13,546,042	$	13,546,042


Total Money Market Fund
(Cost: $13,546,042)			$	13,546,042


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 24.4%


Asset-Backed Commercial Paper (3.2%)
Antalis US Funding Corp.
08/05/11	0.280%	$	1,998,585	$	1,998,585
08/23/11	0.275%		4,996,486		4,996,486
Cancara Asset Securitisation LLC
07/13/11	0.150%		4,999,375		4,999,375
07/19/11	0.250%		999,375		999,375
Royal Park Investments Funding Corp.
09/16/11	0.410%		4,994,818		4,994,818
Scaldis Capital LLC
07/01/11	0.200%		4,999,972		4,999,972

Total					22,988,611


Certificates of Deposit (11.5%)
Barclays Bank PLC
09/15/11	0.310%		5,000,000		5,000,000
Commerzbank AG
07/20/11	0.220%		5,000,000		5,000,000
Credit Industrial et Commercial
11/21/11	0.410%		5,000,000		5,000,000
DZ Bank AG
07/12/11	0.200%		7,000,000		7,000,000
Den Danske Bank
07/13/11	0.210%		4,998,221		4,998,221
Erste Bank der Oesterreichischen Sparkassen AG
07/25/11	0.240%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Lloyds Bank PLC
10/03/11	0.260%		4,000,000		4,000,000
N.V. Bank Nederlandse Gemeenten
08/05/11	0.260%		5,000,000		5,000,000
National Australia Bank
11/18/11	0.211%		3,999,983		3,999,983
National Bank of Canada
11/18/11	0.186%		4,000,000		4,000,000
Natixis
09/07/11	0.544%		5,000,000		5,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		3,000,000		3,000,000
Societe Generale
09/23/11	0.411%		5,000,000		5,000,000
Swedbank AB
08/05/11	0.240%		5,000,000		5,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		5,000,000		5,000,000

Total					81,998,204


Commercial Paper (1.1%)
Danske Corp.
08/02/11	0.220%		2,998,955		2,998,955
Suncorp Metway Ltd.
07/11/11	0.200%		4,999,111		4,999,111

Total					7,998,066


Money Market Fund (4.8%)
JPMorgan Prime Money Market Fund, 0.010% (d)			34,000,000		34,000,000


Other Short-Term Obligations (0.8%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		4,000,000		4,000,000
08/08/11	0.300%		2,000,000		2,000,000

Total					6,000,000


Repurchase Agreements (3.0%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $10,000,028 (f)
	0.100%		10,000,000		10,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (f)
	0.100%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $6,599,230 (f)
	0.080%		6,599,216		6,599,216

Total					21,599,216


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $174,584,097)				$	174,584,097


Total Investments
(Cost: $722,140,728)				$	906,300,889
Other Assets & Liabilities, Net					(191,091,250)


Net Assets				$	715,209,639

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 1.63% of net assets.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$2,977,593

$39,158,449

$(28,590,000

)

$—

$13,546,042

$4,471

$13,546,042

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 99

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger U.S. Equities Fund

Notes to Portfolio of Investments (continued)


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


Cantor Fitzgerald & Co. (0.100%)
Security description	Value
Fannie Mae Interest Strip		$106,341
Fannie Mae Pool		3,980,131
Fannie Mae Principal Strip		297,175
Fannie Mae REMICS		235,192
Federal Home Loan Banks		88,633
Federal National Mortgage Association		272,380
Freddie Mac Non Gold Pool		1,874,821
Freddie Mac REMICS		1,194,344
Ginnie Mae II Pool		689,667
Government National Mortgage Association		168,742
United States Treasury Note/Bond		1,292,574

Total Market Value of Collateral Securities		$10,200,000



Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$6,731,230

Total Market Value of Collateral Securities		$6,731,230

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

100 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger U.S. Equities Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 101

Portfolio of Investments (continued)

Variable Portfolio – Columbia Wanger U.S. Equities Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$107,510,806		$—		$—		$107,510,806
Consumer Staples		5,613,540		—		—		5,613,540
Energy		66,777,979		—		—		66,777,979
Financials		95,502,367		—		—		95,502,367
Health Care		75,450,212		—		—		75,450,212
Industrials		151,755,197		—		—		151,755,197
Information Technology		182,300,749		—		—		182,300,749
Materials		5,260,450		—		—		5,260,450
Telecommunication Services		27,999,450		—		—		27,999,450

Total Equity Securities		718,170,750		—		—		718,170,750

Other
Affiliated Money Market Fund(c)		13,546,042		—		—		13,546,042
Investments of Cash Collateral Received for Securities on Loan		34,000,000		140,584,097		—		174,584,097

Total Other		47,546,042		140,584,097		—		188,130,139

Total		$765,716,792		$140,584,097		$—		$906,300,889


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

102 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – Eaton Vance Floating-Rate Income Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Weighted
	average	Principal
Borrower	coupon	amount		Value

Senior Loans 96.8%


Aerospace & Defense (1.6%)
DAE Aviation Holdings, Inc. Tranche B1 Term Loan (a)(b)
07/31/14	5.280%	$	2,537,665	$	2,515,460
Ducommun, Inc. Term Loan (a)(b)(c)
TBD	TBD		600,000		600,750
IAP Worldwide Services, Inc. 1st Lien Term Loan (a)(b)
12/30/12	9.250%		3,887,259		3,865,996
Standard Aero Ltd. Tranche B2 Term Loan (a)(b)
07/31/14	5.280%		2,438,286		2,416,951
TASC, Inc. Tranche B Term Loan (a)(b)
12/18/15	4.500%		1,597,166		1,594,498
TransDigm, Inc. (a)(b) 1st Lien Term Loan
02/14/17	4.000%		1,992,500		1,995,748
TransDigm, Inc. (a)(b)(c) 1st Lien Term Loan
TBD	TBD		997,500	��	999,126
Wyle Services Corp. 1st Lien Term Loan (a)(b)
03/26/17	5.750%		733,426		733,793

Total					14,722,322


Automotive (4.1%)
Allison Transmission, Inc. Term Loan (a)(b)
08/07/14	2.940%		8,173,556		8,002,810
Chrysler Group LLC Tranche B Term Loan (a)(b)
05/24/17	6.000%		3,600,000		3,515,616
Delphi Corp. Tranche B Term Loan (a)(b)
03/31/17	3.500%		2,138,158		2,149,918
Federal-Mogul Corp. (a)(b) Tranche B Term Loan
12/29/14	2.128%		3,934,009		3,716,813
Tranche C Term Loan
12/28/15	2.128%		2,007,147		1,896,333
Federal-Mogul Corp. (a)(b)(c) Tranche B Term Loan
TBD	TBD		651,997		616,000
Tranche C Term Loan
TBD	TBD		332,651		314,286
Ford Motor Co. (a)(b) Tranche B1 Term Loan
12/15/13	2.940%		1,675,651		1,673,640
Tranche B2 Term Loan
12/15/13	2.940%		555,122		553,884
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan (a)(b)
04/30/14	1.940%		8,000,000		7,705,040
Metaldyne LLC Term Loan (a)(b)
05/18/17	5.250%		2,643,375		2,643,375
Tenneco, Inc. Tranche B Term Loan (a)(b)
06/03/16	4.996%		1,980,000		1,986,197
Veyance Technologies, Inc. Term Loan (a)(b)
07/31/14	2.690%		1,735,910		1,641,528
Veyance Technoloiges, Inc. Delayed Draw Term Loan (a)(b)
07/31/14	2.690%		248,631		235,113

Total					36,650,553


Brokerage (1.3%)
Grosvenor Capital Management Holdings LLLP Tranche C Term Loan (a)(b)
12/05/16	4.250%		1,098,514		1,093,022
LPL Holdings, Inc. (a)(b) Term Loan
06/25/15	4.250%		2,876,609		2,887,396
06/28/17	5.250%		1,893,768		1,903,236
Nuveen Investments, Inc. (a)(b) 1st Lien Term Loan
11/13/14	3.257%		1,844,640		1,818,243
05/13/17	5.757%		3,905,360		3,902,119

Total					11,604,016


Building Materials (0.4%)
Beacon Sales Acquisition, Inc. Tranche B Term Loan (a)(b)
09/30/13	2.261%		902,298		884,252
Goodman Global, Inc. 1st Lien Term Loan (a)(b)
10/28/16	5.750%		2,914,194		2,918,244

Total					3,802,496


Chemicals (6.4%)
Arizona Chemical U.S., Inc. Term Loan (a)(b)
11/21/16	4.750%		363,830		363,983
Brenntag Holding Gmbh & Co. KG (a)(b)(d) Tranche 1 Term Loan
01/20/14	3.700%		824,880		824,104
Tranche B2 Term Loan
01/20/14	3.707%		5,175,120		5,147,071
Celanese U.S. Holdings LLC Tranche C Term Loan (a)(b)
10/31/16	3.303%		3,493,514		3,505,497
Chemtura Corp. Term Loan (a)(b)
08/29/16	5.500%		600,000		601,686
Cristal Inorganic Chemicals U.S., Inc. 1st Lien Term Loan (a)(b)
05/15/14	2.496%		1,564,908		1,555,127
General Chemical Corp. Tranche B Term Loan (a)(b)
10/06/15	5.003%		510,022		510,981
Houghton International, Inc. Tranche B1 Term Loan (a)(b)
01/29/16	6.750%		819,400		822,473
Huntsman International LLC (a)(b) Tranche B Term Loan
04/19/14	1.718%		504,601		490,997
04/19/17	2.773%		1,375,819		1,336,759
Tranche C Term Loan
06/30/16	2.461%		3,521,680		3,421,417
ISP Chemco LLC Term Loan (a)(b)
06/04/14	1.688%		4,442,159		4,421,948
Ineos U.S. Finance LLC (a)(b)(d) Tranche B2 Term Loan
12/16/13	7.501%		4,254,712		4,372,780
Tranche C2 Term Loan
12/16/14	8.001%		4,582,373		4,732,446
Matrix Acquisition Corp. Tranche B Term Loan (a)(b)
04/12/14	2.186%		2,314,514		2,290,119
Momentive Performance Materials Tranche B1B Term Loan (a)(b)
05/05/15	3.688%		987,080		964,871
Momentive Specialty Chemicals, Inc. (a)(b) Tranche C1A Term Loan
05/05/13	2.500%		697,262		681,922
Tranche C1B Term Loan
05/05/15	3.938%		2,774,832		2,724,191
Tranche C2A Term Loan
05/05/13	2.500%		297,594		291,047
Tranche C2B Term Loan
05/05/15	4.000%		1,170,211		1,148,855
Tranche C4B Term Loan
05/05/15	4.063%		984,474		983,243
Tranche C7B Term Loan
05/05/15	4.000%		939,698		935,000
Nalco Co. Tranche B1 Term Loan (a)(b)
10/05/17	4.500%		1,191,000		1,196,621
Omnova Solutions, Inc. Term Loan (a)(b)
05/31/17	5.750%		2,462,625		2,462,625
Rockwood Specialties Group, Inc. Term Loan (a)(b)
02/09/18	3.750%		2,325,000		2,333,719
Solutia, Inc. Tranche 1 Term Loan (a)(b)
08/01/17	3.500%		2,743,382		2,745,797
Styron SARL Term Loan (a)(b)(d)
08/02/17	6.000%		3,880,500		3,874,214
Univar, Inc. Tranche B Term Loan (a)(b)
06/30/17	5.000%		3,486,241		3,477,141

Total					58,216,634


Construction Machinery (0.4%)
Brock Holdings III, Inc. 1st Lien Term Loan (a)(b)
03/16/17	6.000%		1,246,875		1,253,109

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 103

Portfolio of Investments (continued)

Variable Portfolio – Eaton Vance Floating-Rate Income Fund


	Weighted
	average	Principal
Borrower	coupon	amount		Value

Senior Loans (continued)

Construction Machinery (cont.)
Bucyrus International, Inc. Tranche C Term Loan (a)(b)
02/19/16	4.250%		$1,500,000		$1,499,040
Manitowoc Co., Inc. (The) Tranche B Term Loan (a)(b)
11/13/17	4.250%		750,000		752,228

Total					3,504,377


Consumer Cyclical Services (3.4%)
Brickman Group Holdings, Inc. Tranche B Term Loan (a)(b)
10/14/16	7.250%		2,014,875		2,037,542
Instant Web, Inc. (a)(b) Delayed Draw Term Loan
08/07/14	3.561%		166,696		151,276
Term Loan
08/07/14	3.561%		1,599,134		1,451,214
KAR Auction Services, Inc. Term Loan (a)(b)
05/19/17	5.000%		3,150,000		3,169,688
Live Nation Entertainment, Inc. Tranche B Term Loan (a)(b)
11/07/16	4.500%		4,944,937		4,938,756
Protection One, Inc. Term Loan (a)(b)
06/04/16	6.000%		3,631,539		3,631,538
Sabre, Inc. (a)(b) Term Loan
09/30/14	2.210%		5,945,702		5,337,100
Sabre, Inc. (a)(b)(c) Term Loan
TBD	TBD		1,000,000		897,640
ServiceMaster Co. (The) (a)(b) Delayed Draw Term Loan
07/24/14	2.690%		179,496		174,304
Term Loan
07/24/14	2.705%		1,802,442		1,750,298
Travelport LLC (a)(b) Delayed Draw Term Loan
08/21/15	4.746%		3,479,203		3,324,587
Tranche S Term Loan
08/23/15	4.746%		153,677		146,847
West Corp. (a)(b) Tranche B2 Term Loan
10/24/13	2.633%		257,060		254,857
Tranche B4 Term Loan
07/15/16	4.506%		2,935,630		2,935,073
Tranche B5 Term Loan
07/15/16	4.508%		625,206		625,088

Total					30,825,808


Consumer Products (2.7%)
Affinion Group, Inc. Tranche B Term Loan (a)(b)
10/09/16	5.000%		4,937,542		4,926,087
Amscan Holdings, Inc. Term Loan (a)(b)
12/02/17	6.750%		1,364,687		1,366,966
Jarden Corp. Tranche B Term Loan (a)(b)
03/31/18	3.246%		1,868,367		1,870,908
NBTY, Inc. Tranche B1 Term Loan (a)(b)
10/01/17	4.250%		7,263,500		7,263,500
National Bedding Co. LLC Term Loan (a)(b)
11/28/13	3.750%		1,765,933		1,748,274
Prestige Brands, Inc. Term Loan (a)(b)
03/24/16	4.764%		812,987		813,499
Spectrum Brands, Inc. Term Loan (a)(b)
06/17/16	5.057%		4,345,147		4,367,568
Visant Corp. Tranche B Term Loan (a)(b)
12/22/16	5.250%		2,390,494		2,375,123

Total					24,731,925


Diversified Manufacturing (2.3%)
Acosta, Inc. Tranche B Term Loan (a)(b)
03/01/18	4.750%		2,275,000		2,274,295
Altegrity, Inc. (a)(b) Term Loan
02/21/15	2.997%		2,111,187		2,067,655
Tranche D Term Loan
02/21/15	7.750%		669,938		671,612
BakerCorp International, Inc. (a)(b) Term Loan
06/01/18	5.000%		925,000		925,518
BakerCorp International, Inc. (a)(b)(c) Term Loan
TBD	TBD		1,000,000		1,000,560
Brand Energy & Infrastructure Services, Inc. (a)(b) Tranche B 1st Lien Term Loan
02/07/14	2.500%		992,314		893,083
Tranche B2 1st Lien Term Loan
02/07/14	3.563%		1,984,638		1,806,021
N.E.W. Holdings I, LLC Term Loan (a)(b)
03/23/16	6.000%		2,806,048		2,799,033
Pelican Products, Inc. Term Loan (a)(b)
03/07/17	5.000%		696,500		694,759
RGIS Services LLC (a)(b) Delayed Draw Term Loan
04/30/14	2.746%		68,702		66,984
Tranche B Term Loan
04/30/14	2.746%		1,845,861		1,799,715
Tomkins LLC/Inc. Tranche B1 Term Loan (a)(b)(d)
09/29/16	4.250%		5,323,166		5,320,131

Total					20,319,366


Electric (3.0%)
AES Corp. (The) Term Loan (a)(b)(c)
TBD	TBD		1,995,000		1,995,359
Calpine Corp. (a)(b) Term Loan
04/01/18	4.500%		6,159,563		6,090,883
Tranche B2 Term Loan
04/01/18	4.500%		1,100,000		1,087,735
Dynegy Holdings, Inc. (a)(b) Letter of Credit
04/02/13	4.030%		6,480,070		6,328,631
Tranche B Term Loan
04/02/13	4.030%		513,641		501,637
Equipower Resources Holdings LLC Tranche B Term Loan (a)(b)
01/26/18	5.750%		548,625		548,170
NRG Energy, Inc. (a)(b) Credit Linked Deposit
02/01/13	2.053%		1,190,982		1,187,874
08/31/15	3.557%		2,388,328		2,384,961
Term Loan
07/01/18	2.057%		1,255,357		1,252,080
07/01/18	3.452%		1,649,617		1,647,291
Pike Electric, Inc. Tranche B Term Loan (a)(b)
07/01/12	1.750%		831,468		818,996
Texas Competitive Electric Holdings Co. LLC Term Loan (a)(b)
10/10/17	4.730%		3,815,974		2,981,764

Total					26,825,381


Entertainment (5.1%)
AMC Entertainment, Inc. Tranche B2 Term Loan (a)(b)
12/15/16	3.436%		3,955,572		3,916,847
Bombardier Recreational Products, Inc. Term Loan (a)(b)(d)
06/28/13	2.786%		1,991,212		1,936,952
Carmike Cinemas, Inc. Term Loan (a)(b)
01/27/16	5.500%		847,453		850,631
Cedar Fair LP Tranche 1 Term Loan (a)(b)
12/15/17	4.000%		3,325,397		3,330,086
Cinedigm Digital Funding I LLC Term Loan (a)(b)
04/29/16	5.250%		962,379		954,362
Cinemark U.S.A., Inc. Term Loan (a)(b)
04/30/16	3.469%		7,899,749		7,926,529
ClubCorp Club Operations, Inc. Tranche B Term Loan (a)(b)
11/30/16	6.000%		1,569,619		1,573,543
Miramax Film NY LLC 1st Lien Term Loan (a)(b)
06/22/16	7.750%		870,000		879,422
National CineMedia LLC Term Loan (a)(b)
02/13/15	1.750%		4,000,000		3,912,000
Regal Cinemas Corp. Term Loan (a)(b)
08/23/17	3.496%		7,263,500		7,251,370
Seaworld Parks & Entertainment, Inc. Tranche B Term Loan (a)(b)
08/17/17	4.000%		5,591,024		5,600,361
Six Flags Theme Parks, Inc. Tranche B Term Loan (a)(b)
06/30/16	5.250%		3,560,065		3,572,311
Town Sports International LLC Term Loan (a)(b)
05/11/18	7.008%		1,097,250		1,093,135

The accompanying Notes to Financial Statements are an integral part of this statement.

104 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Eaton Vance Floating-Rate Income Fund


	Weighted
	average	Principal
Borrower	coupon	amount		Value

Senior Loans (continued)

Entertainment (cont.)
Universal City Development Partners Ltd. Term Loan (a)(b)
11/06/14	6.500%		$3,568,922		$3,570,029

Total					46,367,578


Food and Beverage (5.9%)
Advantage Sales & Marketing, Inc. 1st Lien Term Loan (a)(b)
12/17/17	5.250%		2,786,000		2,783,214
Aramark Corp. (a)(b) 1st Letter of Credit
01/26/14	0.035%		286,407		280,034
2nd Letter of Credit
07/26/16	0.035%		237,307		236,146
Term Loan
01/26/14	2.121%		3,555,280		3,476,175
Tranche B Term Loan
07/26/16	3.496%		3,608,407		3,590,762
Darling International, Inc. Term Loan (a)(b)
12/17/16	5.000%		200,000		200,500
Dean Foods Co. Tranche B Term Loan (a)(b)
04/02/14	1.750%		3,790,643		3,621,656
Del Monte Foods Co. Term Loan (a)(b)
03/08/18	4.500%		8,700,000		8,670,507
Dole Food Co., Inc. Tranche B1 Term Loan (a)(b)
03/02/17	5.199%		1,111,493		1,111,026
Dunkin’ Brands, Inc. Tranche B2 Term Loan (a)(b)
11/23/17	4.250%		6,694,846		6,681,925
Earthbound Holdings III LLC Term Loan (a)(b)
12/21/16	4.297%		671,625		674,144
JBS U.S.A. LLC Term Loan (a)(b)
05/25/18	4.250%		3,625,000		3,618,221
Pierre Foods, Inc. 1st Lien Term Loan (a)(b)
09/30/16	7.000%		1,565,681		1,579,866
Pinnacle Foods Finance LLC (a)(b) Term Loan
04/02/14	2.690%		4,350,112		4,307,698
Tranche D Term Loan
04/02/14	6.000%		707,586		710,826
Sagittarius Restaurants LLC Term Loan (a)(b)
05/18/15	7.516%		440,000		432,850
Solvest Ltd. Tranche C1 Term Loan (a)(b)(d)
03/02/17	5.361%		2,760,670		2,759,511
U.S. Foodservice, Inc. Term Loan (a)(b)
07/03/14	2.690%		2,485,775		2,324,970
WM. Bolthouse Farms, Inc. 1st Lien Term Loan (a)(b)
02/11/16	5.502%		4,547,571		4,546,162
Windsor Quality Food Co., Ltd. Tranche B Term Loan (a)(b)
02/16/17	5.000%		1,939,000		1,937,391

Total					53,543,584


Gaming (1.4%)
Ameristar Casinos, Inc. Tranche B Term Loan (a)(b)
04/16/18	4.000%		1,147,125		1,149,993
Caesars Entertainment Operating Co., Inc. (a)(b) Tranche B1 Term Loan
01/28/15	3.274%		2,000,000		1,800,460
Tranche B3 Term Loan
01/28/15	3.274%		1,974,907		1,777,871
Caesars Entertainment Operating Co., Inc. (a)(b)(c) Tranche B3 Term Loan
TBD	TBD		1,995,063		1,796,015
Isle of Capri Casinos, Inc. Term Loan (a)(b)
11/01/13	4.750%		1,022,438		1,026,486
Las Vegas Sands LLC (a)(b) Tranche B Term Loan
05/23/14	1.690%		1,654,111		1,604,108
Tranche I Delayed Draw Term Loan
05/23/14	1.690%		330,822		320,822
Penn National Gaming, Inc. Tranche B Term Loan (a)(b)
10/03/12	1.976%		1,000,000		998,750
VML U.S. Finance LLC (a)(b) Term Loan
05/28/13	4.690%		490,957		489,670
Tranche B Delayed Draw Term Loan
05/25/12	4.690%		560,226		558,758
Tranche B Term Loan
05/27/13	4.690%		914,173		911,778

Total					12,434,711


Gas Distributors (0.6%)
Obsidian Natural Gas Trust (a)(b) Term Loan
11/02/15	7.000%		3,583,896		3,619,735
Obsidian Natural Gas Trust (a)(b)(c) Term Loan
TBD	TBD		1,457,638		1,472,215

Total					5,091,950


Health Care (12.7%)
1-800 Contacts, Inc. Term Loan (a)(b)
03/04/15	7.700%		1,353,188		1,349,805
Alliance HealthCare Services, Inc. Term Loan (a)(b)
06/01/16	5.500%		1,970,000		1,963,026
Bausch & Lomb, Inc. (a)(b) Delayed Draw Term Loan
04/24/15	3.436%		791,685		786,294
Term Loan
04/24/15	3.482%		3,252,403		3,230,254
Biomet, Inc. Term Loan (a)(b)
03/25/15	3.230%		7,897,436		7,822,015
Bright Horizons Family Solutions, Inc. Tranche B Term Loan (a)(b)
05/28/15	4.190%		1,967,255		1,965,622
CRC Health Corp. Tranche B2 Term Loan (a)(b)
11/16/15	4.746%		2,489,846		2,433,825
Community Health Systems, Inc. (a)(b) Delayed Draw Term Loan
07/25/14	2.504%		373,786		360,860
Term Loan
07/25/14	2.504%		7,230,835		6,980,793
01/25/17	3.754%		2,919,145		2,847,013
ConvaTec, Inc. Term Loan (a)(b)
12/22/16	5.750%		1,616,875		1,612,493
DJO Finance LLC Term Loan (a)(b)
05/20/14	3.186%		2,710,867		2,679,231
DaVita, Inc. Tranche B Term Loan (a)(b)
10/20/16	4.500%		2,611,875		2,616,994
Emdeon Business Services LLC 1st Lien Term Loan (a)(b)
11/16/13	2.190%		4,931,059		4,898,169
Fresenius SE (a)(b)(d) Tranche D1 Term Loan
09/10/14	3.500%		2,313,084		2,307,301
Tranche D2 Term Loan
09/10/14	3.500%		1,613,968		1,609,933
HCA, Inc. (a)(b) Tranche B3 Term Loan
05/01/18	3.496%		4,000,000		3,931,800
Tranche B2 Term Loan
03/31/17	3.496%		6,000,000		5,913,720
Tranche B3 Term Loan
05/02/16	2.746%		987,500		971,582
Hanger Orthopedic Group, Inc. Tranche C Term Loan (a)(b)
12/01/16	4.000%		1,994,987		1,992,494
Harrington Holdings, Inc. Term Loan (a)(b)(c)
TBD	TBD		880,654		885,330
Health Management Associates, Inc. Tranche B Term Loan (a)(b)
02/28/14	1.996%		7,887,388		7,619,217
IMS Health, Inc. Tranche B Term Loan (a)(b)
08/26/17	4.500%		4,986,221		4,988,564
Inventiv Health, Inc. Term Loan (a)(b)
08/04/16	4.750%		2,764,607		2,744,563
Kindred HealthCare, Inc. Term Loan (a)(b)
06/01/18	5.250%		2,025,000		2,019,938
MedAssets, Inc. Term Loan (a)(b)
11/16/16	5.250%		2,699,654		2,703,029
MedPace IntermediateCo, Inc. 1st Lien Term Loan (a)(b)
06/01/17	6.500%		1,000,000		987,500
MultiPlan, Inc. Tranche B Term Loan (a)(b)
08/26/17	4.750%		6,062,500		6,026,489

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 105

Portfolio of Investments (continued)

Variable Portfolio – Eaton Vance Floating-Rate Income Fund


	Weighted
	average	Principal
Borrower	coupon	amount		Value

Senior Loans (continued)

Health Care (cont.)
Nyco Holdings 3 ApS (a)(b)(c)(d) Tranche B2 Term Loan
TBD	TBD		$999,728		$984,732
Tranche C2 Term Loan
TBD	TBD		1,000,272		990,269
Onex Carestream Finance LP Term Loan (a)(b)
02/25/17	5.000%		1,521,187		1,418,507
Prime Healthcare Services, Inc. Tranche B Term Loan (a)(b)
04/28/15	7.250%		1,979,962		1,920,563
Quintiles Transnational Corp. Tranche B Term Loan (a)(b)
06/18/18	4.000%		5,825,000		5,786,788
Radnet Management, Inc. Tranche B Term Loan (a)(b)
04/06/16	5.751%		1,982,462		1,976,515
Renal Advantage Holdings, Inc. Tranche B Term Loan (a)(b)
12/17/16	5.750%		1,666,625		1,672,875
Res-Care, Inc. Tranche B Term Loan (a)(b)
12/22/16	7.250%		2,591,489		2,591,489
Select Medical Corp. Tranche B Term Loan (a)(b)
06/01/18	5.500%		3,300,000		3,234,000
Universal Health Services, Inc. Tranche B Term Loan (a)(b)
11/15/16	4.000%		2,736,639		2,741,948
Vanguard Health Holding Co. II LLC (a)(b) Term Loan
01/29/16	5.000%		3,960,150		3,953,774
Vanguard Health Holding Co. II LLC (a)(b)(c) Term Loan
TBD	TBD		1,000,000		998,390

Total					114,517,704


Independent Energy (0.3%)
MEG Energy Corp. Term Loan (a)(b)(d)
03/18/18	4.000%		2,325,000		2,321,838


Integrated Energy (0.3%)
Gibson Energy ULC Term Loan (a)(b)(d)
06/15/18	5.750%		2,350,000		2,333,550


Life Insurance (0.6%)
Alliant Holdings I, Inc. (a)(b) Term Loan
08/21/14	3.246%		2,824,646		2,785,807
Tranche D Term Loan
08/21/14	6.750%		974,456		975,674
CNO Financial Group, Inc. Tranche B1 Term Loan (a)(b)
09/30/16	6.250%		1,955,620		1,958,671

Total					5,720,152


Media Cable (5.5%)
Atlantic Broadband Finance LLC Tranche B Term Loan (a)(b)
03/08/16	4.000%		1,179,308		1,179,555
Bresnan Broadband Holdings LLC Tranche B Term Loan (a)(b)
12/14/17	4.500%		2,139,250		2,137,795
CSC Holdings LLC (a)(b) Tranche B2 Term Loan
03/29/16	3.436%		1,733,295		1,719,568
Tranche B3 Term Loan
03/29/16	3.186%		5,934,925		5,870,650
Cequel Communications LLC Term Loan (a)(b)
11/05/13	2.190%		7,942,978		7,868,950
Charter Communications Operating LLC (a)(b) Tranche B1 Term Loan
03/06/14	2.190%		41,236		41,102
Tranche C Term Loan
09/06/16	3.500%		9,399,629		9,361,937
Insight Midwest Holdings LLC Tranche B Term Loan (a)(b)
04/07/14	1.983%		2,758,025		2,709,759
MCC Iowa LLC Tranche F Term Loan (a)(b)
10/23/17	4.500%		2,970,000		2,943,359
Mediacom Illinois LLC Tranche E Term Loan (a)(b)
10/23/17	4.500%		4,952,481		4,912,861
Midcontinent Communications Tranche B Term Loan (a)(b)
12/31/16	4.000%		992,500		993,741
TWCC Holding Corp. Term Loan (a)(b)
02/11/17	4.250%		5,905,200		5,919,136
UPC Financing Partnership (a)(b)(d) Tranche T Term Loan
12/30/16	3.686%		1,578,393		1,569,191
Tranche X Term Loan
12/31/17	3.686%		2,500,000		2,463,550

Total					49,691,154


Media Non-Cable (5.0%)
AMC Networks, Inc. Tranche B Term Loan (a)(b)(c)
TBD	TBD		1,550,000		1,548,063
Catalina Marketing Corp. Term Loan (a)(b)
10/01/14	2.936%		991,824		976,698
Cengage Learning Acquisitions, Inc. Term Loan (a)(b)
07/03/14	2.500%		2,974,280		2,672,658
Citadel Broadcasting Corp. Term Loan (a)(b)
12/30/16	4.250%		1,270,714		1,269,113
Deluxe Entertainment Services Group, Inc. (a)(b) Tranche A Credit-Linked Deposit
05/11/13	6.250%		60,976		60,549
Tranche B Term Loan
05/11/13	6.250%		902,439		896,122
FoxCo Acquisition Sub. LLC Term Loan (a)(b)
07/14/15	4.750%		1,954,757		1,953,545
Getty Images, Inc. Term Loan (a)(b)
11/07/16	5.250%		4,714,375		4,734,411
Intelsat Jackson Holdings S.A. Tranche B Term Loan (a)(b)(d)
04/02/18	5.250%		8,000,000		8,016,640
Lodgenet Interactive Corp. Term Loan (a)(b)
04/04/14	6.500%		1,586,139		1,516,745
Nelson Education Ltd. 1st Lien Term Loan (a)(b)(d)
07/04/14	2.746%		1,454,765		1,314,744
Nielsen Finance LLC (a)(b) Tranche A Term Loan
08/09/13	2.190%		4,839,504		4,781,430
Tranche B Term Loan
05/02/16	3.940%		1,979,981		1,976,021
Tranche C Term Loan
05/02/16	3.440%		2,489,943		2,474,356
Raycom TV Broadcasting LLC Tranche B Term Loan (a)(b)
05/31/17	4.500%		975,000		972,563
Univision Communications, Inc. (a)(b) 1st Lien Term Loan
03/31/17	4.436%		5,838,989		5,534,544
Term Loan
09/29/14	2.186%		874,148		836,892
Zuffa LLC Term Loan (a)(b)
06/19/15	2.250%		3,778,608		3,703,036

Total					45,238,130


Metals (1.3%)
Fairmount Minerals Ltd. Tranche B Term Loan (a)(b)
03/15/17	5.250%		3,045,750		3,048,460
JMC Steel Group, Inc. Term Loan (a)(b)
04/01/17	4.750%		2,244,375		2,249,986
Noranda Aluminum Acquisition Corp. Tranche B Term Loan (a)(b)
05/18/14	1.936%		389,946		384,421
Novelis, Inc. Term Loan (a)(b)(d)
03/10/17	3.750%		1,994,988		1,995,666
Walter Energy, Inc. Tranche B Term Loan (a)(b)
04/02/18	4.000%		4,425,000		4,421,991

Total					12,100,524


Non-Captive Diversified (0.2%)
International Lease Finance Corp. Tranche 1 Term Loan (a)(b)
03/17/15	6.750%		2,000,000		2,000,840


Oil Field Services (0.3%)
Frac Tech Services Tranche B Term Loan (a)(b)
05/06/16	6.250%		2,992,500		2,986,515


Other Financial Institutions (0.7%)
Asset Acceptance Capital Corp. Tranche B Term Loan (a)(b)
06/12/13	3.761%		3,548,760		3,477,785
Fifth Third Processing Solutions LLC Tranche B1 1st Lien Term Loan (a)(b)
11/03/16	4.500%		2,167,567		2,162,539

The accompanying Notes to Financial Statements are an integral part of this statement.

106 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Eaton Vance Floating-Rate Income Fund


	Weighted
	average	Principal
Borrower	coupon	amount		Value

Senior Loans (continued)

Other Financial Institutions (cont.)
HarbourVest Partners LP Term Loan (a)(b)
12/19/16	6.250%		$1,108,212		$1,110,982

Total					6,751,306


Other Industry (3.2%)
Allied Security Holdings LLC 1st Lien Term Loan (a)(b)
02/03/17	5.000%		1,571,062		1,578,918
Aquilex Holdings LLC Term Loan (a)(b)
04/01/16	6.000%		879,392		876,314
Ascend Learning LLC 1st Lien Term Loan (a)(b)
12/06/16	7.010%		997,494		995,000
BarBri, Inc. Term Loan (a)(b)(c)
TBD	TBD		825,000		819,844
Diversey, Inc. Tranche B Term Loan (a)(b)
11/24/15	4.000%		5,269,437		5,266,170
Education Management LLC Tranche C Term Loan (a)(b)
06/03/13	2.000%		3,668,937		3,604,731
Laureate Education, Inc. (a)(b) Term Loan
06/15/18	5.250%		2,976,989		2,886,191
Laureate Education, Inc. (a)(b)(c) Term Loan
TBD	TBD		742,558		719,909
Mercury Payment Systems Tranche B Term Loan (a)(b)(c)
TBD	TBD		750,000		748,125
RE/MAX International LLC Term Loan (a)(b)
04/16/16	5.500%		1,243,124		1,241,570
Rexnord LLC/RBS Global, Inc. (a)(b) Tranche B1 Term Loan
07/19/13	2.769%		6,355,415		6,291,861
Tranche B2 Term Loan
07/19/13	2.438%		808,073		798,481
SRAM LLC 1st Lien Term Loan (a)(b)
06/07/18	4.767%		1,475,000		1,468,554
Sensus U.S.A., Inc. 1st Lien Term Loan (a)(b)
05/09/17	4.750%		723,187		724,316
TriMas Co. LLC Tranche B Term Loan (a)(b)
06/21/17	4.250%		1,200,000		1,197,000

Total					29,216,984


Other Utility (0.2%)
BRSP LLC Term Loan (a)(b)
06/24/14	7.500%		1,492,242		1,495,973


Packaging (2.4%)
BWAY Holding Co. Tranche B Term Loan (a)(b)
02/23/18	4.500%		3,012,097		3,007,217
Berry Plastics Holding Corp. Tranche C Term Loan (a)(b)
04/03/15	2.261%		3,165,423		2,979,897
Consolidated Container Co. LLC 1st Lien Term Loan (a)(b)
03/28/14	2.438%		985,658		951,003
Graham Packaging Co. LP Tranche C Term Loan (a)(b)
04/05/14	6.750%		1,974,747		1,978,341
Graphic Packaging International, Inc. Term Loan (a)(b)
05/16/14	3.015%		5,180,448		5,164,285
ICL Industrial Containers ULC Tranche C Term Loan (a)(b)(d)
02/23/18	4.500%		267,423		266,990
Reynolds Group Holdings, Inc. Term Loan (a)(b)
02/09/18	4.250%		6,907,688		6,860,508
Tricorbraun, Inc. Tranche B Term Loan (a)(b)
07/31/13	2.441%		216,227		209,470

Total					21,417,711


Paper (0.7%)
Georgia-Pacific LLC (a)(b) Tranche B Term Loan
12/23/12	2.250%		2,167,648		2,164,526
Tranche C Term Loan
12/23/14	3.499%		3,947,868		3,948,303

Total					6,112,829


Pharmaceuticals (1.9%)
Axcan Intermediate Holdings, Inc. Term Loan (a)(b)
02/10/17	5.500%		995,000		983,388
Catalent Pharma Solutions, Inc. Term Loan (a)(b)
04/10/14	2.436%		1,984,496		1,891,483
Endo Pharmaceuticals Holdings, Inc. Tranche B Term Loan (a)(b)
06/18/18	4.000%		1,700,000		1,704,250
Grifols, Inc. Tranche B Term Loan (a)(b)
06/01/17	6.000%		6,325,000		6,344,797
VWR Funding, Inc. Term Loan (a)(b)
06/30/14	2.686%		1,999,481		1,936,378
Warner Chilcott Co. LLC (a)(b) Tranche A Term Loan
03/17/16	3.750%		1,710,000		1,704,665
Warner Chilcott Corp. Tranche B1 Term Loan (a)(b)
03/15/18	4.250%		1,368,000		1,367,576
Tranche B2 Term Loan
03/15/18	4.250%		684,000		683,788
Tranche B3 Term Loan
03/15/18	4.250%		940,500		940,208

Total					17,556,533


Property & Casualty (1.3%)
Asurion LLC 1st Lien Term Loan (a)(b)(c)
TBD	TBD		5,500,000		5,424,375
HUB International Ltd. (a)(b) Delayed Draw Term Loan
06/13/14	2.746%		181,174		175,286
Term Loan
06/13/14	2.746%		805,981		779,786
06/13/14	6.750%		2,962,312		2,954,906
USI Holdings Corp. (a)(b) Tranche B Term Loan
05/05/14	2.690%		496,124		482,853
Tranche C Term Loan
05/05/14	7.000%		1,974,874		1,967,468

Total					11,784,674


Refining (0.3%)
CITGO Petroleum Corp. (a)(b) Tranche B Term Loan
06/24/15	8.000%		378,571		382,357
Tranche C Term Loan
06/24/17	9.000%		2,277,000		2,365,803

Total					2,748,160


REITs (0.2%)
CB Richard Ellis Services, Inc. (a)(b)(c) Tranche D Term Loan
TBD	TBD		680,000		670,140
CB Richard Ellis Services, Inc. (a)(b)(c)(e) Tranche C Term Loan
TBD	TBD		720,000		709,920

Total					1,380,060


Restaurants (2.1%)
Burger King Corp. Tranche B Term Loan (a)(b)
10/19/16	4.500%		6,917,744		6,893,255
Dave & Busters, Inc. Term Loan (a)(b)
06/01/16	5.500%		1,980,000		1,982,475
DineEquity, Inc. Tranche B1 Term Loan (a)(b)
10/19/17	4.250%		2,571,968		2,571,556
OSI Restaurant Partners LLC (a)(b) Term Loan
06/14/13	0.069%		593,506		566,965
06/14/14	2.500%		6,134,705		5,860,361
QCE LLC 1st Lien Term Loan (a)(b)
05/05/13	4.940%		986,120		902,054

Total					18,776,666


Retailers (5.7%)
Dollar General Corp. (a)(b) Tranche B1 Term Loan
07/07/14	2.969%		3,000,000		2,999,580
Tranche B2 Term Loan
07/07/14	2.936%		1,000,000		997,500
FTD Group, Inc. Term Loan (a)(b)
06/11/18	4.750%		1,471,312		1,465,722
General Nutrition Centers, Inc. Tranche B Term Loan (a)(b)
03/02/18	4.250%		5,500,000		5,479,375
Harbor Freight Tools USA, Inc./Central Purchasing LLC Tranche B Term Loan (a)(b)
12/22/17	6.500%		1,741,250		1,766,289

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 107

Portfolio of Investments (continued)

Variable Portfolio – Eaton Vance Floating-Rate Income Fund


	Weighted
	average	Principal
Borrower	coupon	amount		Value

Senior Loans (continued)

Retailers (cont.)
J. Crew Group, Inc. Term Loan (a)(b)
03/07/18	4.750%		$5,000,000		$4,781,950
JRD Holdings, Inc. Term Loan (a)(b)
07/02/14	2.440%		4,725,000		4,621,664
Jo-Ann Stores, Inc. Term Loan (a)(b)
03/16/18	4.750%		2,450,000		2,408,669
Michaels Stores, Inc. Tranche B1 Term Loan (a)(b)
10/31/13	2.537%		3,729,567		3,660,496
Neiman Marcus Group, Inc. (The) Term Loan (a)(b)
05/16/18	4.750%		3,350,000		3,301,258
PetCo Animal Supplies, Inc. (a)(b) Term Loan
11/24/17	4.500%		4,578,750		4,562,083
PetCo Animal Supplies, Inc. (a)(b)(c) Term Loan
TBD	TBD		1,000,000		996,360
Rent-A-Center, Inc. Tranche B Term Loan (a)(b)
03/31/15	3.250%		1,429,483		1,425,909
Rite Aid Corp. (a)(b) Tranche 2 Term Loan
06/04/14	1.940%		4,843,406		4,618,624
Tranche 5 Term Loan
03/03/18	4.500%		3,113,918		3,064,873
Savers, Inc. (a)(b) Term Loan
03/04/17	4.250%		1,000,000		1,000,210
Savers, Inc. (a)(b)(c) Term Loan
TBD	TBD		500,000		500,105
Travelport LLC (a)(b) Letter of Credit
08/23/13	2.746%		153,677		145,928
Tranche B Term Loan
08/23/13	2.746%		595,025		565,023
08/21/15	4.746%		595,025		568,582
Yankee Candle Co., Inc. Term Loan (a)(b)
02/06/14	2.190%		2,706,801		2,681,980

Total					51,612,180


Supermarkets (1.1%)
Roundy’s Supermartkets, Inc. Tranche B Term Loan (a)(b)
11/03/13	3.725%		4,572,697		4,566,981
Supervalu, Inc. Tranche B3 Term Loan (a)(b)
04/30/18	4.500%		5,525,000		5,430,633

Total					9,997,614


Technology (9.6%)
Aeroflex, Inc. Tranche B Term Loan (a)(b)
05/09/18	4.250%		1,750,000		1,743,875
Applied Systems, Inc. 1st Lien Term Loan (a)(b)
12/08/16	5.500%		1,791,000		1,793,794
Aspect Software, Inc. Tranche B Term Loan (a)(b)
05/07/16	6.250%		3,959,975		3,959,975
CCC Information Services Group, Inc. Term Loan (a)(b)
11/11/15	5.500%		1,343,250		1,347,602
CommScope, Inc. Term Loan (a)(b)
01/14/18	5.000%		3,117,187		3,134,737
Dealer Computer Services, Inc. Tranche B Term Loan (a)(b)
04/21/18	3.274%		2,650,000		2,642,712
Edwards (Cayman Islands II) Ltd. 1st Lien Term Loan (a)(b)(d)
05/31/16	5.500%		1,243,750		1,239,758
Fidelity National Information Services, Inc. Tranche B Term Loan (a)(b)
07/18/16	5.250%		2,183,500		2,190,050
First Data Corp. (a)(b) Term Loan
03/24/18	4.186%		1,641,285		1,508,965
Tranche B2 Term Loan
09/24/14	2.936%		1,990,617		1,842,077
First Data Corp. (a)(b)(c) Tranche B1 Term Loan
TBD	TBD		1,000,000		925,380
Freescale Semiconductor, Inc. Term Loan (a)(b)(d)
12/01/16	4.436%		3,948,577		3,921,451
Infor Enterprise Solutions Holdings, Inc. (a)(b) 1st Lien Delayed Draw Term Loan
07/28/15	5.940%		1,720,821		1,669,196
1st Lien Term Loan
07/28/15	5.940%		3,240,157		3,142,952
Interactive Data Corp. Tranche B Term Loan (a)(b)
02/11/18	4.750%		1,995,000		1,993,763
MSCI, Inc. Tranche B1 Term Loan (a)(b)
03/14/17	3.750%		3,771,131		3,786,441
Microsemi Corp. Term Loan (a)(b)
11/02/17	4.000%		1,745,625		1,744,543
NDS Finance Ltd. Tranche B Term Loan (a)(b)
03/12/18	4.000%		1,446,375		1,439,143
NXP BV/Funding LLC Tranche B Term Loan (a)(b)(d)
03/03/17	4.500%		4,339,125		4,352,706
Network Solutions LLC 1st Lien Term Loan (a)(b)
03/07/14	2.440%		744,090		714,326
Orbitz Worldwide, Inc. Term Loan (a)(b)
07/25/14	3.225%		1,919,483		1,751,528
Quantum Corp. Term Loan (a)(b)
07/11/14	3.746%		476,285		472,913
SS&C Technologies, Inc./Sunshine Acquisition II, Inc. Term Loan (a)(b)
11/23/12	2.238%		1,142,459		1,119,610
SSI Investments II Ltd. Term Loan (a)(b)
05/26/17	6.500%		489,194		495,920
Sensata Technology BV/Finance Co. LLC Term Loan (a)(b)
05/12/18	4.000%		3,875,000		3,867,250
Serena Software, Inc. Term Loan (a)(b)
03/10/16	4.252%		2,200,000		2,147,750
Shield Finance Co. SARL Tranche B Term Loan (a)(b)(d)
06/15/16	7.752%		776,000		777,940
Ship Luxco 3 SARL Tranche B2A Term Loan (a)(b)
11/30/17	5.250%		1,000,000		998,330
Sitel LLC Tranche A Term Loan (a)(b)
01/30/17	7.040%		2,377,759		2,371,815
Softlayer Technologies, Inc. Tranche B Term Loan (a)(b)
11/09/16	7.250%		572,125		574,511
Spansion LLC Term Loan (a)(b)
02/09/15	4.750%		2,107,930		2,112,546
SunGard Data Systems, Inc. (a)(b) Tranche A Term Loan
02/28/14	1.939%		489,000		476,531
Tranche B Term Loan
02/28/14	3.690%		750,000		747,188
02/28/16	3.867%		9,250,560		9,204,215
Sunquest Information Systems, Inc. 1st Lien Term Loan (a)(b)
12/16/16	6.250%		725,000		723,188
Syniverse Holdings, Inc. Term Loan (a)(b)
12/21/17	5.250%		1,997,500		2,005,830
Trans Union LLC Term Loan (a)(b)
02/10/18	4.750%		4,987,500		4,979,719
TriZetto Group, Inc. (a)(b) Term Loan
05/02/18	4.750%		1,600,000		1,584,672
TriZetto Group, Inc. (a)(b)(c) Term Loan
TBD	TBD		1,000,000		990,420
VeriFone, Inc. Tranche B Term Loan (a)(b)
10/31/13	2.940%		2,775,709		2,753,170
Vertafore, Inc. 1st Lien Term Loan (a)(b)
07/29/16	5.250%		815,900		816,920
iPayment, Inc. Term Loan (a)(b)
05/08/17	5.750%		1,064,967		1,065,851

Total					87,131,263

The accompanying Notes to Financial Statements are an integral part of this statement.

108 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Eaton Vance Floating-Rate Income Fund


	Weighted
	average	Principal
Borrower	coupon	amount		Value

Senior Loans (continued)
Textile (0.2%)
PVH Tranche B Term Loan (a)(b)
05/06/16	3.500%		$1,495,104		$1,496,434
Warnaco Group, Inc. (The) Tranche B Term Loan (a)(b)
06/17/18	4.500%		575,000		576,800

Total					2,073,234


Transportation Services (0.4%)
Hertz Corp. (The) Tranche B Term Loan (a)(b)
03/11/18	3.750%		3,715,688		3,694,582


Wireless (1.4%)
MetroPCS Wireless, Inc. Tranche B3 Term Loan (a)(b)
03/19/18	4.012%		6,553,125		6,555,156
SBA Senior Finance II LLC Term Loan (a)(b)(c)
TBD	TBD		1,075,000		1,075,451
Telesat Canada (a)(b)(d) Tranche I Term Loan
10/31/14	3.190%		3,636,500		3,584,244
Tranche II Term Loan
10/31/14	3.190%		312,369		307,880
Towerco Finance LLC Term Loan (a)(b)
02/02/17	5.250%		673,312		673,737

Total					12,196,468


Wirelines (0.6%)
Alaska Communications Systems Holdings, Inc. Term Loan (a)(b)
10/21/16	5.500%		1,567,125		1,568,755
Windstream Corp. Tranche B2 Term Loan (a)(b)
12/17/15	3.011%		3,949,749		3,949,117

Total					5,517,872


Total Senior Loans
(Cost: $870,557,253)				$	875,015,217


	Shares		Value

Money Market Fund 5.4%

Columbia Short-Term Cash Fund, 0.166% (f)(g)		48,636,087	$	48,636,087


Total Money Market Fund
(Cost: $48,636,087)			$	48,636,087


Total Investments
(Cost: $919,193,340)			$	923,651,304
Other Assets & Liabilities, Net				(19,821,189)


Net Assets			$	903,830,115

Notes to Portfolio of Investments


^(a)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(b)		Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

^(c)		Represents a senior loan purchased on a when-issued or delayed delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

^(d)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 7.94% of net assets.

^(e)		At June 30, 2011, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.


	Unfunded
Borrower	commitment
CB Richard Ellis Services, Inc.		$720,000


^(f)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(g)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$56,641,419

$221,398,185

$(229,403,517

)

$—

$48,636,087

$65,317

$48,636,087

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 109

Portfolio of Investments (continued)

Variable Portfolio – Eaton Vance Floating-Rate Income Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

110 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Eaton Vance Floating-Rate Income Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Senior Loans
Brokerage		$—		$10,510,994		$1,093,022		$11,604,016
Chemicals		—		53,835,766		4,380,868		58,216,634
Consumer Cyclical Services		—		27,194,270		3,631,538		30,825,808
Diversified Manufacturing		—		18,452,667		1,866,699		20,319,366
Electric		—		26,006,385		818,996		26,825,381
Entertainment		—		44,794,035		1,573,543		46,367,578
Gas Distributors		—		—		5,091,950		5,091,950
Health Care		—		110,005,652		4,512,052		114,517,704
Life Insurance		—		4,744,478		975,674		5,720,152
Media Non-Cable		—		41,535,094		3,703,036		45,238,130
Other Utility		—		—		1,495,973		1,495,973
Retailers		—		45,564,607		6,047,573		51,612,180
Technology		—		83,600,153		3,531,110		87,131,263
All Other Industries		—		370,049,082		—		370,049,082

Total Senior Loans		—		836,293,183		38,722,034		875,015,217

Other
Affiliated Money Market Fund(c)		48,636,087		—		—		48,636,087

Total Other		48,636,087		—		—		48,636,087

Total		$48,636,087		$836,293,183		$38,722,034		$923,651,304

Certain Senior Loans classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers.


^(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 June 30, 2011.

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


	Senior Loans
Balance as of December 31, 2010		$35,790,318
Accrued discounts/premiums		88,913
Realized gain (loss)		63,821
Change in unrealized appreciation (depreciation)*		(76,661	)
Sales		(7,453,106	)
Purchases		7,815,186
Transfers into Level 3		2,493,563
Transfers out of Level 3		—

Balance as of June 30, 2011		$38,722,034

Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, as of period end, management determined to fair value the security under consistently applied procedures established by and under the general supervision of the Board of Trustees.


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $(97,399).

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.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 111

Portfolio of Investments (continued)

Variable Portfolio – Eaton Vance Floating-Rate Income Fund

Fair Value Measurements (continued)

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

112 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – Invesco International Growth Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 91.4%


AUSTRALIA (6.5%)
BHP Billiton Ltd. (a)(b)		738,641	$	34,908,862
Brambles Ltd. (b)		1,843,002		14,329,630
Cochlear Ltd. (a)(b)		176,440		13,656,037
CSL Ltd. (a)(b)		458,142		16,285,132
QBE Insurance Group Ltd. (b)		825,841		15,327,640
WorleyParsons Ltd. (b)		858,435		26,136,850

Total				120,644,151


BELGIUM (1.5%)
Anheuser-Busch InBev NV (a)(b)		483,071		28,021,010


BERMUDA (0.8%)
Li & Fung Ltd. (a)(b)		3,736,000		7,467,104
VimpelCom Ltd., ADR (b)		529,304		6,753,919

Total				14,221,023


BRAZIL (2.4%)
Banco Bradesco SA, ADR (a)(b)		1,446,911		29,647,206
Petroleo Brasileiro SA, ADR (b)		449,920		13,803,546

Total				43,450,752


CANADA (5.9%)
Agrium, Inc. (b)		135,506		11,899,013
Canadian National Railway Co. (b)		183,470		14,674,556
Canadian Natural Resources Ltd. (b)		359,092		15,053,232
Cenovus Energy, Inc. (b)		454,351		17,147,987
Encana Corp. (a)(b)		339,467		10,481,961
Fairfax Financial Holdings Ltd. (b)		35,665		14,274,136
Suncor Energy, Inc. (b)		418,941		16,419,690
Talisman Energy, Inc. (b)		458,063		9,408,708

Total				109,359,283


CHINA (1.5%)
Industrial & Commercial Bank of China, Series H (a)(b)		36,332,000		27,712,108


DENMARK (1.6%)
Novo Nordisk A/S, Series B (b)		242,467		30,429,764


FRANCE (7.1%)
BNP Paribas SA (b)		310,217		23,946,105
Cap Gemini SA (b)		362,363		21,229,415
Cie Generale des Etablissements Michelin, Series B (b)		148,379		14,511,183
Danone (b)		320,996		23,949,576
Eutelsat Communications SA (b)		279,191		12,550,931
Lafarge SA (a)(b)		209,407		13,344,844
Publicis Groupe SA (a)(b)		181,514		10,120,904
Total SA (b)		215,118		12,440,697

Total				132,093,655


GERMANY (5.5%)
Adidas AG (b)		357,348		28,345,982
Bayer AG (b)		186,399		14,985,789
BMW AG (b)		204,285		20,384,537
Fresenius Medical Care AG & Co. KGaA (b)		257,891		19,278,697
SAP AG (b)		311,195		18,840,912

Total				101,835,917


HONG KONG (1.1%)
Hutchison Whampoa Ltd. (b)		1,824,000		19,762,950


INDIA (1.2%)
Infosys Ltd., ADR (a)(b)		338,507		22,080,812


ISRAEL (1.6%)
Teva Pharmaceutical Industries Ltd., ADR (b)		617,730		29,786,941


JAPAN (9.8%)
Canon, Inc. (a)(b)		581,200		27,645,551
Denso Corp. (b)		667,800		24,837,126
Fanuc Corp. (b)		129,900		21,722,275
Keyence Corp. (a)(b)		64,100		18,199,960
Komatsu Ltd. (b)		507,900		15,858,234
Nidec Corp. (a)(b)		204,500		19,092,180
Toyota Motor Corp. (b)		512,800		21,116,687
Yamada Denki Co., Ltd. (a)(b)		394,170		32,116,806

Total				180,588,819


KOREA (2.9%)
Hyundai Mobis (b)		91,323		34,360,727
NHN Corp. (b)(c)		108,275		19,195,732

Total				53,556,459


MEXICO (3.0%)
America Movil SAB de CV, Series L, ADR (a)(b)		449,725		24,231,183
Fomento Economico Mexicano SAB de CV, ADR (b)		254,251		16,905,149
Grupo Televisa SA, ADR (a)(b)		571,995		14,071,077

Total				55,207,409


NETHERLANDS (2.1%)
Koninklijke Ahold NV (b)		1,271,872		17,090,254
Koninklijke KPN NV (b)		246,553		3,586,114
Unilever NV-CVA (b)		564,699		18,511,191

Total				39,187,559


RUSSIAN FEDERATION (1.1%)
Gazprom OAO, ADR (b)(c)		1,449,283		21,130,546


SINGAPORE (2.7%)
Keppel Corp., Ltd. (b)		2,951,700		26,705,974
United Overseas Bank Ltd. (b)		1,394,000		22,380,879

Total				49,086,853


SWEDEN (3.6%)
Kinnevik Investment AB, Series B (b)		405,821		9,014,395
Swedbank AB, Series A (b)		908,844		15,273,844
Telefonaktiebolaget LM Ericsson, Class B (b)		1,455,276		20,982,921
Volvo AB, Series B (b)		1,208,111		21,105,461

Total				66,376,621


SWITZERLAND (7.8%)
ABB Ltd. (b)(c)		699,237		18,130,677
Julius Baer Group Ltd. (b)(c)		440,109		18,180,179
Nestlé SA (b)		528,094		32,819,401
Novartis AG (b)		491,762		30,122,799
Roche Holding AG (b)		147,830		24,739,436
Syngenta AG (b)(c)		61,058		20,610,479

Total				144,602,971


TAIWAN (2.0%)
Hon Hai Precision Industry Co., Ltd. (b)		3,728,200		12,835,425
Taiwan Semiconductor Manufacturing Co., Ltd. (b)		9,763,000		24,605,301

Total				37,440,726


TURKEY (0.6%)
Akbank TAS (b)		2,571,927		11,885,060


UNITED KINGDOM (19.1%)
BG Group PLC (b)		1,082,591		24,568,327
British American Tobacco PLC (b)		559,907		24,541,401
Centrica PLC (b)		4,447,004		23,074,643
Compass Group PLC (b)		3,632,138		35,034,714
Imperial Tobacco Group PLC (b)		1,012,401		33,650,725
Informa PLC (b)		2,344,330		16,257,912
International Power PLC (b)		3,384,935		17,476,850
Kingfisher PLC (b)		3,897,833		16,715,580
Next PLC (b)		490,717		18,311,159
Reed Elsevier PLC (b)		2,370,673		21,535,247
Royal Dutch Shell PLC, Series B (b)		654,459		23,360,331
Shire PLC (b)		836,130		26,100,882
Smith & Nephew PLC (b)		1,564,666		16,699,561
Tesco PLC (b)		3,459,684		22,321,545
Vodafone Group PLC (b)		6,626,818		17,580,842
WPP PLC (b)		1,291,170		16,163,662

Total				353,393,381


Total Common Stocks
(Cost: $1,381,793,494)			$	1,691,854,770

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 113

Portfolio of Investments (continued)

Variable Portfolio – Invesco International Growth Fund


	Shares		Value

Money Market Fund 8.2%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		150,918,360		$150,918,360


Total Money Market Fund
(Cost: $150,918,360)			$	150,918,360


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 8.0%


Asset-Backed Commercial Paper (1.0%)
Antalis US Funding Corp.
08/05/11	0.280%	$	9,992,922	$	9,992,922
Cancara Asset Securitisation LLC
07/19/11	0.250%		2,998,125		2,998,125
Scaldis Capital LLC
07/01/11	0.200%		4,999,972		4,999,972

Total					17,991,019


Certificates of Deposit (5.8%)
Barclays Bank PLC
09/15/11	0.310%		4,000,000		4,000,000
Clydesdale Bank PLC
07/21/11	0.280%		4,996,464		4,996,464
07/25/11	0.270%		3,000,000		3,000,000
Credit Industrial et Commercial
11/21/11	0.410%		10,000,000		10,000,000
DZ Bank AG
07/27/11	0.150%		5,000,000		5,000,000
Den Danske Bank
07/13/11	0.210%		4,998,221		4,998,221
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
08/12/11	0.300%		7,500,000		7,500,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
07/14/11	0.280%		3,000,000		3,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Lloyds Bank PLC
10/03/11	0.260%		7,000,000		7,000,000
N.V. Bank Nederlandse Gemeenten
07/27/11	0.270%		5,000,000		5,000,000
National Australia Bank
11/18/11	0.211%		2,499,989		2,499,989
National Bank of Canada
11/18/11	0.186%		7,000,000		7,000,000
Natixis
09/07/11	0.544%		5,000,000		5,000,000
Pohjola Bank PLC
08/15/11	0.340%		5,000,000		5,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		5,000,000		5,000,000
Societe Generale
09/23/11	0.410%		4,000,000		4,000,000
Union Bank of Switzerland
12/09/11	0.239%		5,000,000		5,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		5,000,000		5,000,000
08/26/11	0.300%		5,000,000		5,000,000

Total					107,994,674


Commercial Paper (0.4%)
PB Capital Corp.
08/12/11	0.491%	$	2,497,006	$	2,497,006
Suncorp Metway Ltd.
07/11/11	0.200%		4,999,111		4,999,112

Total					7,496,118


Other Short-Term Obligations (0.3%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		5,000,000		5,000,000


Repurchase Agreements (0.5%)
Citibank NA dated 06/30/11, matures 07/01/11, repurchase price $2,000,004 (f)
	0.080%		2,000,000		2,000,000
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004 (f)
	0.030%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $1,852,212 (f)
	0.080%		1,852,208		1,852,208

Total					8,852,208


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $147,334,019)				$	147,334,019


Total Investments
(Cost: $1,680,045,873)				$	1,990,107,149
Other Assets & Liabilities, Net					(140,166,706)


Net Assets				$	1,849,940,443

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 June 30, 2011:


	Percentage of
Industry	net assets			Value
Auto Components		4.0	%		$73,709,036
Automobiles		2.2			41,501,225
Beverages		2.4			44,926,159
Biotechnology		0.9			16,285,132
Capital Markets		1.0			18,180,179
Chemicals		1.8			32,509,492
Commercial Banks		7.1			130,845,202
Commercial Services & Supplies		0.8			14,329,630
Communications Equipment		1.1			20,982,921
Construction Materials		0.7			13,344,844
Distributors		0.4			7,467,103
Diversified Financial Services		0.5			9,014,395
Diversified Telecommunication Services		0.2			3,586,114
Electrical Equipment		2.0			37,222,857
Electrical Equipment, Instruments & Components		1.7			31,035,384
Energy Equipment & Services		1.4			26,136,850
Food & Staples Retailing		2.1			39,411,799

The accompanying Notes to Financial Statements are an integral part of this statement.

114 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Invesco International Growth Fund

Summary of Investments in Securities by Industry (continued)


	Percentage of
Industry	net assets			Value
Food Products		4.1	%		$75,280,167
Health Care Equipment & Supplies		1.7			30,355,598
Health Care Providers & Services		1.0			19,278,697
Hotels, Restaurants & Leisure		1.9			35,034,714
Independent Power Producers & Energy Traders		0.9			17,476,850
Industrial Conglomerates		2.5			46,468,924
Insurance		1.6			29,601,776
Internet Software & Services		1.0			19,195,732
IT Services		2.3			43,310,227
Machinery		3.2			58,685,971
Media		4.9			90,699,734
Metals & Mining		1.9			34,908,862
Multiline Retail		1.0			18,311,159
Multi-Utilities		1.3			23,074,643
Office Electronics		1.5			27,645,551
Oil, Gas & Consumable Fuels		8.9			163,815,025
Pharmaceuticals		8.4			156,165,610
Road & Rail		0.8			14,674,556
Semiconductors & Semiconductor Equipment		1.3			24,605,301
Software		1.0			18,840,912
Speciality Retail		2.6			48,832,386
Textiles, Apparel & Luxury Goods		1.5			28,345,982
Tobacco		3.2			58,192,127
Wireless Telecommunication Services		2.6			48,565,944
Other⁽¹⁾		16.2			298,252,379

Total					$1,990,107,149


⁽¹⁾		Cash & Cash Equivalents.

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 91.46% of net assets.

^(c)		Non-income producing.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$96,250,809

$226,863,984

$(172,196,433

)

$—

$150,918,360

$116,716

$150,918,360


^(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.


Citibank NA (0.080%)
Security description	Value
Fannie Mae Pool		$1,482,587
Freddie Mac Gold Pool		557,413

Total Market Value of Collateral Securities		$2,040,000

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 115

Portfolio of Investments (continued)

Variable Portfolio – Invesco International Growth Fund

Notes to Portfolio of Investments (continued)


Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$1,746,884
Fannie Mae-Aces		86,912
Freddie Mac REMICS		2,490,181
Government National Mortgage Association		776,023

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$1,889,261

Total Market Value of Collateral Securities		$1,889,261

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

116 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Invesco International Growth Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 117

Portfolio of Investments (continued)

Variable Portfolio – Invesco International Growth Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Consumer Discretionary		$14,071,077		$329,830,262		$—		$343,901,339
Consumer Staples		16,905,149		200,905,103		—		217,810,252
Energy		82,315,123		107,636,752		—		189,951,875
Financials		43,921,342		143,720,211		—		187,641,553
Health Care		29,786,941		192,298,096		—		222,085,037
Industrials		14,674,556		156,707,382		—		171,381,938
Information Technology		22,080,812		163,535,216		—		185,616,028
Materials		11,899,013		68,864,185		—		80,763,198
Telecommunication Services		30,985,102		21,166,955		—		52,152,057
Utilities		—		40,551,493		—		40,551,493

Total Equity Securities		266,639,115		1,425,215,655		—		1,691,854,770

Other
Affiliated Money Market Fund(c)		150,918,360		—		—		150,918,360
Investments of Cash Collateral Received for Securities on Loan		—		147,334,019		—		147,334,019

Total Other		150,918,360		147,334,019		—		298,252,379

Total		$417,557,475		$1,572,549,674		$—		$1,990,107,149


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

118 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – J.P. Morgan Core Bond Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bond & Notes 12.0%


ABS Other (0.1%)
Crown Castle Towers LLC Senior Secured (a)
08/15/35	3.214%	$	1,160,000	$	1,177,849


Aerospace & Defense (0.1%)
American Airlines 2011-1 Class A Pass-Through Trust (b)
07/31/21	5.250%		229,000		223,848
BAE Systems Holdings, Inc. (a)
08/15/15	5.200%		780,000		846,848
Lockheed Martin Corp. Senior Unsecured (b)
11/15/19	4.250%		300,000		307,843

Total					1,378,539


Airlines (0.1%)
Continental Airlines 2007-1 Class A Pass-Through Trust (b)
04/19/22	5.983%		804,964		828,067
Delta Air Lines 2011-1 Class A Pass-Through Trust
04/15/19	5.300%		130,000		130,000

Total					958,067


Automotive (—%)
Daimler Finance North America LLC
01/15/12	7.300%		405,000		419,098


Banking (4.2%)
American Express Co. Senior Unsecured
03/19/18	7.000%		500,000		588,419
American Express Co. (b) Senior Unsecured
05/20/14	7.250%		425,000		486,067
American Express Credit Corp. Senior Unsecured
05/02/13	5.875%		860,000		925,825
08/25/14	5.125%		400,000		436,528
Associates Corp. of North America Senior Unsecured
11/01/18	6.950%		300,000		338,440
BB&T Corp. Senior Unsecured
07/27/12	3.850%		1,235,000		1,275,618
Subordinated Notes
12/23/15	5.200%		400,000		432,733
BB&T Corp. (b) Senior Unsecured
04/30/19	6.850%		400,000		472,667
Subordinated Notes
11/01/19	5.250%		800,000		843,019
Bank of America Corp. Senior Unsecured
10/14/16	5.625%		500,000		535,129
07/01/20	5.625%		2,750,000		2,841,383
Bank of America Corp. (b) Senior Unsecured
05/15/14	7.375%		250,000		281,049
Bank of New York Mellon Corp. (The) Senior Unsecured (b)
06/18/15	2.950%		1,520,000		1,566,584
Barclays Bank PLC (a)(b)(c)
09/21/15	2.500%		1,600,000		1,594,161
Barclays Bank PLC (b)(c) Senior Unsecured
05/22/19	6.750%		1,100,000		1,234,805
Capital One Bank USA NA Subordinated Notes
07/15/19	8.800%		1,750,000		2,147,672
Capital One Financial Corp. Senior Unsecured
09/15/17	6.750%		600,000		693,680
Citigroup, Inc. Senior Unsecured
01/15/15	6.010%		2,990,000		3,290,310
06/15/16	3.953%		97,000		99,300
08/15/17	6.000%		540,000		591,346
12/01/25	7.000%		765,000		856,667
Citigroup, Inc. (b) Senior Unsecured
12/13/13	6.000%		1,790,000		1,946,229
05/19/15	4.750%		400,000		423,025
12/15/15	4.587%		486,000		511,082
11/21/17	6.125%		900,000		994,009
08/09/20	5.375%		561,000		585,439
Comerica Bank Subordinated Notes
08/22/17	5.200%		500,000		534,063
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (a)(c) Senior Notes
09/30/10	5.800%		500,000		485,021
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (c)
01/11/21	4.500%		1,800,000		1,838,014
Countrywide Financial Corp. Subordinated Notes (b)
05/15/16	6.250%		1,520,000		1,601,812
Credit Suisse (b) Senior Unsecured
08/13/19	5.300%		1,000,000		1,064,386
08/05/20	4.375%		451,000		440,968
Deutsche Bank AG Senior Unsecured (b)(c)
01/11/16	3.250%		900,000		910,683
Goldman Sachs Group, Inc. (The) Senior Unsecured
02/07/16	3.625%		805,000		813,741
01/18/18	5.950%		1,000,000		1,077,873
Goldman Sachs Group, Inc. (The) (b) Senior Notes
08/01/15	3.700%		987,000		1,005,031
06/15/20	6.000%		1,306,000		1,405,240
Senior Unsecured
01/15/15	5.125%		1,000,000		1,073,101
02/15/19	7.500%		3,240,000		3,760,925
HSBC Bank PLC (a)(c) Senior Notes
06/28/15	3.500%		1,321,000		1,354,741
08/12/20	4.125%		622,000		602,093
Senior Unsecured
05/24/16	3.100%		245,000		243,380
01/19/21	4.750%		565,000		565,935
HSBC Bank PLC (a)(c)(d)
07/07/14	1.625%		364,000		362,988
HSBC Holdings PLC Senior Unsecured (c)
04/05/21	5.100%		586,000		600,523
KeyBank NA Subordinated Notes (b)
11/01/17	5.700%		817,000		880,592
Macquarie Group Ltd. (a)(b) Senior Unsecured
08/01/14	7.300%		923,000		1,033,056
01/14/21	6.250%		926,000		925,449
Merrill Lynch & Co., Inc. Senior Unsecured
09/30/15	5.300%		1,200,000		1,271,774
08/28/17	6.400%		2,049,000		2,236,647
07/15/18	6.500%		1,300,000		1,382,815
Morgan Stanley Senior Unsecured
07/24/15	4.000%		567,000		577,031
01/09/17	5.450%		3,300,000		3,489,832
12/28/17	5.950%		1,200,000		1,290,056
09/23/19	5.625%		130,000		133,398
07/24/20	5.500%		696,000		704,485
National Bank of Canada (a)(b)(c)
01/30/14	1.650%		1,655,000		1,678,488
Northern Trust Co. (The) Subordinated Notes
08/15/18	6.500%		500,000		579,063
PNC Bank NA Subordinated Notes
04/01/18	6.875%		1,000,000		1,178,645
PNC Funding Corp. Bank Guaranteed (b)
05/19/14	3.000%		2,015,000		2,088,957
SouthTrust Bank Subordinated Notes
05/15/25	7.690%		500,000		560,147
Toronto-Dominion Bank (The) (a)(b)(c)
07/29/15	2.200%		2,500,000		2,528,653
U.S. Bancorp Senior Notes
07/27/15	2.450%		960,000		967,899
Senior Secured
05/24/21	4.125%		309,000		309,658
UBS AG Senior Unsecured
04/25/18	5.750%		500,000		542,089
08/04/20	4.875%		305,000		310,972
UBS AG (b) Senior Unsecured
01/15/15	3.875%		1,000,000		1,043,809
Wachovia Bank NA Subordinated Notes
08/15/15	5.000%		1,000,000		1,071,842
11/15/17	6.000%		5,300,000		5,912,388
Wachovia Corp. Senior Unsecured
02/01/18	5.750%		900,000		995,208
Wachovia Corp. (b) Senior Unsecured
05/01/13	5.500%		1,875,000		2,016,285

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 119

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bond & Notes (continued)

Banking (cont.)
Wells Fargo & Co. Senior Unsecured (b)
04/01/21	4.600%		$200,000		$201,110
Westpac Banking Corp. Senior Unsecured (b)(c)
11/19/19	4.875%		750,000		780,115

Total					82,422,167


Brokerage (0.3%)
BlackRock, Inc. Senior Unsecured
09/15/17	6.250%		900,000		1,041,151
Charles Schwab Corp. (The) Senior Unsecured
06/01/14	4.950%		325,000		356,339
Credit Suisse AG Subordinated Notes
01/14/20	5.400%		1,730,000		1,751,414
Jefferies Group, Inc. Senior Unsecured
11/09/15	3.875%		375,000		381,088
Jefferies Group, Inc. (b) Senior Unsecured
07/15/19	8.500%		1,115,000		1,318,695

Total					4,848,687


Chemicals (0.3%)
Dow Chemical Co. (The) Senior Unsecured
05/15/18	5.700%		275,000		304,731
Dow Chemical Co. (The) (b) Senior Unsecured
05/15/19	8.550%		709,000		914,216
11/15/20	4.250%		350,000		341,584
EI du Pont de Nemours & Co. Senior Unsecured
07/15/13	5.000%		130,000		140,715
PPG Industries, Inc. Senior Unsecured
03/15/18	6.650%		875,000		1,028,186
08/15/19	7.400%		278,000		330,304
Potash Corp. of Saskatchewan, Inc. (c) Senior Unsecured
09/30/15	3.750%		300,000		318,728
05/15/19	6.500%		450,000		524,598
Praxair, Inc. Senior Unsecured
03/31/14	4.375%		450,000		486,130
03/15/17	5.200%		740,000		838,936
Union Carbide Corp. Senior Unsecured
10/01/96	7.750%		545,000		592,261

Total					5,820,389


Construction Machinery (0.1%)
Caterpillar, Inc. Senior Unsecured
12/15/18	7.900%		1,000,000		1,279,354


Consumer Products (—%)
Koninklijke Philips Electronics NV (c) Senior Unsecured
03/11/18	5.750%		148,000		165,730
06/01/26	7.200%		175,000		208,790
Newell Rubbermaid, Inc. Senior Unsecured
08/15/20	4.700%		405,000		407,788

Total					782,308


Diversified Manufacturing (0.1%)
Siemens Financieringsmaatschappij NV (a)(c)
08/17/26	6.125%		385,000		435,890
Tyco International Ltd./Finance SA (c)
12/15/19	7.000%		750,000		891,011
United Technologies Corp. Senior Unsecured
02/01/19	6.125%		965,000		1,128,531

Total					2,455,432


Electric (0.7%)
Alabama Power Co. Senior Unsecured
05/15/38	6.125%		70,000		78,005
American Water Capital Corp. Senior Unsecured
10/15/17	6.085%		250,000		288,132
10/15/37	6.593%		300,000		324,766
Carolina Power & Light Co. 1st Mortgage (b)
09/15/13	5.125%		461,000		501,642
Cleveland Electric Illuminating Co. (The) 1st Mortgage
11/15/18	8.875%		300,000		384,498
Dominion Resources, Inc. Senior Unsecured
11/30/17	6.000%		500,000		576,765
Duke Energy Carolinas LLC 1st Mortgage
06/15/20	4.300%		156,000		161,168
Duke Energy Carolinas LLC (b)
01/15/18	5.250%		630,000		703,227
Duke Energy Indiana, Inc. 1st Mortgage
07/15/20	3.750%		772,000		765,690
Exelon Generation Co. LLC Senior Unsecured
10/01/20	4.000%		750,000		707,864
Indiana Michigan Power Co. Senior Unsecured
03/15/19	7.000%		420,000		500,903
KCP&L Greater Missouri Operations Co. Senior Unsecured
07/01/12	11.875%		500,000		550,876
National Rural Utilities Cooperative Finance Corp.
11/01/18	10.375%		550,000		761,708
Nevada Power Co. (b)
09/15/40	5.375%		67,000		65,883
Oncor Electric Delivery Co. LLC Senior Secured
09/01/18	6.800%		235,000		274,641
PSEG Power LLC
12/01/15	5.500%		212,000		234,100
09/15/16	5.320%		800,000		880,631
PacifiCorp 1st Mortgage
07/15/18	5.650%		1,500,000		1,708,517
10/15/37	6.250%		200,000		226,463
Potomac Electric Power Co. 1st Mortgage
12/15/38	7.900%		160,000		216,052
Progress Energy, Inc. Senior Unsecured
01/15/21	4.400%		187,000		189,497
Public Service Co. of Oklahoma Senior Unsecured
02/01/21	4.400%		231,000		233,551
Public Service Company of Colorado 1st Mortgage (b)
11/15/20	3.200%		240,000		228,975
Public Service Electric & Gas Co. 1st Mortgage (b)
05/01/15	2.700%		400,000		408,506
Southern California Edison Co.
02/01/38	5.950%		210,000		231,922
1st Mortgage
06/01/21	3.875%		225,000		224,564
Southwestern Public Service Co. Senior Unsecured
12/01/18	8.750%		804,000		1,031,212
Virginia Electric and Power Co. Senior Unsecured (b)
11/15/38	8.875%		205,000		303,471
Xcel Energy, Inc. Senior Unsecured (b)
05/15/20	4.700%		98,000		101,898

Total					12,865,127


Entertainment (0.1%)
Time Warner Entertainment Co. LP
07/15/33	8.375%		695,000		888,286
Time Warner, Inc.
04/15/31	7.625%		450,000		539,900
05/01/32	7.700%		690,000		833,072
Walt Disney Co. (The) Senior Unsecured
12/15/17	5.875%		500,000		586,867

Total					2,848,125


Environmental (—%)
Waste Management, Inc. (b)
06/30/20	4.750%		450,000		467,027


Food and Beverage (0.4%)
Anheuser-Busch Companies, Inc.
01/15/31	6.800%		640,000		729,156
Anheuser-Busch InBev Worldwide, Inc. (c)
01/15/19	7.750%		525,000		660,473
Bunge Ltd. Finance Corp. (b)
06/15/19	8.500%		700,000		853,386
Cargill, Inc. (a) Senior Unsecured
11/27/17	6.000%		170,000		195,916
11/01/36	7.250%		300,000		375,299
Diageo Investment Corp.
08/15/11	9.000%		500,000		504,932
General Mills, Inc. Senior Unsecured
02/15/19	5.650%		140,000		158,072

The accompanying Notes to Financial Statements are an integral part of this statement.

120 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bond & Notes (continued)

Food and Beverage (cont.)
Kraft Foods, Inc. Senior Unsecured
08/11/17	6.500%		$1,675,000		$1,961,053
08/23/18	6.125%		400,000		458,722
08/11/37	7.000%		405,000		471,799
02/01/38	6.875%		200,000		231,378
PepsiCo, Inc. Senior Unsecured
03/01/14	3.750%		800,000		853,694
PepsiCo, Inc. (b) Senior Unsecured
11/01/18	7.900%		133,000		171,404

Total					7,625,284


Gas Distributors (0.1%)
San Diego Gas & Electric Co. 1st Mortgage
05/15/40	5.350%		21,000		21,565
Sempra Energy Senior Unsecured
06/15/18	6.150%		370,000		421,205
02/15/19	9.800%		1,092,000		1,464,817

Total					1,907,587


Gas Pipelines (0.1%)
Nisource Finance Corp. (b)
01/15/19	6.800%		377,000		437,540
Spectra Energy Capital LLC Senior Unsecured
10/01/19	8.000%		745,000		911,331
TransCanada PipeLines Ltd. (c) Senior Unsecured
01/15/19	7.125%		677,000		829,676
10/15/37	6.200%		500,000		539,592

Total					2,718,139


Health Care (—%)
Medco Health Solutions, Inc. Senior Unsecured (b)
03/15/18	7.125%		500,000		584,251


Independent Energy (0.2%)
Alberta Energy Co., Ltd. Senior Unsecured (c)
11/01/31	7.375%		695,000		800,088
Apache Corp. Senior Unsecured
09/15/18	6.900%		750,000		909,419
Devon Energy Corp. Senior Unsecured
01/15/19	6.300%		400,000		470,405
Talisman Energy, Inc. Senior Unsecured (c)
06/01/19	7.750%		795,000		968,852

Total					3,148,764


Integrated Energy (0.4%)
BP Capital Markets PLC (b)(c)
03/10/15	3.875%		1,450,000		1,527,070
ConocoPhillips Senior Unsecured
07/15/18	6.650%		605,000		724,592
03/30/29	7.000%		475,000		567,906
Shell International Finance BV (c)
09/22/19	4.300%		1,000,000		1,050,205
03/25/20	4.375%		400,000		420,312
12/15/38	6.375%		480,000		556,555
Suncor Energy, Inc. Senior Unsecured (c)
06/01/18	6.100%		770,000		875,710
Tosco Corp. Senior Unsecured
02/15/30	8.125%		775,000		1,012,638
Total Capital SA (b)(c)
03/15/16	2.300%		1,170,000		1,169,103

Total					7,904,091


Life Insurance (0.8%)
ASIF Global Financing XIX Senior Secured (a)
01/17/13	4.900%		1,859,000		1,933,360
Aflac, Inc. Senior Unsecured
08/15/40	6.450%		267,000		264,931
Aflac, Inc. (b) Senior Unsecured
05/15/19	8.500%		250,000		305,751
Jackson National Life Global Funding Senior Secured (a)
05/08/13	5.375%		1,425,000		1,525,581
Lincoln National Corp. Senior Unsecured
06/24/21	4.850%		140,000		137,738
MassMutual Global Funding II (a) Senior Secured
07/16/12	3.625%		770,000		791,326
MassMutual Global Funding II (a)(b) Senior Secured
09/28/15	2.300%		290,000		289,222
Metropolitan Life Global Funding I (a) Secured
01/11/16	3.125%		855,000		865,616
06/14/18	3.650%		900,000		880,627
Senior Secured
01/11/13	2.500%		1,000,000		1,018,104
01/10/14	2.000%		565,000		568,065
06/10/14	5.125%		1,450,000		1,584,212
Nationwide Mutual Insurance Co. Subordinated Notes (a)
08/15/39	9.375%		895,000		1,110,418
New York Life Global Funding Senior Secured (a)(b)
05/04/15	3.000%		1,830,000		1,892,654
Pacific Life Global Funding Senior Secured (a)
04/15/13	5.150%		700,000		744,666
Pacific Life Insurance Co. Subordinated Notes (a)(b)
06/15/39	9.250%		385,000		501,736
Principal Life Income Funding Trusts Senior Secured
12/14/12	5.300%		1,270,000		1,346,965
Prudential Insurance Co. of America (The) Senior Subordinated Notes (a)
07/01/25	8.300%		615,000		759,646

Total					16,520,618


Media Cable (0.4%)
COX Communications, Inc. Senior Unsecured (a)(b)
03/01/39	8.375%		420,000		549,188
Comcast Cable Communications Holdings, Inc. (b)
11/15/22	9.455%		1,165,000		1,620,679
Comcast Cable Communications LLC
05/01/17	8.875%		753,000		960,398
Comcast Corp.
11/15/35	6.500%		670,000		727,116
03/15/37	6.450%		565,000		604,299
DIRECTV Holdings LLC/Financing Co., Inc.
08/15/40	6.000%		875,000		887,158
Time Warner Cable, Inc.
02/14/19	8.750%		662,000		843,527
05/01/37	6.550%		580,000		616,084
Time Warner Cable, Inc. (b)
02/14/14	8.250%		830,000		965,414
07/01/18	6.750%		865,000		1,003,134

Total					8,776,997


Media Non-Cable (0.2%)
CBS Corp. (b)
07/30/30	7.875%		795,000		948,779
News America, Inc.
05/18/18	7.250%		375,000		445,344
10/30/25	7.700%		400,000		488,989
04/30/28	7.300%		350,000		389,071
12/15/34	6.200%		450,000		459,571
Thomson Reuters Corp. (c)
07/15/18	6.500%		725,000		848,196

Total					3,579,950


Metals (0.1%)
BHP Billiton Finance USA Ltd. (c)
04/01/14	5.500%		1,100,000		1,224,065
Nucor Corp. Senior Unsecured
12/01/37	6.400%		250,000		288,086
Rio Tinto Finance USA Ltd. (b)(c)
11/02/20	3.500%		300,000		287,102
Rio Tinto Finance USA Ltd. (c)
05/01/14	8.950%		495,000		594,432

Total					2,393,685


Non-Captive Consumer (0.1%)
HSBC Finance Corp. Senior Unsecured (b)
01/19/16	5.500%		1,090,000		1,191,830


Non-Captive Diversified (0.7%)
General Electric Capital Corp.
09/15/17	5.625%		3,400,000		3,753,678
Senior Unsecured
08/07/19	6.000%		2,400,000		2,657,424
General Electric Capital Corp. (b) Senior Unsecured
05/01/18	5.625%		5,000,000		5,468,590
Subordinated Notes
02/11/21	5.300%		292,000		303,838
General Electric Capital Corp. (b)(e) Senior Unsecured
02/15/17	0.431%		1,250,000		1,174,490

Total					13,358,020

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 121

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bond & Notes (continued)
Oil Field Services (0.1%)
Transocean, Inc. (b)(c)
11/15/20	6.500%		$810,000		$905,774


Other Financial Institutions (0.2%)
CME Group, Inc. Senior Unsecured
02/15/14	5.750%		326,000		362,103
Caisse Centrale Desjardins du Quebec (a)(b)(c)
03/24/16	2.550%		1,452,000		1,468,981
Nomura Holdings, Inc. (b)(c) Senior Unsecured
03/04/15	5.000%		1,000,000		1,054,351
03/04/20	6.700%		400,000		437,062
Nomura Holdings, Inc. (c) Senior Unsecured
01/19/16	4.125%		875,000		886,117

Total					4,208,614


Other Utility (—%)
GTE Corp.
04/15/18	6.840%		320,000		372,247


Pharmaceuticals (0.1%)
Wyeth
02/01/14	5.500%		1,200,000		1,330,486


Property & Casualty (0.3%)
ACE INA Holdings, Inc.
05/15/15	5.600%		630,000		700,479
Allstate Life Global Funding Trusts Senior Secured
04/30/13	5.375%		1,050,000		1,131,588
Berkshire Hathaway Finance Corp.
05/15/18	5.400%		2,200,000		2,440,354
Berkshire Hathaway Finance Corp. (b)
12/15/15	2.450%		333,000		337,149
01/15/40	5.750%		385,000		399,961
CNA Financial Corp. Senior Unsecured
12/15/14	5.850%		615,000		666,238
08/15/16	6.500%		300,000		334,811
Travelers Property Casualty Corp.
04/15/26	7.750%		605,000		760,828

Total					6,771,408


Railroads (0.2%)
Burlington Northern Santa Fe LLC Senior Unsecured (b)
05/01/40	5.750%		790,000		813,790
CSX Corp. Senior Unsecured
02/01/19	7.375%		815,000		993,439
06/01/21	4.250%		215,000		213,991
Norfolk Southern Corp. Senior Unsecured
05/17/29	5.640%		230,000		243,986
05/23/11	6.000%		542,000		531,387
Union Pacific Corp. Senior Unsecured
01/31/13	5.450%		308,000		329,476
Union Pacific Corp. (a) Senior Unsecured
07/15/22	4.163%		849,000		849,397

Total					3,975,466


REITs (0.1%)
ERP Operating LP Senior Unsecured
09/15/14	5.250%		275,000		301,241
Simon Property Group LP Senior Unsecured
02/01/15	4.200%		1,000,000		1,063,785
Simon Property Group LP (b) Senior Unsecured
05/30/18	6.125%		900,000		1,009,215

Total					2,374,241


Retailers (—%)
CVS Caremark Corp. Senior Unsecured
09/15/39	6.125%		430,000		440,835
Staples, Inc.
01/15/14	9.750%		100,000		119,049
Target Corp. Senior Unsecured
01/15/38	7.000%		225,000		269,343

Total					829,227


Technology (0.6%)
Arrow Electronics, Inc. Senior Unsecured
04/01/20	6.000%		760,000		812,750
Cisco Systems, Inc. Senior Unsecured
01/15/40	5.500%		1,460,000		1,462,276
Dell, Inc. Senior Unsecured
04/15/28	7.100%		390,000		449,856
Dell, Inc. (b) Senior Unsecured
04/01/16	3.100%		853,000		871,218
HP Enterprise Services LLC Senior Unsecured
10/15/29	7.450%		300,000		381,085
Hewlett-Packard Co. Senior Unsecured
03/01/14	6.125%		750,000		841,322
International Business Machines Corp. Senior Unsecured
08/01/27	6.220%		655,000		756,004
11/29/32	5.875%		500,000		551,750
Intuit, Inc. Senior Unsecured
03/15/17	5.750%		450,000		505,097
Microsoft Corp. Senior Notes
10/01/40	4.500%		518,000		471,074
Senior Unsecured
09/25/15	1.625%		360,000		356,188
National Semiconductor Corp. Senior Unsecured
04/15/15	3.950%		565,000		600,678
06/15/17	6.600%		1,115,000		1,312,294
Oracle Corp. Senior Unsecured
04/15/38	6.500%		280,000		324,676
Oracle Corp. (a) Senior Notes
07/15/40	5.375%		155,000		155,119
Pitney Bowes, Inc. (b) Senior Unsecured
08/15/14	4.875%		882,000		948,441
03/15/18	5.600%		150,000		161,913
Xerox Corp. (b) Senior Notes
12/15/19	5.625%		375,000		410,745
Senior Unsecured
02/01/17	6.750%		500,000		583,852

Total					11,956,338


Transportation Services (—%)
United Parcel Service of America, Inc. Senior Unsecured (e)
04/01/30	8.375%		225,000		301,598


Wireless (—%)
Centel Capital Corp.
10/15/19	9.000%		350,000		407,508


Wirelines (0.8%)
AT&T Corp. (b)
11/15/31	8.000%		54,000		71,457
AT&T, Inc. Senior Unsecured
02/15/19	5.800%		1,000,000		1,128,351
05/15/21	4.450%		600,000		610,602
01/15/38	6.300%		750,000		791,035
05/15/38	6.400%		775,000		824,693
09/01/40	5.350%		1,821,000		1,726,064
British Telecommunications PLC Senior Unsecured (c)
12/15/30	9.875%		150,000		206,059
CenturyLink, Inc. (b) Senior Unsecured
06/15/21	6.450%		900,000		889,712
09/15/39	7.600%		600,000		577,128
Deutsche Telekom International Finance BV (c)
08/20/18	6.750%		525,000		619,454
06/15/30	8.750%		290,000		382,740
Telecom Italia Capital SA (c)
09/30/14	4.950%		300,000		312,800
06/04/18	6.999%		700,000		765,577
Telefonica Emisiones SAU (c)
07/03/17	6.221%		1,000,000		1,102,349
02/16/21	5.462%		120,000		121,820
Verizon Communications, Inc. Senior Unsecured
02/15/16	5.550%		1,500,000		1,689,783
02/15/18	5.500%		250,000		278,046
02/15/38	6.400%		180,000		195,081
Verizon Communications, Inc. (b) Senior Unsecured
11/01/18	8.750%		1,409,000		1,833,257
Verizon Global Funding Corp. Senior Unsecured
12/01/30	7.750%		1,530,000		1,912,125

Total					16,038,133


Total Corporate Bonds & Notes
(Cost: $233,242,203)				$	236,902,425

The accompanying Notes to Financial Statements are an integral part of this statement.

122 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Agency 35.8%

Federal Home Loan Banks CMO Series 2015-TQ Class A (f)
10/20/15	5.065%		$2,488,748		$2,688,473
Federal Home Loan Mortgage Corp. (d)(f)
05/01/41	4.500%		8,974,101		9,283,898
Federal Home Loan Mortgage Corp. (e)(f)
07/01/36	5.059%		1,166,337		1,247,241
11/01/36	6.020%		2,216,974		2,379,997
CMO Series 2551 Class NS
01/15/33	14.140%		1,476,097		1,745,485
CMO Series 3102 Class FB
01/15/36	0.487%		1,103,790		1,101,544
CMO Series 3229 Class AF
08/15/23	0.437%		1,719,236		1,719,144
CMO Series 3523 Class SD
06/15/36	19.148%		729,262		955,246
CMO Series 3549 Class FA
07/15/39	1.387%		1,480,614		1,482,230
CMO Series 3688 Class CU
07/01/40	6.811%		2,308,708		2,502,809
CMO Series 3688 Class GT
07/01/40	7.158%		2,236,073		2,509,475
Federal Home Loan Mortgage Corp. (f)
05/01/36- 08/01/40	5.000%		11,417,876		12,152,163
02/01/24- 05/01/38	5.500%		19,685,298		21,292,389
09/01/21- 09/01/37	6.000%		27,305,771		30,040,888
11/01/22- 10/17/38	6.500%		9,659,742		10,890,820
09/01/37- 05/01/38	7.500%		1,122,779		1,252,891
CMO Series 2127 Class PG
02/15/29	6.250%		1,520,112		1,698,831
CMO Series 2165 Class PE
06/15/29	6.000%		778,289		866,957
CMO Series 2326 Class ZQ
03/15/31	6.500%		2,973,974		3,371,172
CMO Series 2399 Class TH
01/15/32	6.500%		1,541,226		1,712,691
CMO Series 2517 Class Z
10/15/32	5.500%		2,309,376		2,536,490
CMO Series 2545 Class HG
12/15/32	5.500%		2,322,006		2,567,760
CMO Series 2557 Class HL
01/15/33	5.300%		1,630,047		1,791,185
CMO Series 2568 Class KG
02/15/23	5.500%		4,000,000		4,398,562
CMO Series 2586 Class TG
03/15/23	5.500%		3,000,000		3,332,374
CMO Series 2594 Class DJ
10/15/30	4.250%		605,485		620,703
CMO Series 2597 Class AE
04/15/33	5.500%		2,000,000		2,195,877
CMO Series 2684 Class PD
03/15/29	5.000%		921,502		927,805
CMO Series 2752 Class EZ
02/15/34	5.500%		2,990,854		3,286,411
CMO Series 2764 Class UE
10/15/32	5.000%		1,250,000		1,353,957
CMO Series 2764 Class ZG
03/15/34	5.500%		2,232,906		2,459,040
CMO Series 2802 Class VG
07/15/23	5.500%		2,500,000		2,727,431
CMO Series 2825 Class VQ
07/15/26	5.500%		2,000,000		2,216,269
CMO Series 2986 Class CH
06/15/25	5.000%		4,000,000		4,373,716
CMO Series 3075 Class PD
01/15/35	5.500%		1,250,000		1,375,387
CMO Series 3101 Class UZ
01/15/36	6.000%		2,074,365		2,340,464
CMO Series 3107 Class BN
02/15/36	5.750%		1,687,127		1,769,413
CMO Series 3123 Class AZ
03/15/36	6.000%		2,943,746		3,398,825
CMO Series 3143 Class BC
02/15/36	5.500%		2,500,000		2,741,315
CMO Series 3151 Class PD
11/15/34	6.000%		1,250,000		1,361,163
CMO Series 3164 Class MG
06/15/36	6.000%		2,000,000		2,222,266
CMO Series 3171 Class MG
08/15/34	6.000%		3,900,000		4,373,433
CMO Series 3195 Class PD
07/15/36	6.500%		3,000,000		3,352,878
CMO Series 3200 Class AY
08/15/36	5.500%		2,500,000		2,722,054
CMO Series 3213 Class JE
09/15/36	6.000%		4,000,000		4,431,585
CMO Series 3218 Class BE
09/15/35	6.000%		2,000,000		2,228,712
CMO Series 3229 Class HE
10/15/26	5.000%		2,216,000		2,372,641
CMO Series 3266 Class D
01/15/22	5.000%		4,850,000		5,350,713
CMO Series 3334 Class MC
04/15/33	5.000%		783,260		803,933
CMO Series 3402 Class NC
12/15/22	5.000%		1,500,000		1,650,003
CMO Series 3453 Class B
05/15/38	5.500%		1,650,000		1,798,758
CMO Series 3461 Class Z
06/15/38	6.000%		3,590,042		3,983,298
CMO Series 3501 Class CB
01/15/39	5.500%		1,500,000		1,635,234
CMO Series 3666 Class VA
12/15/22	5.500%		2,814,421		3,113,832
CMO Series 3680 Class MA
07/15/39	4.500%		4,755,908		5,088,993
CMO Series 3682 Class BH
08/15/36	5.500%		2,800,000		3,043,571
CMO Series 3687 Class MA
02/15/37	4.500%		3,323,282		3,547,172
CMO Series 3704 Class CT
12/15/36	7.000%		4,412,046		5,044,041
CMO Series 3704 Class DT
11/15/36	7.500%		4,501,336		5,210,648
CMO Series 3704 Class ET
12/15/36	7.500%		3,579,234		4,143,231
CMO Series 3707 Class B
08/15/25	4.500%		2,027,855		2,081,084
CMO Series R004 Class VG
08/15/21	6.000%		1,400,000		1,526,492
CMO Series R006 Class ZA
04/15/36	6.000%		2,316,033		2,656,492
CMO Series R007 Class ZA
05/15/36	6.000%		4,543,952		5,144,871
Structured Pass-Through Securities CMO Series T-56 Class A5
05/25/43	5.231%		2,540,568		2,697,740
Federal Home Loan Mortgage Corp. (f)(m)
CMO IO STRIPS Series 239 Class S30
08/15/36	5.220%		7,046,314		1,007,974
CMO IO Series 3385 Class SN
11/15/37	5.280%		2,579,203		311,970
CMO IO Series 3451 Class SA
05/15/38	16.060%		4,820,253		435,022
CMO IO Series 3531 Class SM
05/15/39	5.430%		4,332,422		640,994
CMO IO Series 3608 Class SC
12/15/39	9.880%		6,213,819		830,171
CMO IO Series 3688 Class NI
04/15/32	1.000%		4,313,951		652,413
CMO IO Series 3714 Class IP
08/15/40	1.000%		3,837,857		714,205
CMO IO Series 3739 Class LI
03/15/34	3.980%		6,704,399		959,447
CMO IO Series 3740 Class SB
10/15/40	20.950%		2,964,630		536,273
CMO IO Series 3740 Class SC
10/15/40	9.190%		4,862,963		739,218
CMO IO Series 3747 Class HI
07/15/37	3.930%		8,140,348		1,287,414
CMO IO Series 3756 Class IP
08/15/35	5.180%		4,826,090		686,648
CMO IO Series 3760 Class GI
10/15/37	3.360%		3,883,699		657,584
CMO IO Series 3772 Class IO
09/15/24	0.730%		5,699,047		753,755
CMO IO Series 3779 Class IH
11/15/34	1.000%		3,889,079		532,423
CMO IO Series 3800 Class AI
11/15/29	4.280%		5,170,122		886,173
CMO IO Series 3802 Class LS
02/01/41	3.000%		9,273,283		666,567
Federal Home Loan Mortgage Corp. (f)(n)
CMO PO STRIPS Series 197 Class PO
04/01/28	4.940%		1,394,521		1,181,548
CMO PO Series 2587 Class CO
03/15/32	3.870%		732,107		709,374
CMO PO Series 2725 Class OP
10/15/33	5.300%		981,387		786,209
CMO PO Series 2777 Class KO
02/15/33	2.440%		2,000,000		1,836,951
CMO PO Series 3077 Class TO
04/15/35	3.600%		1,131,383		993,648
CMO PO Series 3100 Class PO
01/15/36	4.070%		1,535,834		1,344,399
CMO PO Series 3393 Class JO
09/15/32	6.624%		1,125,044		871,396
CMO PO Series 3510 Class OD
02/15/37	4.660%		1,368,610		1,220,166
CMO PO Series 3607 Class AO
04/15/36	8.600%		1,300,000		970,237
CMO PO Series 3607 Class EO
02/15/33	6.660%		826,229		755,714

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 123

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Agency (continued)
CMO PO Series 3607 Class TO
10/15/39	4.380%		$1,467,098		$1,220,880
CMO PO Series 3621 Class BO
01/15/40	5.930%		1,031,996		847,283
Federal National Mortgage Association (d)(f) Series 2011-75 Class FA
07/25/41	5.000%		2,000,000		2,000,000
Federal National Mortgage Association (e)(f)
03/01/36	3.001%		2,200,889		2,308,353
12/25/33	13.728%		957,483		1,131,026
CMO Series 2003-129 Class FD
01/25/24	0.686%		1,587,986		1,595,114
CMO Series 2003-W8 Class 3F1
05/25/42	0.586%		944,652		938,239
CMO Series 2004-36 Class FA
05/25/34	0.586%		1,263,130		1,265,848
CMO Series 2005-74 Class SK
05/25/35	19.619%		885,967		1,218,594
CMO Series 2005-75 Class SV
09/25/35	23.457%		853,467		1,198,262
CMO Series 2005-W3 Class 2AF
03/25/45	0.406%		2,122,288		2,111,941
CMO Series 2006-56 Class FC
07/25/36	0.476%		1,420,339		1,421,510
CMO Series 2006-56 Class PF
07/25/36	0.536%		1,095,506		1,094,106
CMO Series 2007-101 Class A2
06/27/36	0.436%		4,844,745		4,797,221
CMO Series 2007-108 Class AN
11/25/37	8.646%		1,357,993		1,630,940
CMO Series 2010-28 Class BS
04/25/40	11.169%		760,447		776,736
CMO Series 2010-35 Class SJ
04/25/40	17.047%		1,000,000		1,314,333
CMO Series 2010-49 Class SC
03/25/40	12.288%		2,254,079		2,573,033
CMO Series 2010-61 Class WA
06/25/40	5.940%		743,587		814,813
CMO Series 2011-2 Class WA
02/25/51	5.733%		2,577,834		2,802,691
CMO Series 2011-43 Class WA
05/25/51	5.896%		2,648,875		2,754,208
Federal National Mortgage Association (f)
04/01/20	4.000%		1,309,990		1,357,551
10/01/19- 08/01/40	5.000%		14,579,005		15,551,250
10/01/21- 10/01/39	5.500%		52,949,847		57,488,225
10/01/19- 11/01/48	6.000%		52,948,850		58,069,679
02/01/24- 02/01/39	6.500%		28,522,388		32,304,108
04/01/37- 01/01/39	7.000%		9,330,042		10,754,413
05/01/22- 08/01/37	7.500%		1,802,703		2,080,699
CMO Series 2001-60 Class PX
11/25/31	6.000%		2,290,441		2,560,832
CMO Series 2002-50 Class ZA
05/25/31	6.000%		8,340,232		9,300,240
CMO Series 2002-78 Class Z
12/25/32	5.500%		4,004,007		4,401,489
CMO Series 2003-23 Class EQ
04/25/23	5.500%		2,000,000		2,228,564
CMO Series 2003-56 Class AZ
08/25/31	5.500%		1,558,257		1,628,973
CMO Series 2003-88 Class WA
09/25/18	4.500%		1,382,171		1,478,923
CMO Series 2004-65 Class LT
08/25/24	4.500%		1,883,683		2,024,566
CMO Series 2004-W10 Class A6
08/25/34	5.750%		3,000,000		3,273,750
CMO Series 2005-118 Class PN
01/25/32	6.000%		4,000,000		4,335,888
CMO Series 2005-67 Class EY
08/25/25	5.500%		1,500,000		1,662,063
CMO Series 2006-102 Class MD
01/25/35	6.000%		2,000,000		2,210,105
CMO Series 2006-16 Class HZ
03/25/36	5.500%		10,049,935		10,986,330
CMO Series 2006-74 Class DV
08/25/23	6.500%		1,825,000		1,972,644
CMO Series 2006-W3 Class 2A
09/25/46	6.000%		1,288,465		1,426,868
CMO Series 2007-104 Class ZE
08/25/37	6.000%		1,868,091		2,064,343
CMO Series 2007-116 Class PB
08/25/35	5.500%		1,200,000		1,336,089
CMO Series 2007-18 Class MZ
03/25/37	6.000%		1,302,571		1,483,805
CMO Series 2007-42 Class B
05/25/37	6.000%		2,000,000		2,242,258
CMO Series 2007-76 Class PD
03/25/36	6.000%		2,000,000		2,218,385
CMO Series 2007-76 Class ZG
08/25/37	6.000%		3,792,505		4,141,778
CMO Series 2007-84 Class PE
05/25/34	6.000%		2,000,000		2,141,125
CMO Series 2008-68 Class VB
03/25/27	6.000%		4,365,000		4,826,732
CMO Series 2008-80 Class GP
09/25/38	6.250%		1,231,919		1,371,478
CMO Series 2009-59 Class HB
08/25/39	5.000%		1,670,154		1,777,239
CMO Series 2009-79 Class UA
03/25/38	7.000%		1,042,143		1,174,256
CMO Series 2009-W1 Class A
12/25/49	6.000%		7,174,683		7,988,561
CMO Series 2010-111 Class AE
04/25/38	5.500%		12,752,399		13,666,190
CMO Series 2010-111 Class AM
10/25/40	5.500%		3,000,000		3,265,144
CMO Series 2010-133 Class A
05/25/38	5.500%		8,601,395		9,258,848
CMO Series 2010-148 Class MA
02/25/39	4.000%		2,918,428		3,081,822
CMO Series 2010-47 Class AV
05/25/21	5.000%		4,587,264		5,012,543
CMO Series 2010-83 Class DN
12/25/20	4.500%		2,910,053		3,104,704
CMO Series 2010-9 Class PC
10/25/39	4.500%		2,500,000		2,641,965
CMO Series G94-8 Class K
07/17/24	8.000%		741,834		862,297
Federal National Mortgage Association (f)(m)
CMO IO Series 1996-4 Class SA
02/25/24	14.670%		497,836		102,083
CMO IO Series 2005-18 Class SK
03/25/35	0.880%		10,370,468		854,375
CMO IO Series 2006-117 Class GS
12/25/36	20.000%		3,068,019		470,061
CMO IO Series 2006-58 Class IG
07/25/36	1.050%		6,178,611		885,957
CMO IO Series 2006-94 Class GI
10/25/26	6.300%		4,058,341		579,653
CMO IO Series 2007-109 Class PI
12/25/37	5.980%		5,665,924		840,799
CMO IO Series 2007-65 Class KI
07/25/37	5.450%		4,277,111		598,013
CMO IO Series 2007-72 Class EK
07/25/37	9.400%		10,207,612		1,577,549
CMO IO Series 2007-W7 Class 2A2
07/25/37	45.050%		4,556,050		507,562
CMO IO Series 2009-112 Class ST
01/25/40	2.690%		4,829,111		612,890
CMO IO Series 2009-17 Class QS
03/25/39	3.390%		3,026,031		410,035
CMO IO Series 2009-37 Class KI
06/25/39	5.610%		11,066,200		1,532,852
CMO IO Series 2009-68 Class SA
09/25/39	5.850%		4,766,246		782,695
CMO IO Series 2009-71 Class BI
08/25/24	5.060%		1,568,621		154,168
CMO IO Series 2009-86 Class IP
10/25/39	21.470%		2,198,561		350,128
CMO IO Series 2009-86 Class UI
10/25/14	1.000%		5,258,152		455,070
CMO IO Series 2010-125 Class SA
11/25/40	15.860%		8,607,577		805,783
CMO IO Series 2010-155 Class KI
01/25/21	2.890%		6,688,068		640,096
CMO IO Series 2010-35 Class SB
04/25/40	4.390%		4,063,575		499,649
CMO IO Series 2010-42 Class S
05/25/40	2.400%		4,300,629		627,702
CMO IO Series 2010-68 Class SA
07/25/40	18.370%		7,500,966		947,987
CMO IO Series 2011-30 Class LS
04/25/41	7.530%		10,183,361		820,230
Federal National Mortgage Association (f)(n)
CMO PO STRIPS Series 293 Class 1
12/01/24	3.090%		1,138,163		1,008,150
CMO PO Series 2000-18 Class EC
10/25/23	3.280%		402,198		358,157
CMO PO Series 2003-128 Class NO
01/25/19	4.220%		1,098,701		999,316
CMO PO Series 2003-23 Class QO
01/15/32	2.540%		506,567		485,348
CMO PO Series 2004-46 Class EP
03/25/34	3.430%		1,031,971		909,226
CMO PO Series 2004-61 Class BO
10/25/32	6.250%		1,018,104		925,164
CMO PO Series 2006-113 Class PO
07/25/36	2.200%		757,493		685,794
CMO PO Series 2006-56 Class OA
10/15/24	4.620%		1,000,000		959,573

The accompanying Notes to Financial Statements are an integral part of this statement.

124 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Agency (continued)
CMO PO Series 2006-59 Class CO
08/25/35	8.150%		$104,973		$101,381
CMO PO Series 2006-60 Class DO
04/25/35	4.500%		1,333,759		1,178,590
CMO PO Series 2006-86 Class OB
09/25/36	3.670%		2,001,666		1,711,574
CMO PO Series 2009-113 Class AO
01/25/40	3.430%		1,227,989		1,050,528
CMO PO Series 2009-69 Class PO
09/25/39	4.650%		795,526		678,210
CMO PO Series 2009-86 Class BO
03/25/37	1.000%		772,969		658,295
CMO PO Series 2009-86 Class OT
10/25/37	6.910%		2,319,189		1,911,490
CMO PO Series 2010-39 Class OT
10/25/35	5.610%		1,068,666		943,886
CMO PO Series 2010-68 Class CO
07/25/40	4.180%		1,677,638		1,407,018
CMO PO Series 3151 Class PO
05/15/36	3.650%		1,147,125		965,868
Government National Mortgage Association (f)
09/15/22	5.000%		1,835,434		1,969,784
09/20/38 12/20/38	7.000%		1,410,961		1,631,756
CMO Series 1998-11 Class Z
04/20/28	6.500%		946,742		1,070,666
CMO Series 1999-16 Class Z
05/16/29	6.500%		843,263		944,021
CMO Series 2002-47 Class PG
07/16/32	6.500%		905,794		1,035,781
CMO Series 2003-25 Class PZ
04/20/33	5.500%		4,696,196		5,272,216
CMO Series 2003-75 Class ZX
09/20/33	6.000%		3,180,341		3,616,659
CMO Series 2005-26 Class XY
03/20/35	5.500%		1,321,000		1,474,133
CMO Series 2005-72 Class AZ
09/20/35	5.500%		1,370,982		1,521,380
CMO Series 2006-17 Class JN
04/20/36	6.000%		2,155,901		2,401,671
CMO Series 2006-33 Class NA
01/20/36	5.000%		3,000,000		3,238,642
CMO Series 2006-69 Class MB
12/20/36	5.500%		3,500,000		3,819,264
CMO Series 2007-6 Class LD
03/20/36	5.500%		1,500,000		1,629,046
CMO Series 2007-70 Class TA
08/20/36	5.750%		2,000,000		2,130,971
CMO Series 2008-23 Class PH
03/20/38	5.000%		2,399,577		2,574,689
CMO Series 2009-104 Class AB
08/16/39	7.000%		2,715,100		3,165,037
CMO Series 2009-2 Class PA
12/20/38	5.000%		1,876,657		1,979,309
CMO Series 2009-44 Class VA
05/16/20	5.500%		3,003,817		3,338,481
CMO Series 2009-89 Class VA
07/20/20	5.000%		2,630,843		2,878,767
CMO Series 2010-130 Class CP
10/16/40	7.000%		3,512,639		4,101,590
CMO Series 2010-14 Class QP
12/20/39	6.000%		3,174,742		3,458,955
Government National Mortgage Association (f)(m) CMO IO Series 2005-3 Class SE
01/20/35	21.220%		3,964,080		614,298
CMO IO Series 2006-38 Class SG
09/20/33	12.050%		5,721,476		653,016
CMO IO Series 2007-26 Class SW
05/20/37	16.440%		7,688,777		1,028,651
CMO IO Series 2007-40 Class SN
07/20/37	17.370%		5,091,715		783,972
CMO IO Series 2008-62 Class SA
07/20/38	20.240%		3,828,781		490,528
CMO IO Series 2008-76 Class US
09/20/38	19.350%		6,161,367		770,997
CMO IO Series 2008-95 Class DS
12/20/38	19.420%		5,297,211		935,769
CMO IO Series 2009-102 Class SM
06/16/39	14.540%		7,220,032		953,529
CMO IO Series 2009-106 Class ST
02/20/38	23.430%		6,441,125		851,013
CMO IO Series 2009-64 Class SN
07/16/39	16.120%		5,903,797		799,804
CMO IO Series 2009-67 Class SA
08/16/39	15.150%		3,762,985		517,797
CMO IO Series 2009-72 Class SM
08/16/39	18.350%		6,645,054		908,553
CMO IO Series 2009-81 Class SB
09/20/39	16.720%		7,622,038		1,012,019
CMO IO Series 2009-83 Class TS
08/20/39	15.310%		7,127,726		957,800
CMO IO Series 2010-107 Class IL
07/20/39	14.770%		1,898,492		551,491
CMO IO Series 2010-144 Class BI
09/16/37	7.750%		9,719,805		1,427,297
CMO IO Series 2010-47 Class PX
06/20/37	17.490%		8,273,134		1,348,235
CMO IO Series 2011-43 Class ZQ
01/16/33	5.500%		2,027,626		2,267,711
CMO IO Series 2011-75 Class SM
05/20/41	1.000%		5,991,175		894,932
Government National Mortgage Association (f)(n)
CMO PO Series 2010-14 Class AO
12/20/32	3.570%		1,218,006		1,144,485
CMO PO Series 2010-14 Class EO
06/16/33	2.090%		614,597		590,010
CMO PO Series 2010-157 Class OP
12/20/40	4.140%		2,453,754		1,901,908


Total Residential Mortgage-Backed Securities — Agency
(Cost: $689,530,705)				$	705,081,450


Residential Mortgage-Backed Securities — Non-Agency 9.8%

ASG Resecuritization Trust (a)(e)(f) CMO Series 2009-2 Class G60
05/24/36	5.358%	$	800,000	$	776,120
CMO Series 2009-3 Class A65
03/26/37	5.327%		2,639,814		2,640,168
CMO Series 2010-3 Class 2A22
08/28/40	0.428%		1,267,965		1,249,833
CMO Series 2010-4 Class 2A20
11/28/36	0.374%		936,405		925,687
CMO Series 2011-1 Class 3A50
11/28/35	2.582%		1,059,803		1,017,411
ASG Resecuritization Trust (a)(f) CMO Series 2011-1 Class 1A85
09/28/20	4.000%		2,022,874		2,018,415
American General Mortgage Loan Trust (a)(e)(f) CMO Series 2009-1 Class A4
09/25/48	5.750%		2,200,000		2,225,726
CMO Series 2009-1 Class A5
09/25/48	5.750%		1,450,000		1,460,185
CMO Series 2009-1 Class A7
09/25/48	5.750%		2,550,000		2,587,602
CMO Series 2010-1A Class A1
03/25/58	5.150%		1,283,689		1,315,027
BCAP LLC Trust (a)(e)(f) CMO Series 2009-RR13 Class 17A2
04/26/37	5.500%		1,914,247		2,004,063
CMO Series 2010-RR12 Class 2A5
01/26/36	4.500%		1,378,956		1,412,920
CMO Series 2010-RR4 Class 12A1
06/26/36	4.000%		773,053		779,881
CMO Series 2010-RR6 Class 22A3
06/26/36	5.244%		1,128,768		1,170,661
CMO Series 2010-RR6 Class 5A1
06/26/40	5.500%		960,882		969,070
CMO Series 2010-RR7 Class 15A1
01/26/36	0.993%		776,369		719,034
CMO Series 2010-RR7 Class 16A1
02/26/47	0.978%		1,108,171		1,077,115
CMO Series 2010-RR7 Class 1A5
04/26/35	5.020%		1,496,576		1,542,031
CMO Series 2010-RR7 Class 2A1
07/26/45	4.791%		2,013,124		2,018,856
CMO Series 2010-RR8 Class 3A3
05/26/35	5.079%		746,374		765,199
CMO Series 2010-RR8 Class 3A4
05/26/35	5.079%		1,000,000		937,930
CMO Series 2011-RR2 Class 3A3
11/21/35	3.011%		1,298,620		1,293,335
BCAP LLC Trust (a)(f)(g)
05/26/41	0.447%		2,683,931		2,442,378
BCAP LLC Trust (f)
08/26/37	5.000%		1,784,141		1,756,037
BCAP LLC Trust (f)(g)
07/26/36	5.000%		2,500,000		2,393,750
Banc of America Alternative Loan Trust CMO Series 2004-1 Class 1A1 (f)
02/25/34	6.000%		1,098,674		1,154,498
Banc of America Funding Corp. (a)(e)(f) CMO Series 2010-R4 Class 5A1
07/26/36	0.344%		467,421		453,098
Banc of America Funding Corp. (f) CMO Series 2004-3 Class 1A1
10/25/34	5.500%		821,884		844,369
Banc of America Mortgage Securities, Inc. (e)(f) CMO Series 2004-C Class 2A2
04/25/34	2.888%		662,436		629,044
Banc of America Mortgage Securities, Inc. (f) CMO Series 2003-3 Class 1A7
05/25/33	5.500%		1,700,000		1,737,657
CMO Series 2004-3 Class 1A26
04/25/34	5.500%		2,200,000		2,253,671

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 125

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Non-Agency (continued)
Banc of America Mortgage Securities, Inc. (f)(n) CMO PO Series 2004-5 Class 1A9
06/25/34	12.090%		$1,000,000		$746,024
Bear Stearns Adjustable Rate Mortgage Trust CMO Series 2003-4 Class 3A1 (e)(f)
07/25/33	5.016%		359,029		367,702
Bear Stearns Alt-A Trust CMO Series 2005-2 Class 1A1 (e)(f)
03/25/35	0.686%		760,507		622,574
Bear Stearns Commercial Mortgage Securities CMO IO Series 2007-T26 Class X1 (a)(f)(m)
01/12/45	7.115%		96,700,725		507,041
Chase Mortgage Finance Corp. (e)(f) CMO Series 2007-A1 Class 2A1
02/25/37	2.775%		1,334,985		1,312,894
CMO Series 2007-A1 Class 7A1
02/25/37	2.831%		902,702		874,408
Chase Mortgage Finance Corp. (f) CMO Series 2003-S2 Class A1
03/25/18	5.000%		739,966		752,046
Citicorp Mortgage Securities, Inc. CMO Series 2004-4 Class A4 (f)
06/25/34	5.500%		1,792,977		1,869,734
Citigroup Mortgage Loan Trust, Inc. (a)(e)(f) CMO Series 2008-AR4 Class 1A1A
11/25/38	5.277%		2,584,523		2,594,516
CMO Series 2009-10 Class 1A1
09/25/33	2.714%		1,877,420		1,855,516
CMO Series 2009-11 Class 3A1
05/25/37	5.750%		2,000,000		2,088,417
CMO Series 2010-10 Class 2A1
02/25/36	2.708%		1,704,851		1,702,052
CMO Series 2011-3 Class 1A1
02/25/47	0.266%		1,326,452		1,300,819
Citigroup Mortgage Loan Trust, Inc. (f) CMO Series 2003-1 Class 3A4
09/25/33	5.250%		1,356,391		1,420,014
CMO Series 2005-2 Class 2A11
06/25/35	5.500%		847,999		835,248
CMO Series 2011-5 Class 1A1
06/25/20	0.384%		1,749,990		1,601,241
Citigroup Mortgage Loan Trust, Inc CMO Series 2010-7 Class 10A1 (a)(e)(f)
02/25/35	2.733%		820,547		774,859
Citigroup/Deutsche Bank Commercial Mortgage Trust (a)(f)(m) CMO IO Series 2006-CD2 Class X
01/15/46	15.910%		289,489,428		723,724
CMO IO Series 2007-CD4 Class XC
12/11/49	13.156%		96,647,870		811,543
Countrywide Home Loan Mortgage Pass Through Trust CMO Series 2003-29 Class A1 (f)
08/25/33	5.500%		752,737		776,731
Countrywide Home Loan Mortgage Pass-Through Trust (f) CMO Series 2003-40 Class A5
10/25/18	4.500%		1,758,352		1,812,903
CMO Series 2004-13 Class 1A4
08/25/34	5.500%		1,240,726		1,292,055
CMO Series 2004-5 Class 1A4
06/25/34	5.500%		1,626,906		1,695,748
Credit Suisse First Boston Mortgage Securities Corp. (f) CMO Series 2003-21 Class 1A4
09/25/33	5.250%		1,014,058		1,039,056
CMO Series 2003-27 Class 5A4
11/25/33	5.250%		1,396,748		1,446,624
CMO Series 2004-4 Class 2A4
09/25/34	5.500%		1,628,991		1,721,209
CMO Series 2004-5 Class 3A1
08/25/19	5.250%		1,133,720		1,157,357
CMO Series 2004-8 Class 1A4
12/25/34	5.500%		1,270,837		1,331,692
Credit Suisse Mortgage Capital Certificates (a)(e)(f) CMO Series 2010-11R Class A1
06/28/47	1.191%		395,606		390,814
CMO Series 2010-12R Class 14A1
12/26/37	4.432%		1,049,589		1,044,877
CMO Series 2010-12R Class 5A1
04/26/37	3.000%		732,208		731,974
CMO Series 2010-15R Class 7A1
10/26/37	5.326%		580,840		585,015
CMO Series 2010-15R Class 7A2
10/26/37	5.326%		250,000		234,085
CMO Series 2010-17R Class 1A1
06/26/36	2.611%		881,443		867,414
CMO Series 2010-17R Class 5A1
07/26/36	3.156%		1,329,900		1,325,169
CMO Series 2010-1R Class 5A1
01/27/36	5.000%		1,226,410		1,259,401
CMO Series 2011-1R Class A1
02/27/47	1.192%		2,437,400		2,411,355
CMO Series 2011-6R Class 3A1
07/28/36	3.156%		1,800,000		1,696,476
CMO Series 2011-7R Class A1
08/28/47	1.436%		4,872,468		4,809,831
Credit Suisse Mortgage Capital Certificates (a)(f) CMO Series 2010-1R Class 26A1
05/27/37	4.750%		1,990,259		2,005,872
Deutsche Mortgage Securities, Inc. CMO Series 2010-RS2 Class A1 (a)(e)(f)
10/25/47	1.441%		1,018,104		1,016,418
Freedom Trust Series 2011-1 Class A13 (a)(e)(f)
11/25/37	0.172%		1,000,000		945,000
GMAC Mortgage Corp. Loan Trust (e)(f) CMO Series 2003-AR2 Class 2A4
12/19/33	3.254%		1,666,895		1,581,853
GMAC Mortgage Corp. Loan Trust (f) CMO Series 2004-J1 Class A20
04/25/34	5.500%		1,128,692		1,158,318
GS Mortgage Securities Corp. II CMO IO Series 2006-GG8 Class X (a)(f)(m)
11/10/39	12.520%		26,380,091		641,036
GSR Mortgage Loan Trust (e)(f) CMO Series 2005-5F Class 8A3
06/25/35	0.686%		521,812		509,317
GSR Mortgage Loan Trust (f) CMO Series 2003-7F Class 1A4
06/25/33	5.250%		1,513,935		1,493,668
Impac CMB Trust CMO Series 2005-4 Class 2A1 (e)(f)
05/25/35	0.486%		1,011,409		899,240
Impac Secured Assets CMN Owner Trust (e)(f) CMO Series 2006-1 Class 2A1
05/25/36	0.536%		1,239,299		1,148,467
CMO Series 2006-2 Class 2A1
08/25/36	0.536%		2,087,445		1,857,530
JP Morgan Mortgage Trust (e)(f) CMO Series 2007-A1 Class 5A5
07/25/35	2.967%		1,644,429		1,611,440
Series 2006-A2 Class 5A3
11/25/33	2.961%		2,726,436		2,743,558
JP Morgan Reremic (a)(e)(f) CMO Series 2009-6 Class 4A1
09/26/36	5.964%		1,130,946		1,170,424
CMO Series 2010-4 Class 7A1
08/26/35	4.287%		967,602		968,542
LB-UBS Commercial Mortgage Trust CMO IO Series 2006-C1 Class XCL (a)(f)(m)
02/15/41	11.730%		50,042,200		500,397
LVII Resecuritization Trust CMO Series 2009-2 Class A4 (a)(e)(f)
09/27/37	3.000%		1,500,000		1,477,500
MASTR Asset Securitization Trust CMO Series 2004-P7 Class A6 (a)(f)
12/27/33	5.500%		1,156,240		1,225,198
MLCC Mortgage Investors, Inc. (e)(f) CMO Series 2003-A Class 2A1
03/25/28	0.966%		1,170,181		1,024,775
CMO Series 2003-E Class A1
10/25/28	0.806%		677,588		614,800
CMO Series 2004-1 Class 2A1
12/25/34	2.192%		1,449,673		1,415,271
CMO Series 2004-G Class A2
01/25/30	0.757%		1,305,847		1,182,047
Mastr Adjustable Rate Mortgages Trust CMO Series 2004-13 Class 3A7 (e)(f)
11/21/34	2.836%		2,000,000		1,908,094
Mastr Seasoned Securities Trust CMO Series 2004-2 Class A1 (f)
08/25/32	6.500%		1,232,339		1,280,047
Merrill Lynch Mortgage Investors, Inc. CMO Series 2004-A4 Class A2 (e)(f)
08/25/34	2.716%		1,713,643		1,669,311
Merrill Lynch/Countrywide Commercial Mortgage Trust CMO IO Series 2006-4 Class XC (a)(f)(m)
12/12/49	1.000%		28,750,992		384,119
Morgan Stanley Capital I (a)(f)(m) CMO IO Series 2006-IQ12 Class X1
12/15/43	7.400%		60,528,922		768,136
CMO IO Series 2007-HQ11 Class X
02/12/44	15.980%		96,623,671		855,709
Morgan Stanley Mortgage Loan Trust CMO Series 2004-3 Class 4A (e)(f)
04/25/34	5.650%		1,393,768		1,410,016
Morgan Stanley Reremic Trust CMO Series 2009-IO Class A1 (f)(g)
07/17/56	3.000%		717,826		718,500
NCUA Guaranteed Notes (e)(f)(h) CMO Series 2010-R3 Class 1A
12/08/20	0.750%		1,431,445		1,439,605
NCUA Guaranteed Notes (f) CMO Series 2010-R3 Class 3A
12/08/20	2.400%		846,801		846,272

The accompanying Notes to Financial Statements are an integral part of this statement.

126 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Non-Agency (continued)
Nomura Asset Acceptance Corp. CMO Series 2004-R2 Class A1 (a)(e)(f)
08/25/34	6.500%		$390,339		$393,478
PennyMac Loan Trust Series 2010-NPL1 Class M1 (a)(e)(f)
05/25/50	5.000%		1,250,000		1,249,609
Prime Mortgage Trust CMO Series 2004-2 Class A2 (f)
11/25/19	4.750%		2,156,062		2,215,132
RBSSP Resecuritization Trust (a)(e)(f) CMO Series 2010-4 Class 2A1
11/26/35	5.749%		1,019,039		1,035,878
CMO Series 2010-9 Class 3A1
10/26/34	5.000%		1,243,366		1,291,560
CMO Series 2010-9 Class 7A5
05/26/37	4.000%		1,795,000		1,747,381
RBSSP Resecuritization Trust (a)(f) CMO Series 2009-1 Class 1A1
02/26/36	6.500%		1,002,576		1,060,309
CMO Series 2009-2 Class 1A1
08/26/37	7.000%		602,131		633,124
CMO Series 2010-12 Class 8A1
06/27/21	4.000%		978,582		990,509
Real Estate Asset Trust (a)(f) Series 2011-2A Class A1
05/25/49	5.750%		1,228,343		1,228,343
Series 2011-3A Class A1
06/25/31	5.440%		1,461,684		1,461,684
Residential Accredit Loans, Inc. (e)(f) CMO Series 2003-QS13 Class A5
07/25/33	0.836%		850,184		752,526
Residential Accredit Loans, Inc. (f) CMO Series 2003-QS15 Class A7
08/25/33	5.500%		1,537,015		1,544,398
CMO Series 2004-QS3 Class CB
03/25/19	5.000%		1,199,912		1,212,092
Residential Asset Mortgage Products, Inc. CMO Series 2004-SL2 Class A3 (f)
10/25/31	7.000%		1,660,561		1,740,854
Residential Asset Securitization Trust CMO Series 2004-IP2 Class 1A1 (e)(f)
12/25/34	2.661%		913,751		808,417
Residential Funding Mortgage Securities I (f) CMO Series 2003-S4 Class A4
03/25/33	5.750%		1,789,957		1,883,350
CMO Series 2005-S1 Class 2A1
02/25/20	4.750%		882,876		905,780
Sequoia Mortgage Trust CMO Series 2004-12 Class A3 (e)(f)
01/20/35	0.715%		1,340,337		1,099,946
Station Place Securitization Trust CMO Series 2010-1 Class A (a)(e)(f)
12/20/40	1.186%		2,000,000		1,983,698
Structured Adjustable Rate Mortgage Loan Trust CMO Series 2004-4 Class 5A (e)(f)
04/25/34	5.476%		1,258,390		1,201,493
Structured Asset Mortgage Investments, Inc. CMO Series 2004-AR5 Class 1A1 (e)(f)
10/19/34	0.516%		1,268,316		1,125,325
Structured Asset Securities Corp. (e)(f) CMO Series 2003-34A Class 3A3
11/25/33	2.581%		913,876		854,868
CMO Series 2003-40A Class 3A2
01/25/34	2.519%		1,086,644		954,513
Series 2004-6XS Class A5A
03/25/34	5.530%		889,464		847,930
Structured Asset Securities Corp. (f) CMO Series 2003-30 Class 1A5
10/25/33	5.500%		1,928,819		1,995,731
CMO Series 2004-21XS Class 2A4A
12/25/34	4.900%		2,000,000		1,999,552
CMO Series 2004-4XS Class 1A5
02/25/34	5.490%		1,150,857		1,171,586
Vendee Mortgage Trust CMO Series 1998-2 Class 1G (f)
06/15/28	6.750%		822,051		945,609
WaMu Mortgage Pass-Through Certificates (e)(f) CMO Series 2003-AR5 Class A7
06/25/33	2.576%		854,023		841,643
CMO Series 2003-AR6 Class A1
06/25/33	2.572%		926,555		925,173
CMO Series 2003-AR7 Class A7
08/25/33	2.656%		1,548,692		1,505,670
CMO Series 2004-AR3 Class A2
06/25/34	2.577%		776,259		754,316
CMO Series 2004-S1 Class 1A3
03/25/34	0.586%		347,803		337,339
WaMu Mortgage Pass-Through Certificates (f) CMO Series 2003-S8 Class A4
09/25/18	4.500%		455,389		463,362
CMO Series 2004-CB1 Class 3A2
06/25/34	5.500%		2,500,000		2,605,620
CMO Series 2004-CB3 Class 4A
10/25/19	6.000%		797,193		824,813
CMO Series 2004-S3 Class 1A5
07/25/34	5.000%		768,330		795,063
Washington Mutual MSC Mortgage Pass-Through Certificates CMO Series 2003-MS2 Class 1A1 (f)
02/25/33	5.750%		1,165,356		1,212,516
Wells Fargo Mortgage-Backed Securities Trust (e)(f) CMO Series 2003-J Class 2A1
10/25/33	4.419%		863,114		873,723
CMO Series 2003-L Class 2A1
11/25/33	4.530%		900,723		891,993
CMO Series 2003N Class 2A2
12/25/33	4.737%		1,265,423		1,260,904
CMO Series 2004-EE Class 2A1
12/25/34	2.771%		281,364		278,602
CMO Series 2004-G Class A3
06/25/34	4.729%		550,000		557,409
CMO Series 2004-U Class A1
10/25/34	2.872%		1,331,799		1,293,550
CMO Series 2004-W Class A9
11/25/34	2.760%		1,887,390		1,775,656
CMO Series 2005-AR8 Class 2A1
06/25/35	2.808%		433,796		417,134
CMO Series 2005-AR9 Class 2A1
05/25/35	2.897%		866,757		833,952
Wells Fargo Mortgage-Backed Securities Trust (f) CMO Series 2004-4 Class A9
05/25/34	5.500%		1,490,404		1,533,491
CMO Series 2004-8 Class A1
08/25/19	5.000%		596,889		616,553
CMO Series 2005-1 Class 2A1
01/25/20	5.000%		766,489		800,419
CMO Series 2005-14 Class 1A1
12/25/35	5.500%		943,757		989,845


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $192,963,664)				$	192,154,830


Commercial Mortgage-Backed Securities — Agency 2.8%

Federal National Mortgage Association (f)
11/01/19	4.130%	$	1,500,000	$	1,544,037
04/01/20	4.350%		1,500,000		1,568,000
07/01/20	4.066%		2,500,000		2,581,079
07/01/20	3.950%		2,000,000		2,035,928
09/01/20	3.505%		2,471,258		2,439,938
01/01/18	3.520%		2,500,000		2,556,186
02/01/20	4.369%		2,469,086		2,592,582
01/01/20	4.530%		4,944,301		5,247,259
02/01/20	4.399%		8,000,000		8,410,867
04/01/20	4.368%		2,963,487		3,105,581
01/01/20	4.540%		1,474,018		1,559,980
10/01/17	2.690%		2,500,000		2,461,402
10/01/20	3.290%		1,500,000		1,458,481
10/01/17	2.490%		1,482,034		1,443,192
11/01/20	3.230%		2,500,000		2,419,372
03/01/18	3.800%		1,667,482		1,726,496
06/01/37	5.832%		1,285,159		1,362,487
11/01/18	2.970%		1,980,908		1,944,841
05/01/21	4.390%		1,500,000		1,558,403
04/01/21	4.380%		2,500,000		2,597,918
04/01/21	4.250%		2,500,000		2,548,529
04/01/21	4.250%		2,000,000		2,038,824


Total Commercial Mortgage-Backed Securities — Agency
(Cost: $54,809,506)				$	55,201,382


Commercial Mortgage-Backed Securities — Non-Agency 1.8%

Banc of America Merrill Lynch Commercial Mortgage, Inc. (e)(f) Series 2006-3 Class A4
07/10/44	5.889%	$	500,000	$	549,798
Banc of America Merrill Lynch Commercial Mortgage, Inc. (f) Series 2005-3 Class AM
07/10/43	4.727%		1,000,000		1,019,060
Series 2006-5 Class A4
09/10/47	5.414%		400,000		427,467
CW Capital Cobalt Ltd. (f)(m) CMO IO Series 2006-C1 Class IO
08/15/48	2.090%		23,151,978		571,854
CW Capital Cobalt Ltd. (f) Series 2006-C1 Class A4
08/15/48	5.223%		1,200,000		1,271,384
Citigroup Commercial Mortgage Trust (e)(f) Series 2005-C3 Class AM
05/15/43	4.830%		1,230,000		1,235,174

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 127

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Citigroup Commercial Mortgage Trust (f) Series 2006-C5 Class A4
10/15/49	5.431%		$750,000		$814,027
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class AM (e)(f)
07/15/44	5.394%		875,000		886,531
Commercial Mortgage Asset Trust Series 1999-C1 Class D (e)(f)
01/17/32	7.350%		1,500,000		1,620,303
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C3 Class AM (f)
07/15/37	4.730%		1,000,000		1,007,344
Credit Suisse Mortgage Capital Certificates Series 2006-C2 Class A3 (e)(f)
03/15/39	5.850%		1,300,000		1,416,414
FDIC Structured Sale Guaranteed Notes Series 2010-C1 Class A (a)(f)
12/06/20	2.980%		2,314,529		2,355,995
GE Capital Commercial Mortgage Corp. Series 2005-C1 Class AJ (e)(f)
06/10/48	4.826%		1,700,000		1,683,751
GMAC Commercial Mortgage Securities, Inc. Series 2005-C1 Class AM (f)
05/10/43	4.754%		350,000		352,288
GS Mortgage Securities Corp. II Series 2004-GG2 Class A6 (f)
08/01/38	5.396%		2,100,000		2,264,022
Greenwich Capital Commercial Funding Corp. Series 2006-GG7 Class A4 (b)(e)(f)
07/10/38	6.078%		1,000,000		1,110,241
JP Morgan Chase Commercial Mortgage Securities Corp. (e)(f)
Series 2005-CB11 Class AJ
08/12/37	5.534%		1,000,000		994,074
JP Morgan Chase Commercial Mortgage Securities Corp. (f) Series 2006-CB16 Class A4
05/12/45	5.552%		1,000,000		1,089,017
JP Morgan Chase Commercial Mortgage Securities Corp. (f)(m)
CMO IO Series 2006-CB15 Class X1
06/12/43	6.050%		93,676,765		711,260
Merrill Lynch Mortgage Trust Series 2005-LC1 Class AJ (e)(f)
01/12/44	5.506%		1,000,000		948,156
Morgan Stanley Capital I Series 2004-RR Class F4 (a)(e)(f)
04/28/39	6.000%		96,219		95,955
Morgan Stanley Reremic Trust (a)(f) Series 2010-HQ4B Class A7A
04/16/40	4.970%		2,500,000		2,638,659
Morgan Stanley Reremic Trust (d)(f)(g) Series 2011-IO Class A
02/23/51	2.500%		3,400,000		3,390,310
NCUA Guaranteed Notes CMO Series 2010-C1 Class APT (f)
10/29/20	2.650%		5,805,701		5,792,750
WF-RBS Commercial Mortgage Trust (a)(f)
03/15/44	4.375%		1,200,000		1,193,177


Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $35,091,232)				$	35,439,011


Asset-Backed Securities — Agency 0.1%

Federal National Mortgage Association Series 2003-W16 Class AF5 (e)
11/25/33	4.674%	$	1,944,301	$	2,028,297


Total Asset-Backed Securities — Agency
(Cost: $2,025,701)				$	2,028,297


Asset-Backed Securities — Non-Agency 2.0%

AH Mortgage Advance Trust Series 2010-ADV1 Class A1 (a)
08/06/22	3.968%	$	1,325,000	$	1,344,875
Ally Auto Receivables Trust Series 2010-3 Class A3
10/15/14	1.110%		1,385,000		1,390,652
Series 2010-3 Class A4
08/17/15	1.550%		536,000		538,346
Series 2011-1 Class A2
10/15/13	0.810%		560,000		559,970
Series 2011-1 Class A3
01/15/15	1.380%		465,000		464,904
AmeriCredit Automobile Receivables Trust Series 2010-3 Class A3
04/08/15	1.140%		665,000		665,897
Series 2010-4 Class A2
05/08/14	0.960%		800,000		801,061
Series 2011-1 Class A2
06/09/14	0.840%		720,000		720,365
Series 2011-1 Class A3
09/08/15	1.390%		375,000		376,428
Series 2011-3 Class A2
11/10/14	0.840%		1,578,000		1,577,090
Arch Bay Asset-Backed Securities Series 2010-2 Class A (a)(e)
04/25/57	4.125%		618,500		606,242
Asset Backed Funding Certificates Series 2005-AG1 Class A4 (e)
06/25/35	5.010%		1,230,807		1,222,682
Bear Stearns Asset-Backed Securities Trust Series 2003-SD1 Class A (e)
12/25/33	0.636%		1,502,314		1,338,356
CNH Equipment Trust Series 2010-C Class A3
05/15/15	1.170%		1,600,000		1,604,668
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2003-5 Class 1A4
02/25/30	4.396%		608,584		605,657
Chase Funding Mortgage Loan Asset-Backed Certificates (e) Series 2003-2 Class 2A2
02/25/33	0.746%		926,888		724,627
Series 2003-4 Class 1A5
05/25/33	5.416%		961,183		928,353
Series 2003-6 Class 1A5
11/25/34	5.350%		750,000		661,603
Chrysler Financial Auto Securitization Trust Series 2010-A Class A3
08/08/13	0.910%		1,400,000		1,398,379
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-CF2 Class 1A2 (a)(e)
01/25/43	5.150%		670,126		669,350
Credit Suisse Mortgage Capital Certificates CMO Series 2010-16 Class A3 (a)(e)
06/25/50	4.250%		800,000		766,996
Deutsche Mortgage Securities, Inc. CMO Series 2009-RS2 Class 4A1 (a)(e)
04/26/37	0.324%		848,007		836,597
Ford Credit Auto Lease Trust Series 2011-A Class A2 (d)
09/15/13	0.740%		840,000		839,934
GE Capital Credit Card Master Note Trust Series 2009-2 Class A
07/15/15	3.690%		1,000,000		1,028,446
Harley-Davidson Motorcycle Trust Series 2010-1 Class A3
02/15/15	1.160%		612,000		613,414
Hyundai Auto Receivables Trust Series 2011-A Class A3
03/15/16	1.160%		410,000		411,428
Series 2011-A Class A4
03/15/16	1.780%		520,000		525,351
LAI Vehicle Lease Securitization Trust Series 2010-A Class A (a)(g)
03/15/16	2.550%		1,166,765		1,166,309
Lake Country Mortgage Loan Trust Series 2006-HE1 Class A3 (a)(e)
07/25/34	0.536%		1,582,561		1,529,330
NCUA Guaranteed Notes CMO Series 2010-A1 Class A (e)
12/07/20	0.540%		434,231		435,439
Newcastle Investment Trust Series 2011-MH1 Class A (a)
12/10/33	2.450%		574,215		573,407
PennyMac Loan Trust Series 2010-NPL1 Class A (a)(e)
05/25/50	4.250%		299,512		298,693
Residential Asset Mortgage Products, Inc. (e) Series 2004-RS6 Class AI4
05/25/32	5.457%		745,923		751,140
Series 2005-EFC5 Class A3
10/25/35	0.526%		1,100,000		925,737
Series 2005-RZ4 Class A2
11/25/35	0.446%		617,269		584,163
Residential Asset Securities Corp. Series 2005-KS Class A3 (e)
10/25/35	0.556%		1,000,000		954,756
Santander Drive Auto Receivables Trust Series 2010-3 Class A3
06/16/14	1.200%		500,000		501,586
Santander Drive Auto Receivables Trust (a) Series 2010A Class A4
06/15/17	2.390%		800,000		818,449
Series 2011-S2A Class B
06/15/17	2.060%		425,771		425,146
Saxon Asset Securities Trust CMO Series 2003-1 Class AF6 (e)
06/25/33	4.795%		93,214		94,626
Structured Asset Investment Loan Trust Series 2005-5 Class A9 (e)
06/25/35	0.456%		500,000		465,632
Structured Asset Securities Corp. CMO Series 2004-5H Class A4
12/25/33	5.540%		2,100,000		2,077,123

The accompanying Notes to Financial Statements are an integral part of this statement.

128 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund


	Coupon	Principal
Issuer	rate	amount		Value

Asset-Backed Securities — Non-Agency (continued)
Structured Asset Securities Corp. (e) Series 2004-6XS Class A5B (AMBAC)
03/25/34	5.550%		$1,067,357		$1,018,598
Series 2005-NC1 Class A11
02/25/35	4.690%		1,680,490		1,702,672
Westlake Automobile Receivables Trust (a) Series 2011-1A Class A2
07/15/13	1.080%		367,000		366,970
Series 2011-1A Class A3
06/16/14	1.490%		513,000		513,226


Total Asset-Backed Securities — Non-Agency
(Cost: $38,486,907)				$	38,424,673


U.S. Treasury Obligations (20.5%)

U.S. Treasury
12/15/12	1.125%	$	12,500,000	$	12,641,112
02/28/14	1.875%		1,000,000		1,031,172
12/31/14	2.625%		5,000,000		5,270,313
01/31/15	2.250%		28,000,000		29,135,316
08/15/17	4.750%		3,745,000		4,307,334
05/15/19	3.125%		7,151,000		7,383,408
02/15/36	4.500%		1,200,000		1,240,126
U.S. Treasury (b)
02/15/13	1.375%		37,500,000		38,097,656
04/15/13	1.750%		8,000,000		8,188,160
12/31/13	1.500%		12,140,000		12,400,816
07/31/14	2.625%		23,000,000		24,245,243
09/30/14	2.375%		19,000,000		19,887,657
10/31/14	2.375%		25,000,000		26,146,475
05/15/15	4.125%		8,050,000		8,932,352
12/31/16	3.250%		57,450,000		61,287,488
01/31/17	3.125%		15,000,000		15,904,680
03/31/17	3.250%		5,000,000		5,325,000
08/15/17	8.875%		11,715,000		16,279,269
08/15/19	8.125%		15,417,000		21,577,772
02/15/20	8.500%		500,000		718,438
08/15/20	8.750%		28,500,000		41,770,312
08/15/27	6.375%		3,000,000		3,885,000
08/15/28	5.500%		14,700,000		17,449,356
08/15/29	6.125%		5,000,000		6,353,125
U.S. Treasury (b)(i) STRIPS
05/15/20	0.000%		9,636,000		7,237,060
08/15/20	0.000%		1,300,000		962,187
08/15/30	0.000%		1,800,000		755,500
U.S. Treasury (i) STRIPS
02/15/29	0.000%		165,000		75,047
08/15/29	0.000%		100,000		44,289
11/15/29	0.000%		400,000		174,768
02/15/30	0.000%		2,750,000		1,184,827
11/15/30	0.000%		2,500,000		1,036,283
11/15/32	0.000%		350,000		130,739
05/15/33	0.000%		2,025,000		736,985
08/15/33	0.000%		3,000,000		1,075,329
11/15/33	0.000%		1,900,000		672,896
02/15/34	0.000%		900,000		313,952
05/15/34	0.000%		400,000		138,012


Total U.S. Treasury Obligations
(Cost: $394,236,471)				$	403,995,454


U.S. Government & Agency Obligations 14.2%

Federal Farm Credit Bank
11/15/18	5.125%	$	8,000,000	$	9,149,640
Federal Home Loan Banks
06/14/13	1.625%		12,100,000		12,361,650
Federal Home Loan Banks (b)
12/16/16	4.750%		10,000,000		11,340,050
Federal Home Loan Mortgage Corp.
04/23/14	2.500%		2,000,000		2,088,456
Federal Home Loan Mortgage Corp. (b)
04/18/16	5.250%		7,000,000		8,062,173
08/23/17	5.500%		34,000,000		39,867,652
11/17/17	5.125%		58,000,000		66,593,628
Federal National Mortgage Association
10/15/15	4.375%		20,000,000		22,163,220
Federal National Mortgage Association (b)
09/15/16	5.250%		10,000,000		11,533,030
05/11/17	5.000%		15,000,000		17,157,870
06/12/17	5.375%		36,000,000		41,899,500
Federal National Mortgage Association (i)
07/05/14	0.000%		3,000,000		2,880,438
06/01/17	0.000%		10,000,000		8,553,370
STRIPS
11/15/21	0.000%		1,750,000		1,138,132
Residual Funding Corp. STRIPS
07/15/20	3.480%		2,000,000		1,458,292
Tennessee Valley Authority
07/18/17	5.500%		11,000,000		12,849,793
U.S. Treasury (b)(i) STRIPS
02/15/14	0.000%		8,400,000		8,242,962
02/15/28	0.000%		4,600,000		2,206,813


Total U.S. Government & Agency Obligations
(Cost: $274,576,121)				$	279,546,669


Foreign Government Obligations 0.1%


CANADA (0.1%)
Province of Ontario Canada Senior Unsecured (b)(c)
06/16/15	2.700%	$	1,840,000	$	1,909,186
Province of Quebec Canada (c)
01/30/26	6.350%		440,000		544,574

Total					2,453,760


Total Foreign Government Obligations
(Cost: $2,384,510)				$	2,453,760


Issue	Coupon	Principal
description	rate	amount		Value

Municipal Bonds 0.1%

American Municipal Power, Inc. Revenue Bonds Build America Bonds Series 2010
02/15/50	7.499%	$	1,265,000	$	1,428,742
New York State Dormitory Authority Revenue Bonds Build America Bonds Series 2010
03/15/40	5.600%		415,000		426,388
Port Authority of New York and New Jersey Revenue Bonds Taxable Consolidated 160th Series 2010
11/01/40	5.647%		835,000		853,929


Total Municipal Bonds
(Cost: $2,573,284)				$	2,709,059


	Shares		Value

Money Market Fund 1.0%

Columbia Short-Term Cash Fund, 0.166% (j)(k)		19,672,657	$	19,672,657


Total Money Market Fund
(Cost: $19,672,657)			$	19,672,657


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 23.4%


Asset-Backed Commercial Paper (2.3%)
Antalis US Funding Corp.
08/05/11	0.280%	$	9,992,922	$	9,992,922
08/23/11	0.275%		4,996,486		4,996,486
Rheingold Securitization
09/12/11	0.430%		9,988,772		9,988,772
Royal Park Investments Funding Corp.
09/16/11	0.410%		4,994,818		4,994,818
Scaldis Capital LLC
07/01/11	0.200%		14,999,917		14,999,917

Total					44,972,915


Certificates of Deposit (15.3%)
Barclays Bank PLC
08/19/11	0.330%		10,000,000		10,000,000
09/13/11	0.310%		10,000,000		10,000,000
Clydesdale Bank PLC
07/21/11	0.280%		9,992,927		9,992,927
07/25/11	0.270%		14,989,882		14,989,882
Commerzbank AG
07/20/11	0.220%		10,000,000		10,000,000
07/27/11	0.180%		10,000,000		10,000,000
Credit Industrial et Commercial
12/09/11	0.440%		10,000,000		10,000,000
DZ Bank AG
07/12/11	0.200%		7,000,000		7,000,000
07/27/11	0.150%		10,000,000		10,000,000
Den Danske Bank
07/13/11	0.210%		9,996,443		9,996,443
07/26/11	0.230%		9,996,104		9,996,104
Development Bank of Singapore Ltd.
07/18/11	0.180%		5,000,000		5,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 129

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)

Certificates of Deposit (cont.)
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		$10,000,000		$10,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/29/11	0.230%		5,000,000		5,000,000
08/12/11	0.300%		7,500,000		7,500,000
KBC Bank NV
07/05/11	0.300%		10,000,000		10,000,000
07/07/11	0.300%		5,000,000		5,000,000
07/14/11	0.280%		5,000,000		5,000,000
La Banque Postale
09/13/11	0.250%		10,000,000		10,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		9,997,801		9,997,801
Lloyds Bank PLC
10/03/11	0.260%		11,000,000		11,000,000
N.V. Bank Nederlandse Gemeenten
07/07/11	0.320%		2,500,000		2,500,000
08/05/11	0.260%		10,000,000		10,000,000
National Bank of Canada
11/18/11	0.186%		10,000,000		10,000,000
Natixis
09/07/11	0.544%		15,000,000		15,000,000
Overseas Chinese Banking Corp.
07/15/11	0.450%		10,000,000		10,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		4,000,000		4,000,000
Societe Generale
09/23/11	0.410%		12,000,000		12,000,000
Swedbank AB
08/05/11	0.240%		15,000,000		15,000,000
Union Bank of Switzerland
12/09/11	0.239%		18,000,000		18,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		5,000,000		5,000,000
08/26/11	0.300%		10,000,000		10,000,000

Total					301,973,157


Commercial Paper (1.2%)
PB Capital Corp.
08/12/11	0.491%		2,996,407		2,996,407
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
07/11/11	0.200%		14,997,333		14,997,333

Total					22,992,573


Money Market Fund (2.0%)
JPMorgan Prime Money Market Fund, 0.010% (j)			40,000,000		40,000,000


Other Short-Term Obligations (1.2%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		10,000,000		10,000,000
08/08/11	0.300%		8,000,000		8,000,000
Natixis Financial Products LLC
07/01/11	0.370%		5,000,000		5,000,000

Total					23,000,000


Repurchase Agreements (1.4%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (l)
	0.100%		5,000,000		5,000,000
Citibank NA dated 06/30/11, matures 07/01/11, repurchase price $5,000,011 (l)
	0.080%		5,000,000		5,000,000
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $10,000,011 (l)
	0.040%		10,000,000		10,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $8,569,977 (l)
	0.080%		8,569,958		8,569,958

Total					28,569,958


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $461,508,603)				$	461,508,603


Total Investments
(Cost: $2,401,101,564)				$	2,435,118,270
Other Assets & Liabilities, Net					(464,943,187)


Net Assets				$	1,970,175,083

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 June 30, 2011, the value of these securities amounted to $134,643,628 or 6.83% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 2.05% of net assets.

^(d)		Represents a security purchased on a when-issued or delayed delivery basis.

^(e)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(f)		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

^(g)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $10,111,247, which represents 0.51% of net assets.

^(h)		Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at June 30, 2011 was $1,439,605, representing 0.07% of net assets. Information concerning such security holdings at June 30, 2011 was as follows:


⁽ⁱ⁾		Zero coupon bond.

^(j)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(k)		Investments in affiliates during the period ended June 30, 2011:

The accompanying Notes to Financial Statements are an integral part of this statement.

130 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund

Notes to Portfolio of Investments (continued)

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$30,414,213

$170,904,525

$(181,646,081

)

$—

$19,672,657

$29,631

$19,672,657


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


Cantor Fitzgerald & Co. (0.100%)
Security description	Value
Fannie Mae Interest Strip		$53,170
Fannie Mae Pool		1,990,066
Fannie Mae Principal Strip		148,588
Fannie Mae REMICS		117,596
Federal Home Loan Banks		44,317
Federal National Mortgage Association		136,190
Freddie Mac Non Gold Pool		937,411
Freddie Mac REMICS		597,172
Ginnie Mae II Pool		344,833
Government National Mortgage Association		84,370
United States Treasury Note/Bond		646,287

Total Market Value of Collateral Securities		$5,100,000



Citibank NA (0.080%)
Security description	Value
Fannie Mae Pool		$3,706,467
Freddie Mac Gold Pool		1,393,533

Total Market Value of Collateral Securities		$5,100,000



Deutsche Bank AG (0.040%)
Security description	Value
Fannie Mae Pool		$9,494,439
Freddie Mac Non Gold Pool		705,561

Total Market Value of Collateral Securities		$10,200,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$8,741,396

Total Market Value of Collateral Securities		$8,741,396


^(m)		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 rate disclosed represents yield based upon the estimated timing and amount of future cash flows at June 30, 2011.

⁽ⁿ⁾		Principal only represents securities that entitle holders to receive only principal payments on the underlying mortgages. The yield to maturity of a principal only security is sensitive to the rate of principal payments on the underlying mortgage assets. A slow (rapid) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The rate disclosed represents yield based upon the estimated timing of future cash flows at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 131

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund

Abbreviation Legend


AMBAC		Ambac Assurance Corporation
CMO		Collateralized Mortgage Obligation
IO		Interest Only
PO		Principal Only
STRIPS		Separate Trading of Registered Interest and Principal Securities

The accompanying Notes to Financial Statements are an integral part of this statement.

132 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 133

Portfolio of Investments (continued)

Variable Portfolio – J.P. Morgan Core Bond Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Airlines		$—		$130,000		$828,067		$958,067
All Other Industries		—		235,944,358		—		235,944,358
Residential Mortgage-Backed Securities — Agency		—		703,081,450		2,000,000		705,081,450
Residential Mortgage-Backed Securities — Non-Agency		—		176,179,809		15,975,021		192,154,830
Commercial Mortgage-Backed Securities — Agency		—		55,201,382		—		55,201,382
Commercial Mortgage-Backed Securities — Non-Agency		—		32,048,701		3,390,310		35,439,011
Asset-Backed Securities — Agency		—		2,028,297		—		2,028,297
Asset-Backed Securities — Non-Agency		—		36,822,926		1,601,747		38,424,673
U.S. Treasury Obligations		389,457,580		14,537,874		—		403,995,454
U.S. Government & Agency Obligations		—		279,546,669		—		279,546,669
Foreign Government Obligations		—		2,453,760		—		2,453,760
Municipal Bonds		—		2,709,059		—		2,709,059

Total Bonds		389,457,580		1,540,684,285		23,795,145		1,953,937,010

Other
Affiliated Money Market Fund(c)		19,672,657		—		—		19,672,657
Investments of Cash Collateral Received for Securities on Loan		40,000,000		421,508,603		—		461,508,603

Total Other		59,672,657		421,508,603		—		481,181,260

Total		$449,130,237		$1,962,192,888		$23,795,145		$2,435,118,270

Certain Corporate Bonds classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, observed yields on securities management deemed comparable. Certain Corporate Bonds, Residential Mortgage-Backed Securities — Agency and Non-Agency, Commercial Mortgage-Backed Securities — Non Agency and Asset-Backed Securities — Non-Agency classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers.


^(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 June 30, 2011.

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


				Residential			Residential			Commercial
				Mortgage-Backed			Mortgage-Backed			Mortgage-Backed			Asset-Backed
	Corporate			Securities –			Securities –			Securities –			Securities –
	Bonds & Notes			Agency			Non-Agency			Non-Agency			Non-Agency			Total
Balance as of December 31, 2010		$—			$690,645			$13,578,873			$3,197,303			$3,295,353			$20,762,174
Accrued discounts/premiums		(2,122	)		—			7,547			—			—			5,425
Realized gain (loss)		—			—			36,819			—			423			37,242
Change in unrealized appreciation (depreciation)*		(22,947	)		—			(21,008	)		404			3,425			(40,126	)
Sales		(14,964	)		—			(574,350	)		—			(347,679	)		(936,993	)
Purchases		868,100			2,000,000			11,329,131			3,389,906			—			17,587,137
Transfers into Level 3		—			—			1,498,125			—			500,525			1,998,650
Transfers out of Level 3		—			(690,645	)		(9,880,116	)		(3,197,303	)		(1,850,300	)		(15,618,364	)

Balance as of June 30, 2011		$828,067			$2,000,000			$15,975,021			$3,390,310			$1,601,747			$23,795,145

The accompanying Notes to Financial Statements are an integral part of this statement.

134 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund

Fair Value Measurements (continued)

Financial assets were transferred from Level 2 to Level 3 due to utilizing single market quotations from broker dealers. As a result, as of period end, management determined to fair value the securities under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Financial assets were transferred from Level 3 to Level 2 due to the pricing vendors providing coverage and management’s determination that there was sufficient, reliable and observable market data to value these as of period end.


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $(40,126), which is comprised of Corporate Bonds & Notes of $(22,947), Residential Mortgage-Backed Securities — Non-Agency of $(21,008), Commercial Mortgage-Backed Securities — Non-Agency of $404 and Asset-Backed Securities — Non-Agency of $3,425.

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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 135

Portfolio of Investments

Variable Portfolio – Jennison Mid Cap Growth Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 98.8%


CONSUMER DISCRETIONARY (16.8%)

Hotels, Restaurants & Leisure (4.8%)
Darden Restaurants, Inc.		249,631	$	12,421,638
Tim Hortons, Inc. (a)		345,686		16,872,934
Yum! Brands, Inc.		288,084		15,913,760

Total				45,208,332


Internet & Catalog Retail (—%)
HomeAway, Inc.(b)		4,100		158,670


Multiline Retail (2.9%)
Dollar Tree, Inc. (b)		267,792		17,840,303
Nordstrom, Inc.		196,866		9,240,890

Total				27,081,193


Specialty Retail (7.2%)
Bed Bath & Beyond, Inc. (b)		227,079		13,254,601
Guess?, Inc. (c)		271,869		11,434,810
O’Reilly Automotive, Inc. (b)		145,187		9,511,200
Ross Stores, Inc.		192,896		15,454,828
TJX Companies, Inc.		249,975		13,131,187
Williams-Sonoma, Inc.		148,087		5,403,695

Total				68,190,321


Textiles, Apparel & Luxury Goods (1.9%)
Deckers Outdoor Corp. (b)(c)		56,916		5,016,576
Phillips-Van Heusen Corp.		194,787		12,752,705

Total				17,769,281


TOTAL CONSUMER DISCRECTIONARY				158,407,797


CONSUMER STAPLES (6.6%)

Beverages (0.6%)
Hansen Natural Corp. (b)		71,530		5,790,353


Food & Staples Retailing (0.7%)
Whole Foods Market, Inc.		99,302		6,300,712


Food Products (3.5%)
Bunge Ltd. (a)(c)		141,469		9,754,288
JM Smucker Co. (The)		128,083		9,790,664
Mead Johnson Nutrition Co.		112,316		7,586,946
Ralcorp Holdings, Inc. (b)		75,116		6,503,543

Total				33,635,441


Household Products (1.8%)
Church & Dwight Co., Inc.		418,418		16,962,666

TOTAL CONSUMER STAPLES				62,689,172


ENERGY (7.9%)

Energy Equipment & Services (1.6%)
Cameron International Corp. (b)		209,549		10,538,219
Nabors Industries Ltd. (a)(b)		206,090		5,078,058

Total				15,616,277


Oil, Gas & Consumable Fuels (6.3%)
Cimarex Energy Co.		107,659		9,680,697
Cobalt International Energy, Inc. (b)(c)		325,538		4,437,083
Concho Resources, Inc. (b)		52,370		4,810,184
Denbury Resources, Inc. (b)(c)		502,565		10,051,300
Forest Oil Corp. (b)		150,695		4,025,063
Noble Energy, Inc.		107,860		9,667,492
Southwestern Energy Co. (b)		388,112		16,642,243

Total				59,314,062


TOTAL ENERGY				74,930,339


FINANCIALS (4.7%)

Capital Markets (2.0%)
Eaton Vance Corp. (c)		450,441		13,616,832
TD Ameritrade Holding Corp.		297,457		5,803,386

Total				19,420,218


Insurance (1.3%)
WR Berkley Corp. (c)		370,543		12,020,415


Real Estate Investment Trusts (REITs) (1.4%)
Annaly Capital Management, Inc. (c)		727,552		13,125,038

TOTAL FINANCIALS				44,565,671


HEALTH CARE (16.6%)

Biotechnology (1.9%)
Alexion Pharmaceuticals, Inc. (b)(c)		158,940		7,474,948
BioMarin Pharmaceutical, Inc. (b)(c)		184,885		5,030,721
United Therapeutics Corp. (b)(c)		102,636		5,655,244

Total				18,160,913


Health Care Equipment & Supplies (2.1%)
CR Bard, Inc. (c)		101,449		11,145,187
IDEXX Laboratories, Inc. (b)		36,697		2,846,219
Neogen Corp. (b)(c)		118,678		5,365,433

Total				19,356,839


Health Care Providers & Services (6.5%)
DaVita, Inc. (b)		205,431		17,792,379
Henry Schein, Inc. (b)(c)		195,376		13,986,968
Laboratory Corp. of America Holdings (b)		124,298		12,030,804
Quest Diagnostics, Inc.		75,693		4,473,456
Universal Health Services, Inc., Class B		251,272		12,948,046

Total				61,231,653


Life Sciences Tools & Services (3.3%)
Agilent Technologies, Inc. (b)		233,357		11,926,876
Thermo Fisher Scientific, Inc. (b)		72,004		4,636,338
Waters Corp. (b)		152,273		14,578,617

Total				31,141,831


Pharmaceuticals (2.8%)
Perrigo Co.		161,657		14,204,800
Valeant Pharmaceuticals International, Inc. (a)(c)		240,075		12,474,297

Total				26,679,097


TOTAL HEALTH CARE				156,570,333


INDUSTRIALS (11.7%)

Aerospace & Defense (1.2%)
ITT Corp.		192,392		11,337,660


Air Freight & Logistics (0.8%)
Expeditors International of Washington, Inc.		150,934		7,726,311


Building Products (0.5%)
Owens Corning (b)		129,765		4,846,723


Commercial Services & Supplies (1.0%)
Iron Mountain, Inc. (c)		281,269		9,588,460


Electrical Equipment (3.3%)
AMETEK, Inc.		335,008		15,041,859
Roper Industries, Inc.		194,379		16,191,771

Total				31,233,630


Machinery (1.2%)
IDEX Corp.		247,922		11,367,224


Professional Services (1.9%)
IHS, Inc., Class A (b)		68,582		5,721,110
Robert Half International, Inc. (c)		443,656		11,992,022

Total				17,713,132


Road & Rail (0.7%)
JB Hunt Transport Services, Inc.		129,152		6,081,768


Trading Companies & Distributors (1.1%)
Fastenal Co. (c)		298,434		10,740,640

TOTAL INDUSTRIALS				110,635,548


INFORMATION TECHNOLOGY (23.2%)

Communications Equipment (3.4%)
Ciena Corp. (b)(c)		187,858		3,452,830
F5 Networks, Inc. (b)		67,038		7,390,939
Finisar Corp. (b)(c)		242,690		4,375,701
Juniper Networks, Inc. (b)		363,862		11,461,653
Riverbed Technology, Inc. (b)(c)		143,744		5,690,825

Total				32,371,948


Computers & Peripherals (1.2%)
NetApp, Inc. (b)		207,710		10,962,934


Electronic Equipment, Instruments & Components (2.9%)
Amphenol Corp., Class A		211,892		11,440,049
Anixter International, Inc.		98,405		6,429,783
FLIR Systems, Inc. (c)		291,855		9,838,432

Total				27,708,264


Internet Software & Services (1.5%)
VeriSign, Inc.		426,527		14,271,593


IT Services (3.0%)
Alliance Data Systems Corp. (b)(c)		171,058		16,091,426
Gartner, Inc. (b)(c)		118,593		4,778,112
Teradata Corp. (b)		119,998		7,223,880

Total				28,093,418


Semiconductors & Semiconductor Equipment (5.2%)
Altera Corp.		247,750		11,483,212
Atmel Corp. (b)		513,574		7,225,986
Broadcom Corp., Class A(b)		282,579		9,505,958
Maxim Integrated Products, Inc.		351,960		8,996,098
Xilinx, Inc. (c)		332,112		12,112,125

Total				49,323,379

The accompanying Notes to Financial Statements are an integral part of this statement.

136 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Jennison Mid Cap Growth Fund


Issuer	Shares		Value

Common Stocks (continued)
INFORMATION TECHNOLOGY (cont.)
Software (6.0%)
Ariba, Inc. (b)(c)		233,436		$8,046,539
Check Point Software Technologies Ltd. (a)(b)(c)		331,804		18,863,057
Intuit, Inc. (b)		172,862		8,964,623
Red Hat, Inc. (b)		214,838		9,861,064
Salesforce.com, Inc. (b)		42,452		6,324,499
SuccessFactors, Inc. (b)(c)		144,099		4,236,511

Total				56,296,293


TOTAL INFORMATION TECHNOLOGY				219,027,829


MATERIALS (5.3%)

Chemicals (3.1%)
Albemarle Corp.		82,456		5,705,955
Ecolab, Inc. (c)		270,037		15,224,686
FMC Corp.		95,756		8,236,931

Total				29,167,572


Metals & Mining (2.2%)
Agnico-Eagle Mines Ltd. (a)		133,848		8,449,824
Reliance Steel & Aluminum Co. (c)		146,124		7,255,057
Silver Wheaton Corp. (a)		143,641		4,740,153

Total				20,445,034


TOTAL MATERIALS				49,612,606


TELECOMMUNICATION SERVICES (6.0%)

Wireless Telecommunication Services (6.0%)
American Tower Corp., Class A (b)		314,152		16,430,150
Crown Castle International Corp. (b)		455,361		18,574,175
NII Holdings, Inc. (b)		511,792		21,689,745

Total				56,694,070


TOTAL TELECOMMUNICATION SERVICES				56,694,070


Total Common Stocks
(Cost: $758,941,355)			$	933,133,365




	Shares		Value

Money Market Fund 1.5%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		13,867,540	$	13,867,540


Total Money Market Fund
(Cost: $13,867,540)			$	13,867,540


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 13.6%


Asset-Backed Commercial Paper (1.8%)
Antalis US Funding Corp.
08/05/11	0.280%	$	4,996,461	$	4,996,461
Cancara Asset Securitisation LLC
07/13/11	0.150%		1,999,750		1,999,750
Royal Park Investments Funding Corp.
09/16/11	0.410%		4,994,818		4,994,818
Scaldis Capital LLC
07/01/11	0.200%		4,999,972		4,999,972

Total					16,991,001


Certificates of Deposit (4.4%)
Commerzbank AG
07/20/11	0.220%		4,000,000		4,000,000
DZ Bank AG
07/12/11	0.200%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/25/11	0.240%		4,000,000		4,000,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
Lloyds Bank PLC
10/03/11	0.260%		3,500,000		3,500,000
National Australia Bank
11/18/11	0.211%		2,999,987		2,999,987
National Bank of Canada
11/18/11	0.186%		3,000,000		3,000,000
Nationwide Building Society
08/23/11	0.250%		4,996,808		4,996,808
Societe Generale
09/23/11	0.411%		5,000,000		5,000,000
Union Bank of Switzerland
12/09/11	0.239%		4,000,000		4,000,000

Total					41,496,795


Commercial Paper (1.3%)
Danske Corp.
07/11/11	0.240%		4,998,433		4,998,433
08/02/11	0.220%		1,999,303		1,999,303
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,834		4,998,834

Total					11,996,570


Money Market Fund (3.2%)
JPMorgan Prime Money Market Fund, 0.010%(e)			30,000,000		30,000,000


Other Short-Term Obligations (0.4%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		4,000,000		4,000,000


Repurchase Agreements (2.5%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (f)
	0.100%		5,000,000		5,000,000
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004 (f)
	0.030%		5,000,000		5,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $10,000,008 (f)
	0.030%		10,000,000		10,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,492,614 (f)
	0.080%		3,492,606		3,492,606

Total					23,492,606


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $127,976,972)				$	127,976,972


Total Investments
(Cost: $900,785,867)				$	1,074,977,877
Other Assets & Liabilities, Net					(131,565,355)


Net Assets				$	943,412,522

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 8.08% of net assets.

^(b)		Non-income producing.

^(c)		At June 30, 2011, security was partially or fully on loan.

^(d)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$13,678,787

$114,481,661

$(114,292,908

)

$—

$13,867,540

$14,882

$13,867,540


^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 137

Portfolio of Investments (continued)

Variable Portfolio – Jennison Mid Cap Growth Fund

Notes to Portfolio of Investments (continued)


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


Cantor Fitzgerald & Co. (0.100%)
Security description	Value
Fannie Mae Interest Strip		$53,170
Fannie Mae Pool		1,990,066
Fannie Mae Principal Strip		148,588
Fannie Mae REMICS		117,596
Federal Home Loan Banks		44,317
Federal National Mortgage Association		136,190
Freddie Mac Non Gold Pool		937,411
Freddie Mac REMICS		597,172
Ginnie Mae II Pool		344,833
Government National Mortgage Association		84,370
United States Treasury Note/Bond		646,287

Total Market Value of Collateral Securities		$5,100,000


Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$1,746,884
Fannie Mae-Aces		86,912
Freddie Mac REMICS		2,490,181
Government National Mortgage Association		776,023

Total Market Value of Collateral Securities		$5,100,000


Natixis Financial Products, Inc. (0.030%)
Security description	Value
Fannie Mae Interest Strip		$231,890
Fannie Mae REMICS		5,668,065
Federal Farm Credit Bank		734,690
Freddie Mac REMICS		1,673,355
Government National Mortgage Association		1,892,008

Total Market Value of Collateral Securities		$10,200,008



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$3,562,474

Total Market Value of Collateral Securities		$3,562,474

The accompanying Notes to Financial Statements are an integral part of this statement.

138 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Jennison Mid Cap Growth Fund

Fair Value Measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$158,407,797		$—		$—		$158,407,797
Consumer Staples		62,689,172		—		—		62,689,172
Energy		74,930,339		—		—		74,930,339
Financials		44,565,671		—		—		44,565,671
Health Care		156,570,333		—		—		156,570,333
Industrials		110,635,548		—		—		110,635,548
Information Technology		219,027,829		—		—		219,027,829
Materials		49,612,606		—		—		49,612,606
Telecommunication Services		56,694,070		—		—		56,694,070

Total Equity Securities		933,133,365		—		—		933,133,365

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 139

Portfolio of Investments (continued)

Variable Portfolio – Jennison Mid Cap Growth Fund

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)


	Fair value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Other
Affiliated Money Market Fund(c)		$13,867,540		$—		$—		$13,867,540
Investments of Cash Collateral Received for Securities on Loan		30,000,000		97,976,972		—		127,976,972

Total Other		43,867,540		97,976,972		—		141,844,512

Total		$977,000,905		$97,976,972		$—		$1,074,977,877


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

140 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – MFS Value Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 97.9%


CONSUMER DISCRETIONARY (9.9%)

Auto Components (0.8%)
Johnson Controls, Inc.		350,035	$	14,582,458


Automobiles (0.3%)
General Motors Co. (a)(b)		146,040		4,433,774


Hotels, Restaurants & Leisure (0.8%)
McDonald’s Corp. (a)		155,569		13,117,578


Household Durables (1.2%)
Pulte Group, Inc. (a)(b)		433,684		3,322,020
Stanley Black & Decker, Inc.		237,043		17,078,948

Total				20,400,968


Leisure Equipment & Products (0.6%)
Hasbro, Inc. (a)		251,951		11,068,207


Media (3.8%)
Comcast Corp.		292,110		7,077,825
Omnicom Group, Inc. (a)		388,665		18,718,107
Viacom, Inc., Class B (a)		326,720		16,662,720
Walt Disney Co. (The)		619,798		24,196,914

Total				66,655,566


Multiline Retail (1.6%)
Kohl’s Corp.		117,040		5,853,171
Target Corp.		457,220		21,448,190

Total				27,301,361


Specialty Retail (0.8%)
Advance Auto Parts, Inc.		155,572		9,099,406
Staples, Inc. (a)		327,985		5,182,163

Total				14,281,569


TOTAL CONSUMER DISCRECTIONARY				171,841,481


CONSUMER STAPLES (12.4%)

Beverages (2.6%)
Diageo PLC (c)		1,270,043		25,948,281
PepsiCo, Inc.		267,950		18,871,718

Total				44,819,999


Food & Staples Retailing (0.6%)
CVS Caremark Corp.		292,738		11,001,094


Food Products (3.9%)
General Mills, Inc.		671,270		24,984,669
JM Smucker Co. (The)		97,727		7,470,252
Kellogg Co. (a)		227,549		12,588,011
Nestlé SA (c)		360,255		22,388,729

Total				67,431,661


Household Products (0.5%)
Procter & Gamble Co. (The)		129,191		8,212,672


Personal Products (0.2%)
Avon Products, Inc.		136,390		3,818,920


Tobacco (4.6%)
Altria Group, Inc.		424,184		11,202,700
Philip Morris International, Inc.		878,181		58,636,145
Reynolds American, Inc.		262,340		9,719,697

Total				79,558,542


TOTAL CONSUMER STAPLES				214,842,888


ENERGY (8.8%)

Energy Equipment & Services (0.6%)
Transocean Ltd. (c)		158,310		10,220,494


Oil, Gas & Consumable Fuels (8.2%)
Apache Corp.		210,785		26,008,761
Chevron Corp.		381,506		39,234,077
EOG Resources, Inc.		127,911		13,373,095
Exxon Mobil Corp.		368,455		29,984,868
Hess Corp.		147,495		11,026,726
Occidental Petroleum Corp.		213,375		22,199,535

Total				141,827,062


TOTAL ENERGY				152,047,556


FINANCIALS (20.8%)

Capital Markets (6.2%)
Bank of New York Mellon Corp. (The)		1,320,386		33,828,289
BlackRock, Inc.		45,119		8,654,275
Goldman Sachs Group, Inc. (The)		374,381		49,826,367
State Street Corp.		347,916		15,687,533

Total				107,996,464


Commercial Banks (2.8%)
PNC Financial Services Group, Inc.		219,003		13,054,769
SunTrust Banks, Inc.		114,520		2,954,616
Wells Fargo & Co.		1,133,032		31,792,878

Total				47,802,263


Diversified Financial Services (4.1%)
Bank of America Corp.		2,110,032		23,125,951
JPMorgan Chase & Co.		1,159,223		47,458,589

Total				70,584,540


Insurance (7.7%)
ACE Ltd. (c)		211,357		13,911,518
AON Corp.		359,695		18,452,353
Chubb Corp.		191,929		12,016,675
MetLife, Inc.		951,010		41,720,809
Prudential Financial, Inc.		418,636		26,621,063
Travelers Companies, Inc. (The)		352,718		20,591,677

Total				133,314,095


TOTAL FINANCIALS				359,697,362


HEALTH CARE (12.7%)

Health Care Equipment & Supplies (3.1%)
Becton Dickinson and Co.		200,463		17,273,897
Medtronic, Inc. (a)		604,705		23,299,284
St. Jude Medical, Inc.		265,898		12,678,016

Total				53,251,197


Health Care Providers & Services (0.6%)
Quest Diagnostics, Inc. (a)		165,280		9,768,048


Life Sciences Tools & Services (0.5%)
Thermo Fisher Scientific, Inc. (a)(b)		142,942		9,204,036


Pharmaceuticals (8.5%)
Abbott Laboratories		649,828		34,193,949
GlaxoSmithKline PLC (c)		344,735		7,380,792
Johnson & Johnson		710,009		47,229,799
Merck & Co., Inc.		172,523		6,088,337
Pfizer, Inc.		2,087,163		42,995,558
Roche Holding AG (c)		53,370		8,931,500

Total				146,819,935


TOTAL HEALTH CARE				219,043,216


INDUSTRIALS (13.5%)

Aerospace & Defense (8.7%)
Honeywell International, Inc.		460,155		27,420,636
Huntington Ingalls Industries, Inc. (a)(b)		53,060		1,830,570
Lockheed Martin Corp.		757,601		61,342,953
Northrop Grumman Corp. (a)		307,260		21,308,481
United Technologies Corp.		448,456		39,692,841

Total				151,595,481


Construction & Engineering (0.2%)
Fluor Corp.		47,550		3,074,583


Industrial Conglomerates (1.8%)
3M Co.		237,795		22,554,856
Tyco International Ltd. (c)		161,020		7,959,218

Total				30,514,074


Machinery (1.7%)
Danaher Corp.		342,598		18,154,268
Eaton Corp.		227,238		11,691,395

Total				29,845,663


Professional Services (0.5%)
Dun & Bradstreet Corp.		121,448		9,174,182


Road & Rail (0.6%)
Canadian National Railway Co. (c)		122,936		9,822,587

TOTAL INDUSTRIALS				234,026,570


INFORMATION TECHNOLOGY (10.3%)

Communications Equipment (0.6%)
Cisco Systems, Inc.		703,066		10,974,860


Computers & Peripherals (0.5%)
Hewlett-Packard Co.		253,037		9,210,547


IT Services (6.2%)
Accenture PLC, Class A (c)		616,394		37,242,525
IBM Corp.		239,602		41,103,723
Mastercard, Inc., Class A		59,137		17,820,344
Western Union Co. (The)		520,624		10,428,099

Total				106,594,691


Semiconductors & Semiconductor Equipment (1.0%)
Intel Corp.		779,905		17,282,695


Software (2.0%)
Oracle Corp.		1,067,087		35,117,833

TOTAL INFORMATION TECHNOLOGY				179,180,626

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 141

Portfolio of Investments (continued)

Variable Portfolio – MFS Value Fund


Issuer	Shares		Value

Common Stocks (continued)
MATERIALS (3.2%)

Chemicals (3.2%)
Air Products & Chemicals, Inc.		197,525		$18,879,440
PPG Industries, Inc.		229,812		20,864,631
Sherwin-Williams Co. (The) (a)		180,790		15,162,857

Total				54,906,928


TOTAL MATERIALS				54,906,928


TELECOMMUNICATION SERVICES (4.2%)

Diversified Telecommunication Services (3.0%)
AT&T, Inc.		1,619,215		50,859,543


Wireless Telecommunication Services (1.2%)
Vodafone Group PLC (c)		8,036,519		21,320,756

TOTAL TELECOMMUNICATION SERVICES				72,180,299


UTILITIES (2.1%)

Electric Utilities (0.3%)
PPL Corp. (a)		205,606		5,722,015


Multi-Utilities (1.8%)
Dominion Resources, Inc.		88,095		4,252,345
PG&E Corp.		397,593		16,710,834
Public Service Enterprise Group, Inc.		289,048		9,434,527

Total				30,397,706


TOTAL UTILITIES				36,119,721


Total Common Stocks
(Cost: $1,476,407,671)			$	1,693,886,647


Convertible Preferred Stocks 0.2%


UTILITIES (0.2%)

Electric Utilities (0.2%)
PPL Corp., 9.500%		48,000	$	2,694,835

TOTAL UTILITIES				2,694,835


Total Convertible Preferred Stocks
(Cost: $2,469,600)			$	2,694,835


		Shares		Value

Money Market Fund 1.8%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		$	31,317,980	$	31,317,980


Total Money Market Fund
(Cost: $31,317,980)				$	31,317,980




		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 4.0%


Asset-Backed Commercial Paper (0.6%)
Antalis US Funding Corp.
08/09/11	0.230%	$	4,998,083	$	4,998,083
Cancara Asset Securitisation LLC
07/13/11	0.150%		4,999,375		4,999,375

Total					9,997,458


Certificates of Deposit (2.5%)
Barclays Bank PLC
09/15/11	0.310%		4,000,000		4,000,000
Commerzbank AG
07/20/11	0.220%		6,000,000		6,000,000
Credit Industrial et Commercial
09/14/11	0.270%		4,000,000		4,000,000
DZ Bank AG
07/12/11	0.200%		3,000,000		3,000,000
Den Danske Bank
07/13/11	0.210%		4,998,221		4,998,221
Development Bank of Singapore Ltd.
07/18/11	0.180%		2,000,000		2,000,000
KBC Bank NV
07/05/11	0.300%		3,000,000		3,000,000
07/14/11	0.280%		3,000,000		3,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Lloyds Bank PLC
10/03/11	0.260%		3,000,000		3,000,000
Societe Generale
09/23/11	0.410%		4,000,000		4,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		2,000,000		2,000,000

Total					43,998,221


Commercial Paper (0.2%)
PB Capital Corp.
08/12/11	0.491%		2,996,407		2,996,407


Repurchase Agreements (0.7%)
Citibank NA dated 06/30/11, matures 07/01/11, repurchase price $5,000,011 (f)
	0.080%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $7,130,030 (f)
	0.080%		7,130,014		7,130,014

Total					12,130,014


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $69,122,100)				$	69,122,100


Total Investments
(Cost: $1,579,317,351)				$	1,797,021,562
Other Assets & Liabilities, Net					(67,219,132)


Net Assets				$	1,729,802,430

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 9.55% of net assets.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales Cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

Cost

income

Value

Columbia Short-Term Cash Fund

$18,185,654

$139,796,024

$(126,663,698

)

$—

$31,317,980

$23,016

$31,317,980

The accompanying Notes to Financial Statements are an integral part of this statement.

142 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – MFS Value Fund

Notes to Portfolio of Investments (continued)


^(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.


Citibank NA (0.080%)
Security description	Value
Fannie Mae Pool		$3,706,467
Freddie Mac Gold Pool		1,393,533

Total Market Value of Collateral Securities		$5,100,000


RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$7,272,646

Total Market Value of Collateral Securities		$7,272,646

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 143

Portfolio of Investments (continued)

Variable Portfolio – MFS Value Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

144 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – MFS Value Fund

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$171,841,481		$—		$—		$171,841,481
Consumer Staples		166,505,878		48,337,010		—		214,842,888
Energy		152,047,556		—		—		152,047,556
Financials		359,697,362		—		—		359,697,362
Health Care		202,730,924		16,312,292		—		219,043,216
Industrials		234,026,570		—		—		234,026,570
Information Technology		179,180,626		—		—		179,180,626
Materials		54,906,928		—		—		54,906,928
Telecommunication Services		50,859,543		21,320,756		—		72,180,299
Utilities		36,119,721		—		—		36,119,721
Convertible Preferred Stocks
Utilities		—		2,694,835		—		2,694,835

Total Equity Securities		1,607,916,589		88,664,893		—		1,696,581,482

Other
Affiliated Money Market Fund(c)		31,317,980		—		—		31,317,980
Investments of Cash Collateral Received for Securities on Loan		—		69,122,100		—		69,122,100

Total Other		31,317,980		69,122,100		—		100,440,080

Total		$1,639,234,569		$157,786,993		$—		$1,797,021,562


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 145

Portfolio of Investments

Variable Portfolio – Marsico Growth Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 95.7%


CONSUMER DISCRETIONARY (32.6%)

Distributors (0.5%)
Li & Fung Ltd. (a)		4,720,000	$	9,433,814


Diversified Consumer Services (0.4%)
Sotheby’s (b)		171,062		7,441,197


Hotels, Restaurants & Leisure (9.7%)
McDonald’s Corp.		512,280		43,195,450
Starbucks Corp. (b)		1,046,205		41,314,635
Starwood Hotels & Resorts Worldwide, Inc. (b)		787,583		44,136,151
Wynn Resorts Ltd.		117,596		16,879,730
Yum! Brands, Inc.		451,383		24,934,397

Total				170,460,363


Internet & Catalog Retail (6.1%)
Amazon.com, Inc. (b)(c)		223,379		45,678,772
priceline.com, Inc. (b)(c)		119,936		61,398,836

Total				107,077,608


Media (3.4%)
Time Warner, Inc. (b)		1,643,066		59,758,311


Specialty Retail (5.9%)
O’Reilly Automotive, Inc.(c)		95,998		6,288,829
Tiffany & Co. (b)		472,405		37,093,241
TJX Companies, Inc. (b)		1,157,018		60,778,155

Total				104,160,225


Textiles, Apparel & Luxury Goods (6.6%)
Cie Financiere Richemont SA, ADR (a)		6,013,324		39,507,539
Coach, Inc.		433,313		27,701,700
Nike, Inc., Class B		544,931		49,032,891

Total				116,242,130


TOTAL CONSUMER DISCRECTIONARY				574,573,648


CONSUMER STAPLES (3.5%)

Food Products (2.2%)
Green Mountain Coffee Roasters, Inc. (b)(c)		222,220		19,835,357
Mead Johnson Nutrition Co.		272,935		18,436,759

Total				38,272,116


Personal Products (1.3%)
Estee Lauder Companies, Inc. (The), Class A		219,934		23,134,858

TOTAL CONSUMER STAPLES				61,406,974


ENERGY (7.4%)

Energy Equipment & Services (2.1%)
Halliburton Co.		716,129		36,522,579


Oil, Gas & Consumable Fuels (5.3%)
Anadarko Petroleum Corp.		159,871		12,271,698
Continental Resources, Inc. (b)(c)		258,429		16,774,626
EOG Resources, Inc. (b)		206,841		21,625,227
Occidental Petroleum Corp.		421,211		43,822,792

Total				94,494,343


TOTAL ENERGY				131,016,922


FINANCIALS (4.0%)

Commercial Banks (4.0%)
PNC Financial Services Group, Inc. (b)		592,890		35,342,173
U.S. Bancorp		1,367,177		34,876,685

Total				70,218,858


TOTAL FINANCIALS				70,218,858


HEALTH CARE (4.3%)

Biotechnology (1.9%)
Biogen Idec, Inc. (c)		318,070		34,008,044


Life Sciences Tools & Services (2.4%)
Agilent Technologies, Inc. (c)		820,724		41,947,204

TOTAL HEALTH CARE				75,955,248


INDUSTRIALS (14.5%)

Aerospace & Defense (3.3%)
General Dynamics Corp.		193,937		14,452,185
Precision Castparts Corp. (b)		269,781		44,419,442

Total				58,871,627


Electrical Equipment (2.5%)
Rockwell Automation, Inc.		506,746		43,965,283


Machinery (5.7%)
Cummins, Inc.		258,273		26,728,673
Danaher Corp.		698,121		36,993,432
Eaton Corp.		716,850		36,881,932

Total				100,604,037


Road & Rail (3.0%)
Union Pacific Corp. (b)		497,487		51,937,642

TOTAL INDUSTRIALS				255,378,589


INFORMATION TECHNOLOGY (15.3%)

Communications Equipment (1.5%)
Acme Packet, Inc. (c)		247,921		17,386,699
F5 Networks, Inc. (c)		83,711		9,229,138

Total				26,615,837


Computers & Peripherals (3.8%)
Apple, Inc. (c)		200,822		67,409,921


Internet Software & Services (4.2%)
Baidu, Inc., ADR (a)(c)		431,794		60,507,293
Youku.com, Inc., ADR (a)(b)(c)		397,033		13,638,084

Total				74,145,377


IT Services (0.6%)
Visa, Inc., Class A		128,562		10,832,634


Software (5.2%)
Oracle Corp.		2,120,111		69,772,853
Salesforce.com, Inc. (b)(c)		149,768		22,312,437

Total				92,085,290


TOTAL INFORMATION TECHNOLOGY				271,089,059


MATERIALS (14.1%)

Chemicals (13.1%)
Dow Chemical Co. (The) (b)		1,709,344		61,536,384
Monsanto Co. (b)		737,686		53,511,743
PPG Industries, Inc.		535,452		48,613,687
Praxair, Inc. (b)		632,875		68,597,321

Total				232,259,135


Metals & Mining (1.0%)
Freeport-McMoRan Copper & Gold, Inc.		326,940		17,295,126

TOTAL MATERIALS				249,554,261


Total Common Stocks
(Cost: $1,390,643,694)			$	1,689,193,559


Preferred Stocks 0.4%


FINANCIALS (0.4%)

Commercial Banks (0.4%)
Wells Fargo & Co., 8.000% (b)		237,875	$	6,800,846

TOTAL FINANCIALS				6,800,846


Total Preferred Stocks
(Cost: $6,463,064)			$	6,800,846




	Shares		Value

Money Market Fund 11.8%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		207,828,404	$	207,828,404


Total Money Market Fund
(Cost: $207,828,404)			$	207,828,404


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 23.8%


Asset-Backed Commercial Paper (2.0%)
Antalis US Funding Corp.
08/23/11	0.275%	$	4,996,486	$	4,996,486
Cancara Asset Securitisation LLC
07/13/11	0.150%		4,999,375		4,999,375
07/19/11	0.250%		9,993,750		9,993,750
Rhein-Main Securitisation Ltd.
07/11/11	0.481%		4,994,400		4,994,400
Royal Park Investments Funding Corp.
09/16/11	0.410%		9,989,636		9,989,636

Total					34,973,647


Certificates of Deposit (15.1%)
Australia and New Zealand Bank Group, Ltd.
07/29/11	0.220%		10,000,000		10,000,000
Barclays Bank PLC
08/19/11	0.330%		5,000,000		5,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

146 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Marsico Growth Fund


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (cont.)
Clydesdale Bank PLC
07/21/11	0.280%		$4,996,464		$4,996,464
07/25/11	0.270%		9,993,255		9,993,255
Commerzbank AG
07/20/11	0.220%	$	15,000,000	$	15,000,000
Credit Industrial et Commercial
11/21/11	0.410%		10,000,000		10,000,000
DZ Bank AG
07/12/11	0.200%		10,000,000		10,000,000
Den Danske Bank
07/13/11	0.210%		9,996,443		9,996,443
Development Bank of Singapore Ltd.
07/18/11	0.180%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		10,000,000		10,000,000
07/25/11	0.240%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/21/11	0.300%		5,000,000		5,000,000
08/12/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		15,000,000		15,000,000
07/14/11	0.280%		5,000,000		5,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		9,997,800		9,997,800
Lloyds Bank PLC
10/03/11	0.260%		11,000,000		11,000,000
N.V. Bank Nederlandse Gemeenten
08/05/11	0.260%		10,000,000		10,000,000
National Bank of Canada
11/18/11	0.186%		11,000,000		11,000,000
Natixis
09/07/11	0.544%		12,000,000		12,000,000
Overseas Chinese Banking Corp.
08/09/11	0.450%		10,000,000		10,000,000
Pohjola Bank PLC
08/15/11	0.340%		10,000,000		10,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		6,000,000		6,000,000
Svenska Handelsbank
07/01/11	0.020%		20,000,000		20,000,000
Swedbank AB
08/05/11	0.240%		10,000,000		10,000,000
Union Bank of Switzerland
12/09/11	0.239%		13,000,000		13,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		8,000,000		8,000,000
08/26/11	0.300%		5,000,000		5,000,000

Total					265,983,962


Commercial Paper (1.3%)
Danske Corp.
07/11/11	0.240%		4,998,433		4,998,433
PB Capital Corp.
08/12/11	0.491%		2,996,407		2,996,407
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,834		4,998,834
07/11/11	0.200%		9,998,222		9,998,222

Total					22,991,896


Money Market Fund (3.4%)
JPMorgan Prime Money Market Fund, 0.010% (e)			60,000,000		60,000,000


Other Short-Term Obligations (0.8%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		5,000,000		5,000,000
08/08/11	0.300%		10,000,000		10,000,000

Total					15,000,000


Repurchase Agreements (1.2%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $10,000,028 (f)
	0.100%		10,000,000		10,000,000
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $2,000,002 (f)
	0.040%		2,000,000		2,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (f)
	0.100%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,802,030 (f)
	0.080%		3,802,021		3,802,021

Total					20,802,021


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $419,751,526)				$	419,751,526


Total Investments
(Cost: $2,024,686,688)				$	2,323,574,335
Other Assets & Liabilities, Net					(559,825,573)


Net Assets				$	1,763,748,762

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 6.98% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Non-income producing.

^(d)		Investments in affiliates during the period ended June 30, 2011:

Sales Cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from Sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$26,447,583

$435,027,117

$(253,646,296

)

$—

$207,828,404

$60,375

$207,828,404


^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 147

Portfolio of Investments (continued)

Variable Portfolio – Marsico Growth Fund

Notes to Portfolio of Investments (continued)


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


Cantor Fitzgerald & Co. (0.100%)
Security description	Value
Fannie Mae Interest Strip		$106,341
Fannie Mae Pool		3,980,131
Fannie Mae Principal Strip		297,175
Fannie Mae REMICS		235,192
Federal Home Loan Banks		88,633
Federal National Mortgage Association		272,380
Freddie Mac Non Gold Pool		1,874,821
Freddie Mac REMICS		1,194,344
Ginnie Mae II Pool		689,667
Government National Mortgage Association		168,742
United States Treasury Note/Bond		1,292,574

Total Market Value of Collateral Securities		$10,200,000



Deutsche Bank AG (0.040%)
Security description	Value
Fannie Mae Pool		$1,898,888
Freddie Mac Non Gold Pool		141,112

Total Market Value of Collateral Securities		$2,040,000



Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$3,878,079

Total Market Value of Collateral Securities		$3,878,079

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

148 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Marsico Growth Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 149

Portfolio of Investments (continued)

Variable Portfolio – Marsico Growth Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$525,632,295		$48,941,353		$—		$574,573,648
Consumer Staples		61,406,974		—		—		61,406,974
Energy		131,016,922		—		—		131,016,922
Financials		70,218,858		—		—		70,218,858
Health Care		75,955,248		—		—		75,955,248
Industrials		255,378,589		—		—		255,378,589
Information Technology		271,089,059		—		—		271,089,059
Materials		249,554,261		—		—		249,554,261
Preferred Stocks
Financials		6,800,846		—		—		6,800,846

Total Equity Securities		1,647,053,052		48,941,353		—		1,695,994,405

Other
Affiliated Money Market Fund(c)		207,828,404		—		—		207,828,404
Investments of Cash Collateral Received for Securities on Loan		60,000,000		359,751,526		—		419,751,526

Total Other		267,828,404		359,751,526		—		627,579,930

Total		$1,914,881,456		$408,692,879		$—		$2,323,574,335


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

150 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – Mondrian International Small Cap Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 97.0%


AUSTRALIA (7.0%)
Commonwealth Property Office Fund (a)		8,961,486	$	9,049,125
David Jones Ltd. (a)(b)		904,667		3,950,413
Monadelphous Group Ltd. (a)		132,454		2,622,294
Transfield Services Ltd. (a)		2,007,624		7,238,318

Total				22,860,150


BERMUDA (1.3%)
Arts Optical International Holdings (a)		778,000		329,928
Pacific Basin Shipping Ltd. (a)		7,121,000		4,079,311

Total				4,409,239


CANADA (3.5%)
Morguard Real Estate Investment Trust (a)		140,700		2,256,860
Northern Property Real Estate Investment Trust, Unit (a)		105,800		3,353,524
Pason Systems, Inc. (a)(b)		393,550		5,933,140

Total				11,543,524


CAYMAN ISLANDS (2.1%)
AMVIG Holdings Ltd. (a)		4,570,000		3,443,182
ASM Pacific Technology Ltd. (a)(b)		260,300		3,579,084

Total				7,022,266


DENMARK (1.0%)
Christian Hansen Holding A/S (a)		131,418		3,117,198


FRANCE (9.6%)
Boiron SA (a)		54,565		2,438,707
Euler Hermes SA (a)		22,378		1,890,621
IPSOS (a)(b)		88,410		4,140,469
Medica SA (a)		76,661		1,641,980
Mersen (a)(b)		89,704		5,060,276
Neopost SA (a)(b)		107,590		9,242,719
Nexans SA (a)(b)		51,632		4,859,331
Rubis (a)(b)		17,488		2,218,512

Total				31,492,615


GERMANY (11.4%)
Bilfinger Berger SE (a)		73,988		7,316,356
ElringKlinger AG (a)		125,264		4,445,013
Fielmann AG (a)(b)		40,432		4,504,145
GFK SE (a)		67,555		3,565,921
MTU Aero Engines Holding AG (a)		43,835		3,501,287
Rational AG (a)		12,426		3,275,055
Symrise AG (a)		251,413		8,013,611
Wincor Nixdorf AG (a)		37,602		2,717,429

Total				37,338,817


IRELAND (0.9%)
Glanbia PLC (a)		448,467		3,108,646


JAPAN (11.4%)
Ariake Japan Co., Ltd. (a)(b)		148,000		3,011,038
FCC Co., Ltd. (a)		249,900		5,994,509
Hogy Medical Co., Ltd. (a)		102,400		4,618,095
Horiba Ltd. (a)		152,100		4,930,694
Miraca Holdings, Inc. (a)		97,700		3,958,475
Miura Co., Ltd. (a)(b)		72,000		2,087,163
Nifco, Inc. (a)(b)		252,000		6,667,023
Shimano, Inc. (a)(b)		27,900		1,534,901
Taiyo Holdings Co., Ltd. (a)		70,700		2,098,930
Ushio, Inc. (a)(b)		139,000		2,748,349

Total				37,649,177


LUXEMBOURG (1.3%)
AZ Electronic Materials SA (a)(c)		880,476		4,338,281


NETHERLANDS (5.3%)
Koninklijke Boskalis Westminster NV (a)(b)		233,465		11,038,722
QIAGEN NV (a)(c)		170,971		3,277,681
SBM Offshore NV (a)(b)		117,908		3,118,753

Total				17,435,156


NEW ZEALAND (2.9%)
Auckland International Airport Ltd. (a)		1,332,155		2,459,737
Fisher & Paykel Healthcare Corp., Ltd. (a)		1,718,795		3,932,786
Sky City Entertainment Group Ltd. (a)		1,082,459		3,253,369

Total				9,645,892


NORWAY (0.7%)
Farstad Shipping ASA (a)		70,806		2,244,206


SINGAPORE (12.1%)
Ascendas Real Estate Investment Trust (a)		2,950,000		4,906,602
CapitaMall Trust (a)		5,608,000		8,548,079
Ezra Holdings Ltd. (a)(b)		1,775,000		2,161,345
Hyflux Ltd. (a)(b)		2,445,500		3,962,017
SATS Ltd. (a)		2,758,000		5,842,379
SIA Engineering Co., Ltd. (a)		2,039,000		7,225,889
SMRT Corp., Ltd. (a)		1,324,864		2,082,160
StarHub Ltd. (a)		2,201,000		5,005,359

Total				39,733,830


SPAIN (0.7%)
Prosegur Cia de Seguridad SA (a)		44,606		2,372,013


SWEDEN (0.9%)
AF AB, Series B (a)		146,697		2,864,270


UNITED KINGDOM (24.9%)
Bodycote PLC (a)		431,517		2,575,644
Cobham PLC (a)		1,045,855		3,551,803
Croda International PLC (a)		303,538		9,192,777
De La Rue PLC (a)		478,286		5,868,497
Diploma PLC (a)		509,067		3,067,939
Greene King PLC (a)		211,738		1,656,327
Halma PLC (a)		701,994		4,667,777
Interserve PLC (a)		461,945		2,391,012
Laird PLC (a)		1,291,187		4,196,391
Rexam PLC (a)		1,401,506		8,610,506
Rotork PLC (a)		295,681		8,000,972
Serco Group PLC (a)		281,690		2,497,845
Spectris PLC (a)		250,903		6,410,777
Spirax-Sarco Engineering PLC (a)		76,536		2,457,959
TT electronics PLC (a)		826,469		2,662,833
Ultra Electronics Holdings PLC (a)		224,751		6,189,858
Victrex PLC (a)		170,262		4,098,932
Weir Group PLC (The) (a)		113,445		3,872,707

Total				81,970,556


Total Common Stocks
(Cost: $248,933,381)			$	319,145,836




	Shares		Value

Money Market Fund 2.2%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		7,304,731	$	7,304,731


Total Money Market Fund
(Cost: $7,304,731)			$	7,304,731


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 9.0%


Certificates of Deposit (0.3%)
Societe Generale
09/23/11	0.411%	$	1,000,000	$	1,000,000


Money Market Fund (1.5%)
JPMorgan Prime Money Market Fund, 0.010% (d)			5,000,000		5,000,000


Repurchase Agreements (7.2%)
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $1,000,001 (f)
	0.030%		1,000,000		1,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017 (f)
	0.120%		5,000,000		5,000,000
Morgan Stanley dated 06/30/11, matures 7/01/11, repurchase price $200,000 (f)
	0.050%		199,999		199,999
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $7,000,006 (f)
	0.030%		7,000,000		7,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $3,000,010 (f)
	0.120%		3,000,000		3,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 151

Portfolio of Investments (continued)

Variable Portfolio – Mondrian International Small Cap Fund


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)

Repurchase Agreements (cont.)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $7,434,474 (f)
	0.080%		$7,434,458		$7,434,458

Total					23,634,457


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $29,634,457)				$	29,634,457


Total Investments
(Cost: $285,872,569)				$	356,085,024
Other Assets & Liabilities, Net					(26,963,633)


Net Assets				$	329,121,391

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 June 30, 2011:


	Percentage of
Industry	net assets			Value
Aerospace & Defense		4.0	%		$13,242,949
Auto Components		5.2			17,106,545
Chemicals		9.4			30,859,729
Commercial Services & Supplies		5.5			17,976,673
Computers & Peripherals		0.8			2,717,429
Construction & Engineering		7.1			23,368,384
Containers & Packaging		3.7			12,053,687
Electrical Equipment		3.8			12,667,956
Electronic Equipment, Instruments & Components		7.9			25,936,411
Energy Equipment & Services		4.1			13,457,444
Food Products		1.9			6,119,684
Gas Utilities		0.7			2,218,512
Health Care Equipment & Supplies		2.6			8,550,881
Health Care Providers & Services		1.7			5,600,455
Hotels, Restaurants & Leisure		1.5			4,909,697
Insurance		0.6			1,890,621
Leisure Equipment & Products		0.5			1,534,901
Life Sciences Tools & Services		1.0			3,277,681
Machinery		6.8			22,269,499
Marine		1.2			4,079,312
Media		2.3			7,706,390
Multiline Retail		1.2			3,950,413
Office Electronics		2.8			9,242,720
Pharmaceuticals		0.7			2,438,707
Professional Services		0.9			2,864,270
Real Estate Investment Trusts (REITs)		8.5			28,114,191
Road & Rail		0.6			2,082,160
Semiconductors & Semiconductor Equipment		1.1			3,579,084
Specialty Retail		1.4			4,504,145
Textiles, Apparel & Luxury Goods		0.1			329,928
Transportation Infrastructure		4.7			15,528,005
Water Utilities		1.2			3,962,017
Wireless Telecommunication Services		1.5			5,005,356
Other⁽¹⁾		11.2			36,939,188

Total					$356,085,024


⁽¹⁾		Cash & Cash Equivalents.

The accompanying Notes to Financial Statements are an integral part of this statement.

152 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Mondrian International Small Cap Fund

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange date		be delivered			be received			appreciation		depreciation
Jackson Partners & Associates, Inc.		July 1, 2011		104,426 (EUR	)		149,010 (USD	)		$—		$(2,423	)

Jackson Partners & Associates, Inc.		July 1, 2011		100,747 (USD	)		125,116 (SGD	)		1,114		—

J.P. Morgan Securities, Inc.		July 29, 2011		10,556,000 (AUD	)		11,214,779 (USD	)		—		(71,590	)

Total										$1,114		$(74,013	)

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 96.97% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Non-income producing.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales Cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$6,249,441

$31,804,177

$(30,748,887

)

$—

$7,304,731

$6,495

$7,304,731


^(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.


Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$349,377
Fannie Mae-Aces		17,382
Freddie Mac REMICS		498,036
Government National Mortgage Association		155,205

Total Market Value of Collateral Securities		$1,020,000



Mizuho Securities USA, Inc. (0.120%)
Security description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



Morgan Stanley (0.050%)
Security description	Value
Fannie Mae Pool		$203,999

Total Market Value of Collateral Securities		$203,999

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 153

Portfolio of Investments (continued)

Variable Portfolio – Mondrian International Small Cap Fund

Notes to Portfolio of Investments (continued)


Natixis Financial Products, Inc. (0.030%)
Security description	Value
Fannie Mae Interest Strip		$162,323
Fannie Mae REMICS		3,967,646
Federal Farm Credit Bank		514,283
Freddie Mac REMICS		1,171,348
Government National Mortgage Association		1,324,406

Total Market Value of Collateral Securities		$7,140,006



Pershing LLC (0.120%)
Security description	Value
Fannie Mae Pool		$26,633
Fannie Mae REMICS		746,283
Fannie Mae Whole Loan		4,749
Freddie Mac Reference REMIC		71,430
Freddie Mac REMICS		1,907,454
Freddie Mac Strips		30,382
Government National Mortgage Association		273,069

Total Market Value of Collateral Securities		$3,060,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$7,583,181

Total Market Value of Collateral Securities		$7,583,181

Currency Legend


AUD		Australian Dollar
EUR		Euro
SGD		Singapore Dollar
USD		US Dollar

The accompanying Notes to Financial Statements are an integral part of this statement.

154 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Mondrian International Small Cap Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 155

Portfolio of Investments (continued)

Variable Portfolio – Mondrian International Small Cap Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$—		$40,042,018			$—		$40,042,018
Consumer Staples		—		6,119,684			—		6,119,684
Energy		5,933,140		7,524,304			—		13,457,444
Financials		5,610,384		24,394,427			—		30,004,811
Health Care		—		19,867,724			—		19,867,724
Industrials		—		114,079,208			—		114,079,208
Information Technology		—		41,475,644			—		41,475,644
Materials		—		42,913,416			—		42,913,416
Telecommunication Services		—		5,005,359			—		5,005,359
Utilities		—		6,180,528			—		6,180,528

Total Equity Securities		11,543,524		307,602,312			—		319,145,836

Other
Affiliated Money Market Fund(c)		7,304,731		—			—		7,304,731
Investments of Cash Collateral Received for Securities on Loan		5,000,000		24,634,457			—		29,634,457

Total Other		12,304,731		24,634,457			—		36,939,188

Investments in Securities		23,848,255		332,236,769			—		356,085,024
Derivatives(d)
Assets
Forward Foreign Currency Exchange Contracts		—		1,114			—		1,114
Liabilities
Forward Foreign Currency Exchange Contracts		—		(74,013	)		—		(74,013	)

Total		$23,848,255		$332,163,870			$—		$356,012,125


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

156 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – Morgan Stanley Global Real Estate Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 97.2%


AUSTRALIA (8.0%)
CFS Retail Property Trust (a)		1,290,525	$	2,515,622
Commonwealth Property Office Fund (a)		1,254,257		1,266,523
Dexus Property Group (a)		1,135,480		1,075,755
Goodman Group (a)		888,690		673,720
GPT Group (a)(b)		1,139,993		3,875,127
Investa Office Fund (a)(b)		383,963		266,262
Mirvac Group (a)		1,153,568		1,551,544
Stockland (a)(b)		1,269,715		4,657,291
Westfield Group (a)		1,310,693		12,216,370
Westfield Retail Trust (a)		1,676,055		4,885,616

Total				32,983,830


AUSTRIA (— %)
Conwert Immobilien Invest SE (a)(b)		10,554		178,608


BELGIUM (0.2%)
Befimmo SCA Sicafi (a)		5,588		496,822
Cofinimmo (a)		2,308		329,071

Total				825,893


BERMUDA (4.5%)
Hongkong Land Holdings Ltd. (a)		1,826,000		13,021,427
Kerry Properties Ltd. (a)		1,157,500		5,594,724

Total				18,616,151


BRAZIL (0.4%)
BR Malls Participacoes SA (a)		67,900		764,427
BR Properties SA (a)		87,400		985,641

Total				1,750,068


CANADA (2.8%)
Boardwalk Real Estate Investment Trust (a)		29,930		1,498,595
Brookfield Office Properties (a)		10,730		247,209
Brookfield Office Properties, Inc. (a)		259,387		5,000,981
Calloway Real Estate Investment Trust (a)		9,180		239,958
Extendicare Real Estate Investment Trust (a)		36,570		395,106
RioCan Real Estate Investment Trust (a)		149,210		4,013,176

Total				11,395,025


CAYMAN ISLANDS (2.0%)
Agile Property Holdings Ltd. (a)(b)		540,000		840,412
China Resources Land Ltd. (a)		3,628,000		6,585,445
KWG Property Holding Ltd. (a)		778,000		520,257
Shimao Property Holdings Ltd. (a)		204,500		253,385

Total				8,199,499


CHINA (0.8%)
Guangzhou R&F Properties Co., Ltd., Series H (a)(b)		2,330,800		3,190,597


FINLAND (0.3%)
Citycon OYJ (a)		145,721		655,083
Sponda OYJ (a)		127,081		738,989

Total				1,394,072


FRANCE (4.3%)
Fonciere Des Regions (a)		13,264		1,405,101
Gecina SA (a)		4,347		607,497
ICADE (a)		12,369		1,525,175
Klepierre (a)		63,278		2,612,022
Mercialys SA (a)		15,656		663,738
Societe de la Tour Eiffel (a)		3,275		303,144
Societe Immobiliere de Location pour l’Industrie et le Commerce (a)		4,853		696,368
Unibail-Rodamco SE (a)		43,329		10,018,807

Total				17,831,852


GERMANY (0.6%)
Alstria Office REIT AG (a)		98,607		1,487,147
Deutsche Euroshop AG (a)		16,166		639,997
Prime Office REIT-AG (a)(c)		57,589		517,779

Total				2,644,923


HONG KONG (13.4%)
China Overseas Land & Investment Ltd. (a)(b)		3,564,000		7,667,212
Hang Lung Properties Ltd. (a)		1,284,000		5,279,355
Henderson Land Development Co., Ltd. (a)		626,837		4,053,469
Hui Xian Real Estate Investment Trust (a)(c)		866,000		647,088
Hysan Development Co., Ltd. (a)		811,404		4,025,236
New World Development Ltd. (a)		589,824		895,483
Sino Land Co., Ltd. (a)(b)		460,676		740,913
Sun Hung Kai Properties Ltd. (a)		1,585,000		23,168,859
Wharf Holdings Ltd. (a)(b)		1,286,466		8,971,197

Total				55,448,812


ITALY (0.4%)
Beni Stabili SpA (a)		1,478,141		1,492,966
Beni Stabili SpA (a)		44,178		44,621

Total				1,537,587


JAPAN (9.4%)
Japan Real Estate Investment Corp. (a)		214		2,105,515
Japan Retail Fund Investment Corp. (a)		194		298,961
Mitsubishi Estate Co., Ltd. (a)		795,000		13,952,215
Mitsui Fudosan Co., Ltd. (a)		693,000		11,935,468
Nippon Building Fund, Inc. (a)(b)		204		1,993,506
NTT Urban Development Corp. (a)		438		375,722
Sumitomo Realty & Development Co., Ltd. (a)		360,000		8,045,870

Total				38,707,257


NETHERLANDS (1.5%)
Corio NV (a)		44,847		2,972,093
Eurocommercial Properties NV (a)		42,932		2,135,444
Wereldhave NV (a)(b)		9,037		919,840

Total				6,027,377


SINGAPORE (2.4%)
CapitaCommercial Trust (a)(b)		361,000		427,038
CapitaLand Ltd. (a)		2,015,000		4,786,907
CapitaMall Trust (a)		252,000		384,115
CapitaMalls Asia Ltd. (a)(b)		360,000		432,220
City Developments Ltd. (a)		180,000		1,528,359
Keppel Land Ltd. (a)(b)		568,000		1,678,369
Suntec Real Estate Investment Trust (a)		409,000		499,749

Total				9,736,757


SWEDEN (0.7%)
Atrium Ljungberg AB, Series B (a)(b)		40,154		507,860
Castellum AB (a)		16,322		244,629
Fabege AB (a)		18,317		184,033
Hufvudstaden AB, Series A (a)		151,021		1,809,807

Total				2,746,329


SWITZERLAND (0.9%)
PSP Swiss Property AG (a)(b)(c)		32,720		3,107,573
Swiss Prime Site AG (a)(c)		8,939		767,111

Total				3,874,684


UNITED KINGDOM (7.5%)
Atrium European Real Estate Ltd. (a)		38,353		252,671
Big Yellow Group PLC (a)		284,402		1,404,500
British Land Co. PLC (a)		439,729		4,297,978
Capital & Counties Properties PLC (a)		125,151		395,697
Capital & Regional PLC (a)(c)		958,326		603,691
Capital Shopping Centres Group PLC (a)		284,876		1,826,562
Derwent London PLC (a)		52,178		1,529,150
Development Securities PLC (a)		123,771		448,941
Grainger PLC (a)		530,188		1,105,352
Great Portland Estates PLC (a)		103,972		727,553
Hammerson PLC (a)		521,230		4,027,145
Land Securities Group PLC (a)		398,552		5,453,071
LXB Retail Properties PLC (a)(c)		738,101		1,357,866
Metric Property Investments PLC (a)		298,937		510,965
Quintain Estates & Development PLC (a)(c)		840,190		809,078
Safestore Holdings PLC (a)		530,151		1,174,196
Segro PLC (a)		324,382		1,625,887
Shaftesbury PLC (a)		59,975		508,237
St. Modwen Properties PLC (a)		408,055		1,211,580
Unite Group PLC (a)(c)		469,776		1,640,633

Total				30,910,753


UNITED STATES (37.1%)
Acadia Realty Trust (b)		83,270		1,692,879
American Campus Communities, Inc. (b)		19,660		698,323
Apartment Investment & Management Co., Class A		78,530		2,004,871
Ashford Hospitality Trust, Inc.		72,020		896,649
Assisted Living Concepts, Inc., Class A (b)		85,090		1,427,810
AvalonBay Communities, Inc.		45,978		5,903,575
BioMed Realty Trust, Inc.		13,548		260,663
Boston Properties, Inc. (b)		73,185		7,769,320
BRE Properties, Inc. (b)		4,153		207,152
Camden Property Trust (b)		59,780		3,803,204

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 157

Portfolio of Investments (continued)

Variable Portfolio – Morgan Stanley Global Real Estate Fund


Issuer	Shares		Value

Common Stocks (continued)

UNITED STATES (cont.)
CommonWealth REIT (b)		31,811		$821,996
Coresite Realty Corp. (b)		39,920		654,688
Cousins Properties, Inc. (b)		247,404		2,112,830
DCT Industrial Trust, Inc. (b)		173,098		905,302
Digital Realty Trust, Inc. (b)		22,933		1,416,801
Douglas Emmett, Inc.		53,508		1,064,274
Equity Lifestyle Properties, Inc. (b)		50,478		3,151,846
Equity Residential		232,953		13,977,180
Federal Realty Investment Trust (b)		23,081		1,966,040
Forest City Enterprises, Inc., Class A (b)(c)		319,813		5,970,909
General Growth Properties, Inc. (b)		390,860		6,523,453
HCP, Inc.		175,595		6,442,581
Health Care REIT, Inc.		26,800		1,405,124
Healthcare Realty Trust, Inc. (b)		213,958		4,413,953
Host Hotels & Resorts, Inc.		556,205		9,427,675
Hudson Pacific Properties, Inc. (b)		48,560		754,137
Hyatt Hotels Corp., Class A (b)(c)		24,160		986,211
Lexington Realty Trust (b)		16,013		146,199
Liberty Property Trust (b)		27,481		895,331
Mack-Cali Realty Corp. (b)		94,185		3,102,454
Parkway Properties, Inc. (b)		1,830		31,220
Post Properties, Inc. (b)		10,150		413,714
ProLogis, Inc.		89,110		3,193,702
PS Business Parks, Inc. (b)		9,343		514,799
Public Storage		58,635		6,684,976
Regency Centers Corp. (b)		171,708		7,550,001
Retail Opportunity Investments Corp. (b)		101,105		1,087,890
RLJ Lodging Trust (c)		33,810		587,280
Senior Housing Properties Trust (b)		128,505		3,008,302
Simon Property Group, Inc.		159,183		18,501,840
Sovran Self Storage, Inc. (b)		8,270		339,070
STAG Industrial, Inc.		24,850		304,412
Starwood Hotels & Resorts Worldwide, Inc.		175,923		9,858,725
Starwood Property Trust, Inc.		74,490		1,527,790
Vornado Realty Trust (b)		86,298		8,041,248
Winthrop Realty Trust (b)		48,470		578,732

Total				153,027,131


Total Common Stocks
(Cost: $333,321,864)			$	401,027,205




	Shares		Value

Money Market Fund 2.9%

Columbia Short-Term Cash Fund, 0.166% (d)(e)		12,159,486	$	12,159,486


Total Money Market Fund
(Cost: $12,159,486)			$	12,159,486


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 9.8%


Certificates of Deposit (1.9%)
Barclays Bank PLC
08/19/11	0.330%	$	2,000,000	$	2,000,000
DZ Bank AG
07/12/11	0.200%		1,000,000		1,000,000
KBC Bank NV
07/05/11	0.300%		2,000,000		2,000,000
Nationwide Building Society
08/23/11	0.250%		1,998,723		1,998,723
Societe Generale
09/23/11	0.411%		1,000,000		1,000,000

Total					7,998,723


Money Market Fund (1.2%)
JPMorgan Prime Money Market Fund, 0.010% (d)			5,000,000		5,000,000


Repurchase Agreements (6.7%)
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $20,000,017 (f)
	0.030%		20,000,000		20,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $2,000,007 (f)
	0.120%		2,000,000		2,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,619,789 (f)
	0.080%		5,619,777		5,619,777

Total					27,619,777


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $40,618,500)				$	40,618,500


Total Investments
(Cost: $386,099,850)				$	453,805,191
Other Assets & Liabilities, Net					(40,919,553)


Net Assets				$	412,885,638

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 June 30, 2011:


	Percentage of
Industry	net assets			Value
Health Care Providers & Services		0.3	%		$1,427,810
Hotels, Restaurants & Leisure		2.6			10,844,936
Real Estate Investment Trusts (REITs)		55.9			230,656,003
Real Estate Management & Development		38.3			158,098,456
Other⁽¹⁾		12.8			52,777,986

Total					$453,805,191


⁽¹⁾		Cash & Cash Equivalents.

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 60.07% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Non-income producing.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

158 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Morgan Stanley Global Real Estate Fund

Notes to Portfolio of Investments (continued)


^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$7,978,394

$33,098,464

$(28,917,372

)

$—

$12,159,486

$11,281

$12,159,486


^(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.


Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$6,987,535
Fannie Mae-Aces		347,646
Freddie Mac REMICS		9,960,723
Government National Mortgage Association		3,104,096

Total Market Value of Collateral Securities		$20,400,000


Pershing LLC (0.120%)
Security description	Value
Fannie Mae Pool		$17,756
Fannie Mae REMICS		497,522
Fannie Mae Whole Loan		3,166
Freddie Mac Reference REMIC		47,620
Freddie Mac REMICS		1,271,636
Freddie Mac Strips		20,255
Government National Mortgage Association		182,045

Total Market Value of Collateral Securities		$2,040,000


RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$5,732,198

Total Market Value of Collateral Securities		$5,732,198

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 159

Portfolio of Investments (continued)

Variable Portfolio – Morgan Stanley Global Real Estate Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

160 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Morgan Stanley Global Real Estate Fund

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$10,844,936		$—		$—		$10,844,936
Financials		153,899,478		234,854,981		—		388,754,459
Health Care		1,427,810		—		—		1,427,810

Total Equity Securities		166,172,224		234,854,981		—		401,027,205

Other
Affiliated Money Market Fund(c)		12,159,486		—		—		12,159,486
Investments of Cash Collateral Received for Securities on Loan		5,000,000		35,618,500		—		40,618,500

Total Other		17,159,486		35,618,500		—		52,777,986

Total		$183,331,710		$270,473,481		$—		$453,805,191


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 161

Portfolio of Investments

Variable Portfolio – NFJ Dividend Value Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 91.7%


CONSUMER DISCRETIONARY (3.6%)

Media (1.8%)
Time Warner, Inc.		861,300	$	31,325,481


Textiles, Apparel & Luxury Goods (1.8%)
VF Corp. (a)		287,200		31,178,432

TOTAL CONSUMER DISCRECTIONARY				62,503,913


CONSUMER STAPLES (9.3%)

Beverages (1.8%)
PepsiCo, Inc.		459,100		32,334,413


Food Products (2.0%)
Kraft Foods, Inc., Class A		973,300		34,289,359


Household Products (2.1%)
Kimberly-Clark Corp.		556,600		37,047,296


Tobacco (3.4%)
Altria Group, Inc.		1,110,500		29,328,305
Reynolds American, Inc.		797,500		29,547,375

Total				58,875,680


TOTAL CONSUMER STAPLES				162,546,748


ENERGY (18.2%)

Energy Equipment & Services (2.0%)
Diamond Offshore Drilling, Inc. (a)		480,400		33,824,964


Oil, Gas & Consumable Fuels (16.2%)
Chesapeake Energy Corp.		1,144,400		33,977,236
Chevron Corp.		346,600		35,644,344
ConocoPhillips		952,500		71,618,475
Marathon Oil Corp.		625,900		32,972,412
Royal Dutch Shell PLC, ADR (b)		520,300		37,008,939
Total SA, ADR (b)		1,258,100		72,768,503

Total				283,989,909


TOTAL ENERGY				317,814,873


FINANCIALS (17.0%)

Commercial Banks (3.9%)
PNC Financial Services Group, Inc.		530,800		31,640,988
Wells Fargo & Co.		1,285,600		36,073,936

Total				67,714,924


Diversified Financial Services (2.1%)
JPMorgan Chase & Co.		885,700		36,260,558


Insurance (5.6%)
Allstate Corp. (The)		1,134,300		34,630,179
MetLife, Inc.		695,900		30,529,133
Travelers Companies, Inc. (The)		560,300		32,710,314

Total				97,869,626


Real Estate Investment Trusts (REITs) (2.9%)
Annaly Capital Management, Inc. (a)		2,845,200		51,327,408


Thrifts & Mortgage Finance (2.5%)
Hudson City Bancorp, Inc.		2,803,400		22,959,846
New York Community Bancorp, Inc. (a)		1,330,900		19,950,191

Total				42,910,037


TOTAL FINANCIALS				296,082,553


HEALTH CARE (11.8%)

Health Care Equipment & Supplies (1.8%)
Medtronic, Inc.		800,000		30,824,000


Pharmaceuticals (10.0%)
Eli Lilly & Co.		923,600		34,662,708
GlaxoSmithKline PLC, ADR (a)(b)		721,200		30,939,480
Johnson & Johnson		512,200		34,071,544
Pfizer, Inc.		1,641,900		33,823,140
Sanofi, ADR (b)		1,023,100		41,097,927

Total				174,594,799


TOTAL HEALTH CARE				205,418,799


INDUSTRIALS (8.9%)

Aerospace & Defense (3.5%)
Lockheed Martin Corp.		398,200		32,242,254
Northrop Grumman Corp. (a)		409,900		28,426,565

Total				60,668,819


Commercial Services & Supplies (3.8%)
Pitney Bowes, Inc. (a)		1,396,500		32,105,535
RR Donnelley & Sons Co. (a)		1,778,000		34,866,580

Total				66,972,115


Industrial Conglomerates (1.6%)
General Electric Co.		1,450,000		27,347,000

TOTAL INDUSTRIALS				154,987,934


INFORMATION TECHNOLOGY (11.8%)

Communications Equipment (1.9%)
Harris Corp. (a)		709,000		31,947,540


IT Services (1.8%)
IBM Corp.		186,200		31,942,610


Office Electronics (2.1%)
Xerox Corp.		3,443,700		35,848,917


Semiconductors & Semiconductor Equipment (3.7%)
Intel Corp.		2,918,600		64,676,176


Software (2.3%)
Microsoft Corp.		1,544,800		40,164,800

TOTAL INFORMATION TECHNOLOGY				204,580,043


MATERIALS (4.0%)

Metals & Mining (1.9%)
Freeport-McMoRan Copper & Gold, Inc.		624,200		33,020,180


Paper & Forest Products (2.1%)
International Paper Co.		1,196,100		35,667,702

TOTAL MATERIALS				68,687,882


TELECOMMUNICATION SERVICES (3.6%)

Diversified Telecommunication Services (3.6%)
AT&T, Inc.		1,047,800		32,911,398
CenturyLink, Inc.		732,400		29,610,932

Total				62,522,330


TOTAL TELECOMMUNICATION SERVICES				62,522,330


UTILITIES (3.5%)

Electric Utilities (1.5%)
Edison International		700,800		27,156,000


Multi-Utilities (2.0%)
Ameren Corp.		1,192,300		34,385,932

TOTAL UTILITIES				61,541,932


Total Common Stocks
(Cost: $1,400,838,528)			$	1,596,687,007




	Shares		Value

Money Market Fund 7.9%

Columbia Short-Term Cash Fund, 0.166% (c)(d)		138,394,085	$	138,394,085


Total Money Market Fund
(Cost: $138,394,085)			$	138,394,085


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 11.9%


Asset-Backed Commercial Paper (1.4%)
Antalis US Funding Corp.
08/05/11	0.280%	$	9,992,923	$	9,992,923
08/23/11	0.275%		4,996,486		4,996,486
Rheingold Securitization
09/12/11	0.430%		4,994,386		4,994,386
Scaldis Capital LLC
07/01/11	0.200%		4,999,972		4,999,972

Total					24,983,767


Certificates of Deposit (8.5%)
Australia and New Zealand Bank Group, Ltd.
07/29/11	0.230%		5,000,000		5,000,000
Barclays Bank PLC
08/19/11	0.330%		5,000,000		5,000,000
09/15/11	0.310%		5,000,000		5,000,000
Clydesdale Bank PLC
08/03/11	0.275%		5,000,000		5,000,000
Commerzbank AG
07/20/11	0.220%		10,000,000		10,000,000
Credit Industrial et Commercial
11/21/11	0.410%		10,000,000		10,000,000
DZ Bank AG
07/12/11	0.200%		10,000,000		10,000,000
Den Danske Bank
07/13/11	0.210%		4,998,221		4,998,221
07/26/11	0.230%		4,998,052		4,998,052
Development Bank of Singapore Ltd.
08/09/11	0.300%		5,000,000		5,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/25/11	0.240%		5,000,000		5,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
08/12/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
07/14/11	0.280%		5,000,000		5,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

162 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – NFJ Dividend Value Fund


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (cont.)
La Banque Postale
09/13/11	0.250%		$4,000,000		$4,000,000
Lloyds Bank PLC
10/03/11	0.260%		7,000,000		7,000,000
National Australia Bank
11/18/11	0.211%		3,999,983		3,999,983
National Bank of Canada
11/18/11	0.186%		7,000,000		7,000,000
Natixis
09/07/11	0.544%		5,000,000		5,000,000
Pohjola Bank PLC
08/15/11	0.340%		10,000,000		10,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		4,000,000		4,000,000
Societe Generale
09/23/11	0.410%		7,000,000		7,000,000
Swedbank AB
08/05/11	0.240%		5,000,000		5,000,000
Union Bank of Switzerland
12/09/11	0.239%		5,000,000		5,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		5,000,000		5,000,000

Total					147,996,256


Commercial Paper (0.9%)
PB Capital Corp.
08/11/11	0.501%		4,993,681		4,993,681
Suncorp Metway Ltd.
07/11/11	0.200%		9,998,222		9,998,222

Total					14,991,903


Money Market Fund (0.6%)
JPMorgan Prime Money Market Fund, 0.010% (c)			10,000,000		10,000,000


Other Short-Term Obligations (0.2%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		3,000,000		3,000,000
Natixis Financial Products LLC
07/01/11	0.370%		1,000,000		1,000,000

Total					4,000,000


Repurchase Agreements (0.3%)
Deutsche Bank AG dated 06/24/11, matures 07/01/11, repurchase price $2,000,002 (e)
	0.040%		2,000,000		2,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,434,534 (e)
	0.080%		3,434,527		3,434,527

Total					5,434,527


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $207,406,453)				$	207,406,453


Total Investments
(Cost: $1,746,639,066)				$	1,942,487,545
Other Assets & Liabilities, Net					(201,554,182)


Net Assets				$	1,740,933,363

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 10.44% of net assets.

^(c)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(d)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$77,230,081

$233,195,242

$(172,031,238

)

$—

$138,394,085

$104,213

$138,394,085


^(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.


Deutsche Bank AG (0.040%)
Security description	Value
Fannie Mae Pool		$1,898,888
Freddie Mac Non Gold Pool		141,112

Total Market Value of Collateral Securities		$2,040,000

RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$3,503,233

Total Market Value of Collateral Securities		$3,503,233

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 163

Portfolio of Investments (continued)

Variable Portfolio – NFJ Dividend Value Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

164 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – NFJ Dividend Value Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$62,503,913		$—		$—		$62,503,913
Consumer Staples		162,546,748		—		—		162,546,748
Energy		317,814,873		—		—		317,814,873
Financials		296,082,553		—		—		296,082,553
Health Care		205,418,799		—		—		205,418,799
Industrials		154,987,934		—		—		154,987,934
Information Technology		204,580,043		—		—		204,580,043
Materials		68,687,882		—		—		68,687,882
Telecommunication Services		62,522,330		—		—		62,522,330
Utilities		61,541,932		—		—		61,541,932

Total Equity Securities		1,596,687,007		—		—		1,596,687,007

Other
Affiliated Money Market Fund(c)		138,394,085		—		—		138,394,085
Investments of Cash Collateral Received for Securities on Loan		10,000,000		197,406,453		—		207,406,453

Total Other		148,394,085		197,406,453		—		345,800,538

Total		$1,745,081,092		$197,406,453		$—		$1,942,487,545


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 165

Portfolio of Investments

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 98.5%


CONSUMER DISCRETIONARY (14.4%)

Auto Components (1.2%)
BorgWarner, Inc. (a)(b)		256,200	$	20,698,398


Automobiles (0.5%)
Ford Motor Co. (a)(b)		614,300		8,471,196


Hotels, Restaurants & Leisure (3.9%)
Ctrip.com International Ltd., ADR (a)(b)(c)		383,900		16,538,412
Las Vegas Sands Corp. (b)		584,900		24,688,629
Starbucks Corp.		259,600		10,251,604
Yum! Brands, Inc.		299,300		16,533,332

Total				68,011,977


Internet & Catalog Retail (4.6%)
Amazon.com, Inc. (b)		222,300		45,458,127
Netflix, Inc. (a)(b)		32,800		8,616,232
priceline.com, Inc. (a)(b)		49,140		25,156,240

Total				79,230,599


Media (2.3%)
Scripps Networks Interactive, Inc., Class A		345,100		16,868,488
Walt Disney Co. (The)		611,800		23,884,672

Total				40,753,160


Specialty Retail (1.3%)
O’Reilly Automotive, Inc. (a)(b)		334,600		21,919,646


Textiles, Apparel & Luxury Goods (0.6%)
Polo Ralph Lauren Corp. (a)		83,900		11,125,979

TOTAL CONSUMER DISCRECTIONARY				250,210,955


CONSUMER STAPLES (3.5%)

Food & Staples Retailing (1.1%)
Costco Wholesale Corp.		227,000		18,441,480


Food Products (1.4%)
Green Mountain Coffee Roasters, Inc. (a)(b)		262,100		23,395,046


Personal Products (1.0%)
Estee Lauder Companies, Inc. (The), Class A (a)		169,600		17,840,224

TOTAL CONSUMER STAPLES				59,676,750


ENERGY (9.4%)

Energy Equipment & Services (5.9%)
FMC Technologies, Inc. (a)(b)		793,100		35,522,949
Halliburton Co.		361,400		18,431,400
Schlumberger Ltd. (c)		562,700		48,617,280

Total				102,571,629


Oil, Gas & Consumable Fuels (3.5%)
Concho Resources, Inc. (b)		300,600		27,610,110
Occidental Petroleum Corp.		319,300		33,219,972

Total				60,830,082


TOTAL ENERGY				163,401,711


FINANCIALS (6.4%)

Capital Markets (3.3%)
Charles Schwab Corp. (The)		940,500		15,471,225
Franklin Resources, Inc.		198,900		26,113,581
TD Ameritrade Holding Corp. (a)		781,500		15,247,065

Total				56,831,871


Diversified Financial Services (3.1%)
CME Group, Inc.		56,200		16,387,358
IntercontinentalExchange, Inc. (b)		165,000		20,577,150
JPMorgan Chase & Co.		417,400		17,088,356

Total				54,052,864


TOTAL FINANCIALS				110,884,735


HEALTH CARE (11.8%)

Health Care Equipment & Supplies (3.0%)
Edwards Lifesciences Corp. (b)		200,100		17,444,718
Intuitive Surgical, Inc. (a)(b)		39,800		14,809,978
Varian Medical Systems, Inc. (a)(b)		277,500		19,430,550

Total				51,685,246


Health Care Providers & Services (4.6%)
Express Scripts, Inc. (a)(b)		827,100		44,646,858
UnitedHealth Group, Inc.		677,400		34,940,292

Total				79,587,150


Health Care Technology (1.1%)
Cerner Corp. (a)(b)		320,600		19,591,866


Pharmaceuticals (3.1%)
Mylan, Inc. (b)		699,600		17,259,132
Perrigo Co. (a)		160,300		14,085,561
Shire PLC, ADR (a)(c)		230,500		21,715,405

Total				53,060,098


TOTAL HEALTH CARE				203,924,360


INDUSTRIALS (15.1%)

Aerospace & Defense (3.3%)
Goodrich Corp.		236,300		22,566,650
United Technologies Corp.		386,100		34,173,711

Total				56,740,361


Air Freight & Logistics (1.1%)
CH Robinson Worldwide, Inc. (a)		245,700		19,370,988


Construction & Engineering (1.6%)
Fluor Corp.		428,200		27,687,412


Machinery (6.0%)
Danaher Corp.		877,400		46,493,426
Deere & Co.		341,600		28,164,920
Illinois Tool Works, Inc.		525,200		29,668,548

Total				104,326,894


Road & Rail (3.1%)
Union Pacific Corp. (a)		510,100		53,254,440

TOTAL INDUSTRIALS				261,380,095


INFORMATION TECHNOLOGY (31.8%)

Communications Equipment (3.2%)
QUALCOMM, Inc.		963,900		54,739,881


Computers & Peripherals (8.4%)
Apple, Inc. (b)		239,900		80,527,233
EMC Corp. (b)		1,643,600		45,281,180
NetApp, Inc. (b)		361,400		19,074,692

Total				144,883,105


Internet Software & Services (4.2%)
Baidu, Inc., ADR (b)(c)		190,700		26,722,791
Google, Inc., Class A (a)(b)		60,515		30,643,586
VeriSign, Inc.		485,500		16,244,830

Total				73,611,207


IT Services (5.3%)
Cognizant Technology Solutions Corp., Class A (b)		642,300		47,106,282
Visa, Inc., Class A		539,300		45,441,418

Total				92,547,700


Semiconductors & Semiconductor Equipment (2.4%)
Altera Corp.		450,400		20,876,040
Texas Instruments, Inc.		643,400		21,122,822

Total				41,998,862


Software (8.3%)
Autodesk, Inc. (b)		553,400		21,361,240
Citrix Systems, Inc. (b)		331,100		26,488,000
Intuit, Inc. (b)		310,000		16,076,600
Oracle Corp.		1,393,300		45,853,503
Salesforce.com, Inc. (a)(b)		167,300		24,924,354
VMware, Inc., Class A (a)(b)		87,700		8,790,171

Total				143,493,868


TOTAL INFORMATION TECHNOLOGY				551,274,623


MATERIALS (4.4%)

Chemicals (0.9%)
Ecolab, Inc. (a)		267,900		15,104,202


Metals & Mining (3.5%)
Cliffs Natural Resources, Inc.		292,430		27,035,154
Freeport-McMoRan Copper & Gold, Inc.		335,700		17,758,530
Walter Energy, Inc.		141,600		16,397,280

Total				61,190,964


TOTAL MATERIALS				76,295,166


TELECOMMUNICATION SERVICES (1.7%)

Wireless Telecommunication Services (1.7%)
American Tower Corp., Class A (b)		556,900		29,125,870

TOTAL TELECOMMUNICATION SERVICES				29,125,870


Total Common Stocks
(Cost: $1,497,136,217)			$	1,706,174,265

The accompanying Notes to Financial Statements are an integral part of this statement.

166 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund


	Shares		Value

Money Market Fund 1.7%

Columbia Short-Term Cash Fund, 0.166.% (d)(e)		29,258,644		$29,258,644


Total Money Market Fund
(Cost: $29,258,644)			$	29,258,644


		Par/
	Effective	principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 14.0%


Asset-Backed Commercial Paper (2.4%)
Antalis US Funding Corp.
08/09/11	0.230%	$	4,998,083	$	4,998,083
08/23/11	0.275%		4,996,486		4,996,486
Cancara Asset Securitisation LLC
07/13/11	0.150%		9,998,750		9,998,750
Rhein-Main Securitisation Ltd.
07/11/11	0.481%		1,997,760		1,997,760
Royal Park Investments Funding Corp.
07/08/11	0.531%		4,993,670		4,993,670
09/16/11	0.410%		4,994,818		4,994,818
Scaldis Capital LLC
07/01/11	0.200%		9,999,945		9,999,945

Total					41,979,512


Certificates of Deposit (7.4%)
Australia and New Zealand Bank Group, Ltd.
07/25/11	0.190%		5,000,000		5,000,000
07/29/11	0.230%		8,000,000		8,000,000
Barclays Bank PLC
09/15/11	0.310%		5,000,000		5,000,000
Clydesdale Bank PLC
07/21/11	0.280%		9,992,927		9,992,927
Commerzbank AG
07/27/11	0.180%		8,000,000		8,000,000
Credit Industrial et Commercial
12/09/11	0.440%		10,000,000		10,000,000
DZ Bank AG
07/27/11	0.150%		10,000,000		10,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/25/11	0.240%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
07/14/11	0.280%		5,000,000		5,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Lloyds Bank PLC
10/03/11	0.260%		5,000,000		5,000,000
National Bank of Canada
11/18/11	0.186%		6,000,000		6,000,000
Overseas Chinese Banking Corp.
07/15/11	0.450%		5,000,000		5,000,000
08/09/11	0.450%		5,000,000		5,000,000
Societe Generale
09/23/11	0.411%		6,000,000		6,000,000
Swedbank AB
08/05/11	0.240%		10,000,000		10,000,000
Union Bank of Switzerland
12/09/11	0.239%		10,000,000		10,000,000
United Overseas Bank Ltd.
08/26/11	0.300%		5,000,000		5,000,000

Total					127,992,927


Commercial Paper (1.3%)
Danske Corp.
08/02/11	0.220%		7,997,214		7,997,214
Macquarie Bank Ltd.
07/26/11	0.380%		4,995,197		4,995,197
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
07/11/11	0.200%		4,999,111		4,999,111

Total					22,990,355


Money Market Fund (2.2%)
JPMorgan Prime Money Market Fund, 0.010% (d)			38,000,000		38,000,000


Other Short-Term Obligations (0.5%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		6,000,000		6,000,000
08/08/11	0.300%		3,000,000		3,000,000

Total					9,000,000


Repurchase Agreements (0.2%)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $3,180,249 (f)
	0.080%		3,180,242		3,180,242

Total					3,180,242


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $243,143,036)				$	243,143,036


Total Investments
(Cost: $1,769,537,897)				$	1,978,575,945
Other Assets & Liabilities, Net					(246,437,837)


Net Assets				$	1,732,138,108

Notes to Portfolio of Investments


^(a)		At June 30, 2011, security was partially or fully on loan.

^(b)		Non-income producing.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 6.56% of net assets.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or Interest

Issuer

cost

from sales

gain/loss

cost

Income

Value

Columbia Short-Term Cash Fund

$17,933,881

$594,398,584

$(583,073,821

)

$—

$29,258,644

$45,217

$29,258,644

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 167

Portfolio of Investments (continued)

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund

Notes to Portfolio of Investments (continued)


^(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.


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$3,243,861

Total Market Value of Collateral Securities		$3,243,861

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

168 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 169

Portfolio of Investments (continued)

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$250,210,955		$—		$—		$250,210,955
Consumer Staples		59,676,750		—		—		59,676,750
Energy		163,401,711		—		—		163,401,711
Financials		110,884,735		—		—		110,884,735
Health Care		203,924,360		—		—		203,924,360
Industrials		261,380,095		—		—		261,380,095
Information Technology		551,274,623		—		—		551,274,623
Materials		76,295,166		—		—		76,295,166
Telecommunication Services		29,125,870		—		—		29,125,870

Total Equity Securities		1,706,174,265		—		—		1,706,174,265

Other
Affiliated Money Market Fund(c)		29,258,644		—		—		29,258,644
Investments of Cash Collateral Received for Securities on Loan		38,000,000		205,143,036		—		243,143,036

Total Other		67,258,644		205,143,036		—		272,401,680

Total		$1,773,432,909		$205,143,036		$—		$1,978,575,945


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

170 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Portfolio of Investments

Variable Portfolio – Partners Small Cap Growth Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 98.8%


CONSUMER DISCRETIONARY (15.1%)

Diversified Consumer Services (2.2%)
Capella Education Co. (a)		107,918	$	4,516,368
Service Corp. International		577,495		6,745,142

Total				11,261,510


Hotels, Restaurants & Leisure (3.0%)
7 Days Group Holdings Ltd., ADR (a)(b)(c)		159,363		3,080,487
BJ’s Restaurants, Inc. (a)(b)		123,700		6,476,932
Bravo Brio Restaurant Group, Inc. (a)(b)		37,737		921,915
Life Time Fitness, Inc. (a)		88,830		3,545,205
Scientific Games Corp., Class A (a)(b)		116,400		1,203,576
Shuffle Master, Inc. (a)(b)		62,300		582,816

Total				15,810,931


Household Durables (0.9%)
Harman International Industries, Inc.		72,100		3,285,597
iRobot Corp. (a)(b)		42,976		1,516,623

Total				4,802,220


Internet & Catalog Retail (1.3%)
HomeAway, Inc. (a)		1,886		72,988
Makemytrip Ltd. (a)(b)(c)		140,450		3,441,025
Shutterfly, Inc. (a)		54,882		3,151,325

Total				6,665,338


Leisure Equipment & Products (1.0%)
Hasbro, Inc.		67,913		2,983,418
Sturm Ruger & Co., Inc.		112,624		2,472,097

Total				5,455,515


Media (0.6%)
IMAX Corp. (a)(b)(c)		69,510		2,254,209
ReachLocal, Inc. (a)(b)		53,909		1,122,925

Total				3,377,134


Specialty Retail (5.3%)
Cabela’s, Inc. (a)(b)		301,161		8,176,521
Hibbett Sports, Inc. (a)		46,120		1,877,545
Lumber Liquidators Holdings, Inc. (a)(b)		116,304		2,954,122
Pacific Sunwear of California, Inc. (a)(b)		253,898		662,674
Rue21, Inc. (a)(b)		52,577		1,708,752
Tractor Supply Co.		49,100		3,283,808
Ulta Salon Cosmetics & Fragrance, Inc. (a)(b)		88,610		5,722,434
Vitamin Shoppe, Inc. (a)(b)		70,660		3,233,402

Total				27,619,258


Textiles, Apparel & Luxury Goods (0.8%)
Steven Madden Ltd. (a)(b)		37,338		1,400,530
Vera Bradley, Inc. (a)(b)		43,500		1,661,700
Warnaco Group, Inc. (The) (a)		19,010		993,272

Total				4,055,502


TOTAL CONSUMER DISCRECTIONARY				79,047,408


CONSUMER STAPLES (7.1%)

Beverages (0.8%)
Constellation Brands, Inc., Class A (a)		187,274		3,899,045


Food & Staples Retailing (2.8%)
Fresh Market, Inc. (The) (a)(b)		34,600		1,338,328
Pricesmart, Inc. (b)		177,699		9,103,520
United Natural Foods, Inc. (a)(b)		103,100		4,399,277

Total				14,841,125


Food Products (1.6%)
Green Mountain Coffee Roasters, Inc. (a)(b)		95,750		8,546,645


Household Products (0.7%)
Energizer Holdings, Inc. (a)		48,368		3,499,908


Personal Products (1.2%)
Nu Skin Enterprises, Inc., Class A (b)		170,264		6,393,413

TOTAL CONSUMER STAPLES				37,180,136


ENERGY (6.1%)

Energy Equipment & Services (2.7%)
Atwood Oceanics, Inc. (a)		183,898		8,115,418
Core Laboratories NV (b)(c)		33,431		3,728,894
Lufkin Industries, Inc.		28,740		2,473,077

Total				14,317,389


Oil, Gas & Consumable Fuels (3.4%)
Approach Resources, Inc. (a)(b)		115,062		2,608,456
Berry Petroleum Co., Class A		32,315		1,716,896
Brigham Exploration Co. (a)(b)		171,880		5,144,368
Carrizo Oil & Gas, Inc. (a)		24,964		1,042,247
Houston American Energy Corp. (b)		93,362		1,692,653
Northern Oil and Gas, Inc. (a)(b)		160,078		3,545,728
Oasis Petroleum, Inc. (a)(b)		59,400		1,762,992

Total				17,513,340


TOTAL ENERGY				31,830,729


FINANCIALS (10.2%)

Capital Markets (1.8%)
Eaton Vance Corp.		149,064		4,506,205
Financial Engines, Inc. (a)(b)		189,400		4,909,248

Total				9,415,453


Commercial Banks (0.8%)
SVB Financial Group (a)		74,825		4,467,801


Consumer Finance (0.6%)
Green Dot Corp., Class A (a)(b)		96,021		3,262,793


Insurance (3.8%)
Alleghany Corp. (a)		9,504		3,165,877
MBIA, Inc. (a)(b)		518,763		4,508,050
Montpelier Re Holdings Ltd. (b)(c)		273,609		4,924,962
Tower Group, Inc. (b)		145,791		3,472,742
White Mountains Insurance Group Ltd. (c)		9,873		4,148,240

Total				20,219,871


Real Estate Investment Trusts (REITs) (2.2%)
First Industrial Realty Trust, Inc. (a)(b)		298,107		3,413,325
Hatteras Financial Corp. (b)		139,261		3,931,338
UDR, Inc.		163,234		4,007,395

Total				11,352,058


Real Estate Management & Development (1.0%)
Tejon Ranch Co. (a)		148,816		5,074,626

TOTAL FINANCIALS				53,792,602


HEALTH CARE (16.1%)

Biotechnology (3.2%)
Ardea Biosciences, Inc. (a)		29,152		742,210
Arqule, Inc. (a)(b)		116,966		731,038
AVEO Pharmaceuticals, Inc. (a)(b)		57,970		1,194,762
BioMimetic Therapeutics, Inc. (a)(b)		159,252		815,370
Chelsea Therapeutics International Ltd. (a)(b)		258,433		1,318,008
Exact Sciences Corp. (a)		103,810		892,766
Genomic Health, Inc. (a)(b)		64,485		1,799,776
Human Genome Sciences, Inc. (a)(b)		194,878		4,782,306
InterMune, Inc. (a)(b)		33,095		1,186,456
Ironwood Pharmaceuticals, Inc. (a)		63,850		1,003,722
QLT, Inc. (a)(c)		107,437		774,621
Targacept, Inc. (a)(b)		38,875		819,096
YM Biosciences, Inc. (a)(b)(c)		263,249		739,730

Total				16,799,861


Health Care Equipment & Supplies (5.0%)
DexCom, Inc. (a)(b)		310,866		4,504,448
HeartWare International, Inc. (a)(b)		21,427		1,587,312
MAKO Surgical Corp. (a)(b)		59,022		1,754,724
Masimo Corp. (b)		32,290		958,367
NxStage Medical, Inc. (a)(b)		179,397		3,735,046
SonoSite, Inc. (a)		82,000		2,883,940
Volcano Corp. (a)		251,122		8,108,730
Zoll Medical Corp. (a)(b)		42,300		2,396,718

Total				25,929,285


Health Care Providers & Services (3.3%)
Catalyst Health Solutions, Inc. (a)		40,304		2,249,769
Centene Corp. (a)		58,100		2,064,293
HMS Holdings Corp. (a)(b)		58,700		4,512,269
Owens & Minor, Inc. (b)		94,671		3,265,203
Tenet Healthcare Corp. (a)(b)		872,600		5,445,024

Total				17,536,558


Health Care Technology (1.1%)
athenahealth, Inc. (a)(b)		14,466		594,553
ePocrates, Inc. (a)(b)		100,444		1,852,187
SXC Health Solutions Corp. (a)(c)		53,120		3,129,830

Total				5,576,570


Life Sciences Tools & Services (0.4%)
Fluidigm Corp. (a)(b)		59,762		1,002,209
Luminex Corp. (a)(b)		58,600		1,224,740

Total				2,226,949


Pharmaceuticals (3.1%)
Akorn, Inc. (a)(b)		621,310		4,349,170
Auxilium Pharmaceuticals, Inc. (a)		126,686		2,483,046
Cardiome Pharma Corp. (a)(c)		87,128		387,720
Corcept Therapeutics, Inc. (a)		224,244		894,733
Impax Laboratories, Inc. (a)		177,000		3,856,830
Jazz Pharmaceuticals, Inc. (a)(b)		79,000		2,634,650
MAP Pharmaceuticals, Inc. (a)(b)		54,853		876,002

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 171

Portfolio of Investments (continued)

Variable Portfolio – Partners Small Cap Growth Fund


Issuer	Shares		Value

Common Stocks (continued)

HEALTH CARE (cont.)

Pharmaceuticals (cont.)
Optimer Pharmaceuticals, Inc. (a)		66,320		$788,545

Total				16,270,696


TOTAL HEALTH CARE				84,339,919


INDUSTRIALS (14.9%)

Aerospace & Defense (0.3%)
Esterline Technologies Corp. (a)(b)		23,500		1,795,400


Commercial Services & Supplies (2.9%)
Clean Harbors, Inc. (a)		47,996		4,955,587
Corrections Corp. of America (a)		241,073		5,219,230
Higher One Holdings, Inc. (a)(b)		153,952		2,912,772
Knoll, Inc. (b)		104,146		2,090,210

Total				15,177,799


Construction & Engineering (0.1%)
Insituform Technologies, Inc., Class A (a)(b)		23,466		492,082


Electrical Equipment (0.9%)
Polypore International, Inc. (a)		72,510		4,919,078


Industrial Conglomerates (1.0%)
Tredegar Corp. (b)		289,235		5,307,462


Machinery (3.8%)
Altra Holdings, Inc. (a)		157,270		3,772,907
Chart Industries, Inc. (a)		107,068		5,779,531
Greenbrier Companies, Inc. (a)		78,900		1,559,064
Middleby Corp. (a)(b)		23,830		2,240,973
Robbins & Myers, Inc.		58,000		3,065,300
Trimas Corp. (a)(b)		77,900		1,928,025
Westport Innovations, Inc. (a)(b)(c)		57,075		1,370,942

Total				19,716,742


Marine (1.4%)
Alexander & Baldwin, Inc.		155,280		7,478,285


Professional Services (0.4%)
On Assignment, Inc. (a)(b)		164,160		1,613,693
Resources Connection, Inc.		26,597		320,228

Total				1,933,921


Road & Rail (2.6%)
Genesee & Wyoming, Inc., Class A (a)(b)		45,000		2,638,800
Kansas City Southern (a)		41,384		2,455,313
Old Dominion Freight Line, Inc. (a)(b)		187,655		6,999,531
Zipcar, Inc. (a)(b)		74,950		1,529,730

Total				13,623,374


Trading Companies & Distributors (1.5%)
DXP Enterprises, Inc. (a)(b)		59,600		1,510,860
Titan Machinery, Inc. (a)		103,183		2,969,607
WESCO International, Inc. (a)(b)		64,262		3,475,931

Total				7,956,398


TOTAL INDUSTRIALS				78,400,541


INFORMATION TECHNOLOGY (25.2%)

Communications Equipment (2.5%)
Aruba Networks, Inc. (a)(b)		325,697		9,624,346
Ixia (a)(b)		179,800		2,301,440
ShoreTel, Inc. (a)(b)		100,900		1,029,180

Total				12,954,966


Computers & Peripherals (1.1%)
Fusion-io, Inc. (a)(b)		76,745		2,309,257
Smart Technologies, Inc., Class A (a)(c)		20,453		116,582
Stratasys, Inc. (a)		98,465		3,318,271

Total				5,744,110


Electronic Equipment, Instruments & Components (1.0%)
FARO Technologies, Inc.��(a)		14,446		632,735
Rofin-Sinar Technologies, Inc. (a)		38,400		1,311,360
Universal Display Corp. (a)(b)		93,735		3,289,161

Total				5,233,256


Internet Software & Services (7.5%)
AOL, Inc. (a)(b)		182,635		3,627,131
comScore, Inc. (a)(b)		54,600		1,414,140
Demand Media, Inc. (a)(b)		45,000		609,750
Envestnet, Inc. (a)(b)		156,100		2,318,085
IntraLinks Holdings, Inc. (a)		222,650		3,847,392
LivePerson, Inc. (a)(b)		74,050		1,047,067
LogMeIn, Inc. (a)(b)		75,940		2,929,006
LoopNet, Inc. (a)		97,954		1,800,395
Marchex, Inc. (b)		87,000		772,560
MercadoLibre, Inc.		18,180		1,442,401
OpenTable, Inc. (a)		31,600		2,626,592
Perficient, Inc. (a)(b)		124,280		1,275,113
QuinStreet, Inc. (a)		35,800		464,684
SciQuest, Inc. (a)		135,494		2,315,592
support.com, Inc. (a)(b)		132,700		636,960
ValueClick, Inc. (a)(b)		347,694		5,771,720
Velti PLC (a)(c)		49,832		842,659
VistaPrint NV (a)(c)		62,030		2,968,135
Youku.com, Inc., ADR (a)(b)(c)		85,433		2,934,624

Total				39,644,006


IT Services (1.2%)
Gartner, Inc. (a)		28,200		1,136,178
Sapient Corp. (a)		75,600		1,136,268
Syntel, Inc. (b)		23,200		1,371,584
Wright Express Corp. (a)		48,510		2,525,916

Total				6,169,946


Semiconductors & Semiconductor Equipment (3.6%)
Cavium, Inc. (a)(b)		35,600		1,551,804
Entegris, Inc. (a)		264,920		2,680,990
EZchip Semiconductor Ltd. (a)(b)(c)		51,400		1,900,258
MaxLinear, Inc., Class A (a)(b)		194,701		1,686,111
Micrel, Inc. (b)		322,761		3,414,811
Netlogic Microsystems, Inc. (a)		64,410		2,603,452
Power Integrations, Inc. (b)		96,850		3,721,946
Silicon Laboratories, Inc. (a)(b)		30,750		1,268,745

Total				18,828,117


Software (8.3%)
Advent Software, Inc. (a)		159,673		4,497,989
Allot Communications Ltd. (a)(b)		75,900		1,388,211
Ariba, Inc. (a)		32,790		1,130,271
Fortinet, Inc. (a)		244,880		6,682,775
Longtop Financial Technologies Ltd., ADR (a)(b)(c)(d)		86,925		260,775
MicroStrategy, Inc., Class A (a)(b)		11,518		1,873,748
Pegasystems, Inc. (b)		88,069		4,099,612
PROS Holdings, Inc. (a)(b)		231,082		4,041,624
QLIK Technologies, Inc. (a)(b)		70,710		2,408,383
Radiant Systems, Inc. (a)(b)		96,000		2,006,400
RealPage, Inc. (a)(b)		71,100		1,882,017
SuccessFactors, Inc. (a)		93,090		2,736,846
Synchronoss Technologies, Inc. (a)(b)		98,600		3,128,578
Take-Two Interactive Software, Inc. (a)(b)		107,975		1,649,858
Taleo Corp., Class A (a)		38,400		1,421,952
Ultimate Software Group, Inc. (a)(b)		77,486		4,217,563

Total				43,426,602


TOTAL INFORMATION TECHNOLOGY				132,001,003


MATERIALS (4.1%)

Chemicals (3.5%)
Albemarle Corp.		107,410		7,432,772
LSB Industries, Inc. (a)(b)		33,400		1,433,528
NewMarket Corp. (b)		45,952		7,844,466
Solutia, Inc. (a)		76,200		1,741,170

Total				18,451,936


Construction Materials (0.6%)
Martin Marietta Materials, Inc. (b)		37,334		2,985,600

TOTAL MATERIALS				21,437,536


Total Common Stocks
(Cost: $408,990,988)			$	518,029,874


Limited Partnerships 1.0%


ENERGY (1.0%)

Oil, Gas & Consumable Fuels (1.0%)
Kinder Morgan Management LLC (e)		75,995	$	4,984,512

TOTAL ENERGY				4,984,512


Total Limited Partnerships
(Cost: $4,012,697)			$	4,984,512


	Shares	Value

Money Market Fund 2.3%
Columbia Short-Term Cash Fund, 0.166% (f)(g)	12,175,139	$	12,175,139


Total Money Market Fund
(Cost: $12,175,139)		$	12,175,139


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 26.8%


Asset-Backed Commercial Paper (3.4%)
Antalis US Funding Corp.
08/05/11	0.280%	$	4,996,461	$	4,996,461
Cancara Asset Securitisation LLC
07/13/11	0.150%		2,999,625		2,999,625
Rheingold Securitization
09/12/11	0.430%		4,994,386		4,994,386
Scaldis Capital LLC
07/01/11	0.200%		4,999,972		4,999,972

Total					17,990,444

The accompanying Notes to Financial Statements are an integral part of this statement.

172 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Partners Small Cap Growth Fund


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Certificates of Deposit (10.8%)
Australia and New Zealand Bank Group, Ltd.
07/29/11	0.230%		$5,000,000		$5,000,000
Barclays Bank PLC
09/15/11	0.310%		4,000,000		4,000,000
Clydesdale Bank PLC
07/21/11	0.280%		4,996,464		4,996,464
Commerzbank AG
07/20/11	0.220%		5,000,000		5,000,000
DZ Bank AG
07/12/11	0.200%		4,000,000		4,000,000
Development Bank of Singapore Ltd.
07/18/11	0.180%		2,000,000		2,000,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
Lloyds Bank PLC
10/03/11	0.260%		3,500,000		3,500,000
National Bank of Canada
11/18/11	0.186%		3,000,000		3,000,000
Nationwide Building Society
08/23/11	0.250%		4,996,807		4,996,807
Societe Generale
09/23/11	0.410%		3,000,000		3,000,000
Union Bank of Switzerland
12/09/11	0.239%		5,000,000		5,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		2,000,000		2,000,000

Total					56,493,271


Commercial Paper (1.9%)
Danske Corp.
07/11/11	0.240%		4,998,433		4,998,433
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,834		4,998,834

Total					9,997,267


Money Market Fund (0.9%)
JPMorgan Prime Money Market Fund, 0.010% (f)			5,000,000		5,000,000


Other Short-Term Obligations (1.0%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		3,000,000		3,000,000
Natixis Financial Products LLC
07/01/11	0.370%		2,000,000		2,000,000

Total					5,000,000


Repurchase Agreements (8.8%)
Cantor Fitzgerald & Co. dated 06/30/11, matures 07/01/11, repurchase price $3,000,008 (h)
	0.100%		3,000,000		3,000,000
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $14,000,012 (h)
	0.030%		14,000,000		14,000,000
Natixis Financial Products, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004 (h)
	0.030%		5,000,000		5,000,000
Nomura Securities dated 06/30/11, matures 07/01/11, repurchase price $5,000,014 (h)
	0.100%		5,000,000		5,000,000
Pershing LLC dated 06/30/11, matures 07/01/11, repurchase price $10,000,033 (h)
	0.120%		10,000,000		10,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $9,202,029 (h)
	0.080%		9,202,009		9,202,009

Total					46,202,009


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $140,682,991)				$	140,682,991


Total Investments
(Cost: $565,861,815)				$	675,872,516
Other Assets & Liabilities, Net					(151,344,009)


Net Assets				$	524,528,507

Notes to Portfolio of Investments


^(a)		Non-income producing.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 7.05% of net assets.

^(d)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $260,775, which represents 0.05% of net assets.

^(e)		The share amount for Limited Liability Companies (LLC) or Limited Partnerships (LP) represents capital contributions. At June 30, 2011, there was no capital committed to the LLC or LP for future investment.

^(f)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(g)		Investments in affiliates during the period ended June 30, 2011:

Sales Cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

Cost

income

Value

Columbia Short-Term Cash Fund

$4,581,311

$87,569,327

$(79,975,499

)

$—

$12,175,139

$8,625

$12,175,139

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 173

Portfolio of Investments (continued)

Variable Portfolio – Partners Small Cap Growth Fund

Notes to Portfolio of Investments (continued)


^(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.


Cantor Fitzgerald & Co. (0.100%)
Security description	Value
Fannie Mae Interest Strip		$31,902
Fannie Mae Pool		1,194,039
Fannie Mae Principal Strip		89,153
Fannie Mae REMICS		70,558
Federal Home Loan Banks		26,590
Federal National Mortgage Association		81,714
Freddie Mac Non Gold Pool		562,446
Freddie Mac REMICS		358,303
Ginnie Mae II Pool		206,900
Government National Mortgage Association		50,623
United States Treasury Note/Bond		387,772

Total Market Value of Collateral Securities		$3,060,000



Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$4,891,274
Fannie Mae-Aces		243,353
Freddie Mac REMICS		6,972,506
Government National Mortgage Association		2,172,867

Total Market Value of Collateral Securities		$14,280,000



Natixis Financial Products, Inc. (0.030%)
Security description	Value
Fannie Mae Interest Strip		$115,945
Fannie Mae REMICS		2,834,033
Federal Farm Credit Bank		367,345
Freddie Mac REMICS		836,677
Government National Mortgage Association		946,004

Total Market Value of Collateral Securities		$5,100,004



Nomura Securities (0.100%)
Security description	Value
Fannie Mae Pool		$3,036,745
Freddie Mac Gold Pool		2,063,255

Total Market Value of Collateral Securities		$5,100,000

The accompanying Notes to Financial Statements are an integral part of this statement.

174 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Partners Small Cap Growth Fund

Notes to Portfolio of Investments (continued)


Pershing LLC (0.120%)
Security description	Value
Fannie Mae Pool		$88,777
Fannie Mae REMICS		2,487,611
Fannie Mae Whole Loan		15,831
Freddie Mac Reference REMIC		238,101
Freddie Mac REMICS		6,358,180
Freddie Mac Strips		101,274
Government National Mortgage Association		910,226

Total Market Value of Collateral Securities		$10,200,000


RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$9,386,091

Total Market Value of Collateral Securities		$9,386,091

Abbreviation Legend


ADR		American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 175

Portfolio of Investments (continued)

Variable Portfolio – Partners Small Cap Growth Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

176 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Partners Small Cap Growth Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$79,047,408		$—		$—		$79,047,408
Consumer Staples		37,180,136		—		—		37,180,136
Energy		31,830,729		—		—		31,830,729
Financials		53,792,602		—		—		53,792,602
Health Care		84,339,919		—		—		84,339,919
Industrials		78,400,541		—		—		78,400,541
Information Technology		132,001,003		—		—		132,001,003
Materials		21,437,536		—		—		21,437,536

Total Equity Securities		518,029,874		—		—		518,029,874

Other
Limited Partnerships		4,984,512		—		—		4,984,512
Affiliated Money Market Fund(c)		12,175,139		—		—		12,175,139
Investments of Cash Collateral Received for Securities on Loan		5,000,000		135,682,991		—		140,682,991

Total Other		22,159,651		135,682,991		—		157,842,642

Total		$540,189,525		$135,682,991		$—		$675,872,516


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 177

Portfolio of Investments

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	rate	amount		Value

Residential Mortgage-Backed Securities — Agency (a) 139.1%

Federal Home Loan Mortgage Corp. (b)
01/01/40- 01/01/41	4.000%	$	1,037,705	$	1,038,656
03/01/28- 02/01/38	5.000%		1,035,283		1,105,000
01/01/38- 03/01/38	5.500%		1,662,468		1,799,941
04/01/36- 11/01/39	6.000%		17,429,267		19,186,148
Federal Home Loan Mortgage Corp. (b)(c) CMO Series 2863 Class FM
10/15/31	0.687%		17,700,692		17,759,593
CMO Series 3671 Class QF
12/15/36	0.687%		8,882,588		8,916,672
Federal Home Loan Mortgage Corp. (b)(d)
07/01/41	4.000%		27,000,000		26,974,674
07/01/41	4.500%		82,000,000		84,703,458
07/01/41	5.000%		39,000,000		41,376,582
07/01/41	5.500%		32,000,000		34,564,992
07/01/41	6.000%		19,000,000		20,867,339
Federal Home Loan Mortgage Corp. (b)(h) CMO IO Series 2980 Class SL
11/15/34	14.840%		1,377,753		259,082
Federal National Mortgage Association (b)
01/01/21- 02/01/41	3.500%		177,952,349		172,307,319
10/01/25- 04/01/41	4.000%		311,116,980		311,822,764
03/01/24- 03/01/41	4.500%		21,575,847		22,912,312
06/01/17- 05/01/37	5.000%		16,915,088		18,143,195
11/01/13- 06/01/38	5.500%		57,771,162		62,765,420
03/01/23- 12/01/39	6.000%		42,734,273		47,022,282
Federal National Mortgage Association (b)(c) CMO Series 2003-W8 Class 3F1
05/25/42	0.586%		9,068,660		9,007,094
CMO Series 2010-38 Class JF
04/25/40	1.086%		12,425,297		12,574,536
CMO Series 2010-54 Class DF
05/25/37	0.436%		16,733,723		16,585,588
CMO Series 2010-54 Class TF
04/25/37	0.736%		14,604,230		14,713,306
Federal National Mortgage Association (b)(c)(e) CMO Series 2011-59 Class FA
07/25/41	0.794%		21,000,000		21,053,019
Federal National Mortgage Association (b)(d)
07/01/26	4.000%		42,000,000		43,745,604
07/01/41	4.500%		124,000,000		128,281,844
07/01/26- 07/01/41	5.000%		74,400,000		79,095,373
07/01/26- 08/01/41	5.500%		61,000,000		65,913,913
07/01/41	6.000%		3,000,000		3,295,314
08/01/30- 02/01/39	6.500%		29,990,124		34,033,934
Government National Mortgage Association (b)
11/15/40- 03/15/41	3.500%		135,673,701		131,900,273
08/15/33- 03/20/41	4.500%		82,966,343		87,722,968
08/15/37- 12/15/39	5.500%		2,047,440		2,255,696
Government National Mortgage Association (b)(c) CMO Series 2011-H08 Class FA
02/20/61	0.810%		20,856,647		20,808,677
Government National Mortgage Association (b)(d)
07/01/41	4.000%		53,750,000		54,749,427
07/01/41	5.000%		16,000,000		17,330,000
08/01/41	5.500%		26,500,000		29,100,445
07/01/41	6.500%		5,000,000		5,681,250
Government National Mortgage Association (b)(h) CMO IO Series 2011-64 Class IX
10/16/44	1.000%		74,909,301		5,410,452
CMO IO Series 2011-78 Class IX
08/16/46	1.000%		65,000,000		5,142,782


Total Residential Mortgage-Backed Securities — Agency
(Cost: $1,673,295,746)				$	1,681,926,924


Residential Mortgage-Backed Securities — Non-Agency 6.9%

CC Mortgage Funding Corp. CMO Series 2004-1A Class A1 (AMBAC) (b)(c)(f)
01/25/35	0.466%	$	102,981	$	76,526
Citigroup Mortgage Loan Trust, Inc. CMO Series 2005-4 Class A (b)(c)
08/25/35	5.340%		2,149,381		2,087,961
Deutsche Mortgage Securities, Inc. CMO Series 2010-RS2 Class A1 (b)(c)(f)
10/25/47	1.441%		8,484,197		8,470,152
JP Morgan Chase Commercial Mortgage Securities Corp. CMO IO Series 2011-C3 Class XA (b)(f)(h)
02/15/46	6.090%		64,848,377		4,829,278
Mortgage Equity Conversion Asset Trust CMO Series 2007-FF2 Class A (b)(c)(f)
02/25/42	0.730%		2,579,515		2,472,052
NCUA Guaranteed Notes (b)(c) CMO Series 2010-R3 Class 2A
12/08/20	0.750%		19,067,679		19,153,335
CMO Series 2011-R4 Class 1A
03/06/20	0.570%		9,327,949		9,334,507
RiverView HECM Trust (b)(c)(f) CMO Series 2007-1 Class A
05/25/47	0.760%		7,490,836		7,455,554
CMO Series 2008-1 Class A1
09/26/41	0.936%		13,754,554		13,410,690
Thornburg Mortgage Securities Trust (b)(c) CMO Series 2006-4 Class A2B
07/25/36	0.314%		4,272,253		4,207,063
CMO Series 2006-5 Class A1
10/25/46	0.306%		3,920,453		3,896,578
WaMu Mortgage Pass-Through Certificates (b)(c) CMO Series 2003-AR10 Class A7
10/25/33	2.624%		5,080,369		4,995,913
CMO Series 2003-AR9 Class 1A6
09/25/33	2.714%		3,737,531		3,574,837


Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $83,760,929)				$	83,964,446


Commercial Mortgage-Backed Securities — Non-Agency 3.1%

BCRR Trust (b)(f) Series 2010-LEAF Class 24A
04/22/35	4.230%	$	495,326	$	495,241
Series 2010-LEAF Class 37A
03/22/34	4.230%		4,125,000		4,198,349
Series 2010-LEAF Class 3A
02/22/41	4.230%		4,997,627		5,080,165
Citigroup Commercial Mortgage Trust Series 2007-C6 Class A4 (b)(c)
12/10/49	5.886%		2,914,000		3,181,523
DBUBS Mortgage Trust Series 2011-LC2A Class A1FL (b)(c)(f)
06/10/21	1.535%		6,000,000		6,000,000
Greenwich Capital Commercial Funding Corp. Series 2006-FL4A Class A2 (b)(c)(f)
11/05/21	0.325%		776,728		759,692
JP Morgan Chase Commercial Mortgage Securities Corp. (b)(f)(h) CMO IO Series 2010-C1 Class XA
06/15/43	6.050%		74,614,000		6,187,060
JP Morgan Chase Commercial Mortgage Securities Corp. (b)(f) Series 2011-C3 Class A3
02/15/46	4.388%		5,100,000		5,185,014
Sovereign Commercial Mortgage Securities Trust Series 2007-C1 Class A2 (b)(c)(f)
07/22/30	5.938%		3,476,790		3,612,762
UBS Commercial Mortgage Trust Series 2007-FL1 Class A1 (b)(c)(f)
07/15/24	1.087%		3,258,532		3,075,217


Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $37,338,108)				$	37,775,023


Asset-Backed Securities — Non-Agency 3.0%

Citibank Omni Master Trust Series 2009-A8 Class A8 (c)(f)
05/16/16	2.287%	$	21,500,000	$	21,758,780
SLM Student Loan Trust (c)(f) Series 2009-D Class A
08/17/43	3.500%		7,446,620		7,460,131
Series 2009B Class A1
07/15/42	6.187%		6,915,787		6,584,100


Total Asset-Backed Securities — Non-Agency
(Cost: $35,967,667)				$	35,803,011

The accompanying Notes to Financial Statements are an integral part of this statement.

178 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund


	Coupon	Principal
Issuer	rate	amount		Value

U.S. Treasury Obligations 3.1%

U.S. Treasury
11/30/12	0.500%		$25,000,000		$25,061,525
02/15/21	3.625%		3,700,000		3,858,116
U.S. Treasury (d)
11/30/12	0.500%		8,000,000		8,019,688


Total U.S. Treasury Obligations
(Cost: $36,779,810)				$	36,939,329


U.S. Government & Agency Obligations 11.0%

Federal Home Loan Mortgage Corp. (d)
08/01/40	4.000%	$	16,000,000	$	15,937,504
Federal National Mortgage Association (d)
08/01/25	4.500%		17,500,000		18,514,458
08/01/40	4.500%		27,000,000		27,847,962
Government National Mortgage Association (d)
07/01/40	6.000%		21,000,000		23,395,302
08/01/40	4.000%		25,000,000		25,390,625
08/01/40	5.000%		20,000,000		21,603,120


Total U.S. Government & Agency Obligations
(Cost: $132,696,270)				$	132,688,971


Repurchase Agreements 0.2%

Credit Suisse Securities (USA) LLC dated 06/30/11, matures 07/01/11, repurchase price $2,900,001 (collateralized by: U.S. Treasury Note total market value $2,900,000)
	0.010%	$	2,900,000	$	2,900,000


Total Repurchase Agreements
(Cost: $2,900,000)				$	2,900,000


Total Investments
(Cost: $2,002,738,530) (g)				$	2,011,997,704
Other Assets & Liabilities, Net					(802,546,999)


Net Assets				$	1,209,450,705

Notes to Portfolio of Investments


^(a)		Represents comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at June 30, 2011:


	Principal		Settlement		Proceeds
Security description	amount		date		receivable		Value
Federal National Mortgage Association
07/01/26 3.500%		$5,000,000		07/19/11		$5,102,187		$5,090,625
08/01/40 4.000		10,000,000		08/11/11		10,007,813		9,970,310
07/01/41 3.500		129,000,000		07/14/11		125,132,813		123,356,250
07/01/41 4.000		262,000,000		07/14/11		264,014,375		262,000,000
08/01/41 5.000		46,000,000		08/11/11		48,843,594		48,745,648
Government National Mortgage Association
07/01/41 3.500		120,965,000		07/20/11		118,092,269		117,373,791
07/01/41 4.500		35,000,000		07/20/11		36,935,312		36,858,752
08/01/40 4.500		34,000,000		08/18/11		35,776,094		35,763,750


^(b)		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.

^(c)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(d)		Represents a security purchased on a when-issued or delayed delivery basis.

^(e)		Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2011, the value of these securities amounted to $21,053,019, which represents 1.74% of net assets.

^(f)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $107,110,763 or 8.86% of net assets.

^(g)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$1,081

$—

$(1,081

)

$—


^(h)		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 rate disclosed represents yield based upon the estimated timing and amount of future cash flows at June 30, 2011.

Abbreviation Legend


AMBAC		Ambac Assurance Corporation
CMO		Collateralized Mortgage Obligation
IO		Interest Only

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 179

Portfolio of Investments (continued)

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund

Fair Value Measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of 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).

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Residential Mortgage-Backed Securities — Agency		$—		$1,661,118,247		$20,808,677		$1,681,926,924
Residential Mortgage-Backed Securities — Non-Agency		—		70,553,756		13,410,690		83,964,446
Commercial Mortgage-Backed Securities — Non-Agency		—		37,775,023		—		37,775,023
Asset-Backed Securities — Non-Agency		—		35,803,011		—		35,803,011
U.S. Treasury Obligations		36,939,329		—		—		36,939,329
U.S. Government & Agency Obligations		—		132,688,971		—		132,688,971

Total Bonds		36,939,329		1,937,939,008		34,219,367		2,009,097,704

Short-Term Securities
Repurchase Agreements		—		2,900,000		—		2,900,000

Total Short-Term Securities		—		2,900,000		—		2,900,000

Total		$36,939,329		$1,940,839,008		$34,219,367		$2,011,997,704

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

The accompanying Notes to Financial Statements are an integral part of this statement.

180 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund

Fair Value Measurements (continued)

Certain Residential Mortgage-Backed Securities – Agency and Non-Agency classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers.


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

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

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


	Residential			Residential
	Mortgage-Backed			Mortgage-Backed
	Securities —			Securities —
	Agency			Non-Agency			Total
Balance as of December 31, 2010		$—			$33,454,462			$33,454,462
Accrued discounts/premiums		(18	)		—			(18	)
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)*		(49,593	)		(68,772	)		(118,365	)
Sales		(143,353	)		—			(143,353	)
Purchases		21,001,641			—			21,001,641
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			(19,975,000	)		(19,975,000	)

Balance as of June 30, 2011		$20,808,677			$13,410,690			$34,219,367

Financial assets were transferred from Level 3 to Level 2 due to a vendor providing pricing and management’s determination that there was sufficient, reliable and observable market data to value these assets as of period end.


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $(118,365), which is comprised of Residential Mortgage-Backed Securities — Agency of $(49,593) and Residential Mortgage-Backed Securities — Non-Agency of $(68,772).

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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 181

Portfolio of Investments

Variable Portfolio – Pyramis^® International Equity Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 94.5%


AUSTRALIA (8.8%)
Australia & New Zealand Banking Group Ltd. (a)		500,300	$	11,859,531
BHP Billiton Ltd. (a)		163,334		7,719,317
Billabong International Ltd. (a)		221,439		1,434,838
Commonwealth Bank of Australia(a)		209,804		11,816,209
CSL Ltd. (a)		181,087		6,436,925
Foster’s Group Ltd. (a)		890,949		4,921,277
Incitec Pivot Ltd. (a)		336,364		1,400,866
Macquarie Group Ltd. (a)		83,700		2,823,660
MAp Group(a)		1,929,100		6,927,435
Medusa Mining Ltd. (a)		119,054		842,209
Newcrest Mining Ltd. (a)		230,680		9,347,098
Origin Energy Ltd. (a)		252,040		4,285,371
OZ Minerals Ltd. (a)		81,184		1,155,241
QBE Insurance Group Ltd. (a)		105,814		1,963,912
Rio Tinto Ltd. (a)		124,485		11,142,497
Suncorp-Metway Ltd. (a)		273,996		2,394,965
Telstra Corp., Ltd. (a)		1,387,009		4,309,977
Treasury Wine Estates Ltd. (a)(b)		376,736		1,373,833
Wesfarmers Ltd. (a)		97,411		3,338,455
Westfield Group (a)		423,800		3,950,046
Woodside Petroleum Ltd. (a)		32,800		1,447,039

Total				100,890,701


AUSTRIA (0.4%)
Erste Group Bank AG (a)		30,920		1,620,917
Verbund AG (a)		68,422		2,976,664

Total				4,597,581


BELGIUM (1.2%)
Ageas (a)		1,022,900		2,775,363
KBC Groep NV (a)(c)		81,222		3,191,948
Umicore SA (a)		144,200		7,864,686

Total				13,831,997


BERMUDA (0.4%)
Li & Fung Ltd. (a)(c)		2,008,000		4,013,368
Orient Overseas International Ltd. (a)		63,000		407,317

Total				4,420,685


DENMARK (2.4%)
Carlsberg A/S, Series B (a)		39,575		4,304,976
Danske Bank AS (a)(b)		199,888		3,701,702
Novo Nordisk A/S, Series B (a)		139,100		17,457,139
William Demant Holding AS (a)(b)(c)		24,875		2,245,008

Total				27,708,825


FINLAND (0.4%)
Fortum OYJ (a)		97,100		2,811,966
Sampo OYJ, Series A (a)		64,800		2,092,705

Total				4,904,671


FRANCE (10.1%)
Air Liquide SA (a)		21,000		3,009,989
Alstom SA (a)(c)		109,114		6,728,009
AXA SA (a)		354,400		8,053,331
BNP Paribas SA (a)		148,000		11,424,337
Cap Gemini SA (a)		58,900		3,450,718
Christian Dior SA (a)		14,700		2,312,916
Credit Agricole SA (a)(c)		339,362		5,103,343
Danone (a)		77,100		5,752,446
Eiffage SA (a)(c)		28,900		1,912,322
Iliad SA (a)(c)		23,900		3,206,958
L’Oreal SA (a)		53,760		6,982,102
LVMH Moet Hennessy Louis Vuitton SA (a)		38,922		7,004,542
PPR (a)		32,700		5,823,163
Safran SA (a)		131,700		5,624,500
Sanofi (a)		175,066		14,074,658
Schneider Electric SA (a)		48,000		8,018,748
Societe Generale SA (a)(c)		165,017		9,792,129
Vallourec SA (a)		10,600		1,291,060
VINCI SA (a)		82,600		5,290,787

Total				114,856,058


GERMANY (8.1%)
Allianz SE (a)		30,833		4,307,152
BASF SE (a)		89,600		8,779,600
Bayer AG (a)		113,399		9,116,860
BMW AG (a)		71,409		7,125,533
Deutsche Boerse AG (a)		60,300		4,582,067
Fresenius Medical Care AG & Co. KGaA (a)		46,300		3,461,166
GEA Group AG (a)		78,485		2,809,523
HeidelbergCement AG (a)		44,800		2,860,159
K+S AG (a)		16,300		1,252,784
Lanxess AG (a)		37,900		3,110,774
Linde AG (a)		45,532		7,982,811
MAN SE (a)(c)		28,963		3,862,383
Metro AG (a)		54,700		3,314,916
SAP AG (a)		147,055		8,903,261
Siemens AG (a)		113,542		15,592,629
ThyssenKrupp AG (a)		63,800		3,315,438
Wacker Chemie AG (a)		11,200		2,421,634

Total				92,798,690


GUERNSEY (0.3%)
Resolution Ltd. (a)		674,800		3,184,081


HONG KONG (2.1%)
AIA Group Ltd. (a)(b)		1,745,800		6,046,148
Cheung Kong Holdings Ltd. (a)(c)		233,000		3,421,614
Hang Seng Bank Ltd. (a)(c)		209,100		3,344,842
Henderson Land Development Co., Ltd. (a)(c)		399,000		2,580,151
SJM Holdings Ltd. (a)		650,000		1,546,272
Swire Pacific Ltd., Series A (a)		220,500		3,246,408
Wharf Holdings Ltd. (a)		589,000		4,107,404

Total				24,292,839


ISRAEL (0.2%)
Mizrahi Tefahot Bank Ltd. (a)		249,500		2,655,410


ITALY (2.4%)
Enel SpA (a)(c)		1,519,252		9,922,955
Fiat Industrial SpA (a)(b)(c)		301,400		3,889,969
Intesa Sanpaolo SpA (a)		976,688		2,600,407
Saipem SpA (a)		210,723		10,878,644

Total				27,291,975


JAPAN (19.5%)
ABC-Mart, Inc. (a)(c)		49,100		1,991,284
Air Water, Inc. (a)		112,000		1,349,225
Aisin Seiki Co., Ltd. (a)		67,100		2,596,472
Asahi Glass Co., Ltd. (a)(c)		244,000		2,855,357
Astellas Pharma, Inc. (a)		95,000		3,686,104
Bridgestone Corp. (a)		168,200		3,875,416
Chiyoda Corp. (a)		112,000		1,291,024
Chubu Electric Power Co., Inc. (a)		191,100		3,731,940
Coca-Cola West Co., Ltd. (a)(c)		72,500		1,389,184
Dena Co., Ltd. (a)		35,300		1,518,129
Denso Corp. (a)		85,300		3,172,517
Elpida Memory, Inc. (a)(b)		175,200		2,063,634
Fanuc Corp. (a)		36,500		6,103,642
Fuji Heavy Industries Ltd. (a)		245,000		1,903,900
FUJIFILM Holdings Corp. (a)		99,000		3,087,710
Fujitsu Ltd. (a)		175,000		1,000,282
Gree, Inc. (a)(b)(c)		79,500		1,737,929
Hirose Electric Co., Ltd. (a)(c)		19,700		2,019,428
Hitachi High-Technologies Corp. (a)		49,600		1,086,765
Hitachi Ltd. (a)		378,000		2,243,431
Hitachi Metals Ltd. (a)		81,000		1,144,577
Honda Motor Co., Ltd. (a)		116,300		4,480,682
Hoya Corp. (a)(c)		110,300		2,441,881
ITOCHU Corp. (a)		359,400		3,738,067
Japan Tobacco, Inc. (a)		1,275		4,921,592
JSR Corp. (a)		135,000		2,616,726
Kamigumi Co., Ltd. (a)		155,000		1,448,599
KDDI Corp. (a)		627		4,511,226
Kubota Corp. (a)		224,000		1,987,231
Lawson, Inc. (a)		17,300		907,575
Makita Corp. (a)		39,000		1,817,359
Marubeni Corp. (a)		153,000		1,016,809
Mazda Motor Corp. (a)(b)		471,000		1,241,180
Mitsubishi Chemical Holdings Corp. (a)		100,000		708,614
Mitsubishi Corp. (a)		226,000		5,644,996
Mitsubishi Estate Co., Ltd. (a)		216,000		3,790,790
Mitsubishi Materials Corp. (a)		477,000		1,502,905
Mitsubishi Tanabe Pharma Corp. (a)		318,800		5,335,635
Mitsubishi UFJ Financial Group, Inc. (a)		883,800		4,307,055
Mitsubishi UFJ Lease & Finance Co., Ltd. (a)		35,040		1,356,083

The accompanying Notes to Financial Statements are an integral part of this statement.

182 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Pyramis^® International Equity Fund


Issuer	Shares		Value

Common Stocks (continued)

JAPAN (cont.)
Mitsui & Co., Ltd. (a)		336,000		$5,809,482
Mitsui Chemicals, Inc. (a)		441,000		1,606,941
MS&AD Insurance Group Holdings, Inc. (a)		68,300		1,598,688
NHK Spring Co., Ltd. (a)		106,000		1,083,965
Nintendo Co., Ltd. (a)		3,300		619,701
Nippon Electric Glass Co., Ltd. (a)		100,000		1,283,114
Nippon Telegraph & Telephone Corp. (a)		92,000		4,437,328
Nippon Yusen KK (a)(c)		599,000		2,225,485
Nitto Denko Corp. (a)		35,700		1,813,958
NKSJ Holdings, Inc. (a)		350,000		2,310,065
NOK Corp. (a)		64,900		1,112,233
Nomura Holdings, Inc. (a)		168,500		831,496
NSK Ltd. (a)		231,000		2,306,128
NTT DoCoMo, Inc. (a)		1,106		1,975,251
Obayashi Corp. (a)		294,000		1,284,123
ORIX Corp. (a)(c)		45,700		4,445,322
Panasonic Corp. (a)		170,500		2,085,090
Promise Co., Ltd. (a)(b)(c)		249,450		2,123,918
Rakuten, Inc. (a)(c)		3,216		3,328,639
Rohto Pharmaceutical Co., Ltd. (a)		126,000		1,433,929
Sekisui House Ltd. (a)		254,000		2,365,016
Seven & I Holdings Co., Ltd. (a)		142,200		3,824,323
Shin-Etsu Chemical Co., Ltd. (a)		70,300		3,768,204
SMC Corp. (a)		16,300		2,938,401
SoftBank Corp. (a)		126,700		4,798,420
Sony Corp. (a)		88,300		2,329,819
Sony Financial Holdings, Inc. (a)		140,600		2,541,991
Start Today Co., Ltd. (a)(c)		98,700		1,970,948
Sumitomo Chemical Co., Ltd. (a)		413,000		2,062,148
Sumitomo Heavy Industries Ltd. (a)		185,000		1,291,277
Sumitomo Mitsui Financial Group, Inc. (a)		353,200		10,890,813
Sumitomo Mitsui Trust Holdings, Inc. (a)		953,599		3,319,223
T&D Holdings, Inc. (a)		81,000		1,927,975
TDK Corp. (a)		52,500		2,895,976
Terumo Corp. (a)		57,400		3,107,325
Tokyo Electron Ltd. (a)		55,400		3,029,431
Tokyo Gas Co., Ltd. (a)		176,000		794,351
Toshiba Corp. (a)		739,000		3,896,264
Toyo Seikan Kaisha Ltd. (a)		42,900		722,297
Toyo Suisan Kaisha Ltd. (a)(c)		43,000		1,017,277
Toyota Motor Corp. (a)		354,500		14,598,022
Ube Industries Ltd. (a)		503,000		1,514,352

Total				222,941,664


NETHERLANDS (3.1%)
Aegon NV (a)(b)		697,300		4,756,635
Akzo Nobel NV (a)		16,117		1,016,685
Gemalto NV (a)(c)		47,652		2,278,656
ING Groep NV-CVA (a)(b)		590,100		7,264,320
Koninklijke Philips Electronics NV (a)		265,500		6,818,611
STMicroelectronics NV (a)(b)		213,000		2,122,327
Unilever NV-CVA (a)		341,800		11,204,420

Total				35,461,654


NORWAY (1.5%)
Aker Solutions ASA (a)		145,800		2,918,621
Storebrand ASA (a)		520,200		4,431,460
Telenor ASA (a)		341,300		5,589,067
Yara International ASA (a)		69,000		3,884,100

Total				16,823,248


PAPUA NEW GUINEA (0.2%)
Oil Search Ltd. (a)		317,443		2,272,455


PORTUGAL (0.3%)
Galp Energia SGPS SA, Series B (a)(c)		136,083		3,246,255


SINGAPORE (1.6%)
Keppel Corp., Ltd. (a)		607,700		5,498,262
Keppel Land Ltd. (a)(c)		505,000		1,492,212
Singapore Telecommunications Ltd. (a)		1,761,000		4,539,042
United Overseas Bank Ltd. (a)		412,493		6,622,637

Total				18,152,153


SPAIN (2.8%)
Banco Bilbao Vizcaya Argentaria SA (a)		804,111		9,433,598
Banco Santander SA (a)		646,550		7,466,063
Gas Natural SDG SA (a)		114,900		2,406,858
Inditex SA (a)		72,275		6,586,233
Indra Sistemas SA (a)(c)		106,500		2,197,694
Telefonica SA (a)		177,292		4,334,705

Total				32,425,151


SWEDEN (1.5%)
Assa Abloy AB, Series B (a)		59,200		1,591,096
Elekta AB, Series B (a)		111,400		5,276,582
Modern Times Group AB, Series B (a)(c)		39,900		2,634,894
Telefonaktiebolaget LM Ericsson, Class B (a)		544,802		7,855,237

Total				17,357,809


SWITZERLAND (7.3%)
Cie Financiere Richemont SA, Series A (a)		110,581		7,240,540
Kuehne & Nagel International AG (a)		43,765		6,642,181
Nestlé SA (a)		427,144		26,545,672
Roche Holding AG (a)		61,965		10,369,879
Schindler Holding AG (a)		21,478		2,610,826
Swisscom AG (a)		21,775		9,984,255
Transocean Ltd. (a)		120,375		7,831,713
UBS AG (a)(b)		694,945		12,671,432

Total				83,896,498


UNITED KINGDOM (19.9%)
AMEC PLC (a)		105,814		1,847,710
Anglo American PLC (a)		201,300		9,974,991
ARM Holdings PLC (a)		297,100		2,803,766
Barclays PLC (a)		2,782,236		11,451,396
BG Group PLC (a)		540,052		12,255,944
BHP Billiton PLC (a)		43,211		1,700,500
BP PLC (a)		1,178,608		8,675,860
British American Tobacco PLC (a)		212,100		9,296,600
British Land Co. PLC (a)		355,100		3,470,801
British Sky Broadcasting Group PLC (a)		258,400		3,510,599
BT Group PLC (a)		873,100		2,823,585
Burberry Group PLC (a)		137,300		3,195,217
Carphone Warehouse Group PLC (a)(b)		496,200		3,368,673
Diageo PLC (a)		33,302		680,394
Experian PLC (a)		183,600		2,338,198
GlaxoSmithKline PLC (a)		362,600		7,763,283
HSBC Holdings PLC (a)		1,621,228		16,090,715
IG Group Holdings PLC (a)		168,200		1,178,074
International Power PLC (a)		1,039,223		5,365,641
ITV PLC (a)(b)		1,400,200		1,606,785
Johnson Matthey PLC (a)		151,300		4,774,020
Kazakhmys PLC (a)		83,400		1,847,170
Kingfisher PLC (a)		183,700		787,784
Lloyds Banking Group PLC (a)(b)		5,451,200		4,286,965
National Grid PLC (a)		851,500		8,370,521
Pearson PLC (a)		100,900		1,904,409
Prudential PLC (a)		262,083		3,028,539
Reckitt Benckiser Group PLC (a)		174,300		9,623,158
Rio Tinto PLC (a)		68,700		4,951,231
Royal Dutch Shell PLC, Class A (a)		473,300		16,848,445
Royal Dutch Shell PLC, Series B (a)		262,674		9,375,914
SABMiller PLC (a)		129,900		4,735,694
Shire PLC (a)		319,800		9,982,971
TalkTalk Telecom Group PLC (a)		1,999,300		4,588,553
Unilever PLC (a)		164,200		5,286,471
United Business Media Ltd. (a)		203,100		1,813,998
Vodafone Group PLC (a)		5,684,100		15,079,826
William Hill PLC (a)		197,600		724,344
WPP PLC (a)		127,538		1,596,599

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 183

Portfolio of Investments (continued)

Variable Portfolio – Pyramis^® International Equity Fund


Issuer	Shares		Value

Common Stocks (continued)

UNITED KINGDOM (cont.)
Xstrata PLC (a)		402,200		$8,853,187

Total				227,858,531


Total Common Stocks
(Cost: $926,973,175)			$	1,081,868,931


Preferred Stocks 1.5%


GERMANY (1.5%)
ProSiebenSat.1 Media AG (a)(c)		95,700	$	2,713,136
Volkswagen AG (a)		70,800		14,615,159

Total				17,328,295


Total Preferred Stocks
(Cost: $12,169,177)			$	17,328,295




	Shares		Value

Money Market Fund 3.9%

Columbia Short-Term Cash Fund, 0.166%(d)(e)		44,954,124	$	44,954,124


Total Money Market Fund
(Cost: $44,954,124)			$	44,954,124


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 4.3%


Asset-Backed Commercial Paper (0.4%)
Antalis US Funding Corp.
08/05/11	0.280%	$	4,996,461	$	4,996,461


Certificates of Deposit (1.5%)
Commerzbank AG
07/27/11	0.180%		1,000,000		1,000,000
Lloyds Bank PLC
10/03/11	0.260%		3,000,000		3,000,000
N.V. Bank Nederlandse Gemeenten
08/05/11	0.260%		3,000,000		3,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		4,000,000		4,000,000
Societe Generale
09/23/11	0.411%		1,000,000		1,000,000
Swedbank AB
08/05/11	0.240%		5,000,000		5,000,000

Total					17,000,000


Money Market Fund (0.9%)
JPMorgan Prime Money Market Fund, 0.010%(d)			10,000,000		10,000,000


Other Short-Term Obligations (0.5%)
Goldman Sachs Group, Inc. (The)
08/08/11	0.300%		4,000,000		4,000,000
07/19/11	0.300%		1,000,000		1,000,000

Total					5,000,000


Repurchase Agreements (1.0%)
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004 (f)
	0.030%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $6,676,243 (f)
	0.080%		6,676,228		6,676,228

Total					11,676,228


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $48,672,689)				$	48,672,689


Total Investments
(Cost: $1,032,769,165)				$	1,192,824,039
Other Assets & Liabilities, Net					(48,179,369)


Net Assets				$	1,144,644,670

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 June 30, 2011


	Percentage of
Industry	net assets			Value
Aerospace & Defense		0.5	%		$5,624,500
Auto Components		1.0			11,840,603
Automobiles		3.8			43,964,475
Beverages		1.5			17,405,357
Biotechnology		0.6			6,436,925
Building Products		0.4			4,446,453
Capital Markets		1.4			16,326,588
Chemicals		5.3			60,938,115
Commercial Banks		12.3			140,979,239
Communications Equipment		0.7			7,855,237
Computers & Peripherals		0.6			7,175,202
Construction & Engineering		0.9			9,778,256
Construction Materials		0.3			2,860,159
Consumer Finance		0.2			2,123,918
Containers & Packaging		0.1			722,297
Distributors		0.4			4,013,368
Diversified Financial Services		1.7			18,825,866
Diversified Telecommunication Services		3.8			43,813,469
Electric Utilities		1.7			19,443,526
Electrical Equipment		1.3			14,746,756
Electronic Equipment, Instruments & Components		1.3			15,058,306
Energy Equipment & Services		2.1			23,476,688
Food & Staples Retailing		1.0			11,385,269
Food Products		4.4			49,806,287
Gas Utilities		0.3			3,201,208
Health Care Equipment & Supplies		0.9			10,628,916

The accompanying Notes to Financial Statements are an integral part of this statement.

184 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Pyramis^® International Equity Fund

Summary of Investments in Securities by Industry (continued)


	Percentage of
Industry	net assets			Value
Health Care Providers & Services		0.3	%		$3,461,167
Hotels, Restaurants & Leisure		0.2			2,270,616
Household Durables		0.6			6,779,925
Household Products		0.8			9,623,158
Independent Power Producers & Energy Traders		0.5			5,365,641
Industrial Conglomerates		2.4			27,909,502
Insurance		4.5			51,413,009
Internet & Catalog Retail		0.5			5,299,587
Internet Software & Services		0.3			3,256,058
IT Services		0.5			5,648,413
Machinery		2.7			30,907,798
Marine		0.8			9,274,983
Media		1.4			15,780,421
Metals & Mining		5.5			63,496,362
Multiline Retail		0.5			5,823,163
Multi-Utilities		0.7			8,370,521
Oil, Gas & Consumable Fuels		5.1			58,407,283
Personal Products		0.6			6,982,102
Pharmaceuticals		6.9			79,220,458
Professional Services		0.2			2,338,198
Real Estate Investment Trusts (REITs)		0.6			7,420,847
Real Estate Management & Development		1.6			18,638,579
Semiconductors & Semiconductor Equipment		0.9			10,019,158
Software		0.8			9,522,962
Specialty Retail		1.1			12,733,975
Textiles, Apparel & Luxury Goods		1.9			21,188,053
Tobacco		1.2			14,218,192
Trading Companies & Distributors		1.4			16,209,354
Transportation Infrastructure		0.7			8,376,035
Wireless Telecommunication Services		2.3			26,364,723
Other⁽¹⁾		8.2			93,626,813

Total					$1,192,824,039


⁽¹⁾		Cash & Cash Equivalents.

Investments in Derivatives

At June 30, 2011, $2,400,000 was held in a margin deposit account as collateral to cover initial margin requirements on open stock index futures contracts.

Futures Contracts Outstanding at June 30, 2011

Number of

Contracts

Notional

Expiration

Unrealized

Contract Description

Long(Short)

Market Value

Date

Appreciation

Depreciation

E-Mini MCSI EAFE Index

300

$25,738,500

Sept. 2011

$309,558

$—

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 185

Portfolio of Investments (continued)

Variable Portfolio – Pyramis^® International Equity Fund

Forward Foreign Currency Exchange Contracts Open at June 30, 2011


			Currency to			Currency to			Unrealized		Unrealized
Counterparty	Exchange Date		be Delivered			be Received			Appreciation		Depreciation
CS First Boston NZ		July 1, 2011		541,336 (AUD	)		566,182 (USD	)		$—		$(14,429	)

Citigroup		July 1, 2011		159,482 (EUR	)		228,993 (USD	)		—		(2,279	)

Citigroup		July 1, 2011		389,898 (USD	)		271,543 (EUR	)		3,880		—

CS First Boston NZ		July 1, 2011		681,674 (USD	)		55,109,656 (JPY	)		2,876		—

Brown Brothers Harriman & Co.		July 5, 2011		585,764 (EUR	)		845,234 (USD	)		—		(4,211	)

Barclays Bank PLC		July 5, 2011		100,556 (HKD	)		12,920 (USD	)		—		(2	)

Total										$6,756		$(20,921	)

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 96.03% of net assets.

^(b)		Non-income producing.

^(c)		At June 30, 2011, security was partially or fully on loan.

^(d)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(e)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends

Beginning

Purchase

proceeds

Realized

Ending

or interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$37,750,307

$99,244,842

$(92,041,025

)

$—

$44,954,124

$42,498

$44,954,124


^(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.


Citigroup Global Markets, Inc. (0.030%)
Security description	Value
Fannie Mae REMICS		$1,746,884
Fannie Mae-Aces		86,912
Freddie Mac REMICS		2,490,181
Government National Mortgage Association		776,023

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security description	Value
Freddie Mac Gold Pool		$6,809,783

Total Market Value of Collateral Securities		$6,809,783

The accompanying Notes to Financial Statements are an integral part of this statement.

186 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Pyramis^® International Equity Fund

Currency Legend


AUD		Australian Dollar
CHF		Swiss Franc
DKK		Danish Krone
EUR		Euro
GBP		Pound Sterling
HKD		Hong Kong Dollar
ILS		Israeli Shekel
JPY		Japanese Yen
NOK		Norwegian Krone
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thailand Baht
USD		US Dollar

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 187

Portfolio of Investments (continued)

Variable Portfolio – Pyramis^® International Equity Fund

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

188 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Pyramis^® International Equity Fund

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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
Consumer Discretionary		$—		$112,365,892			$—		$112,365,892
Consumer Staples		—		109,420,365			—		109,420,365
Energy		—		81,883,971			—		81,883,971
Financials		—		255,728,046			—		255,728,046
Health Care		—		99,747,465			—		99,747,465
Industrials		—		129,611,836			—		129,611,836
Information Technology		—		58,535,334			—		58,535,334
Materials		—		128,016,933			—		128,016,933
Telecommunication Services		—		70,178,192			—		70,178,192
Utilities		—		36,380,897			—		36,380,897
Preferred Stocks
Consumer Discretionary		—		17,328,295			—		17,328,295

Total Equity Securities		—		1,099,197,226			—		1,099,197,226

Other
Affiliated Money Market Fund(c)		44,954,124		—			—		44,954,124
Investments of Cash Collateral Received for Securities on Loan		10,000,000		38,672,689			—		48,672,689

Total Other		54,954,124		38,672,689			—		93,626,813

Investments in Securities		54,954,124		1,137,869,915			—		1,192,824,039
Derivatives(d)				��
Assets
Futures Contracts		309,558		—			—		309,558
Forward Foreign Currency Exchange Contracts		—		6,756			—		6,756
Liabilities
Forward Foreign Currency Exchange Contracts		—		(20,921	)		—		(20,921	)

Total		$55,263,682		$1,137,855,750			$—		$1,193,119,432


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 189

Portfolio of Investments

Variable Portfolio – Wells Fargo Short Duration Government Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


	Coupon	Principal
Issuer	rate	amount		Value

Corporate Bonds & Notes 1.3%


Banking (1.3%)
Nordea Eiendomskreditt AS (a)(b)(c)
04/07/14	0.666%	$	22,590,000	$	22,596,236


Total Corporate Bonds & Notes
(Cost: $22,590,000)				$	22,596,236


Residential Mortgage-Backed Securities — Agency 34.4%

Federal Home Loan Mortgage Corp. (c)(d)
03/01/36	5.659%	$	7,652,962	$	8,227,088
07/01/38	5.661%		4,615,440		5,008,170
01/01/38	5.674%		2,835,507		3,074,345
07/01/38	5.726%		20,099,477		21,811,431
05/01/36	5.849%		11,529,223		12,451,702
08/01/36	5.869%		2,628,451		2,848,993
04/01/37	6.063%		1,703,861		1,851,298
09/01/37	6.159%		1,860,458		2,019,632
Structured Pass-Through Securities CMO Series T-41 Class 3A
07/25/32	7.054%		2,607,224		2,979,091
CMO Series T-51 Class 2A
08/25/42	7.500%		2,870,953		3,335,307
Federal Home Loan Mortgage Corp. (d)
11/01/37- 11/13/40	6.500%		5,947,880		6,679,103
05/01/35	7.000%		11,901,583		13,806,647
10/01/40	7.500%		4,224,929		4,872,392
CMO Series 3531 Class JA
05/15/39	4.500%		9,234,325		9,835,774
CMO Series 3560 Class DJ
03/15/39	5.000%		8,595,531		9,180,875
CMO Series 3704 Class CT
12/15/36	7.000%		3,985,074		4,555,909
CMO Series T-42 Class A5
02/25/42	7.500%		88,788		104,525
Structured Pass-Through Securities CMO Series T-55 Class 1A2
03/25/43	7.000%		2,720		3,102
CMO Series T-57 Class 1A3
07/25/43	7.500%		690,039		793,187
CMO Series T-59 Class 1A3
10/25/43	7.500%		272,665		311,576
CMO Series T-60 Class 1A2
03/25/44	7.000%		270,064		310,521
CMO Series T-60 Class 1A3
03/25/44	7.500%		112,004		129,800
Federal National Mortgage Association (c)(d)
07/01/36	5.652%		6,130,504		6,652,659
06/01/37	5.862%		14,775,518		16,067,357
CMO Series 1999-T2 Class A1
01/19/39	7.500%		513,236		586,643
CMO Series 2001-W3 Class A
09/25/41	7.000%		238,550		282,030
CMO Series 2002-W1 Class 2A
02/25/42	7.172%		898,305		1,037,484
CMO Series 2002-W6 Class 2A
06/25/42	7.187%		4,540,308		5,305,256
CMO Series 2003-W1 Class 2A
12/25/42	7.209%		436,056		509,349
CMO Series 2003-W4 Class 4A
10/25/42	7.315%		1,381,258		1,598,820
Federal National Mortgage Association (d)
07/01/21	3.500%		88,619,536		91,970,462
08/01/36- 02/01/41	6.500%		76,632,415		87,372,693
04/01/35- 08/01/36	7.000%		22,271,802		25,754,552
10/01/40	7.500%		4,663,866		5,342,459
CMO Series 2000-T6 Class A1
06/25/30	7.500%		1,035,220		1,176,079
CMO Series 2001-50 Class BA
10/25/31	7.000%		147,597		170,375
CMO Series 2001-T1 Class A1
10/25/40	7.500%		4,038,134		4,612,958
CMO Series 2001-T3 Class A1
11/25/40	7.500%		1,124,056		1,276,254
CMO Series 2001-T4 Class A1
07/25/41	7.500%		166,220		194,346
CMO Series 2001-T7 Class A1
02/25/41	7.500%		931,838		1,105,161
CMO Series 2001-T8 Class A1
07/25/41	7.500%		3,382,333		3,841,098
CMO Series 2002-14 Class A1
01/25/42	7.000%		1,166,819		1,361,941
CMO Series 2002-14 Class A2
01/25/42	7.500%		2,391,484		2,816,410
CMO Series 2002-26 Class A1
01/25/48	7.000%		1,609,605		1,810,540
CMO Series 2002-26 Class A2
01/25/48	7.500%		2,157,583		2,495,908
CMO Series 2002-33 Class A2
06/25/32	7.500%		253,166		292,683
CMO Series 2002-T12 Class A3
05/25/42	7.500%		966,409		1,116,147
CMO Series 2002-T16 Class A2
07/25/42	7.000%		45,616		52,938
CMO Series 2002-T16 Class A3
07/25/42	7.500%		680,747		785,573
CMO Series 2002-T18 Class A4
08/25/42	7.500%		1,614,630		1,865,008
CMO Series 2002-T19 Class A3
07/25/42	7.500%		1,733,772		2,027,159
CMO Series 2002-T6 Class A2
10/25/41	7.500%		466,674		555,499
CMO Series 2002-W8 Class A3
06/25/42	7.500%		208,005		238,995
CMO Series 2004-W14 Class 2A
07/25/44	7.500%		265,363		305,178
CMO Series 2004-W2 Class 5A
03/01/34	7.500%		558,128		644,470
CMO Series 2004-W9 Class 1A3
02/25/44	6.050%		8,287,000		9,010,162
CMO Series 2004-W9 Class 2A3
02/25/44	7.500%		1,802,644		2,088,531
CMO Series 2005-W1 Class 1A4
10/25/44	7.500%		3,080,367		3,594,030
CMO Series 2005-W3 Class 1A
03/25/45	7.500%		2,732,362		3,162,154
CMO Series 2005-W4 Class 1A3
08/25/35	7.000%		169,568		196,359
CMO Series 2006-114 Class PD
12/25/36	6.000%		14,322,669		16,107,320
CMO Series 2006-4 Class PB
09/25/35	6.000%		11,630,282		12,895,350
CMO Series 2007-16 Class AB
08/25/35	6.000%		3,779,478		4,101,196
CMO Series 2008-45 Class DA
03/25/23	4.500%		6,245,350		6,638,031
CMO Series 2009-111 Class CL
03/25/38	4.500%		4,829,075		4,923,627
CMO Series 2009-19 Class TA
12/25/37	4.500%		3,827,518		4,041,485
CMO Series 2009-47 Class MT
07/25/39	7.000%		3,240,574		3,598,286
CMO Series 2009-47 Class PA
07/25/39	4.500%		8,574,530		8,970,379
CMO Series 2009-87 Class QC
08/25/37	4.000%		5,930,385		6,205,371
CMO Series 2010-64 Class BA
05/25/40	5.000%		15,022,277		15,950,402
CMO Series 2044-W8 Class 3A
06/25/44	7.500%		2,566,369		2,959,387
Federal National Mortgage Association (d)(e)
04/01/38	7.000%		46,707,905		54,061,274
Government National Mortgage Association (d)
09/15/35	6.000%		34,984,954		39,298,070
08/15/36	6.500%		3,945,784		4,505,592
Government National Mortgage Association (d)(f)
07/01/41	4.000%		15,000,000		15,789,844


Total Residential Mortgage-Backed Securities — Agency
(Cost: $598,827,360)				$	603,511,802


Commercial Mortgage-Backed Securities — Agency 1.4%

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates CMO Series K007 Class A1 (d)
12/25/19	3.342%	$	4,364,396	$	4,479,026
Federal National Mortgage Association (d)
12/01/11	5.663%		5,028,728		5,026,055
07/01/12	6.092%		7,588,842		7,765,158
07/25/21	2.019%		6,873,000		6,907,365


Total Commercial Mortgage-Backed Securities — Agency
(Cost: $24,215,370)				$	24,177,604


Commercial Mortgage-Backed Securities — Non-Agency 4.8%

Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2004-6 Class A5 (d)
12/10/42	4.811%	$	9,285,000		9,876,984

The accompanying Notes to Financial Statements are an integral part of this statement.

190 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Wells Fargo Short Duration Government Fund


	Coupon	Principal
Issuer	rate	amount		Value

Commercial Mortgage-Backed Securities — Non-Agency (continued)
Bear Stearns Commercial Mortgage Securities (c)(d) Series 2004-PWR4 Class A2
06/11/41	5.286%		$5,208,065		$5,440,460
Series 2004-T16 Class A6
02/13/46	4.750%		11,406,000		12,196,521
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C1 Class A4 (c)(d)
01/15/12	5.014%		4,577,000		4,911,108
Developers Diversified Realty Corp. Series 2009-DDR1 Class A (b)(d)
10/14/22	3.807%		25,838,631		26,932,597
Greenwich Capital Commercial Funding Corp. Series 2005-GG5 Class A41 (c)(d)
04/10/37	5.243%		8,907,000		9,380,340
LB-UBS Commercial Mortgage Trust (c)(d) Series 2005-C7 Class A3
11/15/30	5.611%		3,163,000		3,278,050
LB-UBS Commercial Mortgage Trust (d) Series 2005-C2 Class A4
04/15/30	4.998%		1,353,000		1,382,080
Morgan Stanley Capital I Series 2005-HQ6 Class A4A (d)
08/13/42	4.989%		9,821,344		10,628,688


Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $83,590,668)				$	84,026,828


Asset-Backed Securities — Non-Agency 8.3%

Avis Budget Rental Car Funding AESOP LLC Series 2001-2A Class A (b)
11/20/14	2.370%	$	22,790,000	$	22,948,463
Citibank Omni Master Trust (b)(c) Series 2009-A14A Class A14
08/15/18	2.937%		6,870,000		7,222,174
Series 2009-A8 Class A8
05/16/16	2.287%		16,031,000		16,223,954
MMCA Automobile Trust Series 2009A Class A4 (b)
11/15/15	6.250%		5,871,000		6,213,819
Nissan Auto Receivables Owner Trust Series 2010-A Class A4
09/15/16	1.310%		6,400,000		6,425,036
SLM Student Loan Trust (b)(c) Series 2011-B Class A1
12/16/24	1.036%		13,741,000		13,725,576
SLM Student Loan Trust (c) Series 2002-6 Class A4CP
03/15/19	0.530%		4,342,139		4,340,094
Series 2004-1 Class A3
04/25/23	0.484%		6,845,000		6,740,139
Series 2005-1 Class A2
04/27/20	0.354%		4,374,490		4,347,037
Series 2006-7 Class A4
04/25/22	0.344%		13,493,000		13,386,504
Series 2008-2 Class A2
01/25/17	0.724%		8,326,000		8,339,246
Series 2008-4 Class A3
10/25/17	1.524%		4,229,000		4,354,685
Series 2008-6-A2
10/25/17	0.824%		25,193,000		25,243,595
USAA Auto Owner Trust Series 2010-1 Class A4
09/15/15	2.140%		5,423,000		5,543,191


Total Asset-Backed Securities — Non-Agency
(Cost: $144,817,247)				$	145,053,513


U.S. Treasury Obligations 42.3%

U.S. Treasury
01/31/13	0.625%	$	155,068,000	$	155,697,964
U.S. Treasury (e)
03/31/13	0.750%		317,440,000		319,300,198
05/31/13	0.500%		157,317,000		157,489,065
06/30/13	0.375%		73,230,000		73,109,903
U.S. Treasury (e)(f)
06/30/13	0.375%		36,263,000		36,203,529


Total U.S. Treasury Obligations
(Cost: $738,606,709)				$	741,800,659


U.S. Government & Agency Obligations 5.6%

Federal Home Loan Banks
10/18/13	3.625%	$	70,000,000	$	74,711,980
NCUA Guaranteed Notes U.S. Government Guaranty
06/12/15	1.400%		22,905,000		22,937,296


Total U.S. Government & Agency Obligations
(Cost: $97,609,250)				$	97,649,276


	Shares		Value

Money Market Fund 2.0%

Columbia Short-Term Cash Fund, 0.166% (g)(h)		35,451,881	$	35,451,881


Total Money Market Fund
(Cost: $35,451,881)			$	35,451,881


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 23.0%


Asset-Backed Commercial Paper (3.3%)
Antalis US Funding Corp.
08/05/11	0.280%	$	9,992,922	$	9,992,922
08/23/11	0.275%		9,992,972		9,992,972
Rhein-Main Securitisation Ltd.
07/11/11	0.481%		4,994,067		4,994,067
Royal Park Investments Funding Corp.
07/08/11	0.531%		6,991,137		6,991,137
09/16/11	0.410%		9,989,636		9,989,636
Scaldis Capital LLC
07/01/11	0.200%		14,999,917		14,999,917

Total					56,960,651


Certificates of Deposit (16.1%)
Australia and New Zealand Bank Group, Ltd.
07/29/11	0.230%		5,000,000		5,000,000
Barclays Bank PLC
09/13/11	0.310%		10,000,000		10,000,000
Clydesdale Bank PLC
07/25/11	0.270%		9,993,255		9,993,255
Commerzbank AG
07/20/11	0.220%		15,000,000		15,000,000
07/27/11	0.180%		5,000,000		5,000,000
Credit Industrial et Commercial
12/09/11	0.440%		12,000,000		12,000,000
DZ Bank AG
07/12/11	0.200%		7,000,000		7,000,000
07/27/11	0.150%		10,000,000		10,000,000
Den Danske Bank
07/26/11	0.230%		14,994,156		14,994,156
Development Bank of Singapore Ltd.
07/18/11	0.180%		8,000,000		8,000,000
Erste Bank der Oesterreichischen Sparkassen AG
07/07/11	0.240%		10,000,000		10,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
07/29/11	0.230%		5,000,000		5,000,000
08/12/11	0.300%		5,000,000		5,000,000
KBC Bank NV
07/05/11	0.300%		5,000,000		5,000,000
07/07/11	0.300%		5,000,000		5,000,000
07/27/11	0.280%		10,000,000		10,000,000
La Banque Postale
09/13/11	0.250%		5,000,000		5,000,000
09/20/11	0.380%		10,000,000		10,000,000
Landesbank Hessen Thuringen
07/05/11	0.240%		4,998,900		4,998,900
Lloyds Bank PLC
10/03/11	0.260%		12,000,000		12,000,000
N.V. Bank Nederlandse Gemeenten
07/27/11	0.270%		15,000,000		15,000,000
National Australia Bank
11/18/11	0.211%		4,999,979		4,999,979
National Bank of Canada
11/18/11	0.186%		12,000,000		12,000,000
Nationwide Building Society
08/24/11	0.250%		9,993,615		9,993,615
Natixis
09/07/11	0.544%		12,000,000		12,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		9,000,000		9,000,000
Societe Generale
09/23/11	0.411%		5,000,000		5,000,000
Swedbank AB
08/05/11	0.240%		15,000,000		15,000,000
Union Bank of Switzerland
12/09/11	0.239%		16,000,000		16,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		10,000,000		10,000,000
08/26/11	0.300%		5,000,000		5,000,000

Total					282,979,905


Commercial Paper (1.8%)
Danske Corp.
08/02/11	0.220%		3,998,607		3,998,607

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 191

Portfolio of Investments (continued)

Variable Portfolio – Wells Fargo Short Duration Government Fund


		Par/
	Effective	Principal/
Issuer	yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Commercial Paper (cont.)
PB Capital Corp.
08/11/11	0.501%		$4,993,681		$4,993,681
08/12/11	0.491%		2,996,407		2,996,407
Suncorp Metway Ltd.
07/05/11	0.240%		4,998,833		4,998,833
07/18/11	0.210%		14,997,112		14,997,112

Total					31,984,640


Other Short-Term Obligations (1.1%)
Goldman Sachs Group, Inc. (The)
07/19/11	0.300%		14,000,000		14,000,000
08/08/11	0.300%		5,000,000		5,000,000

Total					19,000,000


Repurchase Agreements (0.7%)
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $13,033,176 (i)
	0.080%	$	13,033,148	$	13,033,148


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $403,958,344)				$	403,958,344


Total Investments
(Cost: $2,149,666,829)				$	2,158,226,143
Other Assets & Liabilities, Net					(404,452,279)


Net Assets				$	1,753,773,864

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 1.29% of net assets.

^(b)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $115,862,818 or 6.61% of net assets.

^(c)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2011.

^(d)		The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

^(e)		At June 30, 2011, security was partially or fully on loan.

^(f)		Represents a security purchased on a when-issued or delayed delivery basis.

^(g)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(h)		Investments in affiliates during the period ended June 30, 2011:

Sales cost/

Dividends or

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$78,369,813

$2,062,728,965

$(2,105,646,897

)

$—

$35,451,881

$116,494

$35,451,881


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


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$13,293,869

Total Market Value of Collateral Securities		$13,293,869

Abbreviation Legend


CMO		Collateralized Mortgage Obligation

The accompanying Notes to Financial Statements are an integral part of this statement.

192 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Wells Fargo Short Duration Government Fund

Fair Value Measurements

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).

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 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		$—		$22,596,236		$—		$22,596,236
Residential Mortgage-Backed Securities — Agency		—		603,511,802		—		603,511,802
Commercial Mortgage-Backed Securities — Agency		—		24,177,604		—		24,177,604
Commercial Mortgage-Backed Securities — Non-Agency		—		84,026,828		—		84,026,828
Asset-Backed Securities — Non-Agency		—		145,053,513		—		145,053,513
U.S. Treasury Obligations		741,800,659		—		—		741,800,659
U.S. Government & Agency Obligations		—		74,711,980		22,937,296		97,649,276

Total Bonds		741,800,659		954,077,963		22,937,296		1,718,815,918

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 193

Portfolio of Investments (continued)

Variable Portfolio – Wells Fargo Short Duration Government Fund

Fair Value Measurements (continued)


	Fair value at June 30, 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
Other
Affiliated Money Market Fund(c)		$35,451,881		$—		$—		$35,451,881
Investments of Cash Collateral Received for Securities on Loan		—		403,958,344		—		403,958,344

Total Other		35,451,881		403,958,344		—		439,410,225

Total		$777,252,540		$1,358,036,307		$22,937,296		$2,158,226,143

Certain U.S. Government and Agency Obligations classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers.


^(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 June 30, 2011.

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


	Residential
	Mortgage-Backed			U.S. Government
	Securities–			& Agency
	Agency			Obligations		Total
Balance as of December 31, 2010		$7,222,867			$—		$7,222,867
Accrued discounts/premiums		—			—		—
Realized gain (loss)		(16,406	)		—		(16,406	)
Change in unrealized appreciation (depreciation)*		12,133			64,134		76,267
Sales		(7,218,594	)		—		(7,218,594	)
Purchases		—			22,873,162		22,873,162
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—

Balance as of June 30, 2011		$—			$22,937,296		$22,937,296


*		Change in unrealized appreciation (depreciation) relating to securities held at June 30, 2011 was $64,134, which is comprised of U.S. Government & Agency Obligations.

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.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

194 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities


	Columbia Variable			Variable Portfolio –		Variable Portfolio –
	Portfolio – Limited			AllianceBernstein		American Century
	Duration Credit			International Value		Diversified Bond
	Fund			Fund		Fund
June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $2,496,097,329, $1,242,452,198, $2,160,844,685)	$	2,539,016,368		$	1,354,917,263	$	2,191,978,548
Affiliated issuers (identified cost $54,780,044, $33,587,550, $171,188,252)		54,780,044			33,587,550		171,188,252
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $236,974,069, $77,240,825, $375,961,367)		236,974,069			77,240,825		375,961,367
Repurchase agreements (identified cost $65,734,231, $35,918,800, $7,655,242)		65,734,231			35,918,800		7,655,242

Total investments (identified cost $2,853,585,673, $1,389,199,373, $2,715,649,546)		2,896,504,712			1,501,664,438		2,746,783,409
Cash		15			—		—
Foreign currency (identified cost $ — , $10,246,603, $ — )		—			10,289,872		—
Margin deposits on futures contracts		6,457,500			1,024,687		—
Unrealized appreciation on forward foreign currency exchange contracts		—			2,828,858		217,532
Receivable for:
Capital shares sold		42			3,527		—
Investments sold		6,537,714			11,555,356		10,744,121
Dividends		10,459			4,005,362		18,641
Interest		31,974,251			226,781		17,610,926
Reclaims		8,326			850,387		31,448
Variation margin on futures contracts		2,857,160			214,390		—
Expense reimbursement due from Investment Manager		15,062			—		—

Total assets		2,944,365,241			1,532,663,658		2,775,406,077

Liabilities
Disbursements in excess of cash		—			—		52,564
Due upon return of securities on loan		302,708,300			113,159,625		383,616,609
Unrealized depreciation on forward foreign currency exchange contracts		—			2,419,273		285,942
Payable for:
Investments purchased		14,507,318			15,493,854		14,954,658
Investments purchased on a delayed delivery basis		—			—		180,458,138
Capital shares purchased		2,945			1,088		1,246
Investment management fees		989,339			926,439		830,723
Distribution fees		651			240		295
Transfer agent fees		129,443			66,399		108,578
Administration fees		135,608			83,632		114,743
Other expenses		171,456			217,210		147,244

Total liabilities		318,645,060			132,367,760		580,570,740

Net assets applicable to outstanding capital stock	$	2,625,720,181		$	1,400,295,898	$	2,194,835,337

Represented by
Paid-in capital	$	2,551,402,613		$	1,219,701,521	$	2,136,297,494
Undistributed net investment income		35,993,399			1,095,800		27,284,559
Accumulated net realized gain (loss)		(1,090,182	)		66,048,600		87,600
Unrealized appreciation (depreciation) on:
Investments		42,919,039			112,465,065		31,133,863
Foreign currency translations		—			138,147		100,231
Forward foreign currency exchange contracts		—			409,585		(68,410	)
Futures contracts		(3,504,688	)		437,180		—

Total — representing net assets applicable to outstanding capital stock	$	2,625,720,181		$	1,400,295,898	$	2,194,835,337

*Value of securities on loan	$	304,763,007		$	107,127,431	$	387,326,857

Net assets applicable to outstanding shares
Class 1	$	2,622,374,845		$	1,399,011,010	$	2,193,309,912
Class 2	$	3,345,336		$	1,284,888	$	1,525,425
Shares outstanding
Class 1		253,289,742			126,985,476		207,375,062
Class 2		323,882			116,809		144,404
Net asset value per share
Class 1	$	10.35		$	11.02	$	10.58
Class 2	$	10.33		$	11.00	$	10.56

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 195

Statement of Assets and Liabilities (continued)


	Variable Portfolio –		Variable Portfolio –			Variable Portfolio –
	American Century		Columbia Wanger			Columbia Wanger
	Growth		International Equities			U.S. Equities
	Fund		Fund			Fund
June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,506,514,468, $407,887,176, $534,010,589)	$	1,754,147,344	$	506,439,123		$	718,170,750
Affiliated issuers (identified cost $36,184,503, $38,939,551, $13,546,042)		36,184,503		38,939,551			13,546,042
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $183,476,560, $17,185,834, $152,984,881)		183,476,560		17,185,834			152,984,881
Repurchase agreements (identified cost $47,384,073, $49,625,352, $21,599,216)		47,384,073		49,625,352			21,599,216

Total investments (identified cost $1,773,559,604, $513,637,913, $722,140,728)		2,021,192,480		612,189,860			906,300,889
Cash		—		1,130			—
Foreign currency (identified cost $ — , $3,014,819, $ — )		—		3,195,547			—
Unrealized appreciation on forward foreign currency exchange contracts		—		2,801			—
Receivable for:
Capital shares sold		—		56,636			64,797
Investments sold		21,738,669		1,500,907			—
Dividends		1,701,279		430,438			293,430
Interest		28,746		40,415			47,807
Reclaims		163		237,713			—
Expense reimbursement due from Investment Manager		9,002		—			—

Total assets		2,044,670,339		617,655,447			906,706,923

Liabilities
Due upon return of securities on loan		230,860,633		66,811,186			174,584,097
Unrealized depreciation on forward foreign currency exchange contracts		—		352			—
Payable for:
Investments purchased		42,292,148		1,228,495			4,565,912
Capital shares purchased		3,337,941		2,712			11,680,502
Investment management fees		882,672		404,239			485,445
Distribution fees		100		620			378
Transfer agent fees		84,156		26,358			34,096
Administration fees		76,295		35,004			44,676
Other expenses		141,705		276,877			102,178

Total liabilities		277,675,650		68,785,843			191,497,284

Net assets applicable to outstanding capital stock	$	1,766,994,689	$	548,869,604		$	715,209,639

Represented by
Paid-in capital	$	—	$	448,865,929		$	—
Excess of distributions over net investment income		—		(7,421,419	)		—
Accumulated net realized gain		—		8,674,661			—
Unrealized appreciation (depreciation) on:
Investments		—		98,551,947			—
Foreign currency translations		—		196,037			—
Forward foreign currency exchange contracts		—		2,449			—
Partners’ capital		1,766,994,689		—			715,209,639

Total — representing net assets applicable to outstanding capital stock	$	1,766,994,689	$	548,869,604		$	715,209,639

*Value of securities on loan	$	228,446,016	$	64,543,753		$	172,345,598

Net assets applicable to outstanding shares
Class 1	$	1,766,517,496	$	545,587,853		$	713,073,859
Class 2	$	477,193	$	3,281,751		$	2,135,780
Shares outstanding
Class 1		147,591,424		44,377,938			54,107,014
Class 2		39,987		266,847			162,522
Net asset value per share
Class 1	$	11.97	$	12.29		$	13.18
Class 2	$	11.93	$	12.30		$	13.14

The accompanying Notes to Financial Statements are an integral part of this statement.

196 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –		Variable Portfolio –
	Eaton Vance		Invesco		Variable Portfolio –
	Floating-		International		J.P. Morgan
	Rate Income		Growth		Core Bond
	Fund		Fund		Fund
June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $870,557,253, $1,381,793,494, $1,919,920,304)	$	875,015,217	$	1,691,854,770	$	1,953,937,010
Affiliated issuers (identified cost $48,636,087, $150,918,360, $19,672,657)		48,636,087		150,918,360		19,672,657
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $ — , $138,481,811, $432,938,645)		—		138,481,811		432,938,645
Repurchase agreements (identified cost $ — , $8,852,208, $28,569,958)		—		8,852,208		28,569,958

Total investments (identified cost $919,193,340, $1,680,045,873, $2,401,101,564)		923,651,304		1,990,107,149		2,435,118,270
Cash		3,466,779		—		—
Foreign currency (identified cost $ — , $749,333, $ — )		—		749,361		—
Receivable for:
Capital shares sold		58,046		—		—
Investments sold		5,566,727		2,920,950		5,273,102
Dividends		8,163		4,373,796		3,004
Interest		1,794,005		120,630		13,588,326
Reclaims		—		780,056		17,491

Total assets		934,545,024		1,999,051,942		2,454,000,193

Liabilities
Disbursements in excess of cash		—		—		137,764
Due upon return of securities on loan		—		147,334,019		461,508,603
Payable for:
Investments purchased		1,032,732		—		5,090,177
Investments purchased on a delayed delivery basis		28,884,760		—		15,986,426
Capital shares purchased		6,198		47,859		1,338
Investment management fees		466,545		1,226,589		756,121
Distribution fees		1,342		252		318
Transfer agent fees		44,432		88,910		97,526
Administration fees		50,190		109,895		103,691
Other expenses		228,710		303,975		143,146

Total liabilities		30,714,909		149,111,499		483,825,110

Net assets applicable to outstanding capital stock	$	903,830,115		1,849,940,443	$	1,970,175,083

Represented by
Paid-in capital	$	877,046,519	$	1,508,107,632	$	1,913,154,689
Undistributed net investment income		17,142,698		1,880,887		22,228,938
Accumulated net realized gain		5,182,934		29,864,026		774,750
Unrealized appreciation (depreciation) on:
Investments		4,457,964		310,061,276		34,016,706
Foreign currency translations		—		26,622		—

Total — representing net assets applicable to outstanding capital stock	$	903,830,115		1,849,940,443	$	1,970,175,083

*Value of securities on loan	$	—	$	141,894,446	$	477,807,715

Net assets applicable to outstanding shares
Class 1	$	896,913,126	$	1,848,665,253	$	1,968,619,195
Class 2	$	6,916,989	$	1,275,190	$	1,555,888
Shares outstanding
Class 1		90,631,986		152,931,150		187,845,952
Class 2		705,945		105,622		148,764
Net asset value per share
Class 1	$	9.90	$	12.09	$	10.48
Class 2	$	9.80	$	12.07	$	10.46

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 197

Statement of Assets and Liabilities (continued)


	Variable Portfolio –
	Jennison Mid Cap		Variable Portfolio –		Variable Portfolio –
	Growth		MFS Value		Marsico Growth
	Fund		Fund		Fund
June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $758,941,355, $1,478,877,271, $1,397,106,758)	$	933,133,365	$	1,696,581,482	$	1,695,994,405
Affiliated issuers (identified cost $13,867,540, $31,317,980, $207,828,404)		13,867,540		31,317,980		207,828,404
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $104,484,366, $56,992,086, $398,949,505)		104,484,366		56,992,086		398,949,505
Repurchase agreements (identified cost $23,492,606, $12,130,014, $20,802,021)		23,492,606		12,130,014		20,802,021

Total investments (identified cost $900,785,867, $1,579,317,351, $2,024,686,688)		1,074,977,877		1,797,021,562		2,323,574,335
Cash		—		1,135		—
Receivable for:
Capital shares sold		—		33,252		19,464
Investments sold		2,617,932		5,120,131		414,581
Dividends		777,501		2,896,092		1,502,787
Interest		22,222		18,003		88,271
Reclaims		—		156,943		—

Total assets		1,078,395,532		1,805,247,118		2,325,599,438

Liabilities
Due upon return of securities on loan		127,976,972		69,122,100		419,751,526
Payable for:
Investments purchased		3,191,520		4,975,330		137,940,220
Capital shares purchased		3,030,553		173,381		2,985,872
Investment management fees		562,643		869,114		868,412
Distribution fees		135		214		292
Transfer agent fees		45,011		82,800		82,730
Administration fees		43,314		75,165		75,107
Other expenses		132,862		146,584		146,517

Total liabilities		134,983,010		75,444,688		561,850,676

Net assets applicable to outstanding capital stock	$	943,412,522	$	1,729,802,430	$	1,763,748,762

Represented by
Partners’ capital	$	943,412,522	$	1,729,802,430	$	1,763,748,762

Total — representing net assets applicable to outstanding capital stock	$	943,412,522	$	1,729,802,430	$	1,763,748,762

*Value of securities on loan	$	136,226,536	$	68,103,747	$	409,475,209

Net assets applicable to outstanding shares
Class 1	$	942,751,642	$	1,728,654,446	$	1,762,131,088
Class 2	$	660,880	$	1,147,984	$	1,617,674
Shares outstanding
Class 1		75,799,834		152,000,920		138,291,838
Class 2		53,339		101,194		127,315
Net asset value per share
Class 1	$	12.44	$	11.37	$	12.74
Class 2	$	12.39	$	11.34	$	12.71

The accompanying Notes to Financial Statements are an integral part of this statement.

198 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –			Variable Portfolio –
	Mondrian International			Morgan Stanley			Variable Portfolio – NFJ
	Small Cap			Global Real Estate			Dividend Value
	Fund			Fund			Fund
June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $248,933,381, $333,321,864, $1,400,838,528)	$	319,145,836		$	401,027,205		$	1,596,687,007
Affiliated issuers (identified cost $7,304,731, $12,159,486, $138,394,085)		7,304,731			12,159,486			138,394,085
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $6,000,000, $12,998,723, $201,971,926)		6,000,000			12,998,723			201,971,926
Repurchase agreements (identified cost $23,634,457, $27,619,777, $5,434,527)		23,634,457			27,619,777			5,434,527

Total investments (identified cost $285,872,569, $386,099,850, $1,746,639,066)		356,085,024			453,805,191			1,942,487,545
Cash		—			62,717			1,709,332
Foreign currency (identified cost $1,338,402, $2,493,065, $ — )		1,343,817			2,513,794			—
Unrealized appreciation on forward foreign currency exchange contracts		1,114			—			—
Receivable for:
Capital shares sold		—			10,509			1,263
Investments sold		1,717,542			1,075,563			1,072,441
Dividends		769,762			832,303			4,695,894
Interest		38,039			9,960			48,192
Reclaims		208,663			78,345			371,094
Expense reimbursement due from Investment Manager		—			19,105			—

Total assets		360,163,961			458,407,487			1,950,385,761

Liabilities
Due upon return of securities on loan		29,634,457			40,618,500			207,406,453
Unrealized depreciation on forward foreign currency exchange contracts		74,013			—			—
Payable for:
Investments purchased		970,354			4,442,936			704,359
Capital shares purchased		—			2,186			208,307
Investment management fees		248,422			280,556			875,505
Distribution fees		1			484			132
Transfer agent fees		15,876			19,804			83,439
Administration fees		21,169			26,405			75,698
Other expenses		78,278			130,978			98,505

Total liabilities		31,042,570			45,521,849			209,452,398

Net assets applicable to outstanding capital stock	$	329,121,391		$	412,885,638		$	1,740,933,363

Represented by
Paid-in capital	$	247,486,108		$	344,402,556		$	—
Excess of distributions over net investment income		(691,716	)		(6,142,109	)		—
Accumulated net realized gain		12,169,595			6,892,607			—
Unrealized appreciation (depreciation) on:
Investments		70,212,455			67,705,341			—
Foreign currency translations		17,848			27,243			—
Forward foreign currency exchange contracts		(72,899	)		—			—
Partners’ capital		—			—			1,740,933,363

Total — representing net assets applicable to outstanding capital stock	$	329,121,391		$	412,885,638		$	1,740,933,363

*Value of securities on loan	$	28,585,796		$	39,273,576		$	203,869,114

Net assets applicable to outstanding shares
Class 1	$	329,114,607		$	410,369,818		$	1,740,218,057
Class 2	$	6,784		$	2,515,820		$	715,306
Shares outstanding
Class 1		25,306,052			34,940,558			144,071,178
Class 2		522			214,716			59,385
Net asset value per share
Class 1	$	13.01		$	11.74		$	12.08
Class 2	$	13.00		$	11.72		$	12.05

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 199

Statement of Assets and Liabilities (continued)


	Variable Portfolio –		Variable Portfolio –		Variable Portfolio –
	Nuveen Winslow		Partners Small		PIMCO Mortgage-
	Large Cap Growth		Cap Growth		Backed Securities
	Fund		Fund		Fund
June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,497,136,217, $413,003,685, $1,999,838,530)	$	1,706,174,265	$	523,014,386	$	2,009,097,704
Repurchase agreements (identified cost $ — , $ — , $2,900,000)		—		—		2,900,000
Affiliated issuers (identified cost $29,258,644, $12,175,139, $ — )		29,258,644		12,175,139		—
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $239,962,794, $94,480,982, $ — )		239,962,794		94,480,982		—
Repurchase agreements (identified cost $3,180,242, $46,202,009, $ — )		3,180,242		46,202,009		—

Total investments (identified cost $1,769,537,897, $565,861,815, $2,002,738,530)		1,978,575,945		675,872,516		2,011,997,704
Cash		—		—		1,072,195
Receivable for:
Capital shares sold		4		—		—
Investments sold		—		2,687,366		928,874,393
Dividends		1,142,798		230,666		—
Interest		36,778		74,923		3,707,042

Total assets		1,979,755,525		678,865,471		2,945,651,334

Liabilities
Forward sales commitments, at value (proceeds receivable $ — , $ — , $643,904,457)		—		—		639,159,126
Due upon return of securities on loan		243,143,036		140,682,991		—
Payable for:
Investments purchased		2,941,505		3,300,705		282,341,203
Investments purchased on a delayed delivery basis		—		—		810,807,687
Capital shares purchased		405,984		9,863,483		784
Collateral and deposits		—		—		3,020,000
Investment management fees		848,462		362,468		472,167
Distribution fees		47		83		177
Transfer agent fees		80,735		24,882		59,667
Administration fees		73,444		33,146		65,832
Other expenses		124,204		69,206		273,986

Total liabilities		247,617,417		154,336,964		1,736,200,629

Net assets applicable to outstanding capital stock	$	1,732,138,108	$	524,528,507	$	1,209,450,705

Represented by
Paid-in capital	$	—	$	—	$	1,192,006,952
Undistributed net investment income		—		—		11,721,011
Accumulated net realized loss		—		—		(8,281,763	)
Unrealized appreciation (depreciation) on:
Investments		—		—		14,004,505
Partners’ capital		1,732,138,108		524,528,507		—

Total — representing net assets applicable to outstanding capital stock	$	1,732,138,108	$	524,528,507	$	1,209,450,705

*Value of securities on loan	$	241,217,499	$	138,215,413	$	—

Net assets applicable to outstanding shares
Class 1	$	1,731,868,695	$	524,136,223	$	1,208,570,665
Class 2	$	269,413	$	392,284	$	880,040
Shares outstanding
Class 1		140,665,763		40,785,347		117,094,408
Class 2		21,958		30,619		85,385
Net asset value per share
Class 1	$	12.31	$	12.85	$	10.32
Class 2	$	12.27	$	12.81	$	10.31

The accompanying Notes to Financial Statements are an integral part of this statement.

200 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –			Variable Portfolio –
	Pyramis^® International			Wells Fargo Short
	Equity			Duration Government
	Fund			Fund
June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $939,142,352, $1,710,256,604)	$	1,099,197,226		$	1,718,815,918
Affiliated issuers (identified cost $44,954,124, $35,451,881)		44,954,124			35,451,881
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $36,996,461, $390,925,196)		36,996,461			390,925,196
Repurchase agreements (identified cost $11,676,228, $13,033,148)		11,676,228			13,033,148

Total investments (identified cost $1,032,769,165, $2,149,666,829)		1,192,824,039			2,158,226,143
Cash		—			43,363
Foreign currency (identified cost $22,839, $ — )		23,537			—
Margin deposits on futures contracts		2,400,000			—
Unrealized appreciation on forward foreign currency exchange contracts		6,756			—
Receivable for:
Investments sold		2,858,121			262,912,612
Dividends		2,165,984			7,522
Interest		107,354			4,854,540
Reclaims		704,314			—
Variation margin on futures contracts		259,000			—

Total assets		1,201,349,105			2,426,044,180

Liabilities
Disbursements in excess of cash		1,171,198			—
Due upon return of securities on loan		48,672,689			403,958,344
Unrealized depreciation on forward foreign currency exchange contracts		20,921			—
Payable for:
Investments purchased		5,679,756			215,305,679
Investments purchased on a delayed delivery basis		—			51,993,373
Capital shares purchased		316			660
Investment management fees		768,537			672,300
Distribution fees		69			145
Transfer agent fees		54,557			86,350
Administration fees		69,816			92,515
Other expenses		266,576			160,950

Total liabilities		56,704,435			672,270,316

Net assets applicable to outstanding capital stock	$	1,144,644,670		$	1,753,773,864

Represented by
Paid-in capital	$	942,993,889		$	1,730,381,435
Undistributed (excess of distributions over) net investment income		(839,833	)		11,350,740
Accumulated net realized gain		42,099,444			3,482,375
Unrealized appreciation (depreciation) on:
Investments		160,054,874			8,559,314
Foreign currency translations		40,903			—
Forward foreign currency exchange contracts		(14,165	)		—
Futures contracts		309,558			—

Total — representing net assets applicable to outstanding capital stock	$	1,144,644,670		$	1,753,773,864

*Value of securities on loan	$	46,561,923		$	396,403,379

Net assets applicable to outstanding shares
Class 1	$	1,144,254,421		$	1,753,062,114
Class 2	$	390,249		$	711,750
Shares outstanding
Class 1		97,413,294			171,647,147
Class 2		33,280			69,818
Net asset value per share
Class 1	$	11.75		$	10.21
Class 2	$	11.73		$	10.19

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 201

Statement of Operations


	Columbia Variable			Variable Portfolio –			Variable Portfolio –
	Portfolio – Limited			AllianceBernstein			American Century
	Duration Credit			International Value			Diversified Bond
	Fund			Fund			Fund
Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	—		$	31,283,764		$	—
Interest		42,428,129			9,086			33,812,199
Dividends from affiliates		44,062			26,266			87,982
Income from securities lending — net		242,461			1,536,528			403,896
Foreign taxes withheld		—			(3,638,406	)		(30,449	)

Total income		42,714,652			29,217,238			34,273,628

Expenses:
Investment management fees		5,716,934			5,537,691			4,803,729
Distribution fees
Class 2		2,421			1,122			1,421
Transfer agent fees
Class 1		745,218			396,453			623,510
Class 2		581			269			341
Administration fees		782,994			500,046			661,047
Compensation of board members		24,287			13,399			20,443
Custodian fees		13,350			125,980			16,385
Printing and postage fees		4,120			57,780			3,070
Professional fees		26,660			22,793			19,116
Other		—			40,252			33,279

Total expenses		7,316,565			6,695,785			6,182,341
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(603,641	)		(505,103	)		(354,381	)

Total net expenses		6,712,924			6,190,682			5,827,960

Net investment income		36,001,728			23,026,556			28,445,668

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		20,056,270			71,523,111			2,982,440
Foreign currency transactions		—			637,258			204,465
Forward foreign currency exchange contracts		—			(3,939,427	)		(2,856,016	)
Futures contracts		(7,715,921	)		(102,408	)		—

Net realized gain		12,340,349			68,118,534			330,889
Net change in unrealized appreciation (depreciation) on:
Investments		27,900,301			(58,487,072	)		25,334,937
Foreign currency translations		—			(16,034	)		99,053
Forward foreign currency exchange contracts		—			(1,593,734	)		(1,650,240	)
Futures contracts		(16,935,005	)		714,589			—

Net change in unrealized appreciation (depreciation)		10,965,296			(59,382,251	)		23,783,750

Net realized and unrealized gain		23,305,645			8,736,283			24,114,639

Net increase in net assets resulting from operations	$	59,307,373		$	31,762,839		$	52,560,307

The accompanying Notes to Financial Statements are an integral part of this statement.

202 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –			Variable Portfolio –			Variable Portfolio –
	American Century			Columbia Wanger			Columbia Wanger
	Growth			International Equities			U.S. Equities
	Fund			Fund			Fund
Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	12,625,462		$	7,301,569		$	1,970,226
Interest		1,877			—			6
Dividends from affiliates		13,577			31,074			4,471
Income from securities lending — net		226,342			364,426			283,974
Foreign taxes withheld		(106,733	)		(670,651	)		(2,396	)

Total income		12,760,525			7,026,418			2,256,281

Expenses:
Investment management fees		5,388,290			2,390,857			2,920,237
Distribution fees
Class 2		440			2,862			1,691
Transfer agent fees
Class 1		511,013	��		154,953			204,661
Class 2		105			687			406
Administration fees		465,551			206,948			261,485
Compensation of board members		17,319			5,623			7,253
Custodian fees		11,100			137,764			1,775
Printing and postage fees		30,232			—			—
Professional fees		20,213			—			2,659

Total expenses		6,444,263			2,899,694			3,400,167
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(446,923	)		(38,453	)		(125,778	)

Total net expenses		5,997,340			2,861,241			3,274,389

Net investment income (loss)		6,763,185			4,165,177			(1,018,108	)

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		113,547,790			8,614,266			3,532,736
Foreign currency transactions		(314	)		120,291			—
Forward foreign currency exchange contracts		(479,302	)		31,119			—

Net realized gain		113,068,174			8,765,676			3,532,736
Net change in unrealized appreciation (depreciation) on:
Investments		(24,819,984	)		6,259,269			69,532,984
Foreign currency translations		4			79,400			—
Forward foreign currency exchange contracts		97,011			6,188			—

Net change in unrealized appreciation (depreciation)		(24,722,969	)		6,344,857			69,532,984

Net realized and unrealized gain		88,345,205			15,110,533			73,065,720

Net increase in net assets resulting from operations	$	95,108,390		$	19,275,710		$	72,047,612

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 203

Statement of Operations (continued)


	Variable Portfolio –			Variable Portfolio –
	Eaton Vance			Invesco			Variable Portfolio –
	Floating-			International			J.P. Morgan
	Rate Income			Growth			Core Bond
	Fund			Fund			Fund
Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	—		$	38,833,633		$	—
Interest		19,780,998			1,298			31,103,576
Dividends from affiliates		65,317			116,716			29,631
Income from securities lending — net		—			1,076,699			415,796
Foreign taxes withheld		—			(4,610,404	)		(5,517	)

Total income		19,846,315			35,417,942			31,543,486

Expenses:
Investment management fees		2,680,204			7,182,983			4,347,293
Distribution fees
Class 2		5,353			1,036			1,649
Transfer agent fees
Class 1		253,967			519,868			559,395
Class 2		1,285			248			396
Administration fees		288,924			644,008			596,986
Compensation of board members		8,669			17,358			18,392
Custodian fees		77,876			140,271			20,290
Printing and postage fees		—			57,780			27,971
Professional fees		13,099			19,288			10,588
Other		—			9,467			—

Total expenses		3,329,377			8,592,307			5,582,960
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(628,495	)		(260,617	)		(349,842	)

Total net expenses		2,700,882			8,331,690			5,233,118

Net investment income		17,145,433			27,086,252			26,310,368

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		5,183,234			30,163,988			776,221
Foreign currency transactions		—			(485,639	)		—
Forward foreign currency exchange contracts		—			403,674			—
Increase from payment by affiliate (Note 6)		—			40,582			—

Net realized gain		5,183,234			30,122,605			776,221
Net change in unrealized appreciation (depreciation) on:
Investments		(7,604,191	)		50,777,885			26,668,587
Foreign currency translations		—			20,303			—

Net change in unrealized appreciation (depreciation)		(7,604,191	)		50,798,188			26,668,587

Net realized and unrealized gain (loss)		(2,420,957	)		80,920,793			27,444,808

Net increase in net assets resulting from operations	$	14,724,476		$	108,007,045		$	53,755,176

The accompanying Notes to Financial Statements are an integral part of this statement.

204 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –
	Jennison Mid Cap			Variable Portfolio –			Variable Portfolio –
	Growth			MFS Value			Marsico Growth
	Fund			Fund			Fund
Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	5,000,674		$	19,778,152		$	9,262,841
Dividends from affiliates		14,882			23,016			60,375
Income from securities lending — net		184,621			118,074			458,604
Foreign taxes withheld		(27,047	)		(461,437	)		—

Total income		5,173,130			19,457,805			9,781,820

Expenses:
Investment management fees		3,338,929			5,149,034			5,206,754
Distribution fees
Class 2		661			888			1,157
Transfer agent fees
Class 1		266,950			489,885			495,592
Class 2		159			213			278
Administration fees		257,246			445,612			450,422
Compensation of board members		9,171			16,300			16,537
Custodian fees		4,745			9,815			10,050
Printing and postage fees		—			21,126			29,711
Professional fees		—			18,250			14,435

Total expenses		3,877,861			6,151,123			6,224,936
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(213,840	)		(692,469	)		(376,891	)

Total net expenses		3,664,021			5,458,654			5,848,045

Net investment income		1,509,109			13,999,151			3,933,775

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		28,558,623			24,142,147			60,042,968
Foreign currency transactions		(83	)		(22,806	)		567
Forward foreign currency exchange contracts		—			45,727			574

Net realized gain		28,558,540			24,165,068			60,044,109
Net change in unrealized appreciation (depreciation) on:
Investments		50,425,314			49,807,234			28,393,747
Foreign currency translations		—			(1,092	)		—

Net change in unrealized appreciation		50,425,314			49,806,142			28,393,747

Net realized and unrealized gain		78,983,854			73,971,210			88,437,856

Net increase in net assets resulting from operations	$	80,492,963		$	87,970,361		$	92,371,631

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 205

Statement of Operations (continued)


	Variable Portfolio –			Variable Portfolio –
	Mondrian International			Morgan Stanley			Variable Portfolio – NFJ
	Small Cap			Global Real Estate			Dividend Value
	Fund			Fund			Fund
Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	6,137,010		$	6,621,589		$	32,128,664
Interest		30			35			—
Dividends from affiliates		6,495			11,281			104,213
Income from securities lending — net		168,757			123,932			577,011
Foreign taxes withheld		(656,840	)		(254,438	)		(488,447	)

Total income		5,655,452			6,502,399			32,321,441

Expenses:
Investment management fees		1,461,299			1,646,710			5,171,301
Distribution fees
Class 2		8			2,071			506
Transfer agent fees
Class 1		93,284			115,739			492,203
Class 2		2			497			122
Administration fees		124,384			154,986			447,468
Compensation of board members		3,608			4,339			16,384
Custodian fees		1,836			21,056			50
Printing and postage fees		—			—			2,654
Professional fees		1			1,498			16,281

Total expenses		1,684,422			1,946,896			6,146,969
Fees waived or expenses reimbursed by Investment Manager and its affiliates		—			(258,483	)		(645,661	)

Total net expenses		1,684,422			1,688,413			5,501,308

Net investment income		3,971,030			4,813,986			26,820,133

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		12,678,293			6,447,551			62,229,512
Foreign currency transactions		159,337			143,598			—
Forward foreign currency exchange contracts		(662,766	)		(4,707	)		—

Net realized gain		12,174,864			6,586,442			62,229,512
Net change in unrealized appreciation (depreciation) on:
Investments		9,545,142			9,825,766			25,031,754
Foreign currency translations		11,899			3,040			—
Forward foreign currency exchange contracts		(76,467	)		7,632			—

Net change in unrealized appreciation		9,480,574			9,836,438			25,031,754

Net realized and unrealized gain		21,655,438			16,422,880			87,261,266

Net increase in net assets resulting from operations	$	25,626,468		$	21,236,866		$	114,081,399

The accompanying Notes to Financial Statements are an integral part of this statement.

206 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –			Variable Portfolio –			Variable Portfolio –
	Nuveen Winslow			Partners Small			PIMCO Mortgage-
	Large Cap Growth			Cap Growth			Backed Securities
	Fund			Fund			Fund
Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	5,825,347		$	1,115,226		$	—
Interest		—			—			14,926,045
Dividends from affiliates		45,217			8,625			—
Income from securities lending — net		164,501			418,171			4,486
Foreign taxes withheld		—			(2,369	)		—

Total income		6,035,065			1,539,653			14,930,531

Expenses:
Investment management fees		4,926,940			2,187,839			2,719,835
Distribution fees
Class 2		141			324			828
Transfer agent fees
Class 1		467,855			150,129			342,602
Class 2		34			78			199
Administration fees		427,104			200,069			379,997
Compensation of board members		15,196			5,441			11,494
Custodian fees		145			4,635			46,199
Printing and postage fees		9,000			—			—
Professional fees		17,546			—			12,040
Other		8,650			—			—

Total expenses		5,872,611			2,548,515			3,513,194
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(294,239	)		—			(363,321	)

Total net expenses		5,578,372			2,548,515			3,149,873

Net investment income (loss)		456,693			(1,008,862	)		11,780,658

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		47,752,558			28,353,359			2,066,416
Futures contracts		—			—			232,328

Net realized gain		47,752,558			28,353,359			2,298,744
Net change in unrealized appreciation (depreciation) on:
Investments		64,069,372			17,498,110			15,507,138

Net change in unrealized appreciation		64,069,372			17,498,110			15,507,138

Net realized and unrealized gain		111,821,930			45,851,469			17,805,882

Net increase in net assets resulting from operations	$	112,278,623		$	44,842,607		$	29,586,540

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 207

Statement of Operations (continued)


	Variable Portfolio –			Variable Portfolio –
	Pyramis^® International			Wells Fargo Short
	Equity			Duration Government
	Fund			Fund
Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	22,653,019		$	—
Interest		4			15,493,127
Dividends from affiliates		42,498			116,494
Income from securities lending — net		932,752			393,341
Foreign taxes withheld		(2,378,058	)		—

Total income		21,250,215			16,002,962

Expenses:
Investment management fees		4,544,358			3,877,796
Distribution fees
Class 2		299			718
Transfer agent fees
Class 1		322,153			497,020
Class 2		72			172
Administration fees		413,129			534,388
Compensation of board members		10,995			16,375
Custodian fees		123,143			16,765
Printing and postage fees		—			14,886
Professional fees		—			18,430

Total expenses		5,414,149			4,976,550
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(276,904	)		(330,377	)

Total net expenses		5,137,245			4,646,173

Net investment income		16,112,970			11,356,789

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		41,432,042			4,350,298
Foreign currency transactions		43,886			—
Forward foreign currency exchange contracts		(45,978	)		—
Futures contracts		1,445,517			—

Net realized gain		42,875,467			4,350,298
Net change in unrealized appreciation (depreciation) on:
Investments		1,602,493			6,284,232
Foreign currency translations		24,593			—
Forward foreign currency exchange contracts		(21,889	)		—
Futures contracts		(166,257	)		—

Net change in unrealized appreciation		1,438,940			6,284,232

Net realized and unrealized gain		44,314,407			10,634,530

Net increase in net assets resulting from operations	$	60,427,377		$	21,991,319

The accompanying Notes to Financial Statements are an integral part of this statement.

208 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Columbia Variable Portfolio –
	Limited Duration Credit Fund						Variable Portfolio – AllianceBernstein International Value Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income	$	36,001,728		$	34,148,322		$	23,026,556		$	7,155,059
Net realized gain (loss)		12,340,349			(6,465,300	)		68,118,534			39,856,614
Net change in unrealized appreciation (depreciation)		10,965,296			28,449,055			(59,382,251	)		172,832,228

Net increase in net assets resulting from operations		59,307,373			56,132,077			31,762,839			219,843,901

Distributions to shareholders from:
Net investment income
Class 1		(34,116,113	)		—			(24,283,032	)		(10,498,553	)
Class 2		(40,538	)		—			(18,014	)		(2,549	)
Net realized gains
Class 1		(6,956,317	)		—			(36,176,916	)		—
Class 2		(8,914	)		—			(33,297	)		—

Total distributions to shareholders		(41,121,882	)		—			(60,511,259	)		(10,501,102	)

Increase in net assets from share transactions		235,874,806			2,315,516,272			174,289,967			1,045,400,019

Total increase in net assets		254,060,297			2,371,648,349			145,541,547			1,254,742,818
Net assets at beginning of period		2,371,659,884			11,535	^(b)		1,254,754,351			11,533	^(c)

Net assets at end of period	$	2,625,720,181		$	2,371,659,884		$	1,400,295,898		$	1,254,754,351

Undistributed net investment income	$	35,993,399		$	34,148,322		$	1,095,800		$	2,370,290


	Columbia Variable Portfolio – Limited Duration Credit Fund												Variable Portfolio – AllianceBernstein International Value Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		20,284,867			211,129,662			231,562,661			2,321,856,290			10,890,617			123,252,470			112,142,834			1,051,938,321
Distributions reinvested		3,968,351			41,072,430			—			—			5,503,083			60,459,948			1,009,638			10,498,553
Redemptions		(1,780,431	)		(18,436,334	)		(746,360	)		(7,583,471	)		(865,237	)		(10,173,818	)		(1,696,113	)		(17,586,169	)

Net increase		22,472,787			233,765,758			230,816,301			2,314,272,819			15,528,463			173,538,600			111,456,359			1,044,850,705

Class 2 shares
Subscriptions		225,049			2,347,017			148,057			1,517,580			75,573			875,504			53,242			568,567
Distributions reinvested		4,787			49,452			—			—			4,692			51,311			229			2,549
Redemptions		(27,953	)		(287,421	)		(26,558	)		(274,127	)		(15,336	)		(175,448	)		(2,091	)		(21,802	)

Net increase		201,883			2,109,048			121,499			1,243,453			64,929			751,367			51,380			549,314

Total net increase		22,674,670			235,874,806			230,937,800			2,315,516,272			15,593,392			174,289,967			111,507,739			1,045,400,019


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $2, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $4, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 209

Statement of Changes in Net Assets (continued)


	Variable Portfolio – American Century Diversified Bond Fund						Variable Portfolio – American Century Growth Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income	$	28,445,668		$	24,738,444		$	6,763,185		$	9,458,833
Net realized gain (loss)		330,889			6,260,679			113,068,174			(10,001,369	)
Net change in unrealized appreciation (depreciation)		23,783,750			7,381,519			(24,722,969	)		272,355,849

Net increase in net assets resulting from operations		52,560,307			38,380,642			95,108,390			271,813,313

Distributions to shareholders from:
Net investment income
Class 1		(23,096,395	)		—			—			—
Class 2		(14,310	)		—			—			—
Net realized gains
Class 1		(9,286,348	)		—			—			—
Class 2		(6,482	)		—			—			—

Total distributions to shareholders		(32,403,535	)		—			—			—

Increase (decrease) in net assets from share transactions		175,956,187			1,960,313,272			(109,451,575	)		1,509,513,027

Total increase (decrease) in net assets		196,112,959			1,998,693,914			(14,343,185	)		1,781,326,340
Net assets at beginning of period		1,998,722,378			28,464	^(b)		1,781,337,874			11,534	^(c)

Net assets at end of period	$	2,194,835,337		$	1,998,722,378		$	1,766,994,689		$	1,781,337,874

Undistributed net investment income	$	27,284,559		$	21,949,596		$	—		$	—


	Variable Portfolio – American Century Diversified Bond Fund												Variable Portfolio – American Century Growth Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		15,688,302			165,421,404			194,702,664			1,999,994,210			4,022,228			47,814,788			158,957,339			1,528,083,687
Distributions reinvested		3,060,751			32,382,743			—			—			—			—			—			—
Redemptions		(2,147,551	)		(22,549,967	)		(3,931,408	)		(40,502,156	)		(13,620,075	)		(157,531,384	)		(1,768,722	)		(18,748,024	)

Net increase (decrease)		16,601,502			175,254,180			190,771,256			1,959,492,054			(9,597,847	)		(109,716,596	)		157,188,617			1,509,335,663

Class 2 shares
Subscriptions		84,795			895,495			84,222			890,096			26,891			316,055			17,465			183,522
Distributions reinvested		1,967			20,792			—			—			—			—			—			—
Redemptions		(20,463	)		(214,280	)		(6,617	)		(68,878	)		(4,284	)		(51,034	)		(585	)		(6,158	)

Net increase		66,299			702,007			77,605			821,218			22,607			265,021			16,880			177,364

Total net increase (decrease)		16,667,801			175,956,187			190,848,861			1,960,313,272			(9,575,240	)		(109,451,575	)		157,205,497			1,509,513,027


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $24,000 was contributed on April 20, 2010. The Fund had an increase in net assets resulting from operations of $426, and an increase in net assets resulting from proceeds from sales of shares of $4,038 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $3, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

210 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio – Columbia Wanger International Equities Fund						Variable Portfolio – Columbia Wanger U.S. Equities Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	4,165,177		$	1,736,587		$	(1,018,108	)	$	(296,398	)
Net realized gain		8,765,676			8,537,915			3,532,736			113,843
Net change in unrealized appreciation		6,344,857			92,405,576			69,532,984			114,627,178

Net increase in net assets resulting from operations		19,275,710			102,680,078			72,047,612			114,444,623

Distributions to shareholders from:
Net investment income
Class 1		(12,443,283	)		(2,299,420	)		—			—
Class 2		(56,676	)		(1,144	)		—			—
Net realized gains
Class 1		(7,109,564	)		—			—			—
Class 2		(42,025	)		—			—			—

Total distributions to shareholders		(19,651,548	)		(2,300,564	)		—			—

Increase (decrease) in net assets from share transactions		44,498,362			404,360,067			(14,390,606	)		543,095,511

Total increase in net assets		44,122,524			504,739,581			57,657,006			657,540,134
Net assets at beginning of period		504,747,080			7,499	^(b)		657,552,633			12,499	^(c)

Net assets at end of period	$	548,869,604		$	504,747,080		$	715,209,639		$	657,552,633

Undistributed (excess of distributions over) net investment income	$	(7,421,419	)	$	913,363		$	—		$	—


	Variable Portfolio – Columbia Wanger International Equities Fund												Variable Portfolio – Columbia Wanger U.S. Equities Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		2,508,265			30,890,992			41,378,359			408,455,693			1,263,710			16,205,684			56,621,839			556,754,584
Distributions reinvested		1,599,838			19,552,847			216,049			2,299,420			—			—			—			—
Redemptions		(630,886	)		(7,933,610	)		(693,937	)		(7,599,039	)		(2,489,780	)		(31,815,670	)		(1,289,505	)		(14,348,835	)

Net increase (decrease)		3,477,217			42,510,229			40,900,471			403,156,074			(1,226,070	)		(15,609,986	)		55,332,334			542,405,749

Class 2 shares
Subscriptions		165,629			2,050,000			106,524			1,215,778			103,136			1,297,725			66,245			701,275
Distributions reinvested		8,080			98,701			99			1,143			—			—			—			—
Redemptions		(12,878	)		(160,568	)		(1,107	)		(12,928	)		(6,378	)		(78,345	)		(981	)		(11,513	)

Net increase		160,831			1,988,133			105,516			1,203,993			96,758			1,219,380			65,264			689,762

Total net increase (decrease)		3,638,048			44,498,362			41,005,987			404,360,067			(1,129,312	)		(14,390,606	)		55,397,598			543,095,511


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on May 3, 2010. The Fund had a decrease in net assets resulting from operations of $1 during the period from May 3, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $12,500 was contributed on May 3, 2010. The Fund had a decrease in net assets resulting from operations of $1 during the period from May 3, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 211

Statement of Changes in Net Assets (continued)


	Variable Portfolio –						Variable Portfolio –
	Eaton Vance Floating-Rate Income Fund						Invesco International Growth Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income	$	17,145,433		$	16,779,852		$	27,086,252		$	7,806,650
Net realized gain		5,183,234			1,695,919			30,122,605			18,685,001
Net change in unrealized appreciation (depreciation)		(7,604,191	)		12,082,155			50,798,188			259,289,710

Net increase in net assets resulting from operations		14,724,476			30,557,926			108,007,045			285,781,361

Distributions to shareholders from:
Net investment income
Class 1		(16,659,942	)		—			(25,185,664	)		(8,798,596	)
Class 2		(122,565	)		—			(15,186	)		(469	)
Net realized gains
Class 1		(1,683,217	)		—			(17,942,806	)		—
Class 2		(13,002	)		—			(12,872	)		—

Total distributions to shareholders		(18,478,726	)		—			(43,156,528	)		(8,799,065	)

Increase in net assets from share transactions		117,420,099			759,097,385			139,421,897			1,368,674,200

Total increase in net assets		113,665,849			789,655,311			204,272,414			1,645,656,496
Net assets at beginning of period		790,164,266			508,955	^(b)		1,645,668,029			11,533	^(c)

Net assets at end of period	$	903,830,115		$	790,164,266		$	1,849,940,943		$	1,645,668,029

Undistributed (excess of distributions over) net investment income	$	17,142,698		$	16,779,772		$	1,880,887		$	(4,515	)


	Variable Portfolio – Eaton Vance Floating-Rate Income Fund												Variable Portfolio – Invesco International Growth Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		10,968,425			110,407,670			79,957,147			762,765,431			8,723,429			104,312,884			142,064,592			1,376,017,043
Distributions reinvested		1,854,718			18,343,159			—			—			3,605,859			43,128,470			852,717			8,798,596
Redemptions		(1,651,944	)		(16,609,818	)		(548,764	)		(5,365,751	)		(729,283	)		(8,817,155	)		(1,586,818	)		(16,572,081	)

Net increase		11,171,199			112,141,011			79,408,383			757,399,680			11,600,005			138,624,199			141,330,491			1,368,243,558

Class 2 shares
Subscriptions		564,772			5,632,641			177,110			1,708,475			70,898			852,878			39,583			439,539
Distributions reinvested		13,847			135,567			—			—			2,349			28,058			42			469
Redemptions		(49,177	)		(489,120	)		(1,107	)		(10,770	)		(6,862	)		(83,238	)		(888	)		(9,366	)

Net increase		529,442			5,279,088			176,003			1,697,705			66,385			797,698			38,737			430,642

Total net increase		11,700,641			117,420,099			79,584,386			759,097,385			11,666,390			139,421,897			141,369,228			1,368,674,200


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $525,000 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $20,082, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $4, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

212 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –						Variable Portfolio –
	J.P. Morgan Core Bond Fund						Jennison Mid Cap Growth Fund
	Six months ended			Year ended			Six months ended		Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011		December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income	$	26,310,368		$	20,497,805		$	1,509,109	$	3,647,271
Net realized gain (loss)		776,221			13,874,777			28,558,540		(6,878,632	)
Net change in unrealized appreciation		26,668,587			7,348,119			50,425,314		123,766,696

Net increase in net assets resulting from operations		53,755,176			41,720,701			80,492,963		120,535,335

Distributions to shareholders from:
Net investment income
Class 1		(24,561,962	)		—			—		—
Class 2		(17,274	)		—			—		—
Net realized gains
Class 1		(13,865,238	)		—			—		—
Class 2		(11,010	)		—			—		—

Total distributions to shareholders		(38,455,484	)		—			—		—

Increase in net assets from share transactions		161,773,818			1,751,369,337			22,680,000		719,692,690

Total increase in net assets		177,073,510			1,793,090,038			103,172,963		840,228,025
Net assets at beginning of period		1,793,101,573			11,535	^(b)		840,239,559		11,534	^(c)

Net assets at end of period	$	1,970,175,083		$	1,793,101,573		$	943,412,522	$	840,239,559

Undistributed net investment income	$	22,228,938		$	20,497,806		$	—	$	—


	Variable Portfolio – J.P. Morgan Core Bond Fund												Variable Portfolio – Jennison Mid Cap Growth Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		13,774,543			144,376,933			183,982,410			1,867,395,864			3,213,595			38,498,939			74,852,822			729,396,909
Distributions reinvested		3,663,222			38,427,200			—			—			—			—			—			—
Redemptions		(2,051,345	)		(21,404,519	)		(11,523,532	)		(117,205,791	)		(1,338,270	)		(16,087,534	)		(928,967	)		(10,016,813	)

Net increase		15,386,420			161,399,614			172,458,878			1,750,190,073			1,875,325			22,411,405			73,923,855			719,380,096

Class 2 shares
Subscriptions		50,301			527,030			119,257			1,247,219			27,516			328,601			30,658			316,960
Distributions reinvested		2,701			28,284			—			—			—			—			—			—
Redemptions		(17,383	)		(181,110	)		(6,612	)		(67,955	)		(4,882	)		(60,006	)		(453	)		(4,366	)

Net increase		35,619			374,204			112,645			1,179,264			22,634			268,595			30,205			312,594

Total net increase		15,422,039			161,773,818			172,571,523			1,751,369,337			1,897,959			22,680,000			73,954,060			719,692,690


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $2, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $4, and an increase in net assets resulting from proceeds from sales of shares of $4,038 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 213

Statement of Changes in Net Assets (continued)


	Variable Portfolio – MFS Value Fund					Variable Portfolio – Marsico Growth Fund
	Six months ended		Year ended			Six months ended		Year ended
	June 30, 2011		December 31, 2010^(a)			June 30, 2011		December 31, 2010^(a)
	(Unaudited)					(Unaudited)
Operations
Net investment income	$	13,999,151	$	14,377,365		$	3,933,775	$	5,466,865
Net realized gain (loss)		24,165,068		12,596,904			60,044,109		(4,183,704	)
Net change in unrealized appreciation		49,806,142		167,889,233			28,393,747		270,493,900

Net increase in net assets resulting from operations		87,970,361		194,863,502			92,371,631		271,777,061

Increase in net assets from share transactions		107,279,635		1,339,677,397			80,513,754		1,319,073,817

Total increase in net assets		195,249,996		1,534,540,899			172,885,385		1,590,850,878
Net assets at beginning of period		1,534,552,434		11,535	^(b)		1,590,863,377		12,499	^(c)

Net assets at end of period	$	1,729,802,430	$	1,534,552,434		$	1,763,748,762	$	1,590,863,377


	Variable Portfolio – MFS Value Fund												Variable Portfolio – Marsico Growth Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		10,520,543			118,679,934			143,791,969			1,351,320,687			7,986,814			99,091,610			133,667,023			1,338,930,107
Redemptions		(1,084,135	)		(12,160,486	)		(1,228,111	)		(11,976,086	)		(1,578,859	)		(19,825,219	)		(1,783,890	)		(20,145,653	)

Net increase		9,436,408			106,519,448			142,563,858			1,339,344,601			6,407,955			79,266,391			131,883,133			1,318,784,454

Class 2 shares
Subscriptions		69,854			789,265			34,631			344,460			102,729			1,275,095			27,774			304,744
Redemptions		(2,599	)		(29,078	)		(1,192	)		(11,664	)		(2,270	)		(27,732	)		(1,418	)		(15,381	)

Net increase		67,255			760,187			33,439			332,796			100,459			1,247,363			26,356			289,363

Total net increase		9,503,663			107,279,635			142,597,297			1,339,677,397			6,508,414			80,513,754			131,909,489			1,319,073,817


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $3, and an increase in net assets resulting from proceeds from sales of shares of $4,038 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $12,500 was contributed on May 3, 2010. The Fund had a decrease in net assets resulting from operations of $1 during the period from May 3, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

214 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –						Variable Portfolio –
	Mondrian International Small Cap Fund						Morgan Stanley Global Real Estate Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income	$	3,971,030		$	2,753,143		$	4,813,986		$	5,087,796
Net realized gain		12,174,864			6,787,484			6,586,442			5,194,935
Net change in unrealized appreciation		9,480,574			60,676,830			9,836,438			57,896,146

Net increase in net assets resulting from operations		25,626,468			70,217,457			21,236,866			68,178,877

Distributions to shareholders from:
Net investment income
Class 1		(5,123,037	)		(2,500,263	)		(15,843,764	)		—
Class 2		(98	)		(42	)		(94,286	)		—
Net realized gains
Class 1		(6,585,064	)		—			(4,964,313	)		—
Class 2		(136	)		—			(30,296	)		—

Total distributions to shareholders		(11,708,335	)		(2,500,305	)		(20,932,659	)		—

Increase in net assets from share transactions		13,308,092			234,166,481			42,335,395			302,055,625

Total increase in net assets		27,226,225			301,883,633			42,639,602			370,234,502
Net assets at beginning of period		301,895,166			11,533	^(b)		370,246,036			11,534	^(c)

Net assets at end of period	$	329,121,391		$	301,895,166		$	412,885,638		$	370,246,036

Undistributed (excess of distributions over) net investment income	$	(691,716	)	$	460,389		$	(6,142,109	)	$	4,981,955


	Variable Portfolio – Mondrian International												Variable Portfolio – Morgan Stanley Global
	Small Cap Fund												Real Estate Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		1,121,593			14,232,584			24,624,020			238,381,644			2,301,890			27,511,868			32,186,125			308,858,524
Distributions reinvested		914,871			11,708,101			214,735			2,500,263			1,787,636			20,808,077			—			—
Redemptions		(968,257	)		(12,632,827	)		(601,564	)		(6,715,468	)		(624,153	)		(7,659,771	)		(711,594	)		(7,642,367	)

Net increase		1,068,207			13,307,858			24,237,191			234,166,439			3,465,373			40,660,174			31,474,531			301,216,157

Class 2 shares
Subscriptions		—			—			—			—			136,325			1,640,506			75,185			845,418
Distributions reinvested		18			234			4			42			10,731			124,582			—			—
Redemptions		—			—			—			—			(7,478	)		(89,867	)		(547	)		(5,950	)

Net increase		18			234			4			42			139,578			1,675,221			74,638			839,468

Total net increase		1,068,225			13,308,092			24,237,195			234,166,481			3,604,951			42,335,395			31,549,169			302,055,625


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $4, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $4, and an increase in net assets resulting from proceeds from sales of shares of $4,038 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 215

Statement of Changes in Net Assets (continued)


	Variable Portfolio –					Variable Portfolio –
	NFJ Dividend Value Fund					Nuveen Winslow Large Cap Growth Fund
	Six months ended		Year ended			Six months ended		Year ended
	June 30, 2011		December 31, 2010^(a)			June 30, 2011		December 31, 2010^(a)
	(Unaudited)					(Unaudited)
Operations
Net investment income	$	26,820,133	$	30,222,838		$	456,693	$	1,141,953
Net realized gain		62,229,512		35,360,662			47,752,558		44,870,065
Net change in unrealized appreciation		25,031,754		170,816,725			64,069,372		144,968,676

Net increase in net assets resulting from operations		114,081,399		236,400,225			112,278,623		190,980,694

Increase in net assets from share transactions		82,124,163		1,308,316,041			426,862,206		1,002,005,050

Total increase in net assets		196,205,562		1,544,716,266			539,140,829		1,192,985,744
Net assets at beginning of period		1,544,727,801		11,535	^(b)		1,192,997,279		11,535	^(c)

Net assets at end of period	$	1,740,933,363	$	1,544,727,801		$	1,732,138,108	$	1,192,997,279


	Variable Portfolio – NFJ Dividend Value Fund												Variable Portfolio – Nuveen Winslow Large Cap Growth Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		7,863,694			93,292,643			138,511,675			1,321,266,919			36,683,818			432,144,570			105,880,806			1,017,520,952
Redemptions		(997,265	)		(11,681,770	)		(1,307,580	)		(13,114,614	)		(452,789	)		(5,501,339	)		(1,446,726	)		(15,548,868	)

Net increase		6,866,429			81,610,873			137,204,095			1,308,152,305			36,231,029			426,643,231			104,434,080			1,001,972,084

Class 2 shares
Subscriptions		45,919			546,891			19,811			205,387			19,529			233,965			3,373			35,146
Redemptions		(2,849	)		(33,601	)		(3,996	)		(41,651	)		(1,248	)		(14,990	)		(196	)		(2,180	)

Net increase		43,070			513,290			15,815			163,736			18,281			218,975			3,177			32,966

Total net increase		6,909,499			82,124,163			137,219,910			1,308,316,041			36,249,310			426,862,206			104,437,257			1,002,005,050


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $3, and an increase in net assets resulting from proceeds from sales of shares of $4,038 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $3, and an increase in net assets resulting from proceeds from sales of shares of $4,038 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

216 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT


	Variable Portfolio –						Variable Portfolio –
	Partners Small Cap Growth Fund						PIMCO Mortgage-Backed Securities Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	(1,008,862	)	$	(563,456	)	$	11,780,658		$	7,645,518
Net realized gain		28,353,359			3,998,478			2,298,744			17,429,097
Net change in unrealized appreciation (depreciation)		17,498,110			92,512,591			15,507,138			(1,502,633	)

Net increase in net assets resulting from operations		44,842,607			95,947,613			29,586,540			23,571,982

Distributions to shareholders from:
Net investment income
Class 1		—			—			(9,730,376	)		—
Class 2		—			—			(6,010	)		—
Net realized gains
Class 1		—			—			(25,959,406	)		—
Class 2		—			—			(18,977	)		—

Total distributions to shareholders		—			—			(35,714,769	)		—

Increase (decrease) in net assets from share transactions		(4,075,930	)		387,802,684			127,361,061			1,064,634,356

Total increase in net assets		40,766,677			483,750,297			121,232,832			1,088,206,338
Net assets at beginning of period		483,761,830			11,533	^(b)		1,088,217,873			11,535	^(c)

Net assets at end of period	$	524,528,507		$	483,761,830		$	1,209,450,705		$	1,088,217,873

Undistributed net investment income	$	—		$	—		$	11,721,011		$	9,676,739


	Variable Portfolio – Partners Small Cap Growth Fund												Variable Portfolio – PIMCO Mortgage-Backed Securities Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		1,798,577			22,353,800			42,151,805			399,499,582			9,577,844			99,711,167			105,209,468			1,067,634,080
Distributions reinvested		—			—			—			—			3,454,964			35,689,782			—			—
Redemptions		(2,109,590	)		(26,672,153	)		(1,056,099	)		(11,809,069	)		(811,949	)		(8,449,487	)		(336,573	)		(3,473,048	)

Net increase (decrease)		(311,013	)		(4,318,353	)		41,095,706			387,690,513			12,220,859			126,951,462			104,872,895			1,064,161,032

Class 2 shares
Subscriptions		23,309			291,545			11,131			116,688			38,253			399,639			46,025			477,334
Distributions reinvested		—			—			—			—			2,424			24,987			—			—
Redemptions		(3,863	)		(49,122	)		(458	)		(4,517	)		(1,431	)		(15,027	)		(386	)		(4,010	)

Net increase		19,446			242,423			10,673			112,171			39,246			409,599			45,639			473,324

Total net increase (decrease)		(291,567	)		(4,075,930	)		41,106,379			387,802,684			12,260,105			127,361,061			104,918,534			1,064,634,356


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $5, and an increase in net assets resulting from proceeds from sales of shares of $4,038 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $2, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 217

Statement of Changes in Net Assets (continued)


	Variable Portfolio –						Variable Portfolio –
	Pyramis^® International Equity Fund						Wells Fargo Short Duration Government Fund
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)			June 30, 2011			December 31, 2010^(a)
	(Unaudited)						(Unaudited)
Operations
Net investment income	$	16,112,970		$	4,527,838		$	11,356,789		$	14,674,209
Net realized gain		42,875,467			26,108,055			4,350,298			3,944,902
Net change in unrealized appreciation		1,438,940			158,952,230			6,284,232			2,275,027

Net increase in net assets resulting from operations		60,427,377			189,588,123			21,991,319			20,894,138

Distributions to shareholders from:
Net investment income
Class 1		(17,994,225	)		(3,701,326	)		(14,675,044	)		—
Class 2		(5,108	)		(162	)		(5,216	)		—
Net realized gains
Class 1		(26,655,107	)		—			(4,810,794	)		—
Class 2		(8,789	)		—			(2,031	)		—

Total distributions to shareholders		(44,663,229	)		(3,701,488	)		(19,493,085	)		—

Increase in net assets from share transactions		109,484,022			833,498,332			176,291,694			1,554,062,206

Total increase in net assets		125,248,170			1,019,384,967			178,789,928			1,574,956,344
Net assets at beginning of period		1,019,396,500			11,533	^(b)		1,574,983,936			27,592	^(c)

Net assets at end of period	$	1,144,644,670		$	1,019,396,500		$	1,753,773,864		$	1,574,983,936

Undistributed (excess of distributions over) net investment income	$	(839,833	)	$	1,046,530		$	11,350,740		$	14,674,211


	Variable Portfolio – Pyramis^® International Equity Fund												Variable Portfolio – Wells Fargo Short Duration Government Fund
	Six months ended						Year ended						Six months ended						Year ended
	June 30, 2011						December 31, 2010^(a)						June 30, 2011						December 31, 2010^(a)
	(Unaudited)												(Unaudited)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		6,309,312			74,579,680			93,037,813			880,031,435			16,280,483			166,653,282			154,988,922			1,559,124,467
Distributions reinvested		3,842,363			44,649,332			336,829			3,701,326			1,908,505			19,485,838			—			—
Redemptions		(832,824	)		(10,051,945	)		(5,280,853	)		(50,314,314	)		(988,184	)		(10,090,229	)		(544,833	)		(5,525,466	)

Net increase		9,318,851			109,177,067			88,093,789			833,418,447			17,200,804			176,048,891			154,444,089			1,553,599,001

Class 2 shares
Subscriptions		25,809			307,974			7,263			82,429			34,109			349,173			47,442			481,668
Distributions reinvested		1,199			13,897			14			162			711			7,247			—			—
Redemptions		(1,265	)		(14,916	)		(240	)		(2,706	)		(11,131	)		(113,617	)		(1,813	)		(18,463	)

Net increase		25,743			306,955			7,037			79,885			23,689			242,803			45,629			463,205

Total net increase		9,344,594			109,484,022			88,100,826			833,498,332			17,224,493			176,291,694			154,489,718			1,554,062,206


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Initial capital of $7,500 was contributed on April 20, 2010. The Fund had a decrease in net assets resulting from operations of $4, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).
^(c)		Initial capital of $23,500 was contributed on April 20, 2010. The Fund had an increase in net assets resulting from operations of $55, and an increase in net assets resulting from proceeds from sales of shares of $4,037 during the period from April 20, 2010 to May 7, 2010 (when shares became available).

The accompanying Notes to Financial Statements are an integral part of this statement.

218 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Financial Highlights

The following tables are intended to help you understand each Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract charges, if any, and are not annualized for periods of less than one year.

Columbia Variable Portfolio – Limited Duration Credit Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.27			$10.00

Income from investment operations:
Net investment income		0.15			0.18
Net realized and unrealized gain on investments		0.10			0.09

Total from investment operations		0.25			0.27

Net investment income		(0.14	)		—
Net realized gains		(0.03	)		—

Total distributions to shareholders		(0.17	)		—

Net asset value, end of period		$10.35			$10.27

Total return		2.38%			2.70%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.59%	^(c)		0.61%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.54%	^(c)		0.54%	^(c)

Net investment income		2.90%	^(c)		2.75%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,622,375			$2,370,410

Portfolio turnover^(e)		58%			16%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.25			$10.00

Income from investment operations:
Net investment income		0.13			0.17
Net realized and unrealized gain on investments		0.11			0.08

Total from investment operations		0.24			0.25

Net investment income		(0.13	)		—
Net realized gains		(0.03	)		—

Total distributions to shareholders		(0.16	)		—

Net asset value, end of period		$10.33			$10.25

Total return		2.29%			2.50%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.84%	^(c)		0.86%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.79%	^(c)		0.79%	^(c)

Net investment income		2.63%	^(c)		2.64%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$3,345			$1,250

Portfolio turnover^(e)		58%			16%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(e)		Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 56% for the six months ended June 30, 2011 and 10% for the year ended December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 219

Financial Highlights (continued)

Variable Portfolio – AllianceBernstein International Value Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.25			$10.00

Income from investment operations:
Net investment income		0.20			0.07
Net realized and unrealized gain on investments		0.07			1.27
Increase from payment by affiliate		—			0.00	^(b)

Total from investment operations		0.27			1.34

Less distributions to shareholders from:
Net investment income		(0.20	)		(0.09	)
Net realized gains		(0.30	)		—

Total distributions to shareholders		(0.50	)		(0.09	)

Net asset value, end of period		$11.02			$11.25

Total return		2.46%			13.53%	^(c)

Ratios to average net assets^(d)
Expenses prior to fees waived or expenses reimbursed		1.01%	^(e)		1.04%	^(e)

Net expenses after fees waived or expenses reimbursed^(f)		0.94%	^(e)		0.92%	^(e)

Net investment income		3.48%	^(e)		1.04%	^(e)

Supplemental data
Net assets, end of period (in thousands)		$1,399,011			$1,254,171

Portfolio turnover		26%			29%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.24			$10.00

Income from investment operations:
Net investment income		0.20			0.02
Net realized and unrealized gain on investments		0.05			1.30
Increase from payment by affiliate		—			0.00	^(b)

Total from investment operations		0.25			1.32

Less distributions to shareholders from:
Net investment income		(0.19	)		(0.08	)
Net realized gains		(0.30	)		—

Total distributions to shareholders		(0.49	)		(0.08	)

Net asset value, end of period		$11.00			$11.24

Total return		2.27%			13.30%	^(c)

Ratios to average net assets^(d)
Expenses prior to fees waived or expenses reimbursed		1.26%	^(e)		1.29%	^(e)

Net expenses after fees waived or expenses reimbursed^(e)		1.18%	^(e)		1.17%	^(e)

Net investment income		3.58%	^(e)		0.28%	^(e)

Supplemental data
Net assets, end of period (in thousands)		$1,285			$583

Portfolio turnover		26%			29%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Rounds to less than $0.01.
^(c)		During the year ended December 31, 2010 , the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.
^(d)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(e)		Annualized.
^(f)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

220 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – American Century Diversified Bond Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.47			$10.15

Income from investment operations:
Net investment income		0.14			0.16
Net realized and unrealized gain on investments		0.13			0.16

Total from investment operations		0.27			0.32

Less distributions to shareholders from:
Net investment income		(0.11	)		—
Net realized gains		(0.05	)		—

Total distributions to shareholders		(0.16	)		—

Net asset value, end of period		$10.58			$10.47

Total return		2.56%			3.15%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.60%	^(c)		0.62%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.56%	^(c)		0.55%	^(c)

Net investment income		2.74%	^(c)		2.32%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,193,310			$1,997,905

Portfolio turnover		37%			66%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.46			$10.15

Income from investment operations:
Net investment income		0.13			0.15
Net realized and unrealized gain on investments		0.12			0.16

Total from investment operations		0.25			0.31

Less distributions to shareholders from:
Net investment income		(0.10	)		—
Net realized gains		(0.05	)		—

Total distributions to shareholders		(0.15	)		—

Net asset value, end of period		$10.56			$10.46

Total return		2.35%			3.05%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.84%	^(c)		0.85%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.81%	^(c)		0.80%	^(c)

Net investment income		2.50%	^(c)		2.22%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,525			$817

Portfolio turnover		37%			66%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 221

Financial Highlights (continued)

Variable Portfolio – American Century Growth Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.33			$10.00

Income from investment operations:
Net investment income		0.05			0.06
Net realized and unrealized gain on investments		0.59			1.27

Total from investment operations		0.64			1.33

Net asset value, end of period		$11.97			$11.33

Total return		5.65%			13.30%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.75%	^(c)		0.78%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.70%	^(c)		0.70%	^(c)

Net investment income		0.79%	^(c)		1.00%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,766,517			$1,781,141

Portfolio turnover		47%			56%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.31			$10.00

Income from investment operations:
Net investment income		0.03			0.09
Net realized and unrealized gain on investments		0.59			1.22

Total from investment operations		0.62			1.31

Net asset value, end of period		$11.93			$11.31

Total return		5.48%			13.10%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.00%	^(c)		1.03%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.95%	^(c)		0.95%	^(c)

Net investment income		0.57%	^(c)		1.24%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$477			$197

Portfolio turnover		47%			56%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

222 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger International Equities Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$12.31			$10.00

Income from investment operations:
Net investment income		0.10			0.04
Net realized and unrealized gain on investments		0.34			2.32
Increase from payments by affiliate		—			0.01

Total from investment operations		0.44			2.37

Less distributions to shareholders from:
Net investment income		(0.30	)		(0.06	)
Net realized gains		(0.16	)		—

Total distributions to shareholders		(0.46	)		(0.06	)

Net asset value, end of period		$12.29			$12.31

Total return		3.63%			23.75%	^(b)

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.12%	^(d)		1.33%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		1.10%	^(d)		1.15%	^(d)

Net investment income		1.61%	^(d)		0.63%	^(d)

Supplemental data
Net assets, end of period (in thousands)		$545,588			$503,442

Portfolio turnover		14%			20%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$12.31			$10.00

Income from investment operations:
Net investment income		0.09			0.00	^(f)
Net realized and unrealized gain on investments		0.35			2.35
Increase from payments by affiliate		—			0.01

Total from investment operations		0.44			2.36

Less distributions to shareholders from:
Net investment income		(0.29	)		(0.05	)
Net realized gains		(0.16	)		—

Total distributions to shareholders		(0.45	)		(0.05	)

Net asset value, end of period		$12.30			$12.31

Total return		3.61%			23.63%	^(b)

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.36%	^(d)		1.48%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		1.34%	^(d)		1.40%	^(d)

Net investment income		1.54%	^(d)		0.05%	^(d)

Supplemental data
Net assets, end of period (in thousands)		$3,282			$1,306

Portfolio turnover		14%			20%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		During the year ended December 31, 2010, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.07%.
^(c)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(d)		Annualized.
^(e)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(f)		Rounds to less than $0.01.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 223

Financial Highlights (continued)

Variable Portfolio – Columbia Wanger U.S. Equities Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.87			$10.00

Income from investment operations:
Net investment income (loss)		(0.02	)		(0.01	)
Net realized and unrealized gain on investments		1.33			1.88
Increase from payment by affiliate		—			0.00	^(b)

Total from investment operations		1.31			1.87

Net asset value, end of period		$13.18			$11.87

Total return		11.04%			18.70%	^(c)

Ratios to average net assets^(d)
Expenses prior to fees waived or expenses reimbursed		0.99%	^(e)		1.06%	^(e)

Net expenses after fees waived or expenses reimbursed^(f)		0.96%	^(e)		0.97%	^(e)

Net investment income (loss)		(0.30%	)^(e)		(0.09%	)^(e)

Supplemental data
Net assets, end of period (in thousands)		$713,074			$656,773

Portfolio turnover		7%			17%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.85			$10.00

Income from investment operations:
Net investment income (loss)		(0.03	)		0.00	^(b)
Net realized and unrealized gain on investments		1.32			1.85
Increase from payment by affiliate		—			0.00	^(b)

Total from investment operations		1.29			1.85

Net asset value, end of period		$13.14			$11.85

Total return		10.89%			18.50%	^(c)

Ratios to average net assets^(d)
Expenses prior to fees waived or expenses reimbursed		1.24%	^(e)		1.31%	^(e)

Net expenses after fees waived or expenses reimbursed^(f)		1.20%	^(e)		1.22%	^(e)

Net investment income (loss)		(0.51%	)^(e)		0.02%	^(e)

Supplemental data
Net assets, end of period (in thousands)		$2,136			$779

Portfolio turnover		7%			17%


^(a)		For the period from May 7, 2010 (when shares become available) to December 31, 2010.
^(b)		Rounds to less than $0.01.
^(c)		During the year ended December 31, 2010, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been the same as the total return presented in the table above.
^(d)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(e)		Annualized.
^(f)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

224 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Eaton Vance Floating-Rate Income Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$9.92			$9.62

Income from investment operations:
Net investment income		0.20			0.24
Net realized and unrealized gain (loss) on investments		(0.01	)		0.06

Total from investment operations		0.19			0.30

Less distributions to shareholders from:
Net investment income		(0.19	)		—
Net realized gains		(0.02	)		—

Total distributions to shareholders		(0.21	)		—

Net asset value, end of period		$9.90			$9.92

Total return		1.88%			3.12%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.78%	^(c)		0.83%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.63%	^(c)		0.58%	^(c)

Net investment income		4.03%	^(c)		3.89%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$896,913			$788,430

Portfolio turnover		32%			19%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$9.83			$9.62

Income from investment operations:
Net investment income		0.18			0.25
Net realized and unrealized gain on investments		(0.01	)		(0.04	)

Total from investment operations		0.17			0.21

Less distributions to shareholders from:
Net investment income		(0.18	)		—
Net realized gains		(0.02	)		—

Total distributions to shareholders		(0.20	)		—

Net asset value, end of period		$9.80			$9.83

Total return		1.71%			2.18%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.03%	^(c)		1.08%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.90%	^(c)		0.83%	^(c)

Net investment income		3.77%	^(c)		3.97%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$6,917			$1,735

Portfolio turnover		32%			19%


^(a)		For the period from May 07, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 225

Financial Highlights (continued)

Variable Portfolio – Invesco International Growth Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.64			$10.00

Income from investment operations:
Net investment income		0.19			0.06
Net realized and unrealized gain on investments		0.55			1.63
Increase from payments by affiliate		0.00	^(b)		0.01

Total from investment operations		0.74			1.70

Less distributions to shareholders from:
Net investment income		(0.17	)		(0.06	)
Net realized gains		(0.12	)		—

Total distributions to shareholders		(0.29	)		(0.06	)

Net asset value, end of period		$12.09			$11.64

Total return		6.39%	^(c)		17.11%	^(d)

Ratios to average net assets^(e)
Expenses prior to fees waived or expenses reimbursed		0.99%	^(f)		1.02%	^(f)

Net expenses after fees waived or expenses reimbursed^(g)		0.96%	^(f)		0.96%	^(f)

Net investment income		3.13%	^(f)		0.87%	^(f)

Supplemental data
Net assets, end of period (in thousands)		$1,848,665			$1,645,212

Portfolio turnover		14%			17%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.63			$10.00

Income from investment operations:
Net investment income		0.17			0.02
Net realized and unrealized gain on investments		0.55			1.65
Increase from payments by affiliate		0.00	^(b)		0.01

Total from investment operations		0.72			1.68

Less distributions to shareholders from:
Net investment income		(0.16	)		(0.05	)
Net realized gains		(0.12	)		—

Total distributions to shareholders		(0.28	)		(0.05	)

Net asset value, end of period		$12.07			$11.63

Total return		6.21%	^(c)		16.89%	^(d)

Ratios to average net assets^(e)
Expenses prior to fees waived or expenses reimbursed		1.24%	^(f)		1.29%	^(f)

Net expenses after fees waived or expenses reimbursed^(g)		1.21%	^(f)		1.21%	^(f)

Net investment income		2.88%	^(f)		0.30%	^(f)

Supplemental data
Net assets, end of period (in thousands)		$1,275			$456

Portfolio turnover		14%			17%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Rounds to less than $0.01.
^(c)		During the six months ended June 30, 2011, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been the same as the total return presented in the table above.
^(d)		During the year ended December 31, 2010, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.
^(e)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(f)		Annualized.
^(g)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

226 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – J.P. Morgan Core Bond Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.39			$10.00

Income from investment operations:
Net investment income		0.15			0.14
Net realized and unrealized gain on investments		0.15			0.25

Total from investment operations		0.30			0.39

Less distributions to shareholders from:
Net investment income		(0.13	)		—
Net realized gains		(0.08	)		—

Total distributions to shareholders		(0.21	)		—

Net asset value, end of period		$10.48			$10.39

Total return		2.87%			3.90%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.60%	^(c)		0.62%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.56%	^(c)		0.55%	^(c)

Net investment income		2.82%	^(c)		2.12%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,968,619			$1,791,928

Portfolio turnover		8%			78%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.37			$10.00

Income from investment operations:
Net investment income		0.13			0.15
Net realized and unrealized gain on investments		0.16			0.22

Total from investment operations		0.29			0.37


Net investment income		(0.12	)		—
Net realized gains		(0.08	)		—

Total distributions to shareholders		(0.20	)		—

Net asset value, end of period		$10.46			$10.37

Total return		2.73%			3.70%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.85%	^(c)		0.87%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.81%	^(c)		0.80%	^(c)

Net investment income		2.58%	^(c)		2.26%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,556			$1,173

Portfolio turnover		8%			78%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 227

Financial Highlights (continued)

Variable Portfolio – Jennison Mid Cap Growth Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.36			$10.00

Income from investment operations:
Net investment income		0.02			0.05
Net realized and unrealized gain on investments		1.06			1.31

Total from investment operations		1.08			1.36

Net asset value, end of period		$12.44			$11.36

Total return		9.51%			13.60%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.87%	^(c)		0.91%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.82%	^(c)		0.82%	^(c)

Net investment income		0.34%	^(c)		0.81%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$942,752			$839,892

Portfolio turnover		22%			25%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.33			$10.00

Income from investment operations:
Net investment income		0.01			0.08
Net realized and unrealized gain on investments		1.05			1.25

Total from investment operations		1.06			1.33

Net asset value, end of period		$12.39			$11.33

Total return		9.36%			13.30%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.12%	^(c)		1.16%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.07%	^(c)		1.07%	^(c)

Net investment income		0.14%	^(c)		1.20%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$661			$348

Portfolio turnover		22%			25%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

228 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – MFS Value Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.76			$10.00

Income from investment operations:
Net investment income		.10			.10
Net realized and unrealized gain on investments		.51			.66

Total from investment operations		.61			.76

Net asset value, end of period		$11.37			$10.76

Total return		5.67%			7.60%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.75%	^(c)		0.78%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.67%	^(c)		0.64%	^(c)

Net investment income		1.71%	^(c)		1.79%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,728,654			$1,534,188

Portfolio turnover		8%			13%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.75			$10.00

Income from investment operations:
Net investment income		.08			.11
Net realized and unrealized gain on investments		.51			.64

Total from investment operations		.59			.75

Net asset value, end of period		$11.34			$10.75

Total return		5.49%			7.50%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.00%^(c	⁾		1.04%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.93%^(c	⁾		0.89%	^(c)

Net investment income		1.51%^(c	⁾		1.67%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,148			$365

Portfolio turnover		8%			13%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 229

Financial Highlights (continued)

Variable Portfolio – Marsico Growth Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$12.06			$10.00

Income from investment operations:
Net investment income		0.03			0.04
Net realized and unrealized gain on investments		0.65			2.02
Increase from payments by affiliate		—			0.00	^(b)

Total from investment operations		0.68			2.06

Net asset value, end of period		$12.74			$12.06

Total return		5.64%			20.60%	^(c)

Ratios to average net assets^(d)
Expenses prior to fees waived or expenses reimbursed		0.75%	^(e)		0.78%	^(e)

Net expenses after fees waived or expenses reimbursed^(f)		0.71%	^(e)		0.70%	^(e)

Net investment income		0.48%	^(e)		0.64%	^(e)

Supplemental data
Net assets, end of period (in thousands)		$1,762,131			$1,590,540

Portfolio turnover		37%			44%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$12.04			$10.00

Income from investment operations:
Net investment income		0.02			0.04
Net realized and unrealized gain on investments		0.65			2.00
Increase from payments by affiliate		—			0.00	^(b)

Total from investment operations		0.67			2.04

Net asset value, end of period		$12.71			$12.04

Total return		5.56%			20.40%	^(c)

Ratios to average net assets^(d)
Expenses prior to fees waived or expenses reimbursed		1.01%	^(e)		1.03%	^(e)

Net expenses after fees waived or expenses reimbursed^(f)		0.96%	^(e)		0.95%	^(e)

Net investment income		0.31%	^(e)		0.51%	^(e)

Supplemental data
Net assets, end of period (in thousands)		$1,618			$323

Portfolio turnover		37%			44%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Rounds to less than $0.01.
^(c)		During the year ended December 31, 2010, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been the same as the total return presented in the table above.
^(d)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(e)		Annualized.
^(f)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

230 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Mondrian International Small Cap Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$12.46			$10.00

Income from investment operations:
Net investment income		0.16			0.12
Net realized and unrealized gain on investments		0.87			2.44

Total from investment operations		1.03			2.56

Less distributions to shareholders from:
Net investment income		(0.21	)		(0.10	)
Net realized gains		(0.27	)		—

Total distributions to shareholders		(0.48	)		(0.10	)

Net asset value, end of period		$13.01			$12.46


Total return		8.33%			25.71%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.08%^(c	⁾		1.20%^(c	⁾

Net expenses after fees waived or expenses reimbursed^(d)		1.08%^(c	⁾		1.20%^(c	⁾

Net investment income		2.55%^(c	⁾		1.69%^(c	⁾

Supplemental data
Net assets, end of period (in thousands)		$329,115			$301,889

Portfolio turnover		13%			15%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$12.44			$10.00

Income from investment operations:
Net investment income		0.15			0.11
Net realized and unrealized gain on investments		0.87			2.41

Total from investment operations		1.02			2.52

Less distributions to shareholders from:
Net investment income		(0.19	)		(0.08	)
Net realized gains		(0.27	)		—

Total distributions to shareholders		(0.46	)		(0.08	)

Net asset value, end of period		$13.00			$12.44

Total return		8.29%			25.29%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.32%	^(c)		1.43%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.32%	^(c)		1.43%	^(c)

Net investment income		2.30%	^(c)		1.53%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$7			$6

Portfolio turnover		13%			15%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 231

Financial Highlights (continued)

Variable Portfolio – Morgan Stanley Global Real Estate Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.74			$10.00

Income from investment operations:
Net investment income		0.15			0.17
Net realized and unrealized gain on investments		0.48			1.56
Increase from payments by affiliate		—			0.01

Total from investment operations		0.63			1.74

Less distributions to shareholders from:
Net investment income		(0.48	)		—
Net realized gains		(0.15	)		—

Total distributions to shareholders		(0.63	)		—

Net asset value, end of period		$11.74			$11.74

Total return		5.39%			17.40%	^(b)

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.00%	^(d)		1.11%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		0.87%	^(d)		0.86%	^(d)

Net investment income		2.49%	^(d)		2.48%	^(d)

Supplemental data
Net assets, end of period (in thousands)		$410,370			$369,366

Portfolio turnover		9%			14%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.71			$10.00

Income from investment operations:
Net investment income		0.15			0.16
Net realized and unrealized gain on investments		0.48			1.54
Increase from payments by affiliate		—			0.01

Total from investment operations		0.63			1.71

Less distributions to shareholders from:
Net investment income		(0.47	)		—
Net realized gains		(0.15	)		—

Total distributions to shareholders		(0.62	)		—

Net asset value, end of period		$11.72			$11.71

Total return		5.39%			17.10%	^(b)

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.25%	^(d)		1.35%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		1.12%	^(d)		1.11%	^(d)

Net investment income		2.51%	^(d)		2.16%	^(d)

Supplemental data
Net assets, end of period (in thousands)		$2,516			$880

Portfolio turnover		9%			14%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		During the year ended December 31, 2010, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.08%.
^(c)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(d)		Annualized.
^(e)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

232 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – NFJ Dividend Value Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.26			$10.00

Income from investment operations:
Net investment income		0.19			0.25
Net realized and unrealized gain on investments		0.63			1.01

Total from investment operations		0.82			1.26

Net asset value, end of period		$12.08			$11.26

Total return		7.28%			12.60%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.75%	^(c)		0.78%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.67%	^(c)		0.64%	^(c)

Net investment income		3.27%	^(c)		3.73%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,740,218			$1,544,544

Portfolio turnover		18%			24%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.24			$10.00

Income from investment operations:
Net investment income		0.20			0.25
Net realized and unrealized gain on investments		0.61			0.99

Total from investment operations		0.81			1.24

Net asset value, end of period		$12.05			$11.24

Total return		7.21%			12.40%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.00%	^(c)		1.03%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.93%	^(c)		0.89%	^(c)

Net investment income		3.35%	^(c)		3.69%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$715			$183

Portfolio turnover		18%			24%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 233

Financial Highlights (continued)

Variable Portfolio – Nuveen Winslow Large Cap Growth Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.42			$10.00

Income from investment operations:
Net investment income		0.00	^(b)		0.01
Net realized and unrealized gain on investments		0.89			1.41

Total from investment operations		0.89			1.42

Net asset value, end of period		$12.31			$11.42

Total return		7.79%			14.20%

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		0.75%	^(d)		0.80%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		0.72%	^(d)		0.70%	^(d)

Net investment income		0.06%	^(d)		0.18%	^(d)

Supplemental data
Net assets, end of period (in thousands)		$1,731,869			$1,192,955

Portfolio turnover		26%			109%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.40			$10.00

Income from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)
Net realized and unrealized gain on investments		0.88			1.41

Total from investment operations		0.87			1.40

Net asset value, end of period		$12.27			$11.40

Total return		7.63%			14.00%

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.01%	^(d)		1.04%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		0.97%	^(d)		0.95%	^(d)

Net investment income (loss)		(0.11%	)^(d)		(0.12%	)^(d)

Supplemental data
Net assets, end of period (in thousands)		$269			$42

Portfolio turnover		26%			109%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		Rounds to less than $0.01.
^(c)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(d)		Annualized.
^(e)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

234 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Partners Small Cap Growth Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.77			$10.00

Income from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)
Net realized and unrealized gain on investments		1.10			1.79

Total from investment operations		1.08			1.77

Net asset value, end of period		$12.85			$11.77

Total return		9.18%			17.70%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.02%	^(c)		1.08%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.02%	^(c)		1.07%	^(c)

Net investment income (loss)		(0.40%	)^(c)		(0.24%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$524,136			$483,631

Portfolio turnover		36%			43%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.75			$10.00

Income from investment operations:
Net investment income (loss)		(0.04	)		(0.03	)
Net realized and unrealized gain on investments		1.10			1.78

Total from investment operations		1.06			1.75

Net asset value, end of period		$12.81			$11.75

Total return		9.02%			17.50%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.25%	^(c)		1.34%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.25%	^(c)		1.32%	^(c)

Net investment income (loss)		(0.62%	)^(c)		(0.40%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$392			$131

Portfolio turnover		36%			43%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 235

Financial Highlights (continued)

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.37			$10.00

Income from investment operations:
Net investment income		0.11			0.08
Net realized and unrealized gain on investments		0.15			0.29

Total from investment operations		0.26			0.37

Less distributions to shareholders from:
Net investment income		(0.08	)		—
Net realized gains		(0.23	)		—

Total distributions to shareholders		(0.31	)		—

Net asset value, end of period		$10.32			$10.37

Total return		2.54%			3.70%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.62%	^(c)		0.68%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.55%	^(c)		0.55%	^(c)

Net investment income		2.06%	^(c)		1.28%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,208,571			$1,087,790

Portfolio turnover		837%			1,403%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.36			$10.00

Income from investment operations:
Net investment income		0.10			0.08
Net realized and unrealized gain on investments		0.15			0.28

Total from investment operations		0.25			0.36

Less distributions to shareholders from:
Net investment income		(0.07	)		—
Net realized gains		(0.23	)		—

Total distributions to shareholders		(0.30	)		—

Net asset value, end of period		$10.31			$10.36

Total return		2.42%			3.60%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.86%	^(c)		0.95%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.80%	^(c)		0.80%	^(c)

Net investment income		1.88%	^(c)		1.25%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$880			$478

Portfolio turnover		837%			1,403%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

236 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Pyramis^® International Equity Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$11.57			$10.00

Income from investment operations:
Net investment income		0.18			0.05
Net realized and unrealized gain on investments		0.48			1.56

Total from investment operations		0.66			1.61

Less distributions to shareholders from:
Net investment income		(0.20	)		(0.04	)

Net realized gains		(0.28	)		—

Total distributions to shareholders		(0.48	)		(0.04	)

Net asset value, end of period		$11.75			$11.57

Total return		5.75%			16.14%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.01%	^(c)		1.06%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.96%	^(c)		0.96%	^(c)

Net investment income		3.00%	^(c)		0.81%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,144,254			$1,019,309

Portfolio turnover		31%			43%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$11.56			$10.00

Income from investment operations:
Net investment income		0.19			0.02
Net realized and unrealized gain on investments		0.45			1.57

Total from investment operations		0.64			1.59

Less distributions to shareholders from:
Net investment income		(0.19	)		(0.03	)
Net realized gains		(0.28	)		—

Total distributions to shareholders		(0.47	)		(0.03	)

Net asset value, end of period		$11.73			$11.56

Total return		5.56%			15.92%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.26%	^(c)		1.30%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		1.21%	^(c)		1.21%	^(c)

Net investment income		3.19%	^(c)		0.22%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$390			$87

Portfolio turnover		31%			43%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 237

Financial Highlights (continued)

Variable Portfolio – Wells Fargo Short Duration Government Fund


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$10.19			$10.02

Income from investment operations:
Net investment income		0.07			0.11
Net realized and unrealized gain on investments		0.06			0.06

Total from investment operations		0.13			0.17

Less Distributions to shareholders from:
Net investment income		(0.08	)		—
Net realized gains		(0.03	)		—

Total distributions to shareholders		(0.11	)		—

Net asset value, end of period		$10.21			$10.19

Total return		1.32%			1.70%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.60%	^(c)		0.62%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.56%	^(c)		0.55%	^(c)

Net investment income		1.37%	^(c)		1.70%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$1,753,062			$1,574,515

Portfolio turnover		292%			360%


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$10.17			$10.02

Income from investment operations:
Net investment income		0.06			0.10
Net realized and unrealized gain on investments		0.06			0.05

Total from investment operations		0.12			0.15

Less Distributions to shareholders from:
Net investment income		(0.07	)		—
Net realized gains		(0.03	)		—

Total distributions to shareholders		(0.10	)		—

Net asset value, end of period		$10.19			$10.17

Total return		1.19%			1.50%

Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.85%	^(c)		0.86%	^(c)

Net expenses after fees waived or expenses reimbursed^(d)		0.81%	^(c)		0.80%	^(c)

Net investment income		1.11%	^(c)		1.57%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$712			$469

Portfolio turnover		292%			360%


^(a)		For the period from May 7, 2010 (when shares became available) to December 31, 2010.
^(b)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense rations.
^(c)		Annualized.
^(d)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.

The accompanying Notes to Financial Statements are an integral part of this statement.

238 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Notes to Financial Statements

June 30, 2011 (Unaudited)

Note 1. Organization

Columbia Funds Variable Series Trust II (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011 the Trust was named RiverSource Variable Series Trust. Information presented in these financial statements pertains to the following series of the Trust (each a Fund and collectively, the Funds): Columbia Variable Portfolio – Limited Duration Credit Fund (formerly known as RiverSource Variable Portfolio – Limited Duration Bond Fund); Variable Portfolio – AllianceBernstein International Value Fund; Variable Portfolio – American Century Diversified Bond Fund; Variable Portfolio – American Century Growth Fund; Variable Portfolio – Columbia Wanger International Equities Fund; Variable Portfolio – Columbia Wanger U.S. Equities Fund; Variable Portfolio – Eaton Vance Floating-Rate Income Fund; Variable Portfolio – Invesco International Growth Fund; Variable Portfolio – J.P. Morgan Core Bond Fund; Variable Portfolio – Jennison Mid Cap Growth Fund; Variable Portfolio – MFS Value Fund; Variable Portfolio – Marsico Growth Fund; Variable Portfolio – Mondrian International Small Cap Fund; Variable Portfolio – Morgan Stanley Global Real Estate Fund; Variable Portfolio – NFJ Dividend Value Fund; Variable Portfolio – Nuveen Winslow Large Cap Growth Fund; Variable Portfolio – Partners Small Cap Growth Fund; Variable Portfolio – PIMCO Mortgage-Backed Securities Fund; Variable Portfolio – Pyramis^® International Equity Fund; and Variable Portfolio – Wells Fargo Short Duration Government Fund. Reference to shares and shareholders within these financial statements refer to both shares and partners’ interests as well as shareholders and partners, respectively.

Each Fund, other than Variable Portfolio – Morgan Stanley Global Real Estate Fund, currently operates as a diversified fund. Variable Portfolio – Morgan Stanley Global Real Estate Fund is a non-diversified fund.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). Each Fund offers Class 1 and Class 2 shares to separate accounts funding variable annuity contracts and variable life insurance policies issued by affiliated and unaffiliated life insurance companies as well as qualified pension and retirement plans and other qualified institutional investors authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Funds directly. You invest by participating in a qualified plan or buying a contract and making allocations to one or more Funds. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Security Valuation

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 239

Notes to Financial Statements (continued)

events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Foreign Currency Transactions and Translation

Derivative Instruments

Forward Foreign Currency Exchange Contracts

240 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

period between the trade and settlement dates of the contract. The Funds utilized forward foreign currency exchange contracts as detailed below:


Forward Foreign Currency Exchange Contracts		Funds
Settlement of purchases and sales of securities		Variable Portfolio — American Century Diversified Bond Fund, Variable Portfolio — American Century Growth Fund, Variable Portfolio — Columbia Wanger International Equities Fund, Variable Portfolio — Invesco International Growth Fund, Variable Portfolio — MFS Value Fund, Variable Portfolio — Marsico Growth Fund, Variable Portfolio — Mondrian International Small Cap Fund, Variable Portfolio — Morgan Stanley Global Real Estate Fund, Variable Portfolio — Pyramis^® International Equity Fund

Hedge the currency exposure associated with some or all of the Fund’s securities		Variable Portfolio — AllianceBernstein International Value Fund, Variable Portfolio — American Century Diversified Bond Fund, Variable Portfolio — American Century Growth Fund, Variable Portfolio — Mondrian International Small Cap Fund, Variable Portfolio — Morgan Stanley Global Real Estate Fund

Shift foreign currency exposure back to U.S. dollars		Variable Portfolio — AllianceBernstein International Value Fund, Variable Portfolio — Invesco International Growth Fund, Variable Portfolio — Mondrian International Small Cap Fund, Variable Portfolio — Morgan Stanley Global Real Estate Fund

Shift investment exposure from one currency to another		Variable Portfolio — AllianceBernstien International Value Fund, Variable Portfolio — Morgan Stanley Global Real Estate Fund

Shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio		Variable Portfolio — Morgan Stanley Global Real Estate Fund

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Funds will record a realized gain or loss when the forward foreign currency exchange contract is closed.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Funds’ portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Funds bought and sold futures contracts as detailed below:


Futures Contracts		Funds
Produce incremental earnings		Variable Portfolio — AllianceBernstein International Value Fund, Variable Portfolio — PIMCO Mortgage-Backed Securities Fund

Manage the duration and yield curve exposure of the Fund vs. the benchmark		Columbia Variable Portfolio — Limited Duration Credit Fund, Variable Portfolio — PIMCO Mortgage-Backed Securities Fund

Manage exposure to movements in interest rates		Columbia Variable Portfolio — Limited Duration Credit Fund, Variable Portfolio — PIMCO Mortgage-Backed Securities Fund

Manage exposure to the securities market		Variable Portfolio — AllianceBernstein International Value Fund

Maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions		Variable Portfolio — Pyramis^® International Equity Fund

Upon entering into futures contracts, the Funds bear risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 241

Notes to Financial Statements (continued)

Upon entering into a futures contract, the Funds pledge cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of each Fund including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on each Fund’s operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Variable Portfolio – Limited Duration Credit Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset Derivatives

Liability Derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Interest rate contracts

Net assets — unrealized appreciation on futures contracts

229,988

Net assets — unrealized depreciation on futures contracts

3,734,676


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

242 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – AllianceBernstein International Value Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset Derivatives

Liability Derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Equity contracts

Net assets — unrealized appreciation on futures contracts

437,180

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

2,828,858

Unrealized depreciation on forward foreign currency exchange contracts

2,419,273

Total

3,266,038

2,419,273


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts			Future Contracts			Total
Equity contracts	$	—		$	(102,408	)	$	(102,408	)

Foreign exchange contracts		(3,939,427	)		—		$	(3,939,427	)

Total	$	(3,939,427	)	$	(102,408	)	$	(4,041,835	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts			Future Contracts		Total
Equity contracts	$	—		$	714,589	$	714,589

Foreign exchange contracts		(1,593,734	)		—	$	(1,593,734	)

Total	$	(1,593,734	)	$	714,589	$	(879,145	)

Volume of Derivative Instruments for the Six Months Ended June 30, 2011


	Contracts
	Opened
Forward foreign currency exchange contracts		272

Futures contracts		672

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 243

Notes to Financial Statements (continued)

Variable Portfolio – American Century Diversified Bond Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset Derivatives

Liability Derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

217,532

Unrealized depreciation on forward foreign currency exchange contracts

285,942

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(2,856,016	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(1,650,240	)

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Variable Portfolio – American Century Growth Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(479,302	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	97,011

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

244 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Columbia Wanger International Equities Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset Derivatives

Liability Derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

2,801

Unrealized depreciation on forward foreign currency exchange contracts

352

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	31,119


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	6,188

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Variable Portfolio – Invesco International Growth Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	403,674


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	—

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 245

Notes to Financial Statements (continued)

Variable Portfolio – MFS Value Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	45,727


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	—

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Variable Portfolio – Marsico Growth Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	574


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	—

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

246 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Variable Portfolio – Mondrian International Small Cap Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset Derivatives

Liability Derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

1,114

Unrealized depreciation on forward foreign currency exchange contracts

74,013

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(662,766	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(76,467	)

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Variable Portfolio – Morgan Stanley Global Real Estate Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	(4,707	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	7,632

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 247

Notes to Financial Statements (continued)

Variable Portfolio – PIMCO Mortgage-Backed Securities Fund

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011

Volume of Derivative Instruments for the Six Months Ended June 30, 2011

Variable Portfolio – Pyramis^® International Equity Fund

Fair Values of Derivative Instruments at June 30, 2011

Asset Derivatives

Liability Derivatives

Statement of Assets

Risk Exposure

and Liabilities

Category

Location

Fair Value

Location

Fair Value

Equity contracts

Net assets — unrealized appreciation on futures contracts

309,558

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

6,756

Unrealized depreciation on forward foreign currency exchange contracts

20,921

Total

316,314

20,921


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts			Future Contracts		Total
Equity contracts	$	—		$	1,445,517	$	1,445,517

Foreign exchange contracts		(45,978	)		—	$	(45,978	)

Total	$	(45,978	)	$	1,445,517	$	1,399,539


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts			Future Contracts			Total
Equity contracts	$	—		$	(166,257	)	$	(166,257	)

Foreign exchange contracts		(21,889	)		—		$	(21,889	)

Total	$	(21,889	)	$	(166,257	)	$	(188,146	)

248 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Volume of Derivative Instruments for the Six Months Ended June 30, 2011


	Contracts
	Opened
Forward foreign currency exchange contracts		1,033

Futures contracts		600

Repurchase Agreements

Investments in Loans

Delayed Delivery Securities and Forward Sale Commitments

Mortgage Dollar Roll Transactions

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 249

Notes to Financial Statements (continued)

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund’s right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon Columbia Management Investment Advisers, LLC’s ability to predict interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Floating Rate Loans

Certain Funds invest primarily in floating rate loans, the market value of which may fluctuate, sometimes rapidly and unpredictably. The principal risks of investing in the Fund include liquidity risk, interest rate risk, credit risk, counterparty risk, highly leveraged transactions risk, derivatives risk, confidential information access risk, and impairment of collateral risk. Generally, when interest rates rise, the prices of fixed income securities fall, however, securities or loans with floating interest rates can be less sensitive to interest rate changes, but they may decline in value if their interest rates do not rise as much as interest rates in general. Limited liquidity may affect the ability of the Fund to purchase or sell floating rate loans and may have a negative impact on fund performance. The floating rate loans and securities in which the fund invests generally are lower rated (non-investment grade) and are more likely to experience a default, which results in more volatile prices and more risk to principal and income than investment grade loans or securities.

Interest Only Securities

Principal Only Securities

Certain Funds may invest in Principal Only Securities (POs). POs are stripped mortgage backed securities entitled to receive most, if not all, of the principal from the underlying mortgage assets, but not the interest. The Fund assumes the risk, as the holder of a PO security, that it may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Security Transactions

Income Recognition

Certain Funds receive information regarding the character of distributions received from real estate investment trusts (REITs) on an annual basis. Distributions received from REITs are allocated among dividend income, capital gain and return of capital based upon such information or based on management’s estimates if actual information has not yet been reported. Management’s estimates are subsequently adjusted when the actual character of the distributions are disclosed by the REITs which could result in a proportionate increase in returns of capital to shareholders.

Expenses

250 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Determination of Class Net Asset Value

Federal Income Tax Status

For federal income tax purposes, each Fund is treated as a separate entity.

Variable Portfolio – American Century Growth Fund, Variable Portfolio – Columbia Wanger U.S. Equities Fund, Variable Portfolio – Jennison Mid Cap Growth Fund, Variable Portfolio – MFS Value Fund, Variable Portfolio – Marsico Growth Fund, Variable Portfolio – NFJ Dividend Value Fund, Variable Portfolio – Nuveen Winslow Large Cap Growth Fund and Variable Portfolio – Partners Small Cap Growth Fund are treated as partnerships for federal income tax purposes, and these Funds do not expect to make regular distributions. These Funds will not be subject to federal income tax, and therefore, there are no provisions for federal income taxes. The partners of these Funds are subject to tax on their distributive share of each Fund’s income and loss. The components of each Fund’s net assets are reported at the partner level for federal income tax purposes, and therefore, are not presented in the Statement of Assets and Liabilities.

Columbia Variable Portfolio – Limited Duration Credit Fund, Variable Portfolio – AllianceBernstein International Value Fund, Variable Portfolio – American Century Diversified Bond Fund, Variable Portfolio – Columbia Wanger International Equities Fund, Variable Portfolio – Eaton Vance Floating-Rate Income Fund, Variable Portfolio – Invesco International Growth Fund, Variable Portfolio – J.P. Morgan Core Bond Fund, Variable Portfolio – Mondrian International Small Cap Fund, Variable Portfolio – Morgan Stanley Global Real Estate Fund, Variable Portfolio – PIMCO Mortgage-Backed Securities Fund, Variable Portfolio – Pyramis^® International Equity Fund and Variable Portfolio – Wells Fargo Short Duration Government Fund intend to qualify each year as separate “regulated investment companies” (RICs), under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their taxable income for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

Foreign Taxes

Distributions to Subaccounts

Distributions to the subaccounts are recorded at the close of business on the record date and are payable on the first business day following the record date. Dividends from net investment income are declared and distributed quarterly, when available, for Variable Portfolio – AllianceBernstein International Value Fund, Variable Portfolio – Columbia Wanger International Equities Fund, Variable Portfolio – Invesco International Growth Fund, Variable Portfolio – Mondrian International Small Cap Fund and Variable Portfolio – Pyramis^® International Equity Fund. Dividends from net investment income are declared and distributed annually, when available, for Columbia Variable Portfolio – Limited Duration Credit Fund, Variable Portfolio – American Century Diversified Bond Fund, Variable Portfolio – Eaton Vance Floating-Rate Income Fund, Variable Portfolio – J.P. Morgan Core Bond Fund, Variable Portfolio – Morgan Stanley Global Real Estate Fund, Variable Portfolio – PIMCO Mortgage-Backed Securities Fund and Variable Portfolio – Wells Fargo Short Duration Government Fund. Capital gain distributions, when available, will be made annually. However, an additional capital gain distribution may be made during the fiscal year in order to comply with the Internal Revenue Code, as applicable to RICs. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases by contract, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 251

Notes to Financial Statements (continued)

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the management of the Funds. Day-to-day portfolio management for certain of the Funds is provided by the Funds’ subadvisers. See Subadvisory Agreements below. The management fee is an annual fee that is equal to a percentage of each Fund’s average daily net assets that declines as each Fund’s net assets increase. The percentage range for each Fund and the percentage of each Fund’s average daily net assets for the six months ended June 30, 2011, was as follows:


							Management
Fund	Low			High			Fee %
Columbia Variable Portfolio – Limited Duration Credit Fund		0.29	%		0.48	%		0.46	%
Variable Portfolio – AllianceBernstein International Value Fund		0.70			0.85			0.84
Variable Portfolio – American Century Diversified Bond Fund		0.40			0.48			0.46
Variable Portfolio – American Century Growth Fund		0.50			0.65			0.63
Variable Portfolio – Columbia Wanger International Equities Fund		0.85			0.95			0.92
Variable Portfolio – Columbia Wanger U.S. Equities Fund		0.80			0.90			0.85
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		0.53			0.63			0.63
Variable Portfolio – Invesco International Growth Fund		0.70			0.85			0.83
Variable Portfolio – J.P. Morgan Core Bond Fund		0.40			0.48			0.47
Variable Portfolio – Jennison Mid Cap Growth Fund		0.65			0.75			0.75
Variable Portfolio – MFS Value Fund		0.50			0.65			0.63
Variable Portfolio – Marsico Growth Fund		0.50			0.65			0.63
Variable Portfolio – Mondrian International Small Cap Fund		0.85			0.95			0.94
Variable Portfolio – Morgan Stanley Global Real Estate Fund		0.75			0.85			0.85
Variable Portfolio – NFJ Dividend Value Fund		0.50			0.65			0.63
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		0.50			0.65			0.63
Variable Portfolio – Partners Small Cap Growth Fund		0.80			0.90			0.87
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		0.40			0.48			0.48
Variable Portfolio – Pyramis^® International Equity Fund		0.70			0.85			0.85
Variable Portfolio – Wells Fargo Short Duration Government Fund		0.40			0.48			0.47

252 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Subadvisory Agreements

The Investment Manager contracts with and compensates subadvisers to manage the investment of certain Funds’ assets. The Investment Manager has entered into Subadvisory Agreements with the following subadvisers:


Fund		Subadviser
Variable Portfolio – AllianceBernstein International Value Fund		AllianceBernstein L.P.
Variable Portfolio – American Century Diversified Bond Fund		American Century Investment Management, Inc.
Variable Portfolio – American Century Growth Fund		American Century Investment Management, Inc.
Variable Portfolio – Columbia Wanger International Equities Fund		Columbia Wanger Asset Management LLC*
Variable Portfolio – Columbia Wanger U.S. Equities Fund		Columbia Wanger Asset Management LLC*
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		Eaton Vance Management
Variable Portfolio – Invesco International Growth Fund		Invesco Advisers, Inc.
Variable Portfolio – J.P. Morgan Core Bond Fund		J.P Morgan Investment Management Inc.
Variable Portfolio – Jennison Mid Cap Growth Fund		Jennison Associates LLC
Variable Portfolio – MFS Value Fund		Massachusetts Financial Services Company
Variable Portfolio – Marsico Growth Fund		Marsico Capital Management, LLC
Variable Portfolio – Mondrian International Small Cap Fund		Mondrian Investment Partners Limited
Variable Portfolio – Morgan Stanley Global Real Estate Fund		Morgan Stanley Investment Management Inc.
Variable Portfolio – NFJ Dividend Value Fund		NFJ Investment Group LLC
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		Winslow Capital Management, Inc.
Variable Portfolio – Partners Small Cap Growth Fund		TCW Investment Management Company
		The London Company**
		Wells Capital Management Incorporated
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		Pacific Investment Management Company LLC
Variable Portfolio – Pyramis^® International Equity Fund		Pyramis Global Advisors, LLC
Variable Portfolio – Wells Fargo Short Duration Government Fund		Wells Capital Management Incorporated


*		A wholly-owned subsidiary of the Investment Manager.
**		London Company of Virginia, doing business as The London Company.

New investments in Variable Portfolio – Partners Small Cap Growth Fund, net of any redemptions, are allocated to each subadviser in accordance with the Investment Manager’s determination of the allocation that is in the best interests of the Fund’s shareholders. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Funds pay the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines as each Fund’s net assets increase. The percentage range for each Fund and the percentage of each Fund’s average daily net assets for the six months ended June 30, 2011, was as follows:


							Administration
Fund	Low			High			Fee %
Columbia Variable Portfolio – Limited Duration Credit Fund		0.04	%		0.07	%		0.06	%
Variable Portfolio – AllianceBernstein International Value Fund		0.05			0.08			0.08
Variable Portfolio – American Century Diversified Bond Fund		0.04			0.07			0.06
Variable Portfolio – American Century Growth Fund		0.03			0.06			0.05
Variable Portfolio – Columbia Wanger International Equities Fund		0.05			0.08			0.08
Variable Portfolio – Columbia Wanger U.S. Equities Fund		0.05			0.08			0.08
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		0.04			0.07			0.07
Variable Portfolio – Invesco International Growth Fund		0.05			0.08			0.07
Variable Portfolio – J.P. Morgan Core Bond Fund		0.04			0.07			0.06
Variable Portfolio – Jennison Mid Cap Growth Fund		0.03			0.06			0.06
Variable Portfolio – MFS Value Fund		0.03			0.06			0.06
Variable Portfolio – Marsico Growth Fund		0.03			0.06			0.06
Variable Portfolio – Mondrian International Small Cap Fund		0.05			0.08			0.08
Variable Portfolio – Morgan Stanley Global Real Estate Fund		0.05			0.08			0.08
Variable Portfolio – NFJ Dividend Value Fund		0.03			0.06			0.06
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		0.03			0.06			0.06
Variable Portfolio – Partners Small Cap Growth Fund		0.05			0.08			0.08
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		0.04			0.07			0.07

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 253

Notes to Financial Statements (continued)


					Administration
Fund	Low		High		Fee %
Variable Portfolio – Pyramis^® International Equity Fund		0.05		0.08		0.08
Variable Portfolio – Wells Fargo Short Duration Government Fund		0.04		0.07		0.07

Other Fees

Compensation of Board Members

Transfer Agency Fees

The Funds have a Transfer Agency Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for each Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of -pocket expenses.

Distribution Fees

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective April 30, 2011, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that each Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from each Fund’s custodian, do not exceed the annual rates as a percentage of the class’ average daily net assets:


Fund	Class 1			Class 2
Columbia Variable Portfolio – Limited Duration Credit Fund		0.54	%		0.79	%
Variable Portfolio – AllianceBernstein International Value Fund		0.93			1.18
Variable Portfolio – American Century Diversified Bond Fund		0.70			0.95
Variable Portfolio – American Century Growth Fund		0.70			0.95
Variable Portfolio – Columbia Wanger International Equities Fund		1.01			1.26
Variable Portfolio – Columbia Wanger U.S. Equities Fund		0.97			1.22
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		0.73			0.98
Variable Portfolio – Invesco International Growth Fund		0.95			1.20
Variable Portfolio – J.P. Morgan Core Bond Fund		0.70			0.95
Variable Portfolio – Jennison Mid Cap Growth Fund		0.83			1.08
Variable Portfolio – MFS Value Fund		0.72			0.97
Variable Portfolio – Marsico Growth Fund		0.72			0.97
Variable Portfolio – Mondrian International Small Cap Fund		1.16			1.41
Variable Portfolio – Morgan Stanley Global Real Estate Fund		0.89			1.14
Variable Portfolio – NFJ Dividend Value Fund		0.76			1.01
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		0.74			0.99
Variable Portfolio – Partners Small Cap Growth Fund		1.06			1.31
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		0.56			0.81
Variable Portfolio – Pyramis^® International Equity Fund		0.95			1.20
Variable Portfolio – Wells Fargo Short Duration Government Fund		0.58			0.83

254 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Prior to April 30, 2011, the Investment Manager and its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) so that each Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from each Fund’s custodian, did not exceed the annual rates as a percentage of the class’ average daily net assets:


Fund	Class 1			Class 2
Columbia Variable Portfolio – Limited Duration Credit Fund		0.54	%		0.79	%
Variable Portfolio – AllianceBernstein International Value Fund		0.92			1.17
Variable Portfolio – American Century Diversified Bond Fund		0.55			0.80
Variable Portfolio – American Century Growth Fund		0.70			0.95
Variable Portfolio – Columbia Wanger International Equities Fund		1.15			1.40
Variable Portfolio – Columbia Wanger U.S. Equities Fund		0.97			1.22
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		0.58			0.83
Variable Portfolio – Invesco International Growth Fund		0.96			1.21
Variable Portfolio – J.P. Morgan Core Bond Fund		0.55			0.80
Variable Portfolio – Jennison Mid Cap Growth Fund		0.82			1.07
Variable Portfolio – MFS Value Fund		0.64			0.89
Variable Portfolio – Marsico Growth Fund		0.70			0.95
Variable Portfolio – Mondrian International Small Cap Fund		1.31			1.56
Variable Portfolio – Morgan Stanley Global Real Estate Fund		0.86			1.11
Variable Portfolio – NFJ Dividend Value Fund		0.64			0.89
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		0.70			0.95
Variable Portfolio – Partners Small Cap Growth Fund		1.07			1.32
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		0.55			0.80
Variable Portfolio – Pyramis^® International Equity Fund		0.96			1.21
Variable Portfolio – Wells Fargo Short Duration Government Fund		0.55			0.80

Under the agreement, the following fees and expenses, are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Funds, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by each Fund’s Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

At June 30, 2011, the approximate cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was approximately:


	Tax		Gross unrealized		Gross unrealized			Net appreciation
Fund	cost		appreciation		depreciation			(depreciation)
Columbia Variable Portfolio – Limited Duration Credit Fund	$	2,853,586,000	$	45,023,000	$	(2,104,000	)	$	42,919,000
Variable Portfolio – AllianceBernstein International Value Fund		1,389,199,000		161,198,000		(48,733,000	)		112,465,000
Variable Portfolio – American Century Diversified Bond Fund		2,715,650,000		39,019,000		(7,885,000	)		31,134,000
Variable Portfolio – Columbia Wanger International Equities Fund		513,638,000		110,273,000		(11,721,000	)		98,552,000
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		919,193,000		7,356,000		(2,898,000	)		4,458,000
Variable Portfolio – Invesco International Growth Fund		1,680,046,000		320,693,000		(10,632,000	)		310,061,000
Variable Portfolio – J.P. Morgan Core Bond Fund		2,401,102,000		40,971,000		(6,954,000	)		34,017,000
Variable Portfolio – Mondrian International Small Cap Fund		285,873,000		71,984,000		(1,772,000	)		70,212,000
Variable Portfolio – Morgan Stanley Global Real Estate Fund		386,100,000		69,021,000		(1,316,000	)		67,705,000
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		2,002,739,000		13,530,000		(4,271,000	)		9,259,000
Variable Portfolio – Pyramis^® International Equity Fund		1,032,769,000		173,060,000		(13,005,000	)		160,055,000
Variable Portfolio – Wells Fargo Short Duration Government Fund		2,149,667,000		10,735,000		(2,176,000	)		8,559,000

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 255

Notes to Financial Statements (continued)

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of December 31, 2010, post-October losses of $6,028,053 for Variable Portfolio – PIMCO Mortgage-Backed Securities Fund attributed to security transactions were deferred to January 1, 2011.

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

For the six months ended June 30, 2011, the cost of purchases and proceeds from sales of securities, excluding short-term obligations but including any applicable mortgage dollar rolls, for each Fund aggregated to:


Fund	Purchases		Proceeds
Columbia Variable Portfolio – Limited Duration Credit Fund	$	1,633,902,435	$	1,416,738,642
Variable Portfolio – AllianceBernstein International Value Fund		470,826,794		341,587,146
Variable Portfolio – American Century Diversified Bond Fund		1,020,652,004		756,427,109
Variable Portfolio – American Century Growth Fund		821,854,302		913,273,077
Variable Portfolio – Columbia Wanger International Equities Fund		93,278,853		67,981,104
Variable Portfolio – Columbia Wanger U.S. Equities Fund		48,370,718		62,601,959
Variable Portfolio – Eaton Vance Floating-Rate Income Fund		381,850,624		265,392,692
Variable Portfolio – Invesco International Growth Fund		293,958,066		231,651,891
Variable Portfolio – J.P. Morgan Core Bond Fund		331,225,949		149,591,493
Variable Portfolio – Jennison Mid Cap Growth Fund		218,785,143		192,008,213
Variable Portfolio – MFS Value Fund		234,390,840		126,853,525
Variable Portfolio – Marsico Growth Fund		644,911,038		601,119,345
Variable Portfolio – Mondrian International Small Cap Fund		40,720,366		39,693,647
Variable Portfolio – Morgan Stanley Global Real Estate Fund		59,040,958		33,540,178
Variable Portfolio – NFJ Dividend Value Fund		319,199,312		276,605,854
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		820,736,677		403,351,187
Variable Portfolio – Partners Small Cap Growth Fund		179,483,744		184,914,862
Variable Portfolio – PIMCO Mortgage-Backed Securities Fund		10,962,789,275		10,870,808,817
Variable Portfolio – Pyramis^® International Equity Fund		400,558,681		323,665,862
Variable Portfolio – Wells Fargo Short Duration Government Fund		4,843,174,743		4,638,300,388

Note 6. Payments by Affiliates

During the six months ended June 30, 2011, the Investment Manager reimbursed Variable Portfolio — Invesco International Growth Fund $40,582 for a loss on a trading error.

Note 7. Commission Recapture

Variable Portfolio – Pyramis^® International Equity Fund participated in the Pyramis Global Advisors’ commission recapture program (the Program). The Program generates rebates on a portion of portfolio trades. During the six months ended June 30, 2011, the Fund received cash rebates of $258,623 from the Program which are included in net realized gain or loss on investments in the Statement of Operations.

Note 8. Lending of Portfolio Securities

256 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, the value of the securities on loan and values of the cash collateral and U.S. government securities received as collateral was as follows:


	Securities		Cash Collateral		U.S. Government
Fund	Value		Value		Securities Value
Columbia Variable Portfolio – Limited Duration Credit Fund	$	304,763,007	$	302,708,300	$	8,364,457
Variable Portfolio – AllianceBernstein International Value Fund		107,127,431		113,159,625		515,97
Variable Portfolio – American Century Diversified Bond Fund		387,326,857		383,616,609		11,858,497
Variable Portfolio – American Century Growth Fund		228,446,016		230,860,633		—
Variable Portfolio – Columbia Wanger International Equities Fund		64,543,753		66,811,186		52,816
Variable Portfolio – Columbia Wanger U.S. Equities Fund		172,345,598		174,584,097		—
Variable Portfolio – Invesco International Growth Fund		141,894,446		147,334,019		—
Variable Portfolio – J.P. Morgan Core Bond Fund		477,807,715		461,508,603		28,024,858
Variable Portfolio – Jennison Mid Cap Growth Fund		136,226,536		127,976,972		10,264,482
Variable Portfolio – MFS Value Fund		68,103,747		69,122,100		—
Variable Portfolio – Marsico Growth Fund		409,475,209		419,751,526		—
Variable Portfolio – Mondrian International Small Cap Fund		28,585,796		29,634,457		—
Variable Portfolio – Morgan Stanley Global Real Estate Fund		39,273,576		40,618,500		—
Variable Portfolio – NFJ Dividend Value Fund		203,869,114		207,406,453		—
Variable Portfolio – Nuveen Winslow Large Cap Growth Fund		241,217,499		243,143,036		—
Variable Portfolio – Partners Small Cap Growth Fund		138,215,413		140,682,991		219,624
Variable Portfolio – Pyramis^® International Equity Fund		46,561,923		48,672,689		—
Variable Portfolio – Wells Fargo Short Duration Government Fund		396,403,379		403,958,344		—

Note 9. Affiliated Money Market Fund

Each Fund may invest its daily cash balances in Columbia Short-Term Cash Fund, a money market fund established for the exclusive use by each Fund and other affiliated Funds. The income earned by the Funds from such investments is included as “Dividends from affiliates” in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 10. Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of Class 1 and Class 2 shares for each Fund.

Note 11. Line of Credit

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 257

Notes to Financial Statements (continued)

annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. Each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Note 12. Significant Risks

Floating Rate Loan Risk

Variable Portfolio – Eaton Vance Floating-Rate Income Fund invests primarily in floating rate loans, the market value of which may fluctuate, sometimes rapidly and unpredictably. The principal risks of investing in the Fund include liquidity risk, interest rate risk, credit risk, counterparty risk, highly leveraged transactions risk, derivatives risk, confidential information access risk, and impairment of collateral risk. Generally, when interest rates rise, the prices of fixed income securities fall, however, securities or loans with floating interest rates can be less sensitive to interest rate changes, but they may decline in value if their interest rates do not rise as much as interest rates in general. Limited liquidity may affect the ability of the Fund to purchase or sell floating rate loans and may have a negative impact on fund performance. The floating rate loans and securities in which the fund invests generally are lower rated (non-investment grade) and are more likely to experience a default, which results in more volatile prices and more risk to principal and income than investment grade loans or securities.

Non-Diversification Risk

Variable Portfolio – Morgan Stanley Global Real Estate Fund is a non-diversified fund. A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer companies than a diversified fund. This Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Sector Focus Risk

Variable Portfolio – Partners Small Cap Growth Fund may focus its investments in certain sectors, subjecting it to greater risk than a fund that that invests in a wider range of industries.

Foreign Securities Risk

Small and Mid-sized Company Risk

Investments in small and medium size companies often involve greater risks than investments in larger, more established companies, including less predictable earnings, lack of experienced management, financial resources, product diversification and competitive strengths. Securities of small and medium size companies may trade only over-the-counter or on regional securities exchanges and the frequency and volume of their trading is substantially less than is typical of larger companies.

Real Estate Sector Risk

The risks associated with the ownership of real estate and the real estate industry in general can include fluctuations in the value of the properties underlying the Fund’s portfolio holdings, defaults by borrowers or tenants, market saturation, decreases in market rates for rents, and other economic, political, or regulatory occurrences affecting the real estate industry, including REITs.

REITs depend upon specialized management skills, may have limited financial resources, may have less trading volume, and may be subject to more abrupt or erratic price movements than the overall securities markets. REITs are also subject to the risk of failing to qualify for tax-free pass-through of income. Some REITs (especially mortgage REITs) are affected by risks similar to those associated with investments in debt securities including changes in interest rates and the quality of credit extended.

258 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Note 13. Subsequent Events

Note 14. Information Regarding Pending and Settled Legal Proceedings

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company mutual funds (branded as Columbia or RiverSource) and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants’ motion to dismiss the complaint, the District Court dismissed one of plaintiffs’ four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants’ favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit’s decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court’s decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit. In response to the plaintiffs’ opening appellate brief filed on March 18, 2011, the defendants filed a response brief on May 4, 2011 with the Eighth Circuit. The plaintiffs filed a reply brief on May 26, 2011.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 259

Proxy Voting

The policy of the Board is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; or searching the website of the Securities and Exchange Commission (SEC) at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at www.sec.gov.

Results of Meeting of Shareholders

Special Meeting of Shareholders held on Feb. 15, 2011
(Unaudited)

For the Funds shown below:

To approve the proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.


	Dollars		Dollars				Broker
	Voted “For”		Voted “Against”		Abstentions		Non-Votes
Columbia Variable Portfolio — Limited Duration Credit Fund		2,344,615,017.021		0.000		0.000		0.000
Variable Portfolio — AllianceBernstein International Value Fund		1,226,428,026.899		1,247.589		109,710.787		0.000
Variable Portfolio — American Century Diversified Bond Fund		1,972,732,429.310		0.000		0.000		0.000
Variable Portfolio — American Century Growth Fund		1,777,460,009.309		0.000		0.000		0.000
Variable Portfolio — Columbia Wanger International Equities Fund		490,899,908.570		980.665		126,730.078		0.000
Variable Portfolio — Columbia Wanger U.S. Equities Fund		656,423,448.968		1,914.714		115,561.026		0.000
Variable Portfolio — Eaton Vance Floating-Rate Income Fund		778,912,974.413		225,302.631		84,624.084		0.000
Variable Portfolio — Invesco International Growth Fund		1,614,549,538.110		164,099.756		0.000		0.000
Variable Portfolio — J.P. Morgan Core Bond Fund		1,772,017,627.843		29,765.784		0.000		0.000
Variable Portfolio — Jennison Mid Cap Growth Fund		843,209,224.613		0.000		2,049.516		0.000
Variable Portfolio — MFS Value Fund		1,520,871,511.178		92,653.043		0.000		0.000
Variable Portfolio — Marsico Growth Fund		1,572,307,139.868		0.000		0.000		0.000
Variable Portfolio — Mondrian International Small Cap Fund		293,870,451.136		0.000		0.000		0.000
Variable Portfolio — Morgan Stanley Global Real Estate Fund		357,394,796.611		24,927.395		0.000		0.000
Variable Portfolio — NFJ Dividend Value Fund		1,523,933,139.307		0.000		10,469.782		0.000
Variable Portfolio — Nuveen Winslow Large Cap Growth Fund		1,185,759,218.853		0.000		0.000		0.000
Variable Portfolio — Partners Small Cap Growth Fund		486,064,712.711		0.000		0.000		0.000
Variable Portfolio — PIMCO Mortgage-Backed Securities Fund		1,073,438,517.931		41,918.492		0.000		0.000
Variable Portfolio — Pyramis^® International Equity Fund		1,000,384,093.420		0.000		0.000		0.000
Variable Portfolio — Wells Fargo Short Duration Government Fund		1,560,182,199.370		0.000		0.000		0.000

260 VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT

Columbia Variable Portfolio – Limited Duration Credit Fund, Variable Portfolio – AllianceBernstein International Value Fund, Variable Portfolio – American Century Diversified Bond Fund, Variable Portfolio – American Century Growth Fund, Variable Portfolio – Columbia Wanger International Equities Fund, Variable Portfolio – Columbia Wanger U.S. Equities Fund, Variable Portfolio – Eaton Vance Floating-Rate Income Fund, Variable Portfolio – Invesco International Growth Fund, Variable Portfolio – J.P. Morgan Core Bond Fund, Variable Portfolio – Jennison Mid Cap Growth Fund, Variable Portfolio – MFS Value Fund, Variable Portfolio – Marsico Growth Fund, Variable Portfolio – Mondrian International Small Cap Fund, Variable Portfolio – Morgan Stanley Global Real Estate Fund, Variable Portfolio – NFJ Dividend Value Fund, Variable Portfolio – Nuveen Winslow Large Cap Growth Fund, Variable Portfolio – Partners Small Cap Growth Fund, Variable Portfolio – PIMCO Mortgage-Backed Securities Fund, Variable Portfolio – Pyramis^® International Equity Fund and Variable Portfolio – Wells Fargo Short Duration Government Fund

To elect trustees to the Board.*


		Dollars		Dollars				Broker
		Voted “For”		Voted “Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*		All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for election of trustees.

VARIABLE PORTFOLIO FUNDS — 2011 SEMIANNUAL REPORT 261

Variable Portfolio Funds

P.O. Box 8081

Boston, MA 02266-8081

This report must be accompanied or preceded by the Fund’s current prospectus. Variable Portfolio Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6547 C (8/11)

Semiannual Report

Columbia Variable Portfolio – International Opportunity Fund

(formerly known as Threadneedle Variable Portfolio – International Opportunity Fund)

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expense Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			13
Statement of Operations			14
Statement of Changes in Net Assets			15
Financial Highlights			16
Notes to Financial Statements			18
Proxy Voting			26
Approval of Subadvisory Agreement			26
Results of Meeting of Shareholders			27

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – International Opportunity Fund (the Fund) Class 3 shares advanced 5.85% for the six months ended June 30, 2011.

>	The Fund outperformed its benchmark index, the Morgan Stanley Capital International (MSCI) EAFE Index, which advanced 5.35% for the same six-month period.

>	The Fund also outperformed its peer group, the Lipper International Large-Cap Core Funds Index which advanced 4.84% for the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

5/3/10

Columbia VP – International Opportunity Fund

Class 1

+5.92%

+34.54%

N/A

+18.09%

Class 2

+5.83%

+34.20%

N/A

+17.79%

Class 3

+5.85%

+34.31%

+0.27%

+3.02%

+5.06%

N/A

MSCI EAFE Index⁽¹⁾ (unmanaged)

+5.35%

+30.93%

-1.30%

+1.96%

+6.12%

+13.37%

Lipper International Large-Cap Core Funds Index⁽²⁾ (unmanaged)

+4.84%

+31.15%

-2.38%

+1.46%

+5.06%

+12.78%


*		Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Morgan Stanley Capital International (MSCI) EAFE Index, an unmanaged index, is compiled from a composite of securities markets of Europe, Australasia and the Far East. The index is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper International Large-Cap Core Funds Index includes the 30 largest international large-cap core funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

COUNTRY BREAKDOWN⁽¹⁾ (at June 30, 2011)


Australia	3.7	%

Belgium	1.0

Bermuda	1.5

Brazil	2.1

Canada	2.2

Cayman Islands	0.7

China	2.5

Denmark	1.1

Finland	1.5

France	7.5

Germany	14.1

Hong Kong	1.7

Indonesia	1.1

Italy	1.3

Japan	18.0

Korea	2.0

Luxembourg	0.3

Mexico	0.5

Netherlands	2.5

Norway	0.7

Singapore	1.3

Spain	2.7

Sweden	2.2

Switzerland	6.4

Taiwan	0.8

Turkey	0.5

United Kingdom	19.4

Other⁽²⁾	0.7


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.

⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Nestlé SA (Switzerland)	2.7	%

BG Group PLC (United Kingdom)	2.0

Vodafone Group PLC (United Kingdom)	1.8

Fresenius Medical Care AG & Co. KGaA (Germany)	1.7

Rio Tinto PLC (United Kingdom)	1.7

HSBC Holdings PLC (United Kingdom)	1.6

GlaxoSmithKline PLC (United Kingdom)	1.6

BMW AG (Germany)	1.5

Siemens AG (Germany)	1.5

BASF SE (Germany)	1.4


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 3

Fund Expense Example

(Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

4 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011		June 30, 2011		the period^(a)		expense ratio
Class 1

Actual^(b)	$	1,000	$	1,059.20	$	5.26		1.03%

Hypothetical (5% return before expenses)	$	1,000	$	1,019.69	$	5.16		1.03%

Class 2

Actual^(b)	$	1,000	$	1,058.30	$	6.63		1.30%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.35	$	6.51		1.30%

Class 3

Actual^(b)	$	1,000	$	1,058.50	$	6.12		1.20%

Hypothetical (5% return before expenses)	$	1,000	$	1,018.84	$	6.01		1.20%


^(a)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^(b)		Based on the actual return for the six months ended June 30, 2011: +5.92% for Class 1, +5.83% for Class 2 and +5.85% for Class 3.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP – International Opportunity Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 97.3%


AUSTRALIA (3.7%)
Australia & New Zealand Banking Group Ltd.(a)		215,403	$	5,106,093
BHP Billiton Ltd.(a)		106,800		5,047,468
Macquarie Group Ltd.(a)		74,534		2,514,440
Newcrest Mining Ltd.(a)		112,599		4,562,484
Rio Tinto Ltd.(a)(b)		31,148		2,788,019

Total				20,018,504


BELGIUM (1.0%)
Anheuser-Busch InBev NV(a)		92,867		5,386,842


BERMUDA (1.5%)
China Yurun Food Group Ltd.(a)(b)		688,000		1,945,358
Li & Fung Ltd.(a)		1,728,000		3,453,735
Seadrill Ltd. (a)		84,872		2,987,348

Total				8,386,441


BRAZIL (2.1%)
Itaú Unibanco Holding SA, ADR(a)		165,510		3,897,760
Lojas Renner SA(a)		98,800		3,767,397
MRV Engenharia e Participacoes SA(a)		226,800		1,900,839
Vale SA, ADR(a)		54,125		1,729,294

Total				11,295,290


CANADA (2.2%)
Canadian National Railway Co.(a)		50,800		4,063,157
CGI Group, Inc., Class A(a)(c)		199,800		4,932,592
Progressive Waste Solutions Ltd.(a)(b)		113,290		2,820,356

Total				11,816,105


CAYMAN ISLANDS (0.7%)
Tencent Holdings Ltd.(a)		147,400		4,022,898


CHINA (2.5%)
Agricultural Bank of China Ltd., Series H(a)(b)		4,943,000		2,610,035
China National Building Material Co., Ltd., Series H(a)(b)		1,652,000		3,261,437
Dongfeng Motor Group Co., Ltd., Series H(a)(b)		750,000		1,423,816
Ping An Insurance Group Co., Series H(a)(b)		226,500		2,349,185
Yanzhou Coal Mining Co., Ltd., Series H(a)		938,000		3,614,017

Total				13,258,490


DENMARK (1.1%)
Novo Nordisk A/S, Series B(a)		47,593		5,972,952


FINLAND (1.5%)
Fortum OYJ(a)		158,701		4,595,900
KONE OYJ, Series B(a)		54,515		3,425,449

Total				8,021,349


FRANCE (7.5%)
Air Liquide SA(a)		29,982		4,297,404
AXA SA(a)		202,905		4,610,782
BNP Paribas SA(a)		89,506		6,909,099
Edenred(a)		115,734		3,531,177
Legrand SA(a)		76,634		3,227,793
LVMH Moet Hennessy Louis Vuitton SA(a)(b)		21,934		3,947,321
Publicis Groupe SA(a)(b)		81,765		4,559,074
Safran SA(a)		85,457		3,649,604
Schneider Electric SA(a)		32,978		5,509,214

Total				40,241,468


GERMANY (12.3%)
Allianz SE(a)		38,504		5,378,736
BASF SE(a)		76,224		7,468,932
Bayer AG(a)		40,416		3,249,297
BMW AG(a)		81,732		8,155,611
E.ON AG(a)		166,020		4,715,164
Fresenius Medical Care AG & Co. KGaA(a)		121,937		9,115,427
Infineon Technologies AG(a)		365,770		4,111,825
Kabel Deutschland Holding AG(a)(c)		73,594		4,525,026
Linde AG(a)		23,068		4,044,353
SAP AG(a)		81,562		4,938,069
Siemens AG(a)		58,946		8,095,005
Wacker Chemie AG(a)		11,287		2,440,445

Total				66,237,890


HONG KONG (1.7%)
CNOOC Ltd.(a)		1,170,000		2,755,796
Hong Kong Exchanges and Clearing Ltd.(a)(b)		177,700		3,741,806
Sun Hung Kai Properties Ltd.(a)		174,000		2,543,458

Total				9,041,060


INDONESIA (1.1%)
PT Bank Mandiri Tbk(a)		6,824,472		5,748,193


ITALY (1.3%)
Fiat Industrial SpA(a)(c)		281,771		3,636,630
Saipem SpA(a)		60,780		3,137,788

Total				6,774,418


JAPAN (17.9%)
Asahi Glass Co., Ltd.(a)		40,000		468,091
Asahi Group Holdings Ltd.(a)		77,900		1,569,181
Asahi Kasei Corp.(a)		259,000		1,745,412
Asics Corp.(a)		56,000		835,874
Canon, Inc.(a)		54,350		2,585,230
Chiba Bank Ltd. (The)(a)(b)		162,000		1,013,841
East Japan Railway Co.(a)		29,600		1,695,216
Fanuc Corp.(a)		11,100		1,856,176
FUJIFILM Holdings Corp.(a)		15,800		492,786
Fujikura Ltd.(a)		160,000		733,174
Goldcrest Co., Ltd.(a)		39,340		818,231
Hankyu Hanshin Holdings, Inc.(a)		218,000		862,945
Hisamitsu Pharmaceutical Co., Inc.(a)		14,300		609,188
Hitachi Chemical Co., Ltd.(a)		49,100		974,107
Hitachi Ltd.(a)		269,000		1,596,516
Honda Motor Co., Ltd.(a)		106,900		4,118,529
Hoya Corp.(a)(b)		80,700		1,786,580
J Front Retailing Co., Ltd.(a)(b)		224,000		989,560
Jafco Co., Ltd.(a)		15,800		396,246
JFE Holdings, Inc.(a)		37,000		1,017,561
JSR Corp.(a)		24,000		465,196
JX Holdings, Inc.(a)		140,500		945,009
Kansai Electric Power Co., Inc. (The)(a)		49,700		989,711
Kawasaki Heavy Industries Ltd.(a)(b)		231,000		920,367
Kawasaki Kisen Kaisha Ltd.(a)(b)		288,000		1,006,892
Komatsu Ltd.(a)		61,200		1,910,856

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)

JAPAN (cont.)
Kyocera Corp.(a)		16,500		$1,679,997
Lawson, Inc.(a)		28,000		1,468,908
Makita Corp.(a)		34,800		1,621,644
Mitsubishi Corp.(a)		77,900		1,945,775
Mitsubishi Electric Corp.(a)		210,000		2,439,383
Mitsubishi Estate Co., Ltd.(a)		109,000		1,912,945
Mitsubishi UFJ Financial Group, Inc.(a)(b)		800,400		3,900,618
Mitsui Fudosan Co., Ltd.(a)		95,000		1,636,175
Mizuho Financial Group, Inc.(a)		1,135,900		1,866,998
MS&AD Insurance Group Holdings, Inc.(a)		32,700		765,404
Nintendo Co., Ltd.(a)		5,000		938,941
Nippon Sheet Glass Co., Ltd.(a)(b)		305,000		948,325
Nippon Telegraph & Telephone Corp.(a)		24,500		1,181,680
Nissan Motor Co., Ltd.(a)(b)		218,900		2,300,467
Nomura Holdings, Inc.(a)		318,800		1,573,180
NTT DoCoMo, Inc.(a)		1,141		2,037,759
ORIX Corp.(a)		9,230		897,819
Osaka Gas Co., Ltd.(a)(b)		343,000		1,301,039
Santen Pharmaceutical Co., Ltd.(a)		44,700		1,812,135
Sekisui House Ltd.(a)		152,000		1,415,285
Seven & I Holdings Co., Ltd.(a)		72,600		1,952,503
Shin-Etsu Chemical Co., Ltd.(a)		44,500		2,385,279
Shiseido Co., Ltd.(a)(b)		46,900		875,440
Shizuoka Bank Ltd. (The)(a)(b)		52,000		478,134
SoftBank Corp.(a)		36,600		1,386,126
Sony Corp.(a)		53,000		1,398,419
Sumitomo Corp.(a)		127,200		1,730,462
Sumitomo Metal Industries Ltd.(a)		370,000		831,190
Sumitomo Metal Mining Co., Ltd.(a)		71,000		1,166,476
Sumitomo Mitsui Financial Group, Inc.(a)		81,000		2,497,610
Suzuki Motor Corp.(a)		40,600		915,187
Takeda Pharmaceutical Co., Ltd.(a)		17,400		804,174
The Dai-ichi Life Insurance Co., Ltd.(a)		490		687,146
THK Co., Ltd.(a)		58,900		1,505,284
Tokio Marine Holdings, Inc.(a)		44,800		1,254,149
Tokyo Electric Power Co., Inc. (The)(a)		32,200		130,350
Tokyo Electron Ltd.(a)		22,900		1,252,238
Tokyo Gas Co., Ltd.(a)		200,000		902,671
Toshiba Corp.(a)		79,000		416,515
Toyota Motor Corp.(a)		118,900		4,896,205
Ushio, Inc.(a)(b)		44,400		877,890
Yamada Denki Co., Ltd.(a)		15,360		1,251,526
Yamatake Corp.(a)		43,000		958,932

Total				96,600,858


KOREA (2.0%)
Hyundai Mobis(a)		14,465		5,442,527
Samsung Electronics Co., Ltd.(a)		6,585		5,118,056

Total				10,560,583


LUXEMBOURG (0.3%)
Evraz Group SA, GDR(a)(c)(d)		59,868		1,864,888


MEXICO (0.5%)
America Movil SAB de CV, Series L, ADR(a)		49,548		2,669,646


NETHERLANDS (2.5%)
ASML Holding NV(a)		71,713		2,641,463
European Aeronautic Defence and Space Co. NV(a)		121,825		4,077,416
ING Groep NV-CVA(a)(c)		567,903		6,991,068

Total				13,709,947


NORWAY (0.7%)
DnB NOR ASA(a)		268,314		3,739,880


SINGAPORE (1.3%)
Oversea-Chinese Banking Corp., Ltd.(a)		706,190		5,394,130
Singapore Airlines Ltd.(a)		146,000		1,689,836

Total				7,083,966


SPAIN (2.7%)
Amadeus IT Holding SA, Series A(a)(c)		208,760		4,332,113
Inditex SA(a)		35,848		3,266,735
Repsol YPF SA(a)(b)		207,825		7,214,974

Total				14,813,822


SWEDEN (2.2%)
Atlas Copco AB, Series A(a)		122,788		3,232,183
Svenska Handelsbanken AB, Series A(a)		105,689		3,259,964
Swedish Match AB(a)		156,255		5,239,626

Total				11,731,773


SWITZERLAND (6.3%)
Nestlé SA(a)		233,490		14,510,678
Novartis AG(a)		102,814		6,297,854
Swatch Group AG (The)(a)		70,569		6,337,151
UBS AG(a)(c)		389,709		7,105,845

Total				34,251,528


TAIWAN (0.8%)
Taiwan Semiconductor Manufacturing Co., Ltd.(a)		1,621,149		4,085,717


TURKEY (0.5%)
Koc Holding AS(a)		409,133		1,759,549
Turkiye Garanti Bankasi AS(a)		212,487		963,589

Total				2,723,138


UNITED KINGDOM (19.4%)
ARM Holdings PLC(a)		183,401		1,730,776
BG Group PLC(a)		463,790		10,525,253
British American Tobacco PLC(a)		165,073		7,235,349
BT Group PLC(a)		1,542,126		4,987,199
Burberry Group PLC(a)		147,707		3,437,406
Carnival PLC(a)		71,419		2,765,877
GlaxoSmithKline PLC(a)		391,241		8,376,488
HSBC Holdings PLC(a)		876,954		8,703,783
Intercontinental Hotels Group PLC(a)		142,504		2,916,077
Legal & General Group PLC(a)		1,834,227		3,479,624
Persimmon PLC(a)		459,543		3,557,175
Prudential PLC(a)		418,368		4,834,513
Rio Tinto PLC(a)		123,237		8,881,730
Shire PLC(a)		173,309		5,410,065
Standard Chartered PLC(a)		151,944		3,994,470
Tullow Oil PLC(a)		225,245		4,482,689
Vodafone Group PLC(a)		3,579,856		9,497,300
Weir Group PLC (The)(a)		96,117		3,281,176
Xstrata PLC(a)		290,830		6,401,722

Total				104,498,672


Total Common Stocks
(Cost: $431,470,234)			$	524,556,318

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)


Issuer	Shares		Value

Preferred Stocks 1.7%


GERMANY (1.7%)
Henkel AG & Co. KGaA(a)		48,568		$3,371,526
Volkswagen AG(a)		30,648		6,326,630

Total				9,698,156


Total Preferred Stocks
(Cost: $6,053,059)			$	9,698,156




Money Market Fund 0.7%

Columbia Short-Term Cash Fund, 0.166%(e)(f)		3,636,934	$	3,636,934


Total Money Market Fund
(Cost: $3,636,934)			$	3,636,934


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 6.9%


Asset-Backed Commercial Paper (0.2%)
Cancara Asset Securitisation LLC
07/19/11	0.250%		999,375	$	999,375


Certificates of Deposit (1.5%)
Commerzbank AG
07/27/11	0.180%		1,000,000		1,000,000
Skandinaviska Enskilda Banken
08/04/11	0.295%		5,000,000		5,000,000
United Overseas Bank Ltd.
07/25/11	0.290%		2,000,000		2,000,000

Total					8,000,000


Money Market Fund (0.9%)
JPMorgan Prime Money Market Fund, 0.010%(e)			5,000,000		5,000,000


Other Short-Term Obligations (0.6%)
The Goldman Sachs Group, Inc.
07/19/11	0.300%		2,000,000		2,000,000
08/08/11	0.300%		1,000,000		1,000,000

Total					3,000,000


Repurchase Agreements (3.7%)
Citigroup Global Markets, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,004(g)	0.030%		5,000,000		5,000,000
Mizuho Securities USA, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,000,017(g)	0.120%		5,000,000		5,000,000
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $9,938,826(g)	0.080%		9,938,804		9,938,804

Total					19,938,804


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $36,938,179) $36,938,179

Total Investments
(Cost: $478,098,406)				$	574,829,587
Other Assets & Liabilities, Net					(35,824,448)


Net Assets				$	539,005,139

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 June 30, 2011:


	Percentage of
Industry	net assets			Value
Aerospace & Defense		1.4	%		$7,727,020
Airlines		0.3			1,689,836
Auto Components		1.0			5,442,527
Automobiles		5.2			28,136,445
Beverages		1.3			6,956,023
Building Products		0.3			1,416,417
Capital Markets		2.2			11,589,711
Chemicals		5.0			27,192,653
Commercial Banks		11.1			60,084,198
Commercial Services & Supplies		1.2			6,351,534
Computers & Peripherals		0.1			416,515
Construction Materials		0.6			3,261,437
Distributors		0.6			3,453,735
Diversified Financial Services		2.2			11,630,692
Diversified Telecommunication Services		1.1			6,168,878
Electric Utilities		1.9			10,431,125
Electrical Equipment		2.4			12,787,454
Electronic Equipment, Instruments & Components		1.2			6,514,811
Energy Equipment & Services		1.1			6,125,136
Food & Staples Retailing		0.6			3,421,410

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Summary of Investments in Securities by Industry (continued)


	Percentage of
Industry	net assets			Value
Food Products		3.1	%		$16,456,035
Gas Utilities		0.4			2,203,710
Health Care Providers & Services		1.7			9,115,427
Hotels, Restaurants & Leisure		1.1			5,681,954
Household Durables		1.5			8,271,718
Industrial Conglomerates		2.0			10,717,499
Insurance		4.3			23,359,538
Internet Software & Services		0.7			4,022,898
IT Services		1.7			9,264,704
Machinery		4.0			21,389,765
Marine		0.2			1,006,892
Media		1.7			9,084,100
Metals & Mining		6.4			34,290,832
Multiline Retail		0.9			4,756,957
Office Electronics		0.5			2,585,230
Oil, Gas & Consumable Fuels		5.5			29,537,738
Personal Products		0.2			875,440
Pharmaceuticals		6.0			32,532,152
Real Estate Management & Development		1.3			6,910,810
Road & Rail		1.1			5,758,374
Semiconductors & Semiconductor Equipment		3.5			18,940,074
Software		1.1			5,877,011
Specialty Retail		0.8			4,518,262
Textiles, Apparel & Luxury Goods		2.7			14,557,752
Tobacco		2.3			12,474,976
Trading Companies & Distributors		0.7			3,676,237
Wireless Telecommunication Services		2.9			15,590,832
Other⁽¹⁾		7.5			40,575,113

Total					$574,829,587


⁽¹⁾		Cash & Cash Equivalents.

Notes to Portfolio of Investments


^(a)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 99.12% of net assets.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Non-income producing.

^(d)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the value of these securities amounted to $1,864,888 or 0.35% of net assets.

^(e)		The rate shown is the seven-day current annualized yield at June 30, 2011.

^(f)		Investments in affiliates during the period ended June 30, 2011:

Dividends

Sales cost/

Beginning

Purchase

proceeds

Realized

Ending

interest

Issuer

cost

from sales

gain/loss

cost

income

Value

Columbia Short-Term Cash Fund

$3,286,537

$87,718,478

$(87,368,081

)

$—

$3,636,934

$4,440

$3,636,934


^(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.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)

Notes to Portfolio of Investments (continued)


Citigroup Global Markets, Inc. (0.030%)
Security Description	Value
Fannie Mae REMICS		$1,746,884
Fannie Mae-Aces		86,912
Freddie Mac REMICS		2,490,181
Government National Mortgage Association		776,023

Total Market Value of Collateral Securities		$5,100,000



Mizuho Securities USA, Inc. (0.120%)
Security Description	Value
Freddie Mac REMICS		$177,263
Ginnie Mae I Pool		4,353,902
Government National Mortgage Association		568,835

Total Market Value of Collateral Securities		$5,100,000



RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$10,137,625

Total Market Value of Collateral Securities		$10,137,625

Abbreviation Legend


ADR		American Depositary Receipt
GDR		Global Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 11

Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair Value at June 30, 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
Consumer Discretionary		$5,668,236		$71,908,583		$—		$77,576,819
Consumer Staples		—		40,183,885		—		40,183,885
Energy		—		35,662,874		—		35,662,874
Financials		3,897,761		109,677,188		—		113,574,949
Health Care		—		41,647,579		—		41,647,579
Industrials		6,883,514		65,637,514		—		72,521,028
Information Technology		4,932,592		42,688,651		—		47,621,243
Materials		1,729,294		59,644,102		—		61,373,396
Telecommunication Services		2,669,646		19,090,064		—		21,759,710
Utilities		—		12,634,835		—		12,634,835
Preferred Stocks
Consumer Discretionary		—		6,326,630		—		6,326,630
Consumer Staples		—		3,371,526		—		3,371,526

Total Equity Securities		25,781,043		508,473,431		—		534,254,474

Other
Affiliated Money Market Fund(c)		3,636,934		—		—		3,636,934
Investments of Cash Collateral Received for Securities on Loan		5,000,000		31,938,179		—		36,938,179

Total Other		8,636,934		31,938,179		—		40,575,113

Total		$34,417,977		$540,411,610		$—		$574,829,587


^(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 June 30, 2011.

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities


June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $437,523,293)	$	534,254,474
Affiliated issuers (identified cost $3,636,934)		3,636,934
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $16,999,375)		16,999,375
Repurchase agreements (identified cost $19,938,804)		19,938,804

Total investments (identified cost $478,098,406)		574,829,587
Foreign currency (identified cost $811,811)		816,699
Receivable for:
Investments sold		888
Dividends		1,025,177
Interest		17,544
Reclaims		1,048,706

Total assets		577,738,601

Liabilities
Disbursements in excess of cash		55,530
Due upon return of securities on loan		36,938,179
Payable for:
Investments purchased		293,550
Capital shares purchased		790,959
Investment management fees		341,111
Distribution fees		52,527
Transfer agent fees		26,055
Administration fees		34,625
Other expenses		200,926

Total liabilities		38,733,462

Net assets applicable to outstanding capital stock	$	539,005,139

Represented by
Paid-in capital	$	609,913,993
Excess of distributions over net investment income		(1,546,811	)
Accumulated net realized loss		(166,268,421	)
Unrealized appreciation (depreciation) on:
Investments		96,731,181
Foreign currency translations		175,197

Total — representing net assets applicable to outstanding capital stock	$	539,005,139

*Value of securities on loan	$	35,184,126

Net assets applicable to outstanding shares
Class 1	$	20,224,110
Class 2	$	2,709,470
Class 3	$	516,071,559
Shares outstanding
Class 1		1,595,501
Class 2		214,074
Class 3		40,722,659
Net asset value per share
Class 1	$	12.68
Class 2	$	12.66
Class 3	$	12.67

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 13

Statement of Operations


Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	8,723,982
Interest		15
Dividends from affiliates		4,440
Income from securities lending — net		402,532
Foreign taxes withheld		(1,001,596	)

Total income		8,129,373

Expenses:
Investment management fees		2,309,405
Distribution fees
Class 2		1,734
Class 3		325,308
Transfer agent fees
Class 1		2,036
Class 2		416
Class 3		156,142
Administration fees		210,645
Compensation of board members		5,739
Custodian fees		54,300
Printing and postage fees		70,500
Professional fees		20,221
Other		7,841

Total expenses		3,164,287

Net investment income		4,965,086

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		49,882,878
Foreign currency transactions		(377,316	)
Forward foreign currency exchange contracts		229,392

Net realized gain		49,734,954
Net change in unrealized appreciation (depreciation) on:
Investments		(25,624,358	)
Foreign currency translations		70,054

Net change in unrealized depreciation		(25,554,304	)

Net realized and unrealized gain		24,180,650

Net increase in net assets resulting from operations	$	29,145,736

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Six months ended			Year ended
	June 30, 2011			December 31, 2010^(a)
	(Unaudited)
Operations
Net investment income	$	4,965,086		$	4,002,067
Net realized gain		49,734,954			23,367,495
Net change in unrealized appreciation (depreciation)		(25,554,304	)		37,437,226

Net increase in net assets resulting from operations		29,145,736			64,806,788

Distributions to shareholders from:
Net investment income
Class 1		(161,274	)		(47	)
Class 2		(21,623	)		(151	)
Class 3		(4,712,316	)		(7,376,259	)

Total distributions to shareholders		(4,895,213	)		(7,376,457	)

Decrease in net assets from share transactions		(13,521,788	)		(90,845,292	)

Total increase (decrease) in net assets		10,728,735			(33,414,961	)
Net assets at beginning of period		528,276,404			561,691,365

Net assets at end of period	$	539,005,139		$	528,276,404

Excess of distributions over net investment income	$	(1,546,811	)	$	(1,149,367	)


	Six months ended
	June 30, 2011						Year ended
	(Unaudited)						December 31, 2010^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		703			8,919			469			5,000
Fund merger		1,645,029			21,781,166			—			—
Distributions reinvested		12,892			161,274			5			47
Redemptions		(63,597	)		(806,081	)		—			—

Net increase		1,595,027			21,145,278			474			5,047

Class 2 shares
Subscriptions		51,354			637,941			44,306			512,447
Fund merger		153,570			2,032,009			—			—
Distributions reinvested		1,731			21,623			14			151
Redemptions		(36,791	)		(459,502	)		(110	)		(1,299	)

Net increase		169,864			2,232,071			44,210			511,299

Class 3 Shares
Subscriptions		19,964			244,506			597,882			6,504,984
Distributions reinvested		376,837			4,712,316			726,618			7,376,259
Redemptions		(3,350,822	)		(41,855,959	)		(9,819,524	)		(105,242,881	)

Net decrease		(2,954,021	)		(36,899,137	)		(8,495,024	)		(91,361,638	)

Total net decrease		(1,189,130	)		(13,521,788	)		(8,450,340	)		(90,845,292	)


^(a)		Class 1 and Class 2 shares are for the period from May 3, 2010 (commencement of operations) to December 31, 2010.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 15

Financial Highlights


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 1
Per share data
Net asset value, beginning of period		$12.09			$10.67

Income from investment operations:
Net investment income		0.21			0.03
Net realized and unrealized gain on investments		0.50			1.49

Total from investment operations		0.71			1.52

Less distributions to shareholders from:
Net investment income		(0.12	)		(0.10	)

Total distributions to shareholders		(0.12	)		(0.10	)

Net asset value, end of period		$12.68			$12.09

Total return		5.92%			14.47%

Ratios to average net assets^(b)

Total expenses		1.03%	^(c)		1.11%	^(c)

Net investment income		3.39%	^(c)		0.47%	^(c)

Supplemental data
Net assets, end of period (in thousands)		$20,224			$6

Portfolio turnover		29%			76%

See accompanying Notes to Financial Highlights.


	Six months			Year ended
	ended June 30,			Dec. 31,
	2011			2010^(a)
	(Unaudited)
Class 2
Per share data
Net asset value, beginning of period		$12.07			$10.67

Income from investment operations:
Net investment income (loss)		0.16			(0.09	)
Net realized and unrealized gain on investments		0.54			1.59

Total from investment operations		0.70			1.50

Less distributions to shareholders from:
Net investment income		(0.11	)		(0.10	)

Total distributions to shareholders		(0.11	)		(0.10	)

Net asset value, end of period		$12.66			$12.07

Total return		5.83%			14.24%

Ratios to average net assets^(b)

Total expenses		1.30%	^(c)		1.41%	^(c)

Net investment income (loss)		2.58%	^(c)		(1.15%	)^(c)

Supplemental data
Net assets, end of period (in thousands)		$2,709			$534

Portfolio turnover		29%			76%

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT


	Six months ended																		Year ended
	June 30,			Year ended Dec. 31,															Aug. 31,
	2011			2010			2009			2008			2007			2006^(d)			2006
	(Unaudited)
Class 3
Per share data
Net asset value, beginning of period		$12.08			$10.77			$8.58			$14.71			$13.19			$12.24			$10.02

Income from investment operations:
Net investment income		0.11			0.08			0.14			0.27			0.13			0.02			0.12
Net realized and unrealized gain (loss) on investments		0.60			1.38			2.19			(6.12	)		1.53			1.04			2.27

Total from investment operations		0.71			1.46			2.33			(5.85	)		1.66			1.06			2.39

Less distributions to shareholders from:
Net investment income		(0.12	)		(0.15	)		(0.14	)		(0.28	)		(0.14	)		(0.10	)		(0.17	)
Tax return of capital		—			—			—			—			—			(0.01	)		—

Total distributions to shareholders		(0.12	)		(0.15	)		(0.14	)		(0.28	)		(0.14	)		(0.11	)		(0.17	)

Proceeds from regulatory settlement		—			—			0.00	^(e)		—			—			—			—

Net asset value, end of period		$12.67			$12.08			$10.77			$8.58			$14.71			$13.19			$12.24

Total return		5.85%			13.89%			27.54%	^(f)		(40.43%	)		12.68%			8.72%			23.82%

Ratios to average net assets^(b)

Total expenses		1.20%	^(c)		1.13%			1.16%			1.15%			1.01%			1.08%	^(c)		1.12%

Net investment income		1.86%	^(c)		0.78%			1.57%			2.21%			0.94%			0.55%	^(c)		1.04%

Supplemental data
Net assets, end of period (in thousands)		$516,072			$527,737			$561,691			$535,029			$1,195,213			$1,310,729			$1,266,241

Portfolio turnover		29%			76%			90%			61%			94%			20%			74%

Notes to Financial Highlights


^(a)		For the period from May 3, 2010 (commencement of operations) to December 31, 2010.
^(b)		Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(c)		Annualized.
^(d)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(e)		Rounds to less than $0.01.
^(f)		During the year ended December 31, 2009, the Fund received proceeds from a regulatory settlement. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 17

Notes to Financial Statements

June 30, 2011 (Unaudited)

Note 1. Organization

Columbia Variable Portfolio – International Opportunity Fund (the Fund), formerly known as Threadneedle Variable Portfolio – International Opportunity Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

18 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Foreign Currency Transactions and Translation

Derivative Instruments

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts in connection with the settlement of purchases and sales of securities.

Effects of Derivative Transactions in the Financial Statements

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements (continued)

Fair Values of Derivative Instruments at June 30, 2011

At June 30, 2011, the Fund had no outstanding derivatives.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	229,392


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Forward Foreign
	Currency Exchange
Risk Exposure Category	Contracts
Foreign exchange contracts	$	—

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

20 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Distributions to Subaccounts

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the management of the Funds. Day-to-day portfolio management of the Fund is provided by the Fund’s subadviser. See Subadvisory Agreement below. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.80% to 0.57% as the Fund’s net assets increase. Prior to April 30, 2011, the rate was also an annual fee that declined from 0.80% to 0.57% as the Fund’s net assets increased but the management fee rates payable at certain levels were higher. Also prior to April 30, 2011, the fee was adjusted upward or downward by a performance incentive adjustment (PIA) determined monthly by measuring the percentage difference over a rolling 12-month period between the annualized performance of one Class 3 share of the Fund and the annualized performance of the Lipper International Large-Cap Core Funds Index. The maximum adjustment was 0.12% per year. If the performance difference was less than 0.50%, the adjustment was zero. The adjustment increased the management fee by $233,958 for the six months ended June 30, 2011. The management fee for the six months ended June 30, 2011 was 0.87% of the Fund’s average daily net assets, including the adjustment under the terms of the PIA. Effective April 30, 2011, the PIA was terminated.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, to subadvise the assets of the Fund. The Investment Manager compensates Threadneedle to manage the investments of the Fund’s assets.

Administration Fees

Other Fees

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the six months ended June 30, 2011, there were no expenses incurred for these particular items.

Compensation of Board Members

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for the Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of each Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Note 4. Federal Tax Information

At June 30, 2011, the cost of investments for federal income tax purposes was approximately $478,098,000 and the approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	109,621,000
Unrealized depreciation		(12,890,000	)

Net unrealized appreciation	$	96,731,000


Year of Expiration	Amount
2011	$	21,881,478
2016		28,239,702
2017		148,996,565

Total	$	199,117,745

It is unlikely the Board will authorize a distribution of any net realized capital gains until the available capital loss carryforward has been offset or expires. There is no assurance that the Fund will be able to utilize all of its capital loss carryforward before it expires.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $154,699,420 and $181,838,077, respectively, for the six months ended June 30, 2011.

22 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Note 6. Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $35,184,126 were on loan, secured by cash collateral of $36,938,179 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Note 7. Affiliated Money Market Fund

Note 8. Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 96% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 23

Notes to Financial Statements (continued)

credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

Note 10. Fund Merger

At the close of business on April 29, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia International Fund, Variable Series (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $551,874,369 and the combined net assets immediately after the acquisition were $575,687,544.

The merger was accomplished by a tax-free exchange of 18,483,906 shares of the acquired fund valued at $23,813,175 (including $5,602,247 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued the following number of shares:


	Shares
Class 1		1,645,029
Class 2		153,570

Assuming the merger had been completed on January 1, 2011, the Fund’s pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the six months ended June 30, 2011, would have been approximately $5.5 million, $49.6 million, $(23.7) million and $31.4 million, respectively.

Note 11. Significant Risks

Foreign Securities Risk

Note 12. Subsequent Events

24 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Note 13. Information Regarding Pending and Settled Legal Proceedings

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 25

Proxy Voting

Approval of Subadvisory Agreement

At an in-person meeting of the Fund’s Board of Trustees (the “Board”) held on April 12-14, 2011 (the “April Meeting”), independent legal counsel reviewed with the independent Board members (the “Independent Directors”) various factors relevant to the Board’s consideration of the Subadvisory Agreement and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Directors, approved renewal of the Subadvisory Agreement.

Nature, Extent and Quality of Services Provided by the Subadviser: The Board considered its analysis of various reports and presentations received by it or one or more of its committees detailing the services performed by the Subadviser as well as its history, reputation, expertise, resources and relative capabilities, and the qualifications of its personnel. The Board observed that it had previously approved the Subadviser’s code of ethics and compliance program, the Chief Compliance Officer of the Fund continues to monitor the code and the program, and that no material issues have been reported. The Board also considered the Subadviser’s investment strategy/style as well as the experience of the personnel that manage the Fund. The Board also considered the financial condition of the Subadviser and its capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. The Board discussed the Subadviser’s affiliation with the investment manager (i.e., it is a wholly-owned subsidiary thereof). The Board also discussed the acceptability of the terms of the Subadvisory Agreement, including the relatively broad scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the investment manager. It was observed that no changes were recommended to the Subadvisory Agreement. Based on the foregoing, and based on other information received (both oral and written) and other considerations, including, in particular, the performance of the Fund (discussed below), the Board concluded that the services being performed under the Subadvisory Agreement were of a reasonably high quality.

Investment Performance: For purposes of evaluating the nature, extent and quality of services provided under the Subadvisory Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that the Fund’s investment performance met expectations.

Costs of Services Provided: The Board reviewed the level of subadvisory fees, noting that the fees are paid by the investment manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the Subadviser was comparable to those charged by other subadvisers to similar funds managed by the investment manager.

Profitability and Economies of Scale to be Realized: The Board recognized that, because the Subadviser’s fees are paid by Columbia Management and not the Fund, the analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the IMS Agreement, which was separately considered and approved at the Board’s meeting in September 2010.

Based on the foregoing, the Board, including all of the Independent Directors, concluded that fees payable under the Subadvisory Agreement were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. At the April Meeting, the Board, including all of the Independent Directors, approved the renewal of the Subadvisory Agreement.

26 COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars Voted		Dollars Voted				Broker
		“For”		“Withhold”		Abstentions		Non-Votes
01	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*	All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

483,354,604.261

24,666,946.865

15,511,066.315

0.000

COLUMBIA VP – INTERNATIONAL OPPORTUNITY FUND — 2011 SEMIANNUAL REPORT 27

Columbia VP – International Opportunity Fund
(formerly known as Threadneedle VP – International Opportunity Fund)

P.O. Box 8081

Boston, MA 02266-8081


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6494 A (8/11)

Semiannual Report

Columbia Variable Portfolio – S&P 500 Index Fund

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

Semiannual Report for the Period Ended June 30, 2011

Not FDIC insured - No bank guarantee - May lose value

Table of Contents


Your Fund at a Glance			2
Fund Expense Example			4
Portfolio of Investments			6
Statement of Assets and Liabilities			15
Statement of Operations			16
Statement of Changes in Net Assets			17
Financial Highlights			18
Notes to Financial Statements			20
Proxy Voting			28
Results of Meeting of Shareholders			28

See the Fund’s prospectus for risks associated with investing in the Fund.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 1

Your Fund at a Glance

(Unaudited)

FUND SUMMARY


>	Columbia Variable Portfolio (VP) – S&P 500 Index Fund (the Fund) Class 3 shares gained 5.69% for the six months ended June 30, 2011.

>	The Fund underperformed its benchmark, the Standard & Poor’s 500 Index (S&P 500 Index), which rose 6.02% for the same six month period.

>	The Fund also underperformed its peer group, represented by the Lipper S&P 500 Objective Funds Index, which rose 5.95% during the same time frame.

ANNUALIZED TOTAL RETURNS (for period ended June 30, 2011)

Since

inception

6 months*

1 year

3 years

5 years

10 years

4/25/11*

Columbia VP – S&P 500 Index Fund

Class 1

N/A

-0.76%

Class 2

N/A

-0.76%

Class 3

+5.69%

+30.00%

+2.99%

+2.56%

+2.29%

N/A

S&P 500 Index⁽¹⁾ (unmanaged)

+6.02%

+30.69%

+3.34%

+2.94%

+2.72%

+0.69%

Lipper S&P 500 Objective Funds Index⁽²⁾ (unmanaged)

+5.95%

+30.35%

+3.15%

+2.74%

+2.47%

-0.73%


*	Not annualized.

The indices do not reflect the effects of expenses (excluding Lipper). It is not possible to invest directly in an index.


⁽¹⁾		The Standard & Poor’s 500 Index (S&P 500 Index), an unmanaged index of common stocks, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾		The Lipper S&P 500 Objective Funds Index includes the 30 largest S&P 500 funds tracked by Lipper Inc. The index’s returns include net reinvested dividends.

2 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

SECTOR BREAKDOWN⁽¹⁾ (at June 30, 2011)


Consumer Discretionary	10.7	%

Consumer Staples	10.6

Energy	12.6

Financials	15.0

Health Care	11.6

Industrials	11.1

Information Technology	17.6

Materials	3.6

Telecommunication Services	3.1

Utilities	3.3

Other⁽²⁾	0.8


⁽¹⁾		Sectors can be comprised of several industries. Please refer to the section entitled “Portfolio of Investments” for a complete listing. No single industry exceeded 25% of portfolio assets.

		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s composition is subject to change.

⁽²⁾		Cash & Cash Equivalents.

TOP TEN HOLDINGS⁽¹⁾ (at June 30, 2011)


Exxon Mobil Corp.	3.3	%

Apple, Inc.	2.6

IBM Corp.	1.7

Chevron Corp.	1.7

General Electric Co.	1.7

Microsoft Corp.	1.6

AT&T, Inc.	1.5

Johnson & Johnson	1.5

Procter & Gamble Co. (The)	1.5

Pfizer, Inc.	1.4


⁽¹⁾		Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and Cash & Cash Equivalents).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

“Standard & Poor’s^®,” “S&P,” “S&P 500^®” and “Standard & Poor’s 500^®” are trademarks of the McGraw-Hill Companies, Inc. These trademarks and service marks have been licensed for use by Ameriprise Financial, Inc. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s or any of their subsidiaries or affiliates (the “Licensors”) and the Licensors make no representation regarding the advisability of investing in the Fund.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 3

Fund Expense Example

(Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period indicated and held until June 30, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

4 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT


	Beginning		Ending		Expenses
	account value		account value		paid during		Annualized
	Jan. 1, 2011^(a)		June 30, 2011		the period^(b)		expense ratio
Class 1

Actual^(c)	$	1,000	$	992.40	$	0.67		.37%

Hypothetical (5% return before expenses)	$	1,000	$	1,022.96	$	1.86		.37%

Class 2

Actual^(c)	$	1,000	$	992.40	$	1.12		.62%

Hypothetical (5% return before expenses)	$	1,000	$	1,021.72	$	3.11		.62%

Class 3

Actual^(d)	$	1,000	$	1,056.90	$	2.75		.54%

Hypothetical (5% return before expenses)	$	1,000	$	1,022.12	$	2.71		.54%


^(a)		The beginning account values for Classes 1 and 2 are as of April 25, 2011 (commencement of operations) for actual expense calculations.
^(b)		Expenses are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Actual expenses for Classes 1 and 2 are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period, multiplied by 66/365 (to reflect the number of days in the period).
^(c)		Based on the actual return for the period from April 25, 2011 (commencement of operations) to June 30, 2011: -0.76% for Class 1 and -0.76% for Class 2.
^(d)		Based on the actual return for the six months ended June 30, 2011: +5.69% for Class 3.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 5

Portfolio of Investments

Columbia VP — S&P 500 Index Fund

June 30, 2011 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 99.3%


CONSUMER DISCRETIONARY 10.7%

Auto Components 0.3%
Goodyear Tire & Rubber Co. (The)(a)		4,654	$	78,047
Johnson Controls, Inc.		12,942		539,164

Total				617,211


Automobiles 0.5%
Ford Motor Co.(a)		72,525		1,000,120
Harley-Davidson, Inc.(b)		4,507		184,652

Total				1,184,772


Distributors 0.1%
Genuine Parts Co.(b)		3,007		163,581


Diversified Consumer Services 0.1%
Apollo Group, Inc., Class A(a)		2,334		101,949
DeVry, Inc.		1,171		69,241
H&R Block, Inc.		5,837		93,626

Total				264,816


Hotels, Restaurants & Leisure 1.8%
Carnival Corp.(c)		8,244		310,222
Chipotle Mexican Grill, Inc.(a)		605		186,455
Darden Restaurants, Inc.		2,594		129,077
International Game Technology		5,715		100,470
Marriott International, Inc., Class A(b)		5,410		192,001
McDonald’s Corp.		19,813		1,670,632
Starbucks Corp.		14,305		564,904
Starwood Hotels & Resorts Worldwide, Inc.		3,714		208,133
Wyndham Worldwide Corp.		3,248		109,295
Wynn Resorts Ltd.(b)		1,463		209,999
Yum! Brands, Inc.(b)		8,891		491,139

Total				4,172,327


Household Durables 0.4%
DR Horton, Inc.(b)		5,364		61,793
Fortune Brands, Inc.(b)		2,935		187,165
Harman International Industries, Inc.		1,345		61,292
Leggett & Platt, Inc.		2,726		66,460
Lennar Corp., Class A(b)		3,063		55,593
Newell Rubbermaid, Inc.		5,554		87,642
Pulte Group, Inc.(a)(b)		6,428		49,239
Stanley Black & Decker, Inc.		3,203		230,776
Whirlpool Corp.(b)		1,446		117,589

Total				917,549


Internet & Catalog Retail 1.0%
Amazon.com, Inc.(a)		6,819		1,394,417
Expedia, Inc.		3,819		110,713
Netflix, Inc.(a)(b)		824		216,457
priceline.com, Inc.(a)		953		487,869

Total				2,209,456


Leisure Equipment & Products 0.1%
Hasbro, Inc.		2,605		114,438
Mattel, Inc.(b)		6,635		182,396

Total				296,834


Media 3.3%
Cablevision Systems Corp., Class A		4,385		158,781
CBS Corp., Class B Non Voting		12,759		363,504
Comcast Corp., Class A		52,810		1,338,205
DIRECTV, Class A(a)		14,659		744,970
Discovery Communications, Inc., Class A(a)		5,329		218,276
Gannett Co., Inc.(b)		4,579		65,571
Interpublic Group of Companies, Inc. (The)		9,320		116,500
McGraw-Hill Companies, Inc. (The)		5,816		243,749
News Corp., Class A		43,618		772,039
Omnicom Group, Inc.		5,372		258,715
Scripps Networks Interactive, Inc., Class A		1,732		84,660
Time Warner Cable, Inc.		6,424		501,329
Time Warner, Inc.		20,432		743,112
Viacom, Inc., Class B		11,178		570,078
Walt Disney Co. (The)		36,080		1,408,563
Washington Post Co. (The), Class B		105		43,990

Total				7,632,042


Multiline Retail 0.7%
Big Lots, Inc.(a)		1,441		47,769
Family Dollar Stores, Inc.		2,341		123,043
JC Penney Co., Inc.(b)		4,081		140,958
Kohl’s Corp.		5,372		268,654
Macy’s, Inc.(b)		8,151		238,335
Nordstrom, Inc.		3,194		149,926
Sears Holdings Corp.(a)(b)		830		59,295
Target Corp.		13,162		617,430

Total				1,645,410


Specialty Retail 1.8%
Abercrombie & Fitch Co., Class A		1,684		112,693
AutoNation, Inc.(a)(b)		1,204		44,078
AutoZone, Inc.(a)		490		144,477
Bed Bath & Beyond, Inc.(a)		4,747		277,082
Best Buy Co., Inc.(b)		6,153		193,266
CarMax, Inc.(a)(b)		4,323		142,962
GameStop Corp., Class A(a)(b)		2,689		71,716
Gap, Inc. (The)(b)		7,449		134,827
Home Depot, Inc.		30,404		1,101,233
Limited Brands, Inc.		4,819		185,291
Lowe’s Companies, Inc.		24,849		579,230
O’Reilly Automotive, Inc.(a)		2,622		171,767
Ross Stores, Inc.		2,237		179,228
Staples, Inc.		13,613		215,085
Tiffany & Co.		2,431		190,882
TJX Companies, Inc.		7,364		386,831
Urban Outfitters, Inc.(a)(b)		2,368		66,659

Total				4,197,307


Textiles, Apparel & Luxury Goods 0.6%
Coach, Inc.		5,603		358,199
Nike, Inc., Class B		7,253		652,625
Polo Ralph Lauren Corp.		1,221		161,917
VF Corp.		1,666		180,861

Total				1,353,602


TOTAL CONSUMER DISCRECTIONARY				24,654,907


CONSUMER STAPLES 10.6%

Beverages 2.5%
Brown-Forman Corp., Class B(b)		1,972		147,289
Coca-Cola Co. (The)		43,694		2,940,169
Coca-Cola Enterprises, Inc.		6,209		181,179
Constellation Brands, Inc., Class A(a)		3,408		70,954
Dr. Pepper Snapple Group, Inc.		4,232		177,448
Molson Coors Brewing Co., Class B(b)		3,042		136,099
PepsiCo, Inc.		30,174		2,125,155

Total				5,778,293

The accompanying Notes to Financial Statements are an integral part of this statement.

6 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)

CONSUMER STAPLES (cont.)
Food & Staples Retailing 2.3%
Costco Wholesale Corp.		8,332		$676,892
CVS Caremark Corp.		25,897		973,209
Kroger Co. (The)		11,576		287,085
Safeway, Inc.(b)		6,750		157,747
SUPERVALU, Inc.(b)		4,046		38,073
SYSCO Corp.		11,144		347,470
Wal-Mart Stores, Inc.		36,458		1,937,378
Walgreen Co.		17,487		742,498
Whole Foods Market, Inc.(b)		2,839		180,135

Total				5,340,487


Food Products 1.8%
Archer-Daniels-Midland Co.		13,029		392,824
Campbell Soup Co.(b)		3,490		120,580
ConAgra Foods, Inc.		7,796		201,215
Dean Foods Co.(a)		3,491		42,835
General Mills, Inc.		12,199		454,047
Hershey Co. (The)		2,921		166,059
HJ Heinz Co.		6,144		327,352
Hormel Foods Corp.(b)		2,643		78,788
JM Smucker Co. (The)		2,220		169,697
Kellogg Co.		4,776		264,208
Kraft Foods, Inc., Class A		33,564		1,182,460
McCormick & Co., Inc.		2,532		125,511
Mead Johnson Nutrition Co.		3,913		264,323
Sara Lee Corp.		11,160		211,928
Tyson Foods, Inc., Class A		5,715		110,985

Total				4,112,812


Household Products 2.1%
Clorox Co.		2,534		170,893
Colgate-Palmolive Co.(b)		9,344		816,759
Kimberly-Clark Corp.		7,505		499,533
Procter & Gamble Co. (The)		53,286		3,387,391

Total				4,874,576


Personal Products 0.2%
Avon Products, Inc.		8,214		229,992
Estee Lauder Companies, Inc. (The), Class A		2,175		228,788

Total				458,780


Tobacco 1.7%
Altria Group, Inc.		39,968		1,055,555
Lorillard, Inc.(b)		2,739		298,195
Philip Morris International, Inc.		33,963		2,267,709
Reynolds American, Inc.		6,443		238,713

Total				3,860,172


TOTAL CONSUMER STAPLES				24,425,120


ENERGY 12.6%

Energy Equipment & Services 2.4%
Baker Hughes, Inc.		8,310		602,974
Cameron International Corp.(a)		4,680		235,357
Diamond Offshore Drilling, Inc.(b)		1,339		94,279
FMC Technologies, Inc.(a)(b)		4,598		205,945
Halliburton Co.		17,474		891,174
Helmerich & Payne, Inc.		2,044		135,149
Nabors Industries Ltd.(a)(c)		5,485		135,150
National Oilwell Varco, Inc.		8,076		631,624
Noble Corp.(c)		4,808		189,483
Rowan Companies, Inc.(a)		2,422		93,998
Schlumberger Ltd.(c)		25,913		2,238,883

Total				5,454,016


Oil, Gas & Consumable Fuels 10.2%
Alpha Natural Resources, Inc.(a)		4,325		196,528
Anadarko Petroleum Corp.		9,508		729,834
Apache Corp.		7,322		903,461
Cabot Oil & Gas Corp.		1,982		131,426
Chesapeake Energy Corp.		12,559		372,877
Chevron Corp.		38,373		3,946,279
ConocoPhillips		26,989		2,029,303
Consol Energy, Inc.		4,315		209,191
Denbury Resources, Inc.(a)		7,594		151,880
Devon Energy Corp.		8,083		637,021
El Paso Corp.		14,681		296,556
EOG Resources, Inc.		5,132		536,551
EQT Corp.		2,859		150,155
Exxon Mobil Corp.		94,036		7,652,650
Hess Corp.		5,778		431,963
Marathon Oil Corp.		13,597		716,290
Murphy Oil Corp.		3,694		242,548
Newfield Exploration Co.(a)		2,535		172,431
Noble Energy, Inc.		3,374		302,412
Occidental Petroleum Corp.		15,524		1,615,117
Peabody Energy Corp.		5,170		304,565
Pioneer Natural Resources Co.		2,228		199,562
QEP Resources, Inc.		3,366		140,800
Range Resources Corp.		3,078		170,829
Southwestern Energy Co.(a)		6,640		284,723
Spectra Energy Corp.		12,421		340,460
Sunoco, Inc.		2,313		96,475
Tesoro Corp.(a)(b)		2,744		62,865
Valero Energy Corp.		10,879		278,176
Williams Companies, Inc. (The)		11,225		339,556

Total				23,642,484


TOTAL ENERGY				29,096,500


FINANCIALS 15.0%

Capital Markets 2.3%
Ameriprise Financial, Inc.(d)		4,626		266,828
Bank of New York Mellon Corp. (The)		23,709		607,425
BlackRock, Inc.		1,840		352,930
Charles Schwab Corp. (The)		19,123		314,573
E*Trade Financial Corp.(a)		4,813		66,419
Federated Investors, Inc., Class B(b)		1,765		42,078
Franklin Resources, Inc.		2,764		362,886
Goldman Sachs Group, Inc. (The)		9,885		1,315,595
Invesco Ltd.(c)		8,821		206,411
Janus Capital Group, Inc.		3,553		33,540
Legg Mason, Inc.(b)		2,841		93,071
Morgan Stanley		29,488		678,519
Northern Trust Corp.		4,613		212,014
State Street Corp.(e)		9,635		434,442
T Rowe Price Group, Inc.		4,956		299,045

Total				5,285,776


Commercial Banks 2.7%
BB&T Corp.		13,305		357,106
Comerica, Inc.		3,379		116,812
Fifth Third Bancorp		17,529		223,495
First Horizon National Corp.		5,023		47,919
Huntington Bancshares, Inc.		16,485		108,142
KeyCorp		18,157		151,248
M&T Bank Corp.(b)		2,391		210,288
Marshall & Ilsley Corp.		10,112		80,593
PNC Financial Services Group, Inc.		10,039		598,425
Regions Financial Corp.		23,997		148,781
SunTrust Banks, Inc.		10,260		264,708
U.S. Bancorp		36,776		938,156
Wells Fargo & Co.		100,986		2,833,667

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 7

Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)

FINANCIALS (cont.)

Commercial Banks (cont.)
Zions Bancorporation(b)		3,519		$84,491

Total				6,163,831


Consumer Finance 0.8%
American Express Co.		19,968		1,032,346
Capital One Financial Corp.		8,759		452,578
Discover Financial Services		10,415		278,601
SLM Corp.		10,077		169,394

Total				1,932,919


Diversified Financial Services 3.7%
Bank of America Corp.		193,444		2,120,146
Citigroup, Inc.		55,760		2,321,847
CME Group, Inc.(b)		1,290		376,151
IntercontinentalExchange, Inc.(a)		1,392		173,596
JPMorgan Chase & Co.		75,864		3,105,872
Leucadia National Corp.(b)		3,791		129,273
Moody’s Corp.(b)		3,791		145,385
NASDAQ OMX Group, Inc. (The)(a)		2,859		72,333
NYSE Euronext		4,995		171,179

Total				8,615,782


Insurance 3.7%
ACE Ltd.(c)		6,433		423,420
Aflac, Inc.		8,925		416,619
Allstate Corp. (The)		9,976		304,567
American International Group, Inc.(a)(b)		8,324		244,060
AON Corp.		6,307		323,549
Assurant, Inc.		1,845		66,918
Berkshire Hathaway, Inc., Class B(a)		33,057		2,558,281
Chubb Corp.		5,585		349,677
Cincinnati Financial Corp.(b)		3,109		90,721
Genworth Financial, Inc., Class A(a)		9,364		96,262
Hartford Financial Services Group, Inc.		8,489		223,855
Lincoln National Corp.(b)		5,984		170,484
Loews Corp.		5,921		249,215
Marsh & McLennan Companies, Inc.		10,468		326,497
MetLife, Inc.		20,177		885,165
Principal Financial Group, Inc.		6,132		186,535
Progressive Corp. (The)(b)		12,469		266,587
Prudential Financial, Inc.		9,327		593,104
Torchmark Corp.		1,454		93,259
Travelers Companies, Inc. (The)		7,987		466,281
Unum Group		5,883		149,899
XL Group PLC(c)		5,917		130,056

Total				8,615,011


Real Estate Investment Trusts (REITs) 1.6%
Apartment Investment & Management Co., Class A		2,270		57,953
AvalonBay Communities, Inc.(b)		1,662		213,401
Boston Properties, Inc.(b)		2,786		295,762
Equity Residential		5,630		337,800
HCP, Inc.(b)		7,749		284,311
Health Care REIT, Inc.		3,375		176,951
Host Hotels & Resorts, Inc.		13,090		221,875
Kimco Realty Corp.(b)		7,770		144,833
Plum Creek Timber Co., Inc.(b)		3,087		125,147
ProLogis, Inc.		8,700		311,808
Public Storage		2,672		304,635
Simon Property Group, Inc.		5,589		649,609
Ventas, Inc.(b)		3,132		165,088
Vornado Realty Trust(b)		3,128		291,467
Weyerhaeuser Co.		10,273		224,568

Total				3,805,208


Real Estate Management & Development 0.1%
CB Richard Ellis Group, Inc., Class A(a)(b)		5,566		139,762


Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc.		10,052		82,326
People’s United Financial, Inc.		7,139		95,948

Total				178,274


TOTAL FINANCIALS				34,736,563


HEALTH CARE 11.6%

Biotechnology 1.2%
Amgen, Inc.(a)		17,750		1,035,713
Biogen Idec, Inc.(a)		4,620		493,970
Celgene Corp.(a)		8,826		532,384
Cephalon, Inc.(a)		1,459		116,574
Gilead Sciences, Inc.(a)		15,037		622,682

Total				2,801,323


Health Care Equipment & Supplies 1.9%
Baxter International, Inc.		10,901		650,681
Becton Dickinson and Co.		4,181		360,277
Boston Scientific Corp.(a)(b)		29,180		201,634
CareFusion Corp.(a)		4,259		115,717
Covidien PLC(c)		9,468		503,982
CR Bard, Inc.		1,646		180,829
DENTSPLY International, Inc.		2,693		102,549
Edwards Lifesciences Corp.(a)(b)		2,193		191,186
Intuitive Surgical, Inc.(a)		740		275,361
Medtronic, Inc.		20,406		786,243
St. Jude Medical, Inc.		6,283		299,573
Stryker Corp.(b)		6,375		374,149
Varian Medical Systems, Inc.(a)(b)		2,233		156,355
Zimmer Holdings, Inc.(a)		3,661		231,375

Total				4,429,911


Health Care Providers & Services 2.2%
Aetna, Inc.		7,257		319,961
AmerisourceBergen Corp.		5,227		216,398
Cardinal Health, Inc.		6,685		303,633
CIGNA Corp.(b)		5,169		265,842
Coventry Health Care, Inc.(a)		2,828		103,137
DaVita, Inc.(a)(b)		1,822		157,803
Express Scripts, Inc.(a)		10,096		544,982
Humana, Inc.		3,217		259,097
Laboratory Corp. of America Holdings(a)		1,912		185,062
McKesson Corp.		4,814		402,691
Medco Health Solutions, Inc.(a)		7,636		431,587
Patterson Companies, Inc.		1,838		60,452
Quest Diagnostics, Inc.		3,002		177,418
Tenet Healthcare Corp.(a)(b)		9,356		58,381
UnitedHealth Group, Inc.		20,682		1,066,778
WellPoint, Inc.		7,015		552,572

Total				5,105,794


Health Care Technology 0.1%
Cerner Corp.(a)(b)		2,752		168,175


Life Sciences Tools & Services 0.5%
Agilent Technologies, Inc.(a)		6,656		340,188
Life Technologies Corp.(a)		3,419		178,028
PerkinElmer, Inc.(b)		2,158		58,072
Thermo Fisher Scientific, Inc.(a)		7,316		471,077
Waters Corp.(a)		1,750		167,545

Total				1,214,910


Pharmaceuticals 5.7%
Abbott Laboratories		29,669		1,561,183
Allergan, Inc.		5,823		484,765
Bristol-Myers Squibb Co.		32,571		943,256
Eli Lilly & Co.		19,453		730,071
Forest Laboratories, Inc.(a)		5,468		215,111

The accompanying Notes to Financial Statements are an integral part of this statement.

8 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)

HEALTH CARE (cont.)

Pharmaceuticals (cont.)
Hospira, Inc.(a)(b)		3,214		$182,105
Johnson & Johnson		52,336		3,481,391
Merck & Co., Inc.		58,924		2,079,428
Mylan, Inc.(a)(b)		8,382		206,784
Pfizer, Inc.		150,834		3,107,180
Watson Pharmaceuticals, Inc.(a)		2,410		165,639

Total				13,156,913


TOTAL HEALTH CARE				26,877,026


INDUSTRIALS 11.1%

Aerospace & Defense 2.8%
Boeing Co. (The)		14,104		1,042,709
General Dynamics Corp.		7,099		529,017
Goodrich Corp.(b)		2,386		227,863
Honeywell International, Inc.		15,030		895,638
ITT Corp.		3,519		207,375
L-3 Communications Holdings, Inc.		2,020		176,649
Lockheed Martin Corp.		5,441		440,558
Northrop Grumman Corp.		5,585		387,320
Precision Castparts Corp.		2,752		453,117
Raytheon Co.		6,807		339,329
Rockwell Collins, Inc.(b)		2,934		180,998
Textron, Inc.(b)		5,275		124,543
United Technologies Corp.		17,462		1,545,561

Total				6,550,677


Air Freight & Logistics 1.0%
CH Robinson Worldwide, Inc.		3,119		245,902
Expeditors International of Washington, Inc.(b)		4,049		207,268
FedEx Corp.		6,017		570,713
United Parcel Service, Inc., Class B		18,830		1,373,272

Total				2,397,155


Airlines 0.1%
Southwest Airlines Co.		15,117		172,636


Building Products —%
Masco Corp.(b)		6,842		82,309


Commercial Services & Supplies 0.5%
Avery Dennison Corp.(b)		2,013		77,762
Cintas Corp.		2,403		79,371
Iron Mountain, Inc.(b)		3,827		130,462
Pitney Bowes, Inc.(b)		3,896		89,569
Republic Services, Inc.		5,795		178,776
RR Donnelley & Sons Co.(b)		3,573		70,067
Stericycle, Inc.(a)		1,636		145,800
Waste Management, Inc.(b)		9,041		336,958

Total				1,108,765


Construction & Engineering 0.2%
Fluor Corp.		3,320		214,671
Jacobs Engineering Group, Inc.(a)		2,426		104,925
Quanta Services, Inc.(a)(b)		4,131		83,446

Total				403,042


Electrical Equipment 0.5%
Emerson Electric Co.		14,357		807,581
Rockwell Automation, Inc.(b)		2,759		239,371
Roper Industries, Inc.		1,824		151,939

Total				1,198,891


Industrial Conglomerates 2.4%
3M Co.		13,571		1,287,209
General Electric Co.		202,467		3,818,528
Tyco International Ltd.(c)		8,964		443,091

Total				5,548,828


Machinery 2.4%
Caterpillar, Inc.		12,302		1,309,671
Cummins, Inc.(b)		3,753		388,398
Danaher Corp.		10,403		551,255
Deere & Co.		8,003		659,847
Dover Corp.		3,561		241,436
Eaton Corp.		6,523		335,608
Flowserve Corp.(b)		1,067		117,253
Illinois Tool Works, Inc.		9,544		539,141
Ingersoll-Rand PLC(c)		6,313		286,673
Joy Global, Inc.		2,001		190,575
PACCAR, Inc.(b)		6,967		355,944
Pall Corp.		2,206		124,043
Parker Hannifin Corp.		3,108		278,912
Snap-On, Inc.		1,110		69,353

Total				5,448,109


Professional Services 0.1%
Dun & Bradstreet Corp.		947		71,536
Equifax, Inc.		2,345		81,419
Robert Half International, Inc.(b)		2,791		75,441

Total				228,396


Road & Rail 0.9%
CSX Corp.		21,053		552,009
Norfolk Southern Corp.		6,754		506,077
Ryder System, Inc.		982		55,827
Union Pacific Corp.		9,362		977,393

Total				2,091,306


Trading Companies & Distributors 0.2%
Fastenal Co.(b)		5,621		202,300
WW Grainger, Inc.(b)		1,114		171,166

Total				373,466


TOTAL INDUSTRIALS				25,603,580


INFORMATION TECHNOLOGY 17.7%

Communications Equipment 2.0%
Cisco Systems, Inc.		105,007		1,639,159
F5 Networks, Inc.(a)		1,540		169,785
Harris Corp.		2,436		109,766
JDS Uniphase Corp.(a)(b)		4,329		72,121
Juniper Networks, Inc.(a)		10,184		320,796
Motorola Mobility Holdings, Inc.(a)(b)		5,626		123,997
Motorola Solutions, Inc.(a)		6,488		298,708
QUALCOMM, Inc.		31,877		1,810,295
Tellabs, Inc.(b)		6,946		32,021

Total				4,576,648


Computers & Peripherals 4.2%
Apple, Inc.(a)(e)		17,658		5,927,261
Dell, Inc.(a)		31,341		522,454
EMC Corp.(a)		39,275		1,082,026
Hewlett-Packard Co.		39,603		1,441,549
Lexmark International, Inc., Class A(a)		1,520		44,475
NetApp, Inc.(a)		7,019		370,463
SanDisk Corp.(a)		4,543		188,535
Western Digital Corp.(a)		4,426		161,018

Total				9,737,781


Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp., Class A		3,363		181,568
Corning, Inc.		29,965		543,865
FLIR Systems, Inc.		3,051		102,849
Jabil Circuit, Inc.		3,767		76,093
Molex, Inc.		2,658		68,497

Total				972,872

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 9

Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)

INFORMATION TECHNOLOGY (cont.)
Internet Software & Services 1.7%
Akamai Technologies, Inc.(a)		3,557		$111,939
eBay, Inc.(a)		21,810		703,809
Google, Inc., Class A(a)		4,788		2,424,547
Monster Worldwide, Inc.(a)(b)		2,478		36,328
VeriSign, Inc.		3,217		107,641
Yahoo!, Inc.(a)(b)		24,884		374,255

Total				3,758,519


IT Services 3.2%
Automatic Data Processing, Inc.		9,540		502,567
Cognizant Technology Solutions Corp., Class A(a)		5,818		426,692
Computer Sciences Corp.		2,969		112,703
Fidelity National Information Services, Inc.		5,145		158,415
Fiserv, Inc.(a)		2,747		172,045
IBM Corp.		23,134		3,968,638
Mastercard, Inc., Class A		1,788		538,796
Paychex, Inc.		6,139		188,590
SAIC, Inc.(a)(b)		5,320		89,482
Teradata Corp.(a)		3,224		194,085
Total System Services, Inc.(b)		3,093		57,468
Visa, Inc., Class A		9,141		770,221
Western Union Co. (The)		12,081		241,982

Total				7,421,684


Office Electronics 0.1%
Xerox Corp.(b)		26,762		278,592


Semiconductors & Semiconductor Equipment 2.4%
Advanced Micro Devices, Inc.(a)(b)		11,031		77,107
Altera Corp.(b)		6,141		284,635
Analog Devices, Inc.		5,727		224,155
Applied Materials, Inc.		25,174		327,514
Broadcom Corp., Class A(a)		9,120		306,797
First Solar, Inc.(a)(b)		1,028		135,973
Intel Corp.		101,213		2,242,880
KLA-Tencor Corp.		3,214		130,103
Linear Technology Corp.		4,360		143,967
LSI Corp.(a)		11,557		82,286
MEMC Electronic Materials, Inc.(a)(b)		4,405		37,575
Microchip Technology, Inc.(b)		3,639		137,954
Micron Technology, Inc.(a)		16,435		122,934
National Semiconductor Corp.		4,594		113,058
Novellus Systems, Inc.(a)(b)		1,702		61,510
NVIDIA Corp.(a)(b)		11,472		182,806
Teradyne, Inc.(a)		3,532		52,274
Texas Instruments, Inc.		22,179		728,137
Xilinx, Inc.(b)		5,081		185,304

Total				5,576,969


Software 3.7%
Adobe Systems, Inc.(a)(b)		9,620		302,549
Autodesk, Inc.(a)(b)		4,400		169,840
BMC Software, Inc.(a)		3,377		184,722
CA, Inc.		7,252		165,636
Citrix Systems, Inc.(a)		3,582		286,560
Compuware Corp.(a)(b)		4,156		40,563
Electronic Arts, Inc.(a)		6,340		149,624
Intuit, Inc.(a)		5,228		271,124
Microsoft Corp.		141,682		3,683,732
Oracle Corp.		74,399		2,448,471
Red Hat, Inc.(a)		3,685		169,141
Salesforce.com, Inc.(a)(b)		2,294		341,760
Symantec Corp.(a)		14,429		284,540

Total				8,498,262


TOTAL INFORMATION TECHNOLOGY				40,821,327


MATERIALS 3.6%

Chemicals 2.2%
Air Products & Chemicals, Inc.		4,055		387,577
Airgas, Inc.		1,328		93,013
CF Industries Holdings, Inc.		1,354		191,821
Dow Chemical Co. (The)		22,452		808,272
Eastman Chemical Co.		1,364		139,224
Ecolab, Inc.(b)		4,438		250,214
EI du Pont de Nemours & Co.		17,723		957,928
FMC Corp.		1,378		118,536
International Flavors & Fragrances, Inc.		1,528		98,159
Monsanto Co.		10,226		741,794
PPG Industries, Inc.		3,010		273,278
Praxair, Inc.		5,801		628,770
Sherwin-Williams Co. (The)(b)		1,690		141,740
Sigma-Aldrich Corp.(b)		2,330		170,975

Total				5,001,301


Construction Materials —%
Vulcan Materials Co.(b)		2,468		95,092


Containers & Packaging 0.1%
Ball Corp.(b)		3,217		123,726
Bemis Co., Inc.		2,013		67,999
Owens-Illinois, Inc.(a)(b)		3,122		80,579
Sealed Air Corp.(b)		3,070		73,035

Total				345,339


Metals & Mining 1.1%
AK Steel Holding Corp.(b)		2,098		33,065
Alcoa, Inc.		20,304		322,022
Allegheny Technologies, Inc.		2,024		128,463
Cliffs Natural Resources, Inc.		2,766		255,717
Freeport-McMoRan Copper & Gold, Inc.		18,096		957,278
Newmont Mining Corp.		9,434		509,153
Nucor Corp.		6,041		249,010
Titanium Metals Corp.(b)		1,729		31,675
United States Steel Corp.(b)		2,751		126,656

Total				2,613,039


Paper & Forest Products 0.2%
International Paper Co.		8,354		249,116
MeadWestvaco Corp.(b)		3,244		108,058

Total				357,174


TOTAL MATERIALS				8,411,945


TELECOMMUNICATION SERVICES 3.1%

Diversified Telecommunication Services 2.7%
AT&T, Inc.		113,053		3,550,996
CenturyLink, Inc.		11,476		463,975
Frontier Communications Corp.(b)		19,003		153,354
Verizon Communications, Inc.		54,021		2,011,202
Windstream Corp.(b)		9,729		126,088

Total				6,305,615


Wireless Telecommunication Services 0.4%
American Tower Corp., Class A(a)		7,583		396,591
MetroPCS Communications, Inc.(a)		5,072		87,289
Sprint Nextel Corp.(a)		57,121		307,882

Total				791,762


TOTAL TELECOMMUNICATION SERVICES				7,097,377


UTILITIES 3.3%

Electric Utilities 1.8%
American Electric Power Co., Inc.		9,209		346,995
Duke Energy Corp.(b)		25,405		478,376
Edison International		6,212		240,715
Entergy Corp.		3,386		231,196

The accompanying Notes to Financial Statements are an integral part of this statement.

10 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)

UTILITIES (cont.)

Electric Utilities (cont.)
Exelon Corp.		12,658		$542,269
FirstEnergy Corp.		7,993		352,891
NextEra Energy, Inc.(b)		8,053		462,725
Northeast Utilities(b)		3,379		118,839
Pepco Holdings, Inc.(b)		4,312		84,645
Pinnacle West Capital Corp.(b)		2,077		92,593
PPL Corp.		11,023		306,770
Progress Energy, Inc.		5,633		270,440
Southern Co.		16,210		654,560

Total				4,183,014


Gas Utilities 0.1%
Nicor, Inc.		882		48,281
Oneok, Inc.(b)		2,056		152,164

Total				200,445


Independent Power Producers & Energy Traders 0.1%
AES Corp. (The)(a)		12,541		159,772
Constellation Energy Group, Inc.		3,821		145,045
NRG Energy, Inc.(a)		4,593		112,896

Total				417,713


Multi-Utilities 1.3%
Ameren Corp.		4,593		132,462
CenterPoint Energy, Inc.		8,115		157,025
CMS Energy Corp.(b)		4,807		94,650
Consolidated Edison, Inc.		5,593		297,771
Dominion Resources, Inc.		10,986		530,294
DTE Energy Co.(b)		3,226		161,365
Integrys Energy Group, Inc.		1,479		76,671
NiSource, Inc.		5,344		108,216
PG&E Corp.		7,605		319,638
Public Service Enterprise Group, Inc.		9,663		315,400
SCANA Corp.		2,172		85,512
Sempra Energy		4,580		242,191
TECO Energy, Inc.(b)		4,097		77,392
Wisconsin Energy Corp.(b)		4,456		139,696
Xcel Energy, Inc.		9,242		224,581

Total				2,962,864


TOTAL UTILITIES				7,764,036


Total Common Stocks
(Cost: $183,596,540)			$	229,488,381




	Shares		Value

Money Market Fund 0.8%

Columbia Short-Term Cash Fund, 0.166%(d)(f)		1,774,492	$	1,774,492


Total Money Market Fund
(Cost: $1,774,492)			$	1,774,492


		Par/
	Effective	Principal/
Issuer	Yield	Shares		Value

Investments of Cash Collateral Received for Securities on Loan 6.9%


Money Market Fund 4.3%
JPMorgan Prime Money Market Fund, 0.010%(f)			10,000,000	$	10,000,000


Repurchase Agreements 2.6%
RBS Securities, Inc. dated 06/30/11, matures 07/01/11, repurchase price $5,955,251(g)	0.080%		5,955,238		5,955,238


Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $15,955,238)				$	15,955,238


Total Investments
(Cost: $201,326,270)				$	247,218,111
Other Assets & Liabilities, Net					(16,167,868)


Net Assets				$	231,050,243

Investments in Derivatives

Futures Contracts Outstanding at June 30, 2011

Number of

Contracts

Notional

Expiration

Unrealized

Contract Description

Long (Short)

Market Value

Date

Appreciation

Depreciation

S&P 500 Index

$1,973,250

Sept. 2011

$48,279

$—

Notes to Portfolio of Investments


^(a)		Non-income producing.

^(b)		At June 30, 2011, security was partially or fully on loan.

^(c)		Represents a foreign security. At June 30, 2011, the value of foreign securities, excluding short-term securities, represented 2.11% of net assets.

^(d)		Investments in affiliates during the period ended June 30, 2011:


	Beginning		Purchase		Proceeds			Realized		Ending		Dividends or
Issuer	Cost		Cost		from Sales			Gain/Loss		Cost		Interest Income		Value
Ameriprise Financial, Inc.		$151,738		$10,293		$(27,653	)		$14,908		$149,286		$1,933		$266,828
Columbia Short-Term Cash Fund		2,406,983		15,347,742		(15,980,233	)		—		1,774,492		1,837		1,774,492

Total		$2,558,721		$15,358,035		$(16,007,886	)		$14,908		$1,923,778		$3,770		$2,041,320

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 11

Portfolio of Investments (continued)

Notes to Portfolio of Investments (continued)


^(e)		At June 30, 2011, investments in securities included securities valued at $409,693 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

^(f)		The rate shown is the seven-day current annualized yield at June 30, 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.


RBS Securities, Inc. (0.080%)
Security Description	Value
Freddie Mac Gold Pool		$6,074,370

Total Market Value of Collateral Securities		$6,074,370

The accompanying Notes to Financial Statements are an integral part of this statement.

12 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

Fair Value Measurements

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 13

Portfolio of Investments (continued)

Notes to Portfolio of Investments (continued)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of June 30, 2011:


	Fair value at June 30, 2011
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description(a)	identical assets(b)		inputs		inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$24,654,907		$—		$—		$24,654,907
Consumer Staples		24,425,120		—		—		24,425,120
Energy		29,096,500		—		—		29,096,500
Financials		34,736,563		—		—		34,736,563
Health Care		26,877,026		—		—		26,877,026
Industrials		25,603,580		—		—		25,603,580
Information Technology		40,821,327		—		—		40,821,327
Materials		8,411,945		—		—		8,411,945
Telecommunication Services		7,097,377		—		—		7,097,377
Utilities		7,764,036		—		—		7,764,036

Total Equity Securities		229,488,381		—		—		229,488,381

Other
Affiliated Money Market Fund(c)		1,774,492		—		—		1,774,492
Investments of Cash Collateral Received for Securities on Loan		10,000,000		5,955,238		—		15,955,238

Total Other		11,774,492		5,955,238		—		17,729,730

Investments in Securities		241,262,873		5,955,238		—		247,218,111
Derivatives(d)
Assets
Futures Contracts		48,279		—		—		48,279

Total		$241,311,152		$5,955,238		$—		$247,266,390


^(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 June 30, 2011.

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

How to find information about the Fund’s quarterly portfolio holdings


(i)		The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)		The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)		The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)		The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

Statement of Assets and Liabilities


June 30, 2011 (Unaudited)
Assets
Investments, at value*
Unaffiliated issuers (identified cost $183,596,540)	$	229,488,381
Affiliated issuers (identified cost $1,774,492)		1,774,492
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $10,000,000)		10,000,000
Repurchase agreements (identified cost $5,955,238)		5,955,238

Total investments (identified cost $201,326,270)		247,218,111
Receivable for:
Capital shares sold		40,795
Investments sold		26,859
Dividends		292,849
Interest		2,461
Reclaims		39
Variation margin on futures contracts		16,800

Total assets		247,597,914

Liabilities
Disbursements in excess of cash		187
Due upon return of securities on loan		15,955,238
Payable for:
Investments purchased		4,029
Capital shares purchased		401,083
Investment management fees		18,679
Distribution fees		25,294
Transfer agent fees		11,207
Administration fees		18,679
Other expenses		113,275

Total liabilities		16,547,671

Net assets applicable to outstanding capital stock	$	231,050,243

Represented by
Partners’ capital	$	231,050,243

Total — representing net assets applicable to outstanding capital stock	$	231,050,243

*Value of securities on loan	$	15,828,755


Net assets applicable to outstanding shares
Class 1	$	26,291
Class 2	$	19,389,402
Class 3	$	211,634,550
Shares outstanding
Class 1		2,888
Class 2		2,130,849
Class 3		23,247,592
Net asset value per share
Class 1	$	9.10
Class 2	$	9.10
Class 3	$	9.10

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 15

Statement of Operations


Six months ended June 30, 2011 (Unaudited)
Net investment income
Income:
Dividends	$	2,169,573
Interest		11
Dividends from affiliates		3,770
Income from securities lending – net		18,425

Total income		2,191,779

Expenses:
Investment management fees		197,651
Distribution fees
Class 2		8,150
Class 3		135,236
Transfer agent fees
Class 1		2
Class 2		1,853
Class 3		64,911
Administration fees		82,717
Compensation of board members		2,726
Custodian fees		13,528
Printing and postage fees		59,292
Registration fees		12,308
Professional fees		1,107
Merger expense		44,332
Other		3,473

Total expenses		627,286

Net investment income		1,564,493

Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		4,898,909
Futures contracts		103,074

Net realized gain		5,001,983
Net change in unrealized appreciation (depreciation) on:
Investments		5,103,382
Futures contracts		17,186

Net change in unrealized appreciation		5,120,568

Net realized and unrealized gain		10,122,551

Net increase in net assets resulting from operations	$	11,687,044

The accompanying Notes to Financial Statements are an integral part of this statement.

16 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

Statement of Changes in Net Assets


	Six months ended		Year ended
	June 30, 2011^(a)		December 31, 2010
	(Unaudited)
Operations
Net investment income	$	1,564,493	$	3,315,995
Net realized gain		5,001,983		5,152,033
Net change in unrealized appreciation		5,120,568		20,022,146

Net increase in net assets resulting from operations		11,687,044		28,490,174

Increase (decrease) in net assets from share transactions		3,099,505		(32,483,459	)

Total increase (decrease) in net assets		14,786,549		(3,993,285	)
Net assets at beginning of period		216,263,694		220,256,979

Net assets at end of period	$	231,050,243	$	216,263,694


	Six months ended
	June 30, 2011^(a)						Year ended
	(Unaudited)						December 31, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class 1 shares
Subscriptions		272			2,500			—			—
Fund merger		2,616			24,500			—			—

Net increase		2,888			27,000			—			—

Class 2 shares
Subscriptions		4,667			42,487			—			—
Fund merger		2,218,710			20,793,056			—			—
Redemptions		(92,528	)		(844,028	)		—			—

Net increase		2,130,849			19,991,515			—			—

Class 3 Shares
Subscriptions		163,024			1,467,452			949,974			7,339,778
Redemptions		(2,044,167	)		(18,386,462	)		(5,164,024	)		(39,823,237	)

Net decrease		(1,881,143	)		(16,919,010	)		(4,214,050	)		(32,483,459	)

Total net increase (decrease)		252,594			3,099,505			(4,214,050	)		(32,483,459	)


^(a)		Class 1 and Class 2 shares are for the period from April 25, 2011 (commencement of operations) to June 30, 2011.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 17

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. For the periods 2009 and after, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of the expenses that apply to the variable accounts or contract charges, if any, and are not annualized for periods of less than one year.


Class 1	Six months ended
Per share data	June 30, 2011^(a)
	(Unaudited)
Net asset value, beginning of period		$9.17

Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain (loss) on investments^(b)		(0.10	)

Total from investment operations		(0.07	)

Net asset value, end of period		$9.10

Total return		(0.76%	)

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		0.37%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		0.37%	^(d)

Net investment income		1.94%	^(d)

Supplemental data
Net assets, end of period (in thousands)		$26

Portfolio turnover		2%


Class 2	Six months ended
Per share data	June 30, 2011^(a)
	(Unaudited)
Net asset value, beginning of period		$9.17

Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain (loss) on investments^(b)		(0.10	)

Total from investment operations		(0.07	)

Net asset value, end of period		$9.10

Total return		(0.76%	)

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		0.62%	^(d)

Net expenses after fees waived or expenses reimbursed^(e)		0.62%	^(d)

Net investment income		1.70%	^(d)

Supplemental data
Net assets, end of period (in thousands)		$19,389

Portfolio turnover		2%

See accompanying Notes to Financial Highlights.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT


				Year ended Dec. 31,
Class 3	Six months ended																Year ended
Per share data	June 30, 2011			2010		2009		2008			2007			2006^(f)			Aug. 31, 2006
	(Unaudited)
Net asset value, beginning of period		$8.61			$7.51		$5.96		$9.83			$9.59			$8.85			$8.30

Income from investment operations:
Net investment income		0.06			0.12		0.12		0.16			0.15			0.04			0.13
Net realized and unrealized gain (loss) on investments		0.43			0.98		1.43		(3.69	)		0.33			0.77			0.57

Total from investment operations		0.49			1.10		1.55		(3.53	)		0.48			0.81			0.70

Less distributions to shareholders from:
Net investment income		—			—		—		(0.01	)		(0.17	)		(0.03	)		(0.13	)
Net realized gains		—			—		—		(0.33	)		(0.07	)		(0.04	)		(0.02	)

Total distributions to shareholders		—			—		—		(0.34	)		(0.24	)		(0.07	)		(0.15	)

Net asset value, end of period		$9.10			$8.61		$7.51		$5.96			$9.83			$9.59			$8.85

Total return		5.69%			14.71%		26.00%		(37.10%	)		5.01%			9.27%			8.38%	^(g)

Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		0.54%	^(d)		0.54%		0.50%		0.54%			0.52%			0.51%	^(d)		0.53%

Net expenses after fees waived or expenses reimbursed^(e)		0.54%	^(d)		0.53%		0.50%		0.51%			0.50%	^(h)		0.50%	^(d)		0.50%

Net investment income		1.41%	^(d)		1.58%		1.93%		1.79%			1.48%			1.44%	^(d)		1.46%

Supplemental data
Net assets, end of period (in thousands)		$211,635			$216,264		$220,257		$193,189			$380,436			$391,850			$366,785

Portfolio turnover		2%			22%		31%		4%			4%			2%			6%

Notes to Financial Highlights


^(a)		For the period from April 25, 2011 (commencement of operations) to June 30, 2011.
^(b)		Calculation of the net loss per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gains presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares in relation to fluctuations in the market value of the portfolio.
^(c)		In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.
^(d)		Annualized.
^(e)		The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses.
^(f)		For the period from September 1, 2006 to December 31, 2006. In 2006, the Fund’s fiscal year end was changed from August 31 to December 31.
^(g)		During the year ended August 31, 2006, the Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.06%.
^(h)		Prior to rounding, the ratio of net expenses to average net assets after expense waiver/reimbursement was 0.495% for the year ended December 31, 2007.

The accompanying Notes to Financial Statements are an integral part of this statement.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 19

Notes to Financial Statements

June 30, 2011 (Unaudited)


Note 1.	Organization

Columbia Variable Portfolio – S&P 500 Index Fund (the Fund), formerly known as RiverSource Variable Portfolio – S&P 500 Index Fund, a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Prior to April 25, 2011, the Trust was named RiverSource Variable Series Trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2, and Class 3 shares (Class 1 and Class 2 shares commenced operations on April 25, 2011) to separate accounts funding variable annuity contracts and variable life insurance policies issued by affiliated and unaffiliated life insurance companies as well as qualified pension and retirement plans and other qualified institutional investors authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You invest by participating in a qualified plan or buying a contract and making allocations to the Fund. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure.


Note 2.	Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in other open-end investment companies, including money market funds, are valued at net asset value.

20 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Foreign Currency Transactions and Translation

Derivative Instruments

Futures Contracts

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 21

Notes to Financial Statements (continued)

Effects of Derivative Transactions in the Financial Statements

Fair Values of Derivative Instruments at June 30, 2011


	Asset derivatives
	Statement of Assets
Risk Exposure Category	and Liabilities Location	Fair Value
Equity contracts	Net assets — unrealized appreciation on futures contracts	$	48,279	*


*		Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Six Months Ended June 30, 2011

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

Income Recognition

Corporate actions and dividend income are recorded on the ex-dividend date.

Interest income is recorded on the accrual basis.

Expenses

Determination of Class Net Asset Value

22 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

Federal Income Tax Status

Guarantees and Indemnifications


Note 3.	Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. Effective April 30, 2011, the management fee is an annual fee that is equal to 0.10% of the Fund’s average daily net assets. Prior to April 30, 2011, the rate was an annual fee that declined from 0.22% to 0.12% as the Fund’s net assets increased. The management fee for the six months ended June 30, 2011 was 0.18% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets. Effective April 30, 2011, the administration and accounting services fee is an annual fee that is equal to 0.10% of the Fund’s average daily net assets. Prior to April 30, 2011, the rate was an annual fee that declined from 0.06% to 0.03% as the Fund’s net assets increased. The fee for the six months ended June 30, 2011 was 0.074% of the Fund’s average daily net assets.

Other Fees

Other expenses are for, among other things, certain expenses of the Funds or the Board including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the six months ended June 30, 2011, there were no expenses incurred for these particular items.

Compensation of Board Members

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. The fee for the Fund under this agreement is an annual rate of 0.06% of the Fund’s average daily net assets. The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses.

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 23

Notes to Financial Statements (continued)

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of each Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through April 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class 1	0.405	%
Class 2	0.655
Class 3	0.530


Note 4.	Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $4,547,250 and $19,602,763, respectively, for the six months ended June 30, 2011.


Note 5.	Lending of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, National Association (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At June 30, 2011, securities valued at $15,828,755 were on loan, secured by U.S. government securities valued at $107,324 and by cash collateral of $15,955,238 partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program. Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

24 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

and any other securities lending expenses. Net income earned from securities lending for the six months ended June 30, 2011 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.


Note 6.	Affiliated Money Market Fund


Note 7.	Shareholder Concentration

At June 30, 2011, the Investment Manager and/or affiliates owned 100% of the Fund’s Class 3 shares.

At June 30, 2011, the Investment Manager and/or affiliates owned approximately 92% of the outstanding shares of the Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Fund.


Note 8.	Line of Credit


Note 9.	Fund Merger

At the close of business on April 29, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia S&P 500 Index Fund, Variable Series (the acquired fund). The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $224,573,104 and the combined net assets immediately after the acquisition were $245,390,660.

The merger was accomplished by a tax-free exchange of 1,802,048 shares of the acquired fund valued at $20,817,556, (including $8,278,075 of unrealized appreciation).

In exchange for the acquired fund’s shares, the Fund issued the following number of shares:


	Shares
Class 1		2,616
Class 2		2,218,710

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 25

Notes to Financial Statements (continued)

Assuming the merger had been completed on January 1, 2011, the Fund’s pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the six months ended June 30, 2011, would have been approximately $1.8 million, $5.5 million, $6.3 million and $13.6 million, respectively.


Note 10.	Subsequent Events


Note 11.	Information Regarding Pending and Settled Legal Proceedings

26 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT 27

Proxy Voting

Results of Meeting of Shareholders

Special Meeting of Shareholders held on February 15, 2011
(Unaudited)

Proposal 1: To elect trustees to the Board.*


		Dollars		Dollars				Broker
		Voted “For”		Voted “Withhold”		Abstentions		Non-Votes
01.	Kathleen Blatz		85,723,672,111.561		2,169,894,258.822		0.000		0.000
02.	Edward J. Boudreau, Jr.		85,665,567,681.940		2,227,998,688.444		0.000		0.000
03.	Pamela G. Carlton		85,714,276,681.819		2,179,289,688.564		0.000		0.000
04.	William P. Carmichael		85,635,561,252.544		2,258,005,117.840		0.000		0.000
05.	Patricia M. Flynn		85,742,657,936.436		2,150,908,433.948		0.000		0.000
06.	William A. Hawkins		85,649,629,905.610		2,243,936,464.774		0.000		0.000
07.	R. Glenn Hilliard		85,655,583,419.535		2,237,982,950.849		0.000		0.000
08.	Stephen R. Lewis, Jr.		85,625,675,691.387		2,267,890,678.997		0.000		0.000
09.	John F. Maher		85,727,059,404.298		2,166,506,966.086		0.000		0.000
10.	John J. Nagorniak		85,674,655,532.070		2,218,910,838.314		0.000		0.000
11.	Catherine James Paglia		85,727,316,554.282		2,166,249,816.101		0.000		0.000
12.	Leroy C. Richie		85,645,229,747.358		2,248,336,623.026		0.000		0.000
13.	Anthony M. Santomero		85,658,841,948.032		2,234,724,422.352		0.000		0.000
14.	Minor M. Shaw		85,657,380,104.743		2,236,186,265.640		0.000		0.000
15.	Alison Taunton-Rigby		85,697,938,005.199		2,195,628,365.184		0.000		0.000
16.	William F. Truscott		85,694,166,549.407		2,199,399,820.976		0.000		0.000


*	All dollars of Columbia Funds Variable Series Trust II are voted together as a single class for the election of trustees.

Proposal 2: To approve a proposed Investment Management Services Agreement with Columbia Management Investment Advisers, LLC.

Dollars Voted

Broker

“For”

“Against”

Abstentions

Non-Votes

203,139,402.084

6,731,392.471

4,678,728.070

0.000

28 COLUMBIA VP – S&P 500 INDEX FUND — 2011 SEMIANNUAL REPORT

Columbia VP — S&P 500 Index Fund

(formerly known as RiverSource VP — S&P 500 Index Fund)

P.O. Box 8081

Boston, MA 02266-8081


^©2011 Columbia Management Investment Advisers, LLC. All rights reserved.	S-6463 A (8/11)

Item 2. Code of Ethics. Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants. Not applicable.

Item 6. Investments.

(a)		The registrant’s “Schedule 1 — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)		Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedure by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls 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 information required to be disclosed by the registrant in Form N-CSR 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 controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semi annual reports.

(a)(2) 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.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

(Registrant) Columbia Funds Variable Series Trust II


By		/s/ J. Kevin Connaughton J. Kevin Connaughton
		President and Principal Executive Officer

Date		August 19, 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		August 19, 2011

By		/s/ Michael G. Clarke Michael G. Clarke
		Treasurer and Principal Financial Officer

Date		August 19, 2011

Acquisition

Security description

United Artists Theatre Circuit, Inc.

1995-A Pass-Through Trust Certificates

9.300% 07/01/15

12/08/95 — 08/12/96