Columbia Variable Portfolio – High Yield Bond Fund
First Quarter Report
March 31, 2024 (Unaudited)
Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Portfolio of InvestmentsColumbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Convertible Bonds 1.3% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.6% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 2,584,000 | 1,608,540 | |
Electric 0.7% | ||||
NextEra Energy Partners LP(a) | ||||
06/15/2026 | 2.500% | 2,398,622 | 2,158,655 | |
Total Convertible Bonds (Cost $4,123,900) | 3,767,195 | |||
Corporate Bonds & Notes 92.9% | ||||
Aerospace & Defense 1.9% | ||||
Bombardier, Inc.(a) | ||||
04/15/2027 | 7.875% | 472,000 | 472,724 | |
Bombardier, Inc.(a),(b) | ||||
07/01/2031 | 7.250% | 164,000 | 164,463 | |
Spirit AeroSystems, Inc.(a) | ||||
11/30/2029 | 9.375% | 429,000 | 467,916 | |
11/15/2030 | 9.750% | 375,000 | 419,535 | |
TransDigm, Inc.(a) | ||||
08/15/2028 | 6.750% | 1,291,000 | 1,309,925 | |
03/01/2029 | 6.375% | 1,197,000 | 1,200,658 | |
03/01/2032 | 6.625% | 1,222,000 | 1,234,567 | |
Total | 5,269,788 | |||
Airlines 2.2% | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | ||||
04/20/2026 | 5.500% | 2,571,452 | 2,554,179 | |
04/20/2029 | 5.750% | 1,384,753 | 1,362,181 | |
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a) | ||||
01/20/2026 | 5.750% | 1,067,027 | 1,003,846 | |
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.(a) | ||||
06/20/2027 | 6.500% | 1,196,147 | 1,204,757 | |
Total | 6,124,963 | |||
Automotive 1.8% | ||||
American Axle & Manufacturing, Inc. | ||||
03/15/2026 | 6.250% | 220,000 | 217,981 | |
04/01/2027 | 6.500% | 44,000 | 43,834 | |
Clarios Global LP(a) | ||||
05/15/2025 | 6.750% | 700,000 | 701,022 | |
Ford Motor Credit Co. LLC | ||||
06/16/2025 | 5.125% | 414,000 | 410,441 | |
11/13/2025 | 3.375% | 728,000 | 700,574 | |
08/17/2027 | 4.125% | 689,000 | 653,992 | |
11/04/2027 | 7.350% | 483,000 | 506,688 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
IHO Verwaltungs GmbH(a),(c) | ||||
09/15/2026 | 4.750% | 155,000 | 150,702 | |
KAR Auction Services, Inc.(a) | ||||
06/01/2025 | 5.125% | 600,000 | 590,310 | |
Panther BF Aggregator 2 LP/Finance Co., Inc.(a) | ||||
05/15/2027 | 8.500% | 761,000 | 762,020 | |
ZF North America Capital, Inc.(a) | ||||
04/14/2030 | 7.125% | 351,000 | 369,885 | |
Total | 5,107,449 | |||
Banking 0.1% | ||||
Ally Financial, Inc. | ||||
05/21/2024 | 3.875% | 208,000 | 207,351 | |
Brokerage/Asset Managers/Exchanges 2.1% | ||||
AG Issuer LLC(a) | ||||
03/01/2028 | 6.250% | 29,000 | 28,340 | |
AG TTMT Escrow Issuer LLC(a) | ||||
09/30/2027 | 8.625% | 986,000 | 1,020,478 | |
Aretec Escrow Issuer 2, Inc.(a) | ||||
08/15/2030 | 10.000% | 672,000 | 735,367 | |
Aretec Escrow Issuer, Inc.(a) | ||||
04/01/2029 | 7.500% | 510,000 | 485,361 | |
Hightower Holding LLC(a) | ||||
04/15/2029 | 6.750% | 736,000 | 691,195 | |
NFP Corp.(a) | ||||
08/15/2028 | 4.875% | 1,061,000 | 1,063,007 | |
08/15/2028 | 6.875% | 636,000 | 644,074 | |
10/01/2030 | 7.500% | 778,000 | 819,880 | |
10/01/2031 | 8.500% | 328,000 | 361,152 | |
Total | 5,848,854 | |||
Building Materials 1.7% | ||||
American Builders & Contractors Supply Co., Inc.(a) | ||||
01/15/2028 | 4.000% | 574,000 | 537,316 | |
Beacon Roofing Supply, Inc.(a) | ||||
11/15/2026 | 4.500% | 514,000 | 499,627 | |
08/01/2030 | 6.500% | 684,000 | 694,451 | |
Interface, Inc.(a) | ||||
12/01/2028 | 5.500% | 119,000 | 114,000 | |
SRS Distribution, Inc.(a) | ||||
07/01/2028 | 4.625% | 1,303,000 | 1,313,718 | |
12/01/2029 | 6.000% | 686,000 | 700,474 | |
Summit Materials LLC /Finance Corp.(a) | ||||
01/15/2031 | 7.250% | 536,000 | 556,909 |
2
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
White Cap Buyer LLC(a) | ||||
10/15/2028 | 6.875% | 316,000 | 310,035 | |
Total | 4,726,530 | |||
Cable and Satellite 4.8% | ||||
CCO Holdings LLC/Capital Corp.(a) | ||||
02/01/2028 | 5.000% | 666,000 | 620,176 | |
06/01/2029 | 5.375% | 1,246,000 | 1,140,566 | |
03/01/2030 | 4.750% | 1,876,000 | 1,609,206 | |
08/15/2030 | 4.500% | 1,354,000 | 1,137,378 | |
02/01/2032 | 4.750% | 764,000 | 624,276 | |
CCO Holdings LLC/Capital Corp. | ||||
05/01/2032 | 4.500% | 340,000 | 273,119 | |
CCO Holdings LLC/Holdings Capital Corp.(a) | ||||
01/15/2034 | 4.250% | 175,000 | 132,076 | |
CSC Holdings LLC(a) | ||||
12/01/2030 | 4.625% | 1,355,000 | 688,367 | |
02/15/2031 | 3.375% | 2,588,000 | 1,756,059 | |
DISH Network Corp.(a) | ||||
11/15/2027 | 11.750% | 515,000 | 526,067 | |
Sirius XM Radio, Inc.(a) | ||||
09/01/2026 | 3.125% | 607,000 | 569,108 | |
08/01/2027 | 5.000% | 299,000 | 287,865 | |
07/15/2028 | 4.000% | 380,000 | 347,700 | |
07/01/2030 | 4.125% | 310,000 | 271,016 | |
Videotron Ltd.(a) | ||||
06/15/2029 | 3.625% | 676,000 | 610,533 | |
VZ Secured Financing BV(a) | ||||
01/15/2032 | 5.000% | 1,426,000 | 1,224,272 | |
Ziggo Bond Co. BV(a) | ||||
02/28/2030 | 5.125% | 1,045,000 | 893,718 | |
Ziggo BV(a) | ||||
01/15/2030 | 4.875% | 527,000 | 472,904 | |
Total | 13,184,406 | |||
Chemicals 4.4% | ||||
Ashland LLC(a) | ||||
09/01/2031 | 3.375% | 855,000 | 723,523 | |
Axalta Coating Systems Dutch Holding B BV(a) | ||||
02/15/2031 | 7.250% | 483,000 | 502,113 | |
Axalta Coating Systems LLC(a) | ||||
02/15/2029 | 3.375% | 509,000 | 455,996 | |
Cheever Escrow Issuer LLC(a) | ||||
10/01/2027 | 7.125% | 615,000 | 621,595 | |
Element Solutions, Inc.(a) | ||||
09/01/2028 | 3.875% | 1,110,000 | 1,017,462 | |
HB Fuller Co. | ||||
10/15/2028 | 4.250% | 596,000 | 552,660 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Herens Holdco Sarl(a) | ||||
05/15/2028 | 4.750% | 740,000 | 647,374 | |
INEOS Finance PLC(a) | ||||
04/15/2029 | 7.500% | 827,000 | 829,549 | |
INEOS Quattro Finance 2 PLC(a) | ||||
03/15/2029 | 9.625% | 636,000 | 682,677 | |
Ingevity Corp.(a) | ||||
11/01/2028 | 3.875% | 953,000 | 860,964 | |
Innophos Holdings, Inc.(a) | ||||
02/15/2028 | 9.375% | 755,000 | 631,652 | |
Iris Holdings, Inc.(a),(c) | ||||
02/15/2026 | 8.750% | 353,000 | 303,893 | |
Olympus Water US Holding Corp.(a) | ||||
10/01/2028 | 4.250% | 824,000 | 746,479 | |
11/15/2028 | 9.750% | 1,086,000 | 1,157,835 | |
SPCM SA(a) | ||||
03/15/2027 | 3.125% | 301,000 | 278,006 | |
WR Grace Holdings LLC(a) | ||||
06/15/2027 | 4.875% | 891,000 | 847,502 | |
08/15/2029 | 5.625% | 1,435,000 | 1,284,505 | |
03/01/2031 | 7.375% | 169,000 | 171,476 | |
Total | 12,315,261 | |||
Construction Machinery 1.4% | ||||
H&E Equipment Services, Inc.(a) | ||||
12/15/2028 | 3.875% | 2,308,000 | 2,112,977 | |
Herc Holdings, Inc.(a) | ||||
07/15/2027 | 5.500% | 782,000 | 768,493 | |
Ritchie Bros Holdings, Inc.(a) | ||||
03/15/2028 | 6.750% | 667,000 | 680,728 | |
03/15/2031 | 7.750% | 167,000 | 174,710 | |
Total | 3,736,908 | |||
Consumer Cyclical Services 1.7% | ||||
APX Group, Inc.(a) | ||||
02/15/2027 | 6.750% | 466,000 | 468,604 | |
Arches Buyer, Inc.(a) | ||||
06/01/2028 | 4.250% | 924,000 | 813,134 | |
12/01/2028 | 6.125% | 893,000 | 749,253 | |
Match Group, Inc.(a) | ||||
06/01/2028 | 4.625% | 782,000 | 738,611 | |
02/15/2029 | 5.625% | 276,000 | 268,200 | |
Uber Technologies, Inc.(a) | ||||
08/15/2029 | 4.500% | 1,758,000 | 1,671,779 | |
Total | 4,709,581 |
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
3
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Products 1.4% | ||||
Acushnet Co.(a) | ||||
10/15/2028 | 7.375% | 128,000 | 132,539 | |
CD&R Smokey Buyer, Inc.(a) | ||||
07/15/2025 | 6.750% | 1,360,000 | 1,347,332 | |
Newell Brands, Inc. | ||||
09/15/2027 | 6.375% | 218,000 | 215,168 | |
Prestige Brands, Inc.(a) | ||||
01/15/2028 | 5.125% | 335,000 | 326,078 | |
Scotts Miracle-Gro Co. (The) | ||||
04/01/2031 | 4.000% | 530,000 | 456,581 | |
02/01/2032 | 4.375% | 175,000 | 150,940 | |
Spectrum Brands, Inc.(a) | ||||
10/01/2029 | 5.000% | 694,000 | 680,190 | |
07/15/2030 | 5.500% | 248,000 | 242,844 | |
03/15/2031 | 3.875% | 230,000 | 221,948 | |
Total | 3,773,620 | |||
Diversified Manufacturing 2.2% | ||||
Chart Industries, Inc.(a) | ||||
01/01/2030 | 7.500% | 364,000 | 378,063 | |
Emerald Debt Merger Sub LLC(a) | ||||
12/15/2030 | 6.625% | 867,000 | 875,366 | |
Esab Corp.(a),(b) | ||||
04/15/2029 | 6.250% | 295,000 | 296,577 | |
Madison IAQ LLC(a) | ||||
06/30/2028 | 4.125% | 998,000 | 923,243 | |
06/30/2029 | 5.875% | 333,000 | 305,280 | |
Resideo Funding, Inc.(a) | ||||
09/01/2029 | 4.000% | 569,000 | 510,348 | |
Vertical US Newco, Inc.(a) | ||||
07/15/2027 | 5.250% | 257,000 | 248,329 | |
WESCO Distribution, Inc.(a) | ||||
06/15/2028 | 7.250% | 1,417,000 | 1,446,789 | |
03/15/2029 | 6.375% | 538,000 | 543,653 | |
03/15/2032 | 6.625% | 691,000 | 702,457 | |
Total | 6,230,105 | |||
Electric 4.8% | ||||
Clearway Energy Operating LLC(a) | ||||
03/15/2028 | 4.750% | 1,129,000 | 1,074,152 | |
02/15/2031 | 3.750% | 2,436,000 | 2,098,124 | |
01/15/2032 | 3.750% | 1,003,000 | 844,287 | |
FirstEnergy Corp. | ||||
11/15/2031 | 7.375% | 225,000 | 264,383 | |
Leeward Renewable Energy Operations LLC(a) | ||||
07/01/2029 | 4.250% | 338,000 | 290,910 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
NextEra Energy Operating Partners LP(a) | ||||
07/15/2024 | 4.250% | 495,000 | 491,054 | |
10/15/2026 | 3.875% | 155,000 | 144,679 | |
09/15/2027 | 4.500% | 780,000 | 730,958 | |
01/15/2029 | 7.250% | 489,000 | 500,887 | |
NRG Energy, Inc. | ||||
01/15/2028 | 5.750% | 440,000 | 437,589 | |
NRG Energy, Inc.(a) | ||||
06/15/2029 | 5.250% | 1,846,000 | 1,770,493 | |
Pattern Energy Operations LP/Inc.(a) | ||||
08/15/2028 | 4.500% | 174,000 | 161,938 | |
PG&E Corp. | ||||
07/01/2028 | 5.000% | 260,000 | 251,831 | |
TerraForm Power Operating LLC(a) | ||||
01/31/2028 | 5.000% | 1,207,000 | 1,150,594 | |
01/15/2030 | 4.750% | 828,000 | 759,907 | |
Vistra Operations Co. LLC(a) | ||||
02/15/2027 | 5.625% | 1,099,000 | 1,082,069 | |
07/31/2027 | 5.000% | 277,000 | 268,405 | |
10/15/2031 | 7.750% | 942,000 | 985,943 | |
Total | 13,308,203 | |||
Environmental 1.0% | ||||
Clean Harbors, Inc.(a) | ||||
02/01/2031 | 6.375% | 103,000 | 103,727 | |
GFL Environmental, Inc.(a) | ||||
08/01/2025 | 3.750% | 633,000 | 617,104 | |
01/15/2031 | 6.750% | 436,000 | 446,833 | |
Waste Pro USA, Inc.(a) | ||||
02/15/2026 | 5.500% | 1,516,000 | 1,493,661 | |
Total | 2,661,325 | |||
Finance Companies 2.5% | ||||
GGAM Finance Ltd.(a),(b) | ||||
04/15/2029 | 6.875% | 436,000 | 439,175 | |
Navient Corp. | ||||
06/25/2025 | 6.750% | 445,000 | 448,005 | |
03/15/2031 | 11.500% | 484,000 | 539,248 | |
OneMain Finance Corp. | ||||
01/15/2029 | 9.000% | 386,000 | 409,514 | |
03/15/2030 | 7.875% | 573,000 | 592,256 | |
09/15/2030 | 4.000% | 552,000 | 472,562 | |
Provident Funding Associates LP/Finance Corp.(a) | ||||
06/15/2025 | 6.375% | 966,000 | 926,226 | |
Quicken Loans LLC/Co-Issuer, Inc.(a) | ||||
03/01/2031 | 3.875% | 869,000 | 757,466 | |
Rocket Mortgage LLC/Co-Issuer, Inc.(a) | ||||
10/15/2033 | 4.000% | 2,287,000 | 1,939,359 |
4
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Springleaf Finance Corp. | ||||
11/15/2029 | 5.375% | 61,000 | 57,335 | |
United Wholesale Mortgage LLC(a) | ||||
06/15/2027 | 5.750% | 120,000 | 116,773 | |
04/15/2029 | 5.500% | 182,000 | 172,233 | |
Total | 6,870,152 | |||
Food and Beverage 2.2% | ||||
Darling Ingredients, Inc.(a) | ||||
04/15/2027 | 5.250% | 683,000 | 670,378 | |
06/15/2030 | 6.000% | 504,000 | 499,648 | |
FAGE International SA/USA Dairy Industry, Inc.(a) | ||||
08/15/2026 | 5.625% | 1,387,000 | 1,362,034 | |
Post Holdings, Inc.(a) | ||||
02/15/2032 | 6.250% | 797,000 | 802,556 | |
Primo Water Holdings, Inc.(a) | ||||
04/30/2029 | 4.375% | 498,000 | 457,139 | |
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a) | ||||
03/01/2029 | 4.625% | 1,049,000 | 927,955 | |
Triton Water Holdings, Inc.(a) | ||||
04/01/2029 | 6.250% | 700,000 | 637,477 | |
US Foods, Inc.(a) | ||||
09/15/2028 | 6.875% | 336,000 | 344,236 | |
01/15/2032 | 7.250% | 312,000 | 324,031 | |
Total | 6,025,454 | |||
Gaming 2.9% | ||||
Boyd Gaming Corp. | ||||
12/01/2027 | 4.750% | 675,000 | 653,112 | |
Caesars Entertainment, Inc.(a) | ||||
10/15/2029 | 4.625% | 808,000 | 738,349 | |
02/15/2030 | 7.000% | 1,042,000 | 1,069,703 | |
02/15/2032 | 6.500% | 1,058,000 | 1,068,374 | |
Churchill Downs, Inc.(a) | ||||
05/01/2031 | 6.750% | 315,000 | 317,159 | |
Colt Merger Sub, Inc.(a) | ||||
07/01/2027 | 8.125% | 1,232,000 | 1,261,707 | |
International Game Technology PLC(a) | ||||
02/15/2025 | 6.500% | 200,000 | 200,586 | |
04/15/2026 | 4.125% | 339,000 | 328,596 | |
Light & Wonder International, Inc.(a) | ||||
09/01/2031 | 7.500% | 141,000 | 146,713 | |
Midwest Gaming Borrower LLC(a) | ||||
05/01/2029 | 4.875% | 1,001,000 | 926,612 | |
Scientific Games Holdings LP/US FinCo, Inc.(a) | ||||
03/01/2030 | 6.625% | 965,000 | 933,180 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Scientific Games International, Inc.(a) | ||||
05/15/2028 | 7.000% | 369,000 | 372,104 | |
Total | 8,016,195 | |||
Health Care 7.2% | ||||
180 Medical, Inc.(a) | ||||
10/15/2029 | 3.875% | 200,000 | 180,222 | |
Acadia Healthcare Co., Inc.(a) | ||||
07/01/2028 | 5.500% | 138,000 | 134,616 | |
04/15/2029 | 5.000% | 574,000 | 545,242 | |
Avantor Funding, Inc.(a) | ||||
07/15/2028 | 4.625% | 429,000 | 406,438 | |
11/01/2029 | 3.875% | 1,334,000 | 1,203,061 | |
Bausch & Lomb Escrow Corp.(a) | ||||
10/01/2028 | 8.375% | 531,000 | 549,143 | |
Catalent Pharma Solutions, Inc.(a) | ||||
07/15/2027 | 5.000% | 400,000 | 393,821 | |
04/01/2030 | 3.500% | 819,000 | 782,856 | |
Charles River Laboratories International, Inc.(a) | ||||
05/01/2028 | 4.250% | 249,000 | 235,029 | |
03/15/2029 | 3.750% | 249,000 | 227,238 | |
03/15/2031 | 4.000% | 291,000 | 259,951 | |
CHS/Community Health Systems, Inc.(a) | ||||
03/15/2027 | 5.625% | 585,000 | 538,388 | |
04/15/2029 | 6.875% | 654,000 | 490,163 | |
05/15/2030 | 5.250% | 1,703,000 | 1,389,219 | |
01/15/2032 | 10.875% | 389,000 | 401,762 | |
DaVita, Inc.(a) | ||||
06/01/2030 | 4.625% | 360,000 | 322,236 | |
Indigo Merger Sub, Inc.(a) | ||||
07/15/2026 | 2.875% | 297,000 | 276,734 | |
IQVIA, Inc.(a) | ||||
05/15/2030 | 6.500% | 270,000 | 275,581 | |
Medline Borrower LP/Co-Issuer, Inc.(a) | ||||
04/01/2029 | 6.250% | 430,000 | 431,939 | |
Mozart Debt Merger Sub, Inc.(a) | ||||
04/01/2029 | 3.875% | 941,000 | 856,541 | |
10/01/2029 | 5.250% | 2,252,000 | 2,128,606 | |
Select Medical Corp.(a) | ||||
08/15/2026 | 6.250% | 1,190,000 | 1,193,513 | |
Star Parent, Inc.(a) | ||||
10/01/2030 | 9.000% | 883,000 | 935,063 | |
Surgery Center Holdings, Inc.(a) | ||||
07/01/2025 | 6.750% | 42,000 | 41,997 | |
04/15/2027 | 10.000% | 348,000 | 348,884 | |
Surgery Center Holdings, Inc.(a),(b) | ||||
04/15/2032 | 7.250% | 457,000 | 461,008 | |
Teleflex, Inc. | ||||
11/15/2027 | 4.625% | 693,000 | 666,375 |
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
5
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Teleflex, Inc.(a) | ||||
06/01/2028 | 4.250% | 223,000 | 209,523 | |
Tenet Healthcare Corp. | ||||
02/01/2027 | 6.250% | 1,061,000 | 1,060,420 | |
11/01/2027 | 5.125% | 1,798,000 | 1,758,087 | |
10/01/2028 | 6.125% | 704,000 | 701,422 | |
06/15/2030 | 6.125% | 446,000 | 445,507 | |
Total | 19,850,585 | |||
Home Construction 0.3% | ||||
Meritage Homes Corp.(a) | ||||
04/15/2029 | 3.875% | 349,000 | 320,888 | |
Shea Homes LP/Funding Corp. | ||||
02/15/2028 | 4.750% | 432,000 | 410,782 | |
04/01/2029 | 4.750% | 102,000 | 95,787 | |
Total | 827,457 | |||
Independent Energy 4.6% | ||||
Baytex Energy Corp.(a) | ||||
04/30/2030 | 8.500% | 563,000 | 587,389 | |
Baytex Energy Corp.(a),(b) | ||||
03/15/2032 | 7.375% | 553,000 | 558,875 | |
Civitas Resources, Inc.(a) | ||||
11/01/2030 | 8.625% | 187,000 | 200,751 | |
07/01/2031 | 8.750% | 601,000 | 643,514 | |
CNX Resources Corp.(a) | ||||
01/15/2029 | 6.000% | 342,000 | 335,173 | |
Colgate Energy Partners III LLC(a) | ||||
07/01/2029 | 5.875% | 1,884,000 | 1,852,724 | |
Comstock Resources, Inc.(a) | ||||
01/15/2030 | 5.875% | 96,000 | 86,943 | |
CrownRock LP/Finance, Inc.(a) | ||||
05/01/2029 | 5.000% | 461,000 | 455,584 | |
Hilcorp Energy I LP/Finance Co.(a) | ||||
11/01/2028 | 6.250% | 1,936,000 | 1,934,408 | |
02/01/2029 | 5.750% | 418,000 | 407,690 | |
11/01/2033 | 8.375% | 399,000 | 431,860 | |
Matador Resources Co. | ||||
09/15/2026 | 5.875% | 1,155,000 | 1,155,839 | |
Matador Resources Co.(a) | ||||
04/15/2028 | 6.875% | 333,000 | 340,909 | |
Matador Resources Co.(a),(b) | ||||
04/15/2032 | 6.500% | 566,000 | 566,988 | |
Permian Resources Operating LLC(a) | ||||
01/15/2032 | 7.000% | 1,032,000 | 1,069,846 | |
SM Energy Co. | ||||
07/15/2028 | 6.500% | 568,000 | 570,489 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Southwestern Energy Co. | ||||
02/01/2032 | 4.750% | 1,771,000 | 1,630,451 | |
Total | 12,829,433 | |||
Leisure 3.0% | ||||
Boyne USA, Inc.(a) | ||||
05/15/2029 | 4.750% | 151,000 | 140,046 | |
Carnival Corp.(a) | ||||
03/01/2027 | 5.750% | 487,000 | 482,065 | |
08/15/2029 | 7.000% | 520,000 | 542,920 | |
Carnival Holdings Bermuda Ltd.(a) | ||||
05/01/2028 | 10.375% | 1,323,000 | 1,443,546 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op(a) | ||||
05/01/2025 | 5.500% | 464,000 | 462,692 | |
Cinemark USA, Inc.(a) | ||||
03/15/2026 | 5.875% | 827,000 | 816,992 | |
07/15/2028 | 5.250% | 372,000 | 352,224 | |
Live Nation Entertainment, Inc.(a) | ||||
10/15/2027 | 4.750% | 297,000 | 283,721 | |
NCL Corp., Ltd.(a) | ||||
02/15/2027 | 5.875% | 426,000 | 420,241 | |
Royal Caribbean Cruises Ltd.(a) | ||||
08/31/2026 | 5.500% | 140,000 | 138,648 | |
07/15/2027 | 5.375% | 180,000 | 177,405 | |
01/15/2029 | 9.250% | 145,000 | 155,558 | |
01/15/2030 | 7.250% | 1,707,000 | 1,771,921 | |
03/15/2032 | 6.250% | 242,000 | 243,875 | |
Six Flags Entertainment Corp.(a) | ||||
05/15/2031 | 7.250% | 329,000 | 333,120 | |
Viking Cruises Ltd.(a) | ||||
07/15/2031 | 9.125% | 585,000 | 639,635 | |
Total | 8,404,609 | |||
Lodging 0.2% | ||||
Hilton Grand Vacations Borrower Escrow LLC(a) | ||||
01/15/2032 | 6.625% | 435,000 | 436,289 | |
Media and Entertainment 4.0% | ||||
Clear Channel Outdoor Holdings, Inc.(a) | ||||
04/15/2028 | 7.750% | 835,000 | 730,801 | |
09/15/2028 | 9.000% | 506,000 | 527,069 | |
06/01/2029 | 7.500% | 135,000 | 111,669 | |
04/01/2030 | 7.875% | 635,000 | 631,173 | |
Clear Channel Worldwide Holdings, Inc.(a) | ||||
08/15/2027 | 5.125% | 1,754,000 | 1,655,535 | |
iHeartCommunications, Inc. | ||||
05/01/2026 | 6.375% | 701,000 | 596,848 | |
05/01/2027 | 8.375% | 225,000 | 125,337 |
6
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
iHeartCommunications, Inc.(a) | ||||
08/15/2027 | 5.250% | 578,000 | 414,519 | |
Outfront Media Capital LLC/Corp.(a) | ||||
01/15/2029 | 4.250% | 278,000 | 251,910 | |
03/15/2030 | 4.625% | 877,000 | 786,680 | |
02/15/2031 | 7.375% | 1,445,000 | 1,515,977 | |
Playtika Holding Corp.(a) | ||||
03/15/2029 | 4.250% | 1,327,000 | 1,148,634 | |
Roblox Corp.(a) | ||||
05/01/2030 | 3.875% | 1,266,000 | 1,115,567 | |
Univision Communications, Inc.(a) | ||||
08/15/2028 | 8.000% | 614,000 | 625,725 | |
06/30/2030 | 7.375% | 763,000 | 754,998 | |
Total | 10,992,442 | |||
Metals and Mining 3.5% | ||||
Alcoa Nederland Holding BV(a) | ||||
03/15/2031 | 7.125% | 274,000 | 279,175 | |
Allegheny Technologies, Inc. | ||||
10/01/2029 | 4.875% | 212,000 | 199,611 | |
10/01/2031 | 5.125% | 886,000 | 821,111 | |
Constellium NV(a) | ||||
02/15/2026 | 5.875% | 438,000 | 434,859 | |
Constellium SE(a) | ||||
04/15/2029 | 3.750% | 2,594,000 | 2,335,800 | |
Hudbay Minerals, Inc.(a) | ||||
04/01/2026 | 4.500% | 1,204,000 | 1,163,432 | |
04/01/2029 | 6.125% | 2,376,000 | 2,348,812 | |
Kaiser Aluminum Corp.(a) | ||||
06/01/2031 | 4.500% | 900,000 | 797,552 | |
Novelis Corp.(a) | ||||
01/30/2030 | 4.750% | 1,043,000 | 962,031 | |
08/15/2031 | 3.875% | 267,000 | 229,445 | |
Total | 9,571,828 | |||
Midstream 5.1% | ||||
Antero Midstream Partners LP/Finance Corp.(a) | ||||
02/01/2032 | 6.625% | 453,000 | 454,937 | |
CNX Midstream Partners LP(a) | ||||
04/15/2030 | 4.750% | 1,064,000 | 947,393 | |
DCP Midstream Operating LP | ||||
04/01/2044 | 5.600% | 624,000 | 608,983 | |
Delek Logistics Partners LP/Finance Corp.(a) | ||||
03/15/2029 | 8.625% | 749,000 | 764,935 | |
DT Midstream, Inc.(a) | ||||
04/15/2032 | 4.300% | 149,000 | 135,165 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
EQM Midstream Partners LP | ||||
08/01/2024 | 4.000% | 170,000 | 168,864 | |
07/15/2028 | 5.500% | 720,000 | 710,094 | |
07/15/2048 | 6.500% | 292,000 | 292,748 | |
EQM Midstream Partners LP(a) | ||||
06/01/2027 | 7.500% | 226,000 | 231,700 | |
07/01/2027 | 6.500% | 503,000 | 507,854 | |
04/01/2029 | 6.375% | 307,000 | 309,158 | |
NuStar Logistics LP | ||||
10/01/2025 | 5.750% | 1,237,000 | 1,231,822 | |
06/01/2026 | 6.000% | 1,107,000 | 1,103,597 | |
04/28/2027 | 5.625% | 124,000 | 122,793 | |
TransMontaigne Partners LP/TLP Finance Corp. | ||||
02/15/2026 | 6.125% | 1,237,000 | 1,184,541 | |
Venture Global Calcasieu Pass LLC(a) | ||||
08/15/2029 | 3.875% | 902,000 | 812,033 | |
08/15/2031 | 4.125% | 2,120,000 | 1,887,961 | |
11/01/2033 | 3.875% | 2,256,000 | 1,918,226 | |
Venture Global LNG, Inc.(a) | ||||
02/01/2029 | 9.500% | 344,000 | 370,842 | |
02/01/2032 | 9.875% | 369,000 | 397,805 | |
Total | 14,161,451 | |||
Oil Field Services 1.4% | ||||
Kodiak Gas Services LLC(a) | ||||
02/15/2029 | 7.250% | 236,000 | 240,580 | |
Nabors Industries Ltd.(a) | ||||
01/15/2028 | 7.500% | 452,000 | 423,770 | |
Nabors Industries, Inc.(a) | ||||
05/15/2027 | 7.375% | 600,000 | 598,905 | |
01/31/2030 | 9.125% | 263,000 | 273,513 | |
Transocean Aquila Ltd.(a) | ||||
09/30/2028 | 8.000% | 475,000 | 487,425 | |
Transocean Titan Financing Ltd.(a) | ||||
02/01/2028 | 8.375% | 1,101,000 | 1,145,834 | |
USA Compression Partners LP/Finance Corp.(a) | ||||
03/15/2029 | 7.125% | 704,000 | 711,974 | |
Total | 3,882,001 | |||
Other Industry 0.1% | ||||
Williams Scotsman International, Inc.(a) | ||||
08/15/2028 | 4.625% | 290,000 | 274,119 | |
Other REIT 1.4% | ||||
Ladder Capital Finance Holdings LLLP/Corp.(a) | ||||
10/01/2025 | 5.250% | 175,000 | 172,004 | |
02/01/2027 | 4.250% | 1,856,000 | 1,735,197 | |
06/15/2029 | 4.750% | 322,000 | 292,554 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a) | ||||
05/15/2029 | 4.875% | 501,000 | 466,431 |
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
7
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
RHP Hotel Properties LP/Finance Corp.(a) | ||||
07/15/2028 | 7.250% | 167,000 | 172,138 | |
04/01/2032 | 6.500% | 428,000 | 429,226 | |
RLJ Lodging Trust LP(a) | ||||
07/01/2026 | 3.750% | 346,000 | 329,562 | |
Service Properties Trust(a) | ||||
11/15/2031 | 8.625% | 344,000 | 367,166 | |
Total | 3,964,278 | |||
Packaging 1.6% | ||||
Ardagh Metal Packaging Finance USA LLC/PLC(a) | ||||
06/15/2027 | 6.000% | 750,000 | 729,895 | |
09/01/2029 | 4.000% | 1,830,000 | 1,475,400 | |
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a) | ||||
04/30/2025 | 5.250% | 368,000 | 355,220 | |
Canpack SA/US LLC(a) | ||||
11/15/2029 | 3.875% | 939,000 | 831,190 | |
Trivium Packaging Finance BV(a) | ||||
08/15/2026 | 5.500% | 623,000 | 613,266 | |
08/15/2027 | 8.500% | 530,000 | 523,617 | |
Total | 4,528,588 | |||
Pharmaceuticals 1.5% | ||||
1375209 BC Ltd.(a) | ||||
01/30/2028 | 9.000% | 84,000 | 82,335 | |
Bausch Health Companies, Inc.(a) | ||||
11/01/2025 | 5.500% | 405,000 | 382,159 | |
06/01/2028 | 4.875% | 871,000 | 474,620 | |
09/30/2028 | 11.000% | 151,000 | 100,784 | |
10/15/2030 | 14.000% | 30,000 | 17,621 | |
Grifols Escrow Issuer SA(a) | ||||
10/15/2028 | 4.750% | 1,364,000 | 1,128,754 | |
Jazz Securities DAC(a) | ||||
01/15/2029 | 4.375% | 363,000 | 338,124 | |
Organon Finance 1 LLC(a) | ||||
04/30/2028 | 4.125% | 413,000 | 384,741 | |
04/30/2031 | 5.125% | 1,461,000 | 1,293,881 | |
Total | 4,203,019 | |||
Property & Casualty 4.0% | ||||
Alliant Holdings Intermediate LLC/Co-Issuer(a) | ||||
10/15/2027 | 4.250% | 481,000 | 453,027 | |
10/15/2027 | 6.750% | 1,320,000 | 1,298,644 | |
04/15/2028 | 6.750% | 901,000 | 906,652 | |
11/01/2029 | 5.875% | 162,000 | 150,738 | |
01/15/2031 | 7.000% | 942,000 | 952,519 | |
AmWINS Group, Inc.(a) | ||||
02/15/2029 | 6.375% | 552,000 | 554,495 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
AssuredPartners, Inc.(a) | ||||
01/15/2029 | 5.625% | 461,000 | 424,624 | |
02/15/2032 | 7.500% | 415,000 | 407,777 | |
BroadStreet Partners, Inc.(a) | ||||
04/15/2029 | 5.875% | 896,000 | 829,403 | |
GTCR AP Finance, Inc.(a) | ||||
05/15/2027 | 8.000% | 186,000 | 186,007 | |
HUB International Ltd.(a) | ||||
01/31/2032 | 7.375% | 701,000 | 706,433 | |
HUB International, Ltd.(a) | ||||
06/15/2030 | 7.250% | 2,371,000 | 2,438,608 | |
MGIC Investment Corp. | ||||
08/15/2028 | 5.250% | 101,000 | 98,336 | |
Panther Escrow Issuer LLC(a),(b) | ||||
06/01/2031 | 7.125% | 931,000 | 947,610 | |
Radian Group, Inc. | ||||
03/15/2027 | 4.875% | 235,000 | 229,521 | |
05/15/2029 | 6.200% | 198,000 | 200,888 | |
USI, Inc.(a) | ||||
01/15/2032 | 7.500% | 329,000 | 329,359 | |
Total | 11,114,641 | |||
Refining 0.5% | ||||
HF Sinclair Corp.(a) | ||||
04/15/2027 | 6.375% | 659,000 | 662,875 | |
02/01/2028 | 5.000% | 861,000 | 836,871 | |
Total | 1,499,746 | |||
Restaurants 0.8% | ||||
1011778 BC ULC/New Red Finance, Inc.(a) | ||||
04/15/2025 | 5.750% | 551,000 | 549,668 | |
Fertitta Entertainment LLC/Finance Co., Inc.(a) | ||||
01/15/2029 | 4.625% | 130,000 | 119,327 | |
01/15/2030 | 6.750% | 160,000 | 143,614 | |
IRB Holding Corp.(a) | ||||
06/15/2025 | 7.000% | 650,000 | 650,829 | |
Yum! Brands, Inc. | ||||
04/01/2032 | 5.375% | 660,000 | 639,375 | |
Total | 2,102,813 | |||
Retailers 1.7% | ||||
Asbury Automotive Group, Inc.(a) | ||||
11/15/2029 | 4.625% | 201,000 | 185,966 | |
02/15/2032 | 5.000% | 201,000 | 182,083 | |
Group 1 Automotive, Inc.(a) | ||||
08/15/2028 | 4.000% | 440,000 | 405,517 |
8
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Hanesbrands, Inc.(a) | ||||
05/15/2026 | 4.875% | 425,000 | 414,190 | |
02/15/2031 | 9.000% | 288,000 | 295,827 | |
L Brands, Inc.(a) | ||||
07/01/2025 | 9.375% | 200,000 | 208,597 | |
10/01/2030 | 6.625% | 719,000 | 735,713 | |
L Brands, Inc. | ||||
06/15/2029 | 7.500% | 145,000 | 151,035 | |
LCM Investments Holdings II LLC(a) | ||||
05/01/2029 | 4.875% | 299,000 | 274,769 | |
08/01/2031 | 8.250% | 123,000 | 128,577 | |
Lithia Motors, Inc.(a) | ||||
01/15/2031 | 4.375% | 325,000 | 291,147 | |
PetSmart, Inc./Finance Corp.(a) | ||||
02/15/2028 | 4.750% | 587,000 | 548,151 | |
02/15/2029 | 7.750% | 275,000 | 267,795 | |
Wolverine World Wide, Inc.(a) | ||||
08/15/2029 | 4.000% | 852,000 | 684,440 | |
Total | 4,773,807 | |||
Technology 9.5% | ||||
Block, Inc. | ||||
06/01/2031 | 3.500% | 318,000 | 276,743 | |
Boxer Parent Co., Inc.(a) | ||||
10/02/2025 | 7.125% | 212,000 | 212,085 | |
03/01/2026 | 9.125% | 129,000 | 129,183 | |
Camelot Finance SA(a) | ||||
11/01/2026 | 4.500% | 501,000 | 482,024 | |
Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.(a) | ||||
06/15/2029 | 8.000% | 115,000 | 119,120 | |
Central Parent, Inc./CDK Global, Inc.(a) | ||||
06/15/2029 | 7.250% | 307,000 | 313,626 | |
Clarivate Science Holdings Corp.(a) | ||||
07/01/2028 | 3.875% | 811,000 | 750,393 | |
07/01/2029 | 4.875% | 963,000 | 890,859 | |
Cloud Software Group, Inc.(a) | ||||
09/30/2029 | 9.000% | 1,299,000 | 1,246,390 | |
CommScope Technologies LLC(a) | ||||
06/15/2025 | 6.000% | 300,000 | 259,539 | |
03/15/2027 | 5.000% | 470,000 | 179,369 | |
Condor Merger Sub, Inc.(a) | ||||
02/15/2030 | 7.375% | 1,288,000 | 1,188,353 | |
Entegris Escrow Corp.(a) | ||||
04/15/2029 | 4.750% | 1,084,000 | 1,039,958 | |
06/15/2030 | 5.950% | 787,000 | 777,948 | |
GoTo Group, Inc.(a) | ||||
05/01/2028 | 5.500% | 263,153 | 228,074 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
GTCR W-2 Merger Sub LLC(a) | ||||
01/15/2031 | 7.500% | 1,278,000 | 1,338,241 | |
HealthEquity, Inc.(a) | ||||
10/01/2029 | 4.500% | 823,000 | 760,701 | |
Helios Software Holdings, Inc.(a) | ||||
05/01/2028 | 4.625% | 765,000 | 686,023 | |
ION Trading Technologies Sarl(a) | ||||
05/15/2028 | 5.750% | 798,000 | 733,222 | |
Iron Mountain Information Management Services, Inc.(a) | ||||
07/15/2032 | 5.000% | 395,000 | 360,543 | |
Iron Mountain, Inc.(a) | ||||
09/15/2027 | 4.875% | 912,000 | 880,713 | |
Minerva Merger Sub, Inc.(a) | ||||
02/15/2030 | 6.500% | 1,223,000 | 1,119,827 | |
NCR Atleos Escrow Corp.(a) | ||||
04/01/2029 | 9.500% | 952,000 | 1,018,108 | |
NCR Corp.(a) | ||||
10/01/2028 | 5.000% | 716,000 | 667,850 | |
04/15/2029 | 5.125% | 1,761,000 | 1,632,617 | |
10/01/2030 | 5.250% | 46,000 | 41,696 | |
Neptune Bidco US, Inc.(a) | ||||
04/15/2029 | 9.290% | 1,122,000 | 1,061,555 | |
Picard Midco, Inc.(a) | ||||
03/31/2029 | 6.500% | 1,721,000 | 1,634,249 | |
Seagate HDD Cayman(a) | ||||
12/15/2029 | 8.250% | 311,000 | 333,944 | |
07/15/2031 | 8.500% | 346,000 | 373,771 | |
Shift4 Payments LLC/Finance Sub, Inc.(a) | ||||
11/01/2026 | 4.625% | 1,177,000 | 1,137,781 | |
Synaptics, Inc.(a) | ||||
06/15/2029 | 4.000% | 635,000 | 571,573 | |
Tempo Acquisition LLC/Finance Corp.(a) | ||||
06/01/2025 | 5.750% | 344,000 | 343,169 | |
UKG, Inc.(a) | ||||
02/01/2031 | 6.875% | 1,095,000 | 1,115,811 | |
Verscend Escrow Corp.(a) | ||||
08/15/2026 | 9.750% | 1,020,000 | 1,023,514 | |
ZoomInfo Technologies LLC/Finance Corp.(a) | ||||
02/01/2029 | 3.875% | 1,627,000 | 1,463,280 | |
Total | 26,391,852 | |||
Transportation Services 0.0% | ||||
Avis Budget Car Rental LLC/Finance, Inc.(a) | ||||
02/15/2031 | 8.000% | 42,000 | 41,915 | |
Wireless 1.8% | ||||
Altice France Holding SA(a) | ||||
02/15/2028 | 6.000% | 1,135,000 | 310,936 |
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
9
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Altice France SA(a) | ||||
02/01/2027 | 8.125% | 597,000 | 465,912 | |
07/15/2029 | 5.125% | 1,943,000 | 1,314,102 | |
SBA Communications Corp. | ||||
02/01/2029 | 3.125% | 785,000 | 695,734 | |
Vmed O2 UK Financing I PLC(a) | ||||
01/31/2031 | 4.250% | 1,539,000 | 1,303,756 | |
07/15/2031 | 4.750% | 1,182,000 | 1,018,909 | |
Total | 5,109,349 | |||
Wirelines 1.6% | ||||
Frontier Communications Holdings LLC(a) | ||||
05/15/2030 | 8.750% | 597,000 | 611,403 | |
03/15/2031 | 8.625% | 778,000 | 794,323 | |
Iliad Holding SAS(a) | ||||
10/15/2026 | 6.500% | 2,208,000 | 2,185,395 | |
10/15/2028 | 7.000% | 908,000 | 898,930 | |
Total | 4,490,051 | |||
Total Corporate Bonds & Notes (Cost $262,899,761) | 257,566,418 | |||
Foreign Government Obligations(d) 1.2% | ||||
Canada 1.2% | ||||
NOVA Chemicals Corp.(a) | ||||
05/01/2025 | 5.000% | 444,000 | 437,058 | |
11/15/2028 | 8.500% | 1,087,000 | 1,156,891 | |
05/15/2029 | 4.250% | 225,000 | 193,064 | |
02/15/2030 | 9.000% | 1,558,000 | 1,609,933 | |
Total | 3,396,946 | |||
Total Foreign Government Obligations (Cost $3,336,707) | 3,396,946 | |||
Senior Loans 1.7% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Cyclical Services 0.4% | ||||
8th Avenue Food & Provisions, Inc.(e),(f) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.750% 10/01/2025 | 9.191% | 1,112,461 | 1,090,980 | |
Property & Casualty 0.2% | ||||
Truist (McGriff) Insurance Services, Inc.(e),(f),(g) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 4.750% 03/08/2032 | 10.073% | 513,932 | 516,502 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Retailers 0.2% | ||||
PetSmart LLC(e),(f),(g) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.750% 02/11/2028 | 9.176% | 553,622 | 551,662 | |
Technology 0.9% | ||||
Applied Systems, Inc.(e),(f) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.500% 02/24/2031 | 8.821% | 379,404 | 381,506 | |
Ascend Learning LLC(e),(f) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.500% Floor 0.500% 12/11/2028 | 8.926% | 754,964 | 749,966 | |
2nd Lien Term Loan | ||||
1-month Term SOFR + 5.750% Floor 0.500% 12/10/2029 | 11.176% | 348,000 | 341,802 | |
DCert Buyer, Inc.(e),(f) | ||||
2nd Lien Term Loan | ||||
1-month Term SOFR + 7.000% 02/19/2029 | 12.326% | 52,667 | 47,285 | |
UKG, Inc.(e),(f) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 3.500% 02/10/2031 | 8.814% | 589,460 | 592,260 | |
2nd Lien Term Loan | ||||
3-month Term SOFR + 5.250% Floor 0.500% 05/03/2027 | 10.680% | 443,552 | 446,692 | |
Total | 2,559,511 | |||
Total Senior Loans (Cost $4,707,149) | 4,718,655 |
Money Market Funds 2.7% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(h),(i) | 7,395,033 | 7,393,554 |
Total Money Market Funds (Cost $7,393,035) | 7,393,554 | |
Total Investments in Securities (Cost: $282,460,552) | 276,842,768 | |
Other Assets & Liabilities, Net | 419,142 | |
Net Assets | 277,261,910 |
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Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At March 31, 2024, the total value of these securities amounted to $236,653,715, which represents 85.35% of total net assets. |
(b) | Represents a security purchased on a when-issued basis. |
(c) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(d) | Principal and interest may not be guaranteed by a governmental entity. |
(e) | The stated interest rate represents the weighted average interest rate at March 31, 2024 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(f) | Variable rate security. The interest rate shown was the current rate as of March 31, 2024. |
(g) | Represents a security purchased on a forward commitment basis. |
(h) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
(i) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.543% | ||||||||
3,421,439 | 19,969,548 | (15,997,610 ) | 177 | 7,393,554 | 398 | 54,781 | 7,395,033 |
Abbreviation Legend
SOFR | Secured Overnight Financing Rate |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Variable Portfolio – High Yield Bond Fund | First Quarter Report 2024
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