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Columbia Variable Portfolio – Limited Duration Credit 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 – Limited Duration Credit Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Corporate Bonds & Notes 81.7% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 4.9% | ||||
BAE Systems PLC(a) | ||||
03/26/2029 | 5.125% | 2,656,000 | 2,665,776 | |
Boeing Co. (The) | ||||
02/01/2026 | 2.750% | 13,965,000 | 13,243,442 | |
L3Harris Technologies, Inc. | ||||
01/15/2027 | 5.400% | 9,039,000 | 9,101,382 | |
06/01/2029 | 5.050% | 8,249,000 | 8,221,876 | |
Northrop Grumman Corp. | ||||
02/01/2029 | 4.600% | 6,645,000 | 6,573,877 | |
Total | 39,806,353 | |||
Banking 17.9% | ||||
Bank of America Corp.(b) | ||||
12/20/2028 | 3.419% | 40,552,000 | 38,068,455 | |
Citigroup, Inc.(b) | ||||
06/03/2031 | 2.572% | 4,100,000 | 3,504,624 | |
Goldman Sachs Group, Inc. (The)(b) | ||||
10/24/2029 | 6.484% | 9,800,000 | 10,321,382 | |
HSBC Holdings PLC(b) | ||||
03/04/2030 | 5.546% | 8,180,000 | 8,231,555 | |
JPMorgan Chase & Co.(b) | ||||
10/15/2030 | 2.739% | 31,582,000 | 27,971,304 | |
Morgan Stanley(b) | ||||
04/20/2029 | 5.164% | 7,046,000 | 7,041,543 | |
01/16/2030 | 5.173% | 12,780,000 | 12,795,998 | |
PNC Financial Services Group, Inc. (The)(b) | ||||
06/12/2029 | 5.582% | 3,923,000 | 3,971,234 | |
Truist Financial Corp.(b) | ||||
01/24/2030 | 5.435% | 3,654,000 | 3,647,772 | |
US Bancorp(b) | ||||
01/23/2030 | 5.384% | 7,793,000 | 7,828,501 | |
Wells Fargo & Co.(b) | ||||
10/23/2029 | 6.303% | 17,082,000 | 17,795,792 | |
10/30/2030 | 2.879% | 3,673,000 | 3,247,169 | |
Total | 144,425,329 | |||
Cable and Satellite 1.9% | ||||
Charter Communications Operating LLC/Capital | ||||
01/15/2029 | 2.250% | 18,040,000 | 15,350,473 | |
Diversified Manufacturing 0.5% | ||||
Carrier Global Corp. | ||||
11/30/2025 | 5.800% | 4,023,000 | 4,049,695 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Electric 17.7% | ||||
AEP Texas, Inc. | ||||
07/01/2030 | 2.100% | 2,990,000 | 2,491,371 | |
AES Corp. (The) | ||||
01/15/2026 | 1.375% | 6,782,000 | 6,280,217 | |
American Electric Power Co., Inc. | ||||
01/15/2029 | 5.200% | 13,268,000 | 13,298,374 | |
CenterPoint Energy, Inc. | ||||
09/01/2024 | 2.500% | 2,772,000 | 2,733,245 | |
08/10/2026 | 5.250% | 16,440,000 | 16,475,729 | |
CMS Energy Corp. | ||||
11/15/2025 | 3.600% | 10,535,000 | 10,222,522 | |
Commonwealth Edison Co. | ||||
03/01/2030 | 2.200% | 3,515,000 | 3,009,930 | |
DTE Energy Co. | ||||
03/15/2027 | 3.800% | 3,550,000 | 3,404,461 | |
03/01/2029 | 5.100% | 7,940,000 | 7,911,760 | |
Edison International | ||||
11/15/2024 | 3.550% | 2,150,000 | 2,120,538 | |
Emera U.S. Finance LP | ||||
06/15/2024 | 0.833% | 2,962,000 | 2,924,557 | |
Emera US Finance LP | ||||
06/15/2026 | 3.550% | 14,578,000 | 13,989,591 | |
Eversource Energy | ||||
08/15/2030 | 1.650% | 6,995,000 | 5,632,069 | |
Exelon Corp. | ||||
03/15/2029 | 5.150% | 3,192,000 | 3,201,088 | |
FirstEnergy Transmission LLC(a) | ||||
01/15/2025 | 4.350% | 11,280,000 | 11,140,949 | |
NextEra Energy Operating Partners LP(a) | ||||
07/15/2024 | 4.250% | 9,550,000 | 9,473,865 | |
NRG Energy, Inc.(a) | ||||
12/02/2027 | 2.450% | 8,105,000 | 7,290,122 | |
Pacific Gas and Electric Co. | ||||
06/15/2028 | 3.000% | 15,601,000 | 14,257,876 | |
Pennsylvania Electric Co.(a) | ||||
03/30/2026 | 5.150% | 1,221,000 | 1,210,355 | |
WEC Energy Group, Inc. | ||||
06/15/2025 | 3.550% | 2,212,000 | 2,155,685 | |
09/12/2026 | 5.600% | 3,651,000 | 3,693,007 | |
Total | 142,917,311 |
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Columbia Variable Portfolio – Limited Duration Credit Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Limited Duration Credit Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Environmental 1.1% | ||||
GFL Environmental, Inc.(a) | ||||
08/01/2025 | 3.750% | 5,450,000 | 5,313,135 | |
09/01/2028 | 3.500% | 4,305,000 | 3,942,536 | |
Total | 9,255,671 | |||
Food and Beverage 6.7% | ||||
Bacardi Ltd.(a) | ||||
05/15/2028 | 4.700% | 28,574,000 | 27,814,830 | |
Campbell Soup Co. | ||||
03/21/2029 | 5.200% | 6,328,000 | 6,359,686 | |
Diageo Capital PLC | ||||
10/05/2026 | 5.375% | 7,942,000 | 8,016,860 | |
General Mills, Inc. | ||||
01/30/2027 | 4.700% | 3,113,000 | 3,087,624 | |
Keurig Dr Pepper, Inc. | ||||
03/15/2027 | 5.100% | 8,542,000 | 8,549,835 | |
Total | 53,828,835 | |||
Health Care 1.5% | ||||
Cigna Group (The) | ||||
05/15/2029 | 5.000% | 4,020,000 | 4,023,599 | |
HCA, Inc. | ||||
06/01/2028 | 5.200% | 484,000 | 485,569 | |
09/01/2030 | 3.500% | 8,692,000 | 7,856,136 | |
Total | 12,365,304 | |||
Healthcare Insurance 3.0% | ||||
Aetna, Inc. | ||||
11/15/2024 | 3.500% | 2,425,000 | 2,392,086 | |
Centene Corp. | ||||
07/15/2028 | 2.450% | 24,490,000 | 21,731,829 | |
Total | 24,123,915 | |||
Independent Energy 0.6% | ||||
Canadian Natural Resources Ltd. | ||||
07/15/2025 | 2.050% | 1,974,000 | 1,888,739 | |
Occidental Petroleum Corp. | ||||
09/01/2028 | 6.375% | 2,504,000 | 2,606,079 | |
Total | 4,494,818 | |||
Life Insurance 9.1% | ||||
Metropolitan Life Global Funding I(a) | ||||
01/08/2029 | 4.850% | 5,293,000 | 5,252,850 | |
06/17/2029 | 3.050% | 2,172,000 | 1,968,048 | |
Pacific Life Global Funding II(a) | ||||
07/18/2028 | 5.500% | 8,185,000 | 8,320,200 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Peachtree Corners Funding Trust(a) | ||||
02/15/2025 | 3.976% | 20,087,000 | 19,720,757 | |
Principal Life Global Funding II(a) | ||||
11/21/2024 | 2.250% | 17,640,000 | 17,262,340 | |
08/16/2026 | 1.250% | 13,167,000 | 11,957,926 | |
01/25/2029 | 5.100% | 3,993,000 | 3,980,933 | |
Voya Financial, Inc. | ||||
06/15/2026 | 3.650% | 5,350,000 | 5,157,333 | |
Total | 73,620,387 | |||
Media and Entertainment 0.7% | ||||
Warnermedia Holdings, Inc. | ||||
03/15/2029 | 4.054% | 5,940,000 | 5,563,335 | |
Midstream 4.8% | ||||
Colorado Interstate Gas Co. LLC/Issuing Corp.(a) | ||||
08/15/2026 | 4.150% | 7,069,000 | 6,826,330 | |
Enable Midstream Partners LP | ||||
05/15/2028 | 4.950% | 5,900,000 | 5,851,490 | |
Plains All American Pipeline LP/Finance Corp. | ||||
12/15/2026 | 4.500% | 10,100,000 | 9,917,255 | |
Western Gas Partners LP | ||||
07/01/2026 | 4.650% | 7,609,000 | 7,459,997 | |
Western Midstream Operating LP | ||||
01/15/2029 | 6.350% | 2,165,000 | 2,243,922 | |
Williams Companies, Inc. (The) | ||||
08/15/2028 | 5.300% | 6,775,000 | 6,833,903 | |
Total | 39,132,897 | |||
Packaging 1.1% | ||||
Berry Global, Inc. | ||||
04/15/2028 | 5.500% | 8,600,000 | 8,666,467 | |
Pharmaceuticals 2.9% | ||||
AbbVie, Inc. | ||||
03/15/2029 | 4.800% | 8,015,000 | 8,032,127 | |
Gilead Sciences, Inc. | ||||
03/01/2026 | 3.650% | 4,500,000 | 4,383,260 | |
Roche Holdings, Inc.(a) | ||||
11/13/2028 | 5.338% | 7,805,000 | 7,976,063 | |
11/13/2030 | 5.489% | 2,795,000 | 2,897,506 | |
Total | 23,288,956 | |||
Technology 1.9% | ||||
Broadcom, Inc. | ||||
09/15/2028 | 4.110% | 4,090,000 | 3,950,389 | |
Microchip Technology, Inc. | ||||
09/01/2024 | 0.983% | 11,387,000 | 11,154,616 | |
Total | 15,105,005 |
Columbia Variable Portfolio – Limited Duration Credit Fund | First Quarter Report 2024
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Portfolio of Investments (continued)Columbia Variable Portfolio – Limited Duration Credit Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Transportation Services 1.6% | ||||
ERAC USA Finance LLC(a) | ||||
05/01/2028 | 4.600% | 9,443,000 | 9,324,042 | |
02/15/2029 | 5.000% | 3,581,000 | 3,588,640 | |
Total | 12,912,682 | |||
Wireless 3.8% | ||||
Sprint Spectrum Co. I/II/III LLC(a) | ||||
03/20/2028 | 5.152% | 16,153,600 | 16,105,294 | |
T-Mobile US, Inc. | ||||
02/15/2026 | 2.250% | 10,253,000 | 9,700,662 | |
04/15/2027 | 3.750% | 5,368,000 | 5,169,054 | |
Total | 30,975,010 | |||
Total Corporate Bonds & Notes (Cost $666,064,042) | 659,882,443 | |||
U.S. Treasury Obligations 2.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
U.S. Treasury | ||||
06/30/2028 | 4.000% | 16,532,000 | 16,349,890 | |
12/31/2028 | 3.750% | 3,625,000 | 3,548,818 | |
Total U.S. Treasury Obligations (Cost $19,910,058) | 19,898,708 |
Money Market Funds 14.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(c),(d) | 117,552,788 | 117,529,278 |
Total Money Market Funds (Cost $117,525,302) | 117,529,278 | |
Total Investments in Securities (Cost: $803,499,402) | 797,310,429 | |
Other Assets & Liabilities, Net | 10,584,500 | |
Net Assets | 807,894,929 |
At March 31, 2024, securities and/or cash totaling $2,118,040 were pledged as collateral.
Investments in derivatives
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 2-Year Note | 1,264 | 06/2024 | USD | 258,468,251 | — | (279,092 ) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | (234) | 06/2024 | USD | (25,926,469 ) | — | (95,113 ) |
U.S. Treasury 5-Year Note | (310) | 06/2024 | USD | (33,174,844 ) | 105,769 | — |
U.S. Treasury 5-Year Note | (571) | 06/2024 | USD | (61,105,922 ) | — | (173,751 ) |
U.S. Treasury Ultra 10-Year Note | (2) | 06/2024 | USD | (229,219 ) | — | (1,438 ) |
Total | 105,769 | (270,302 ) |
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 $184,032,497, which represents 22.78% of total net assets. |
(b) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of March 31, 2024. |
(c) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
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Columbia Variable Portfolio – Limited Duration Credit Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Limited Duration Credit Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
(d) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | 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% | ||||||||
58,372,266 | 163,533,683 | (104,379,717 ) | 3,046 | 117,529,278 | 1,842 | 1,178,186 | 117,552,788 |
Currency Legend
USD | US Dollar |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Variable Portfolio – Limited Duration Credit Fund | First Quarter Report 2024
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