Columbia Variable Portfolio – Intermediate 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 – Intermediate Bond Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Asset-Backed Securities — Agency 0.0% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
United States Small Business Administration | ||||
Series 2014-20I Class 1 | ||||
09/01/2034 | 2.920% | 98,674 | 90,852 | |
Total Asset-Backed Securities — Agency (Cost $99,992) | 90,852 | |||
Asset-Backed Securities - Non-Agency 19.4% | ||||
ACHV ABS Trust(a) | ||||
Subordinated Series 2024-1PL Class B | ||||
04/25/2031 | 6.340% | 4,086,000 | 4,085,063 | |
ACM Auto Trust(a) | ||||
Series 2023-2A Class A | ||||
06/20/2030 | 7.970% | 5,860,295 | 5,901,858 | |
Affirm Asset Securitization Trust(a) | ||||
Series 2022-A Class 1A | ||||
05/17/2027 | 4.300% | 4,500,000 | 4,471,465 | |
Series 2023-A Class A | ||||
01/18/2028 | 6.610% | 10,000,000 | 10,061,093 | |
Series 2023-B Class 1A | ||||
09/15/2028 | 6.820% | 16,600,000 | 16,845,967 | |
Series 2023-B Class A | ||||
09/15/2028 | 6.820% | 11,700,000 | 11,873,362 | |
Ares XLVI CLO Ltd.(a),(b) | ||||
Series 2017-46A Class B1 | ||||
3-month Term SOFR + 1.612% Floor 1.350% 01/15/2030 | 6.926% | 18,020,000 | 17,939,234 | |
Bain Capital Credit CLO Ltd.(a),(b) | ||||
Series 2018-1A Class B | ||||
3-month Term SOFR + 1.662% 04/23/2031 | 6.977% | 22,300,000 | 22,311,596 | |
Series 2020-3A Class DR | ||||
3-month Term SOFR + 3.512% Floor 3.250% 10/23/2034 | 8.827% | 5,000,000 | 5,000,155 | |
Carlyle Group LP(a),(b) | ||||
Series 2017-5A Class A2 | ||||
3-month Term SOFR + 1.662% 01/20/2030 | 6.979% | 12,000,000 | 11,979,120 | |
CarMax Auto Owner Trust | ||||
Series 2024-1 Class A2A | ||||
03/15/2027 | 5.300% | 16,300,000 | 16,274,407 | |
Carvana Auto Receivables Trust(a) | ||||
Series 2023-N3 Class A | ||||
09/10/2027 | 6.410% | 4,990,080 | 5,010,204 |
Asset-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cent CLO Ltd.(a),(b) | ||||
Series 2018-C17A Class A2R | ||||
3-month Term SOFR + 1.862% Floor 1.600% 04/30/2031 | 7.179% | 21,000,000 | 21,001,344 | |
Citizens Auto Receivables Trust(a) | ||||
Series 2024-1 Class A2A | ||||
10/15/2026 | 5.430% | 14,490,000 | 14,480,880 | |
Conn’s Receivables Funding LLC(a) | ||||
Series 2023-A Class A | ||||
01/17/2028 | 8.010% | 1,118,914 | 1,121,146 | |
Dryden CLO Ltd.(a),(b) | ||||
Series 2018-57A Class B | ||||
3-month Term SOFR + 1.612% Floor 1.350% 05/15/2031 | 6.919% | 14,617,500 | 14,623,274 | |
DT Auto Owner Trust(a) | ||||
Series 2023-2A Class A | ||||
04/15/2027 | 5.880% | 5,123,930 | 5,125,558 | |
Exeter Automobile Receivables Trust(c) | ||||
Series 2024-2A Class A2 | ||||
05/15/2026 | 5.700% | 12,000,000 | 12,000,257 | |
Exeter Automobile Receivables Trust | ||||
Subordinated Series 2023-3A Class B | ||||
09/15/2027 | 6.110% | 4,100,000 | 4,106,754 | |
GLS Auto Receivables Issuer Trust(a) | ||||
Subordinated Series 2022-1A-B Class B | ||||
05/15/2026 | 2.840% | 3,175,411 | 3,160,255 | |
Goldentree Loan Opportunities XI Ltd.(a),(b) | ||||
Series 2015-11A Class BR2 | ||||
3-month Term SOFR + 1.612% 01/18/2031 | 6.910% | 10,000,000 | 9,966,210 | |
LendingPoint Asset Securitization Trust(a) | ||||
Subordinated Series 2022-A Class C | ||||
06/15/2029 | 2.820% | 3,225,848 | 3,198,735 | |
LL ABS Trust(a) | ||||
Series 2021-1A Class A | ||||
05/15/2029 | 1.070% | 163,098 | 162,725 | |
Madison Park Funding XXVII Ltd.(a),(b) | ||||
Series 2018-27A Class A2 | ||||
3-month Term SOFR + 1.612% 04/20/2030 | 6.929% | 11,300,000 | 11,265,038 | |
Marlette Funding Trust(a) | ||||
Series 2020-2A Class D | ||||
09/16/2030 | 4.650% | 1,021,325 | 1,019,625 | |
Series 2023-2A Class A | ||||
06/15/2033 | 6.040% | 3,185,122 | 3,187,359 |
2
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Asset-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2022-2A Class C | ||||
08/15/2032 | 6.140% | 5,089,000 | 5,065,714 | |
Octagon Investment Partners 35 Ltd.(a),(b) | ||||
Series 2018-1A Class A2 | ||||
3-month Term SOFR + 1.662% Floor 1.400% 01/20/2031 | 6.979% | 20,375,000 | 20,383,619 | |
Octagon Investment Partners XXII Ltd.(a),(b) | ||||
Series 2014-1A Class BRR | ||||
3-month Term SOFR + 1.712% Floor 1.450% 01/22/2030 | 7.029% | 45,625,000 | 45,530,876 | |
Oportun Issuance Trust(a) | ||||
Series 2021-B Class A | ||||
05/08/2031 | 1.470% | 27,500,000 | 26,161,663 | |
Subordinated Series 2021-B Class B | ||||
05/08/2031 | 1.960% | 3,065,000 | 2,888,685 | |
Pagaya AI Debt Selection Trust(a) | ||||
Subordinated Series 2021-3 Class B | ||||
05/15/2029 | 1.740% | 3,289,980 | 3,272,807 | |
Subordinated Series 2021-5 Class B | ||||
08/15/2029 | 2.630% | 9,405,523 | 9,241,379 | |
Pagaya AI Debt Trust(a) | ||||
Series 2022-1 Class A | ||||
10/15/2029 | 2.030% | 2,633,449 | 2,607,288 | |
Series 2022-2 Class A | ||||
01/15/2030 | 4.970% | 2,114,182 | 2,103,385 | |
Series 2023-1 Class A | ||||
07/15/2030 | 7.556% | 7,116,241 | 7,147,925 | |
Series 2023-3 Class A | ||||
12/16/2030 | 7.600% | 9,784,861 | 9,853,961 | |
Series 2023-6 Class A | ||||
06/16/2031 | 7.128% | 15,984,491 | 16,041,410 | |
Series 2024-2 Class A | ||||
08/15/2031 | 6.319% | 4,000,000 | 4,005,942 | |
Series 2024-3 Class A | ||||
10/15/2031 | 6.258% | 7,720,000 | 7,728,259 | |
Subordinated Series 2022-1 Class B | ||||
10/15/2029 | 3.344% | 16,697,792 | 16,271,577 | |
Subordinated Series 2022-3 Class B | ||||
03/15/2030 | 8.050% | 8,999,127 | 9,094,028 | |
Subordinated Series 2023-1 Class B | ||||
07/15/2030 | 9.435% | 7,798,916 | 7,974,952 | |
Subordinated Series 2023-6 Class B | ||||
06/16/2031 | 7.464% | 11,996,923 | 12,078,097 | |
Subordinated Series 2023-7 Class B | ||||
07/15/2031 | 7.549% | 14,444,617 | 14,519,699 |
Asset-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2024-3 Class B | ||||
10/15/2031 | 6.571% | 11,500,000 | 11,530,979 | |
Subordinated Series 2024-3 Class C | ||||
10/15/2031 | 7.297% | 5,750,000 | 5,762,575 | |
Pagaya AI Debt Trust(a),(d) | ||||
Subordinated Series 2023-5 Class AB | ||||
04/15/2031 | 7.277% | 8,944,012 | 8,984,136 | |
PAGAYA AI Debt Trust(a),(d) | ||||
Subordinated Series 2022-3 Class AB | ||||
03/15/2030 | 6.813% | 1,921,977 | 1,931,531 | |
Palmer Square Loan Funding Ltd.(a),(b) | ||||
Series 2022-3A Class A1BR | ||||
3-month Term SOFR + 1.400% Floor 1.400% 04/15/2031 | 6.721% | 11,000,000 | 10,999,901 | |
Reach ABS Trust(a) | ||||
Series 2024-1A Class A | ||||
02/18/2031 | 6.300% | 8,789,648 | 8,807,821 | |
Research-Driven Pagaya Motor Asset Trust(a) | ||||
Series 2023-4A Class A | ||||
03/25/2032 | 7.540% | 12,810,544 | 12,817,098 | |
Research-Driven Pagaya Motor Asset Trust IV(a) | ||||
Series 2021-2A Class A | ||||
03/25/2030 | 2.650% | 4,277,673 | 4,104,161 | |
Research-Driven Pagaya Motor Trust(a) | ||||
Series 2024-1A Class A | ||||
06/25/2032 | 7.090% | 8,580,000 | 8,600,708 | |
RR 3 Ltd.(a),(b) | ||||
Series 2014-14A Class A2R2 | ||||
3-month Term SOFR + 1.662% Floor 1.400% 01/15/2030 | 6.976% | 28,000,000 | 27,919,472 | |
SAFCO Auto Receivables Trust(a) | ||||
Series 2024-1A Class A | ||||
03/20/2028 | 6.510% | 7,153,753 | 7,137,730 | |
Santander Drive Auto Receivables Trust | ||||
Series 2024-1 Class A2 | ||||
02/16/2027 | 5.710% | 14,506,000 | 14,513,584 | |
Santander Revolving Auto Loan Trust(a) | ||||
Series 2019-A Class A | ||||
01/26/2032 | 2.510% | 6,992,000 | 6,821,810 | |
SBNA Auto Lease Trust(a) | ||||
Series 2024-A Class A2 | ||||
01/20/2026 | 5.450% | 11,000,000 | 10,984,872 | |
Stewart Park CLO Ltd.(a),(b) | ||||
Series 2017-1A Class BR | ||||
3-month Term SOFR + 1.632% Floor 1.370% 01/15/2030 | 6.946% | 11,171,429 | 11,152,359 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
3
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Asset-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Upstart Pass-Through Trust(a) | ||||
Series 2020-ST6 Class A | ||||
01/20/2027 | 3.000% | 1,320,043 | 1,305,580 | |
Series 2021-ST1 Class A | ||||
02/20/2027 | 2.750% | 1,920,589 | 1,897,890 | |
Series 2021-ST10 Class A | ||||
01/20/2030 | 2.250% | 3,353,940 | 3,283,234 | |
Upstart Securitization Trust(a) | ||||
Series 2023-1 Class A | ||||
02/20/2033 | 6.590% | 2,694,460 | 2,693,724 | |
Series 2023-2 Class A | ||||
06/20/2033 | 6.770% | 7,561,836 | 7,578,128 | |
Subordinated Series 2021-3 Class B | ||||
07/20/2031 | 1.660% | 2,447,595 | 2,431,264 | |
Subordinated Series 2021-4 Class B | ||||
09/20/2031 | 1.840% | 8,885,237 | 8,744,520 | |
Upstart Structured Pass-Through Trust(a) | ||||
Series 2022-1A Class A | ||||
04/15/2030 | 3.400% | 15,378,384 | 15,085,649 | |
Westlake Automobile Receivables Trust(a) | ||||
Series 2023-3A Class A3 | ||||
05/17/2027 | 5.820% | 7,200,000 | 7,235,503 | |
Total Asset-Backed Securities — Non-Agency (Cost $661,162,614) | 660,468,179 | |||
Commercial Mortgage-Backed Securities - Agency 0.2% | ||||
FRESB Mortgage Trust(d) | ||||
Series 2018-SB45 Class A10F (FHLMC) | ||||
11/25/2027 | 3.160% | 5,726,541 | 5,367,371 | |
Total Commercial Mortgage-Backed Securities - Agency (Cost $5,736,846) | 5,367,371 | |||
Commercial Mortgage-Backed Securities - Non-Agency 4.8% | ||||
BAMLL Commercial Mortgage Securities Trust(a),(d) | ||||
Series 2013-WBRK Class A | ||||
03/10/2037 | 3.534% | 5,550,000 | 5,107,854 | |
BBCMS Trust(a),(b) | ||||
Subordinated Series 2018-BXH Class E | ||||
1-month Term SOFR + 2.364% Floor 2.250% 10/15/2037 | 7.690% | 10,581,000 | 10,281,315 | |
Braemar Hotels & Resorts Trust(a),(b) | ||||
Subordinated Series 2018-PRME Class D | ||||
1-month Term SOFR + 1.847% Floor 1.925% 06/15/2035 | 7.240% | 6,950,000 | 6,811,411 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CLNY Trust(a),(b) | ||||
Subordinated Series 2019-IKPR Class E | ||||
1-month Term SOFR + 2.835% Floor 2.721% 11/15/2038 | 8.156% | 8,150,000 | 7,254,573 | |
COMM Mortgage Trust(a),(d) | ||||
Subordinated Series 2020-CBM Class E | ||||
02/10/2037 | 3.633% | 10,950,000 | 10,351,553 | |
Credit Suisse Mortgage Capital Certificates OA LLC(a) | ||||
Series 2014-USA Class A2 | ||||
09/15/2037 | 3.953% | 15,735,000 | 13,925,475 | |
Subordinated Series 2014-USA Class E | ||||
09/15/2037 | 4.373% | 19,065,000 | 9,749,075 | |
Subordinated Series 2014-USA Class F | ||||
09/15/2037 | 4.373% | 16,000,000 | 5,590,435 | |
Hilton USA Trust(a) | ||||
Subordinated Series 2016-SFP Class E | ||||
11/05/2035 | 5.519% | 10,901,000 | 1,090,050 | |
Morgan Stanley Capital I Trust(a),(d) | ||||
Series 2019-MEAD Class E | ||||
11/10/2036 | 3.177% | 13,400,000 | 11,425,156 | |
One New York Plaza Trust(a),(b) | ||||
Subordinated Series 2020-1NYP Class C | ||||
1-month Term SOFR + 2.314% Floor 2.200% 01/15/2036 | 7.640% | 6,600,000 | 6,075,687 | |
Subordinated Series 2020-1NYP Class D | ||||
1-month Term SOFR + 2.864% Floor 2.750% 01/15/2036 | 8.190% | 4,150,000 | 3,422,570 | |
Progress Residential Trust(a) | ||||
Series 2020-SFR1 Class E | ||||
04/17/2037 | 3.032% | 19,775,000 | 19,103,061 | |
Series 2020-SFR3 Class A | ||||
10/17/2027 | 1.294% | 7,923,041 | 7,424,618 | |
Subordinated Series 2020-SFR2 Class E | ||||
06/17/2037 | 5.115% | 5,900,000 | 5,795,220 | |
SFO Commercial Mortgage Trust(a),(b) | ||||
Series 2021-555 Class A | ||||
1-month Term SOFR + 1.264% Floor 1.150% 05/15/2038 | 6.590% | 22,000,000 | 21,380,713 | |
UBS Commercial Mortgage Trust(a),(b) | ||||
Series 2018-NYCH Class B | ||||
1-month Term SOFR + 1.297% Floor 1.250% 02/15/2032 | 6.622% | 10,469,000 | 10,074,141 |
4
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Wells Fargo Commercial Mortgage Trust(a),(b) | ||||
Subordinated Series 2017-SMP Class C | ||||
1-month Term SOFR + 1.372% Floor 1.200% 12/15/2034 | 6.697% | 9,000,000 | 7,887,065 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $200,316,807) | 162,749,972 | |||
Convertible Bonds 0.0% | ||||
Cable and Satellite 0.0% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 691,000 | 430,147 | |
Total Convertible Bonds (Cost $669,993) | 430,147 | |||
Corporate Bonds & Notes(e) 19.3% | ||||
Aerospace & Defense 1.0% | ||||
BAE Systems PLC(a) | ||||
03/26/2029 | 5.125% | 3,832,000 | 3,846,104 | |
Boeing Co. (The) | ||||
08/01/2059 | 3.950% | 9,000,000 | 6,159,743 | |
Bombardier, Inc.(a) | ||||
04/15/2027 | 7.875% | 562,000 | 562,862 | |
Bombardier, Inc.(a),(c) | ||||
07/01/2031 | 7.250% | 113,000 | 113,319 | |
L3Harris Technologies, Inc. | ||||
07/31/2033 | 5.400% | 2,447,000 | 2,463,500 | |
Lockheed Martin Corp. | ||||
08/15/2034 | 4.800% | 2,360,000 | 2,334,311 | |
Northrop Grumman Corp. | ||||
06/01/2034 | 4.900% | 8,580,000 | 8,429,972 | |
Raytheon Technologies Corp. | ||||
03/15/2032 | 2.375% | 8,699,000 | 7,174,470 | |
Spirit AeroSystems, Inc.(a) | ||||
11/30/2029 | 9.375% | 174,000 | 189,784 | |
11/15/2030 | 9.750% | 359,000 | 401,635 | |
TransDigm, Inc.(a) | ||||
08/15/2028 | 6.750% | 551,000 | 559,077 | |
03/01/2029 | 6.375% | 778,000 | 780,377 | |
03/01/2032 | 6.625% | 795,000 | 803,176 | |
Total | 33,818,330 | |||
Airlines 0.1% | ||||
Air Canada(a) | ||||
08/15/2026 | 3.875% | 398,000 | 380,300 | |
American Airlines, Inc.(a) | ||||
05/15/2029 | 8.500% | 184,000 | 194,314 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | ||||
04/20/2026 | 5.500% | 1,376,374 | 1,367,128 | |
04/20/2029 | 5.750% | 672,779 | 661,813 | |
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a) | ||||
01/20/2026 | 5.750% | 707,121 | 665,251 | |
United Airlines, Inc.(a) | ||||
04/15/2026 | 4.375% | 779,000 | 753,336 | |
04/15/2029 | 4.625% | 510,000 | 474,450 | |
Total | 4,496,592 | |||
Automotive 0.1% | ||||
American Axle & Manufacturing, Inc. | ||||
04/01/2027 | 6.500% | 191,000 | 190,279 | |
Clarios Global LP/US Finance Co.(a) | ||||
05/15/2028 | 6.750% | 187,000 | 189,470 | |
Panther BF Aggregator 2 LP/Finance Co., Inc.(a) | ||||
05/15/2026 | 6.250% | 424,000 | 423,714 | |
05/15/2027 | 8.500% | 563,000 | 563,755 | |
ZF North America Capital, Inc.(a) | ||||
04/14/2030 | 7.125% | 440,000 | 463,673 | |
Total | 1,830,891 | |||
Banking 5.3% | ||||
Ally Financial, Inc. | ||||
05/21/2024 | 3.875% | 125,000 | 124,610 | |
Subordinated | ||||
11/20/2025 | 5.750% | 765,000 | 759,591 | |
Bank of America Corp.(f) | ||||
10/20/2032 | 2.572% | 26,334,000 | 21,807,506 | |
02/04/2033 | 2.972% | 18,020,000 | 15,288,519 | |
Subordinated | ||||
09/21/2036 | 2.482% | 809,000 | 646,361 | |
Citigroup, Inc.(f) | ||||
06/03/2031 | 2.572% | 4,618,000 | 3,947,403 | |
01/25/2033 | 3.057% | 12,760,000 | 10,828,939 | |
Goldman Sachs Group, Inc. (The)(f) | ||||
07/21/2032 | 2.383% | 12,440,000 | 10,197,457 | |
10/21/2032 | 2.650% | 12,753,000 | 10,614,244 | |
HSBC Holdings PLC(f) | ||||
05/24/2032 | 2.804% | 10,006,000 | 8,378,019 | |
11/22/2032 | 2.871% | 8,411,000 | 7,027,118 | |
JPMorgan Chase & Co.(f) | ||||
04/22/2032 | 2.580% | 15,278,000 | 12,897,992 | |
11/08/2032 | 2.545% | 21,610,000 | 17,969,820 | |
Morgan Stanley(f) | ||||
07/21/2032 | 2.239% | 5,578,000 | 4,548,709 | |
10/20/2032 | 2.511% | 20,090,000 | 16,600,514 | |
07/21/2034 | 5.424% | 1,842,000 | 1,847,761 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
5
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated | ||||
09/16/2036 | 2.484% | 1,860,000 | 1,470,228 | |
PNC Financial Services Group, Inc. (The)(f) | ||||
10/20/2034 | 6.875% | 1,658,000 | 1,815,247 | |
US Bancorp(f) | ||||
06/12/2034 | 5.836% | 2,951,000 | 3,008,379 | |
Wells Fargo & Co.(f) | ||||
10/30/2030 | 2.879% | 404,000 | 357,162 | |
07/25/2034 | 5.557% | 30,931,000 | 31,074,749 | |
Total | 181,210,328 | |||
Brokerage/Asset Managers/Exchanges 0.1% | ||||
AG Issuer LLC(a) | ||||
03/01/2028 | 6.250% | 350,000 | 342,039 | |
AG TTMT Escrow Issuer LLC(a) | ||||
09/30/2027 | 8.625% | 357,000 | 369,484 | |
Aretec Escrow Issuer 2, Inc.(a) | ||||
08/15/2030 | 10.000% | 514,000 | 562,468 | |
Aretec Escrow Issuer, Inc.(a) | ||||
04/01/2029 | 7.500% | 228,000 | 216,985 | |
Hightower Holding LLC(a) | ||||
04/15/2029 | 6.750% | 535,000 | 502,431 | |
NFP Corp.(a) | ||||
08/15/2028 | 4.875% | 366,000 | 366,692 | |
08/15/2028 | 6.875% | 1,517,000 | 1,536,258 | |
10/01/2030 | 7.500% | 1,049,000 | 1,105,468 | |
10/01/2031 | 8.500% | 206,000 | 226,821 | |
Total | 5,228,646 | |||
Building Materials 0.1% | ||||
American Builders & Contractors Supply Co., Inc.(a) | ||||
01/15/2028 | 4.000% | 571,000 | 534,507 | |
Beacon Roofing Supply, Inc.(a) | ||||
11/15/2026 | 4.500% | 670,000 | 651,264 | |
08/01/2030 | 6.500% | 275,000 | 279,202 | |
SRS Distribution, Inc.(a) | ||||
07/01/2029 | 6.125% | 385,000 | 392,711 | |
12/01/2029 | 6.000% | 515,000 | 525,866 | |
Standard Industries, Inc.(a) | ||||
01/15/2028 | 4.750% | 735,000 | 701,336 | |
Summit Materials LLC /Finance Corp.(a) | ||||
01/15/2031 | 7.250% | 274,000 | 284,689 | |
Summit Materials LLC/Finance Corp.(a) | ||||
01/15/2029 | 5.250% | 45,000 | 43,794 | |
White Cap Buyer LLC(a) | ||||
10/15/2028 | 6.875% | 594,000 | 582,788 | |
Total | 3,996,157 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.7% | ||||
CCO Holdings LLC/Capital Corp.(a) | ||||
02/01/2028 | 5.000% | 687,000 | 639,731 | |
03/01/2030 | 4.750% | 626,000 | 536,974 | |
08/15/2030 | 4.500% | 423,000 | 355,325 | |
02/01/2031 | 4.250% | 459,000 | 373,598 | |
02/01/2032 | 4.750% | 552,000 | 451,048 | |
CCO Holdings LLC/Capital Corp. | ||||
05/01/2032 | 4.500% | 2,042,000 | 1,640,321 | |
CCO Holdings LLC/Holdings Capital Corp.(a) | ||||
01/15/2034 | 4.250% | 250,000 | 188,680 | |
Charter Communications Operating LLC/Capital | ||||
05/01/2047 | 5.375% | 4,412,000 | 3,562,103 | |
12/01/2061 | 4.400% | 7,340,000 | 4,796,623 | |
06/30/2062 | 3.950% | 5,633,000 | 3,402,463 | |
CSC Holdings LLC(a) | ||||
02/01/2028 | 5.375% | 789,000 | 678,644 | |
01/31/2029 | 11.750% | 441,000 | 441,119 | |
01/15/2030 | 5.750% | 722,000 | 381,978 | |
12/01/2030 | 4.125% | 830,000 | 590,161 | |
11/15/2031 | 5.000% | 169,000 | 85,607 | |
DISH Network Corp.(a) | ||||
11/15/2027 | 11.750% | 1,614,000 | 1,648,683 | |
Sirius XM Radio, Inc.(a) | ||||
09/01/2026 | 3.125% | 301,000 | 282,210 | |
08/01/2027 | 5.000% | 866,000 | 833,751 | |
07/01/2030 | 4.125% | 266,000 | 232,549 | |
Videotron Ltd.(a) | ||||
06/15/2029 | 3.625% | 2,000,000 | 1,806,309 | |
Virgin Media Finance PLC(a) | ||||
07/15/2030 | 5.000% | 671,000 | 567,281 | |
Virgin Media Secured Finance PLC(a) | ||||
05/15/2029 | 5.500% | 294,000 | 271,776 | |
VZ Secured Financing BV(a) | ||||
01/15/2032 | 5.000% | 768,000 | 659,356 | |
Ziggo Bond Co. BV(a) | ||||
02/28/2030 | 5.125% | 339,000 | 289,924 | |
Ziggo BV(a) | ||||
01/15/2030 | 4.875% | 896,000 | 804,027 | |
Total | 25,520,241 | |||
Chemicals 0.3% | ||||
Avient Corp.(a) | ||||
08/01/2030 | 7.125% | 403,000 | 413,647 | |
Axalta Coating Systems LLC/Dutch Holding B BV(a) | ||||
06/15/2027 | 4.750% | 621,000 | 599,371 | |
Element Solutions, Inc.(a) | ||||
09/01/2028 | 3.875% | 620,000 | 568,312 |
6
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
HB Fuller Co. | ||||
10/15/2028 | 4.250% | 821,000 | 761,299 | |
Herens Holdco Sarl(a) | ||||
05/15/2028 | 4.750% | 600,000 | 524,898 | |
Illuminate Buyer LLC/Holdings IV, Inc.(a) | ||||
07/01/2028 | 9.000% | 285,000 | 282,839 | |
INEOS Finance PLC(a) | ||||
04/15/2029 | 7.500% | 510,000 | 511,572 | |
INEOS Quattro Finance 2 PLC(a) | ||||
03/15/2029 | 9.625% | 504,000 | 540,989 | |
Ingevity Corp.(a) | ||||
11/01/2028 | 3.875% | 534,000 | 482,429 | |
Innophos Holdings, Inc.(a) | ||||
02/15/2028 | 9.375% | 408,000 | 341,343 | |
Iris Holdings, Inc.(a),(g) | ||||
02/15/2026 | 8.750% | 467,000 | 402,034 | |
Olympus Water US Holding Corp.(a) | ||||
10/01/2028 | 4.250% | 442,000 | 400,417 | |
11/15/2028 | 9.750% | 1,436,000 | 1,530,986 | |
10/01/2029 | 6.250% | 618,000 | 564,322 | |
WR Grace Holdings LLC(a) | ||||
06/15/2027 | 4.875% | 816,000 | 776,164 | |
08/15/2029 | 5.625% | 1,073,000 | 960,469 | |
03/01/2031 | 7.375% | 107,000 | 108,567 | |
Total | 9,769,658 | |||
Construction Machinery 0.1% | ||||
H&E Equipment Services, Inc.(a) | ||||
12/15/2028 | 3.875% | 1,045,000 | 956,699 | |
Herc Holdings, Inc.(a) | ||||
07/15/2027 | 5.500% | 451,000 | 443,210 | |
Ritchie Bros Holdings, Inc.(a) | ||||
03/15/2028 | 6.750% | 456,000 | 465,385 | |
03/15/2031 | 7.750% | 176,000 | 184,126 | |
Total | 2,049,420 | |||
Consumer Cyclical Services 0.1% | ||||
APX Group, Inc.(a) | ||||
07/15/2029 | 5.750% | 171,000 | 164,393 | |
Arches Buyer, Inc.(a) | ||||
06/01/2028 | 4.250% | 753,000 | 662,651 | |
12/01/2028 | 6.125% | 557,000 | 467,339 | |
Match Group, Inc.(a) | ||||
06/01/2028 | 4.625% | 1,005,000 | 949,238 | |
Uber Technologies, Inc.(a) | ||||
08/15/2029 | 4.500% | 1,999,000 | 1,900,960 | |
Total | 4,144,581 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Consumer Products 0.1% | ||||
Acushnet Co.(a) | ||||
10/15/2028 | 7.375% | 272,000 | 281,644 | |
CD&R Smokey Buyer, Inc.(a) | ||||
07/15/2025 | 6.750% | 936,000 | 927,282 | |
Scotts Miracle-Gro Co. (The) | ||||
04/01/2031 | 4.000% | 135,000 | 116,299 | |
Spectrum Brands, Inc.(a) | ||||
10/01/2029 | 5.000% | 409,000 | 400,861 | |
07/15/2030 | 5.500% | 130,000 | 127,297 | |
Total | 1,853,383 | |||
Diversified Manufacturing 0.2% | ||||
Chart Industries, Inc.(a) | ||||
01/01/2030 | 7.500% | 234,000 | 243,040 | |
Emerald Debt Merger Sub LLC(a) | ||||
12/15/2030 | 6.625% | 1,094,000 | 1,104,556 | |
Esab Corp.(a),(c) | ||||
04/15/2029 | 6.250% | 180,000 | 180,962 | |
Gates Global LLC/Co.(a) | ||||
01/15/2026 | 6.250% | 774,000 | 772,028 | |
Madison IAQ LLC(a) | ||||
06/30/2028 | 4.125% | 205,000 | 189,644 | |
06/30/2029 | 5.875% | 718,000 | 658,231 | |
Resideo Funding, Inc.(a) | ||||
09/01/2029 | 4.000% | 543,000 | 487,029 | |
Vertical Holdco GmbH(a) | ||||
07/15/2028 | 7.625% | 284,000 | 278,074 | |
Vertical US Newco, Inc.(a) | ||||
07/15/2027 | 5.250% | 289,000 | 279,249 | |
WESCO Distribution, Inc.(a) | ||||
06/15/2025 | 7.125% | 380,000 | 380,489 | |
06/15/2028 | 7.250% | 924,000 | 943,425 | |
03/15/2029 | 6.375% | 331,000 | 334,478 | |
03/15/2032 | 6.625% | 425,000 | 432,047 | |
Total | 6,283,252 | |||
Electric 1.1% | ||||
AEP Texas, Inc. | ||||
01/15/2050 | 3.450% | 5,325,000 | 3,731,273 | |
Clearway Energy Operating LLC(a) | ||||
03/15/2028 | 4.750% | 895,000 | 851,520 | |
02/15/2031 | 3.750% | 760,000 | 654,587 | |
01/15/2032 | 3.750% | 512,000 | 430,982 | |
Duke Energy Corp. | ||||
08/15/2052 | 5.000% | 3,773,000 | 3,421,974 | |
Edison International | ||||
11/15/2028 | 5.250% | 5,951,000 | 5,939,201 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
7
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Emera US Finance LP | ||||
06/15/2046 | 4.750% | 8,426,000 | 6,938,858 | |
FirstEnergy Corp. | ||||
03/01/2050 | 3.400% | 1,926,000 | 1,324,089 | |
NextEra Energy Operating Partners LP(a) | ||||
07/15/2024 | 4.250% | 631,000 | 625,969 | |
10/15/2026 | 3.875% | 96,000 | 89,607 | |
09/15/2027 | 4.500% | 989,000 | 926,818 | |
01/15/2029 | 7.250% | 406,000 | 415,870 | |
NRG Energy, Inc.(a) | ||||
02/15/2029 | 3.375% | 322,000 | 286,397 | |
02/15/2031 | 3.625% | 1,125,000 | 971,254 | |
02/15/2032 | 3.875% | 40,000 | 34,321 | |
Pacific Gas and Electric Co. | ||||
07/01/2050 | 4.950% | 10,250,000 | 8,829,962 | |
TerraForm Power Operating LLC(a) | ||||
01/31/2028 | 5.000% | 291,000 | 277,401 | |
01/15/2030 | 4.750% | 895,000 | 821,397 | |
Vistra Operations Co. LLC(a) | ||||
02/15/2027 | 5.625% | 222,000 | 218,580 | |
05/01/2029 | 4.375% | 1,134,000 | 1,050,925 | |
10/15/2031 | 7.750% | 550,000 | 575,657 | |
Total | 38,416,642 | |||
Environmental 0.1% | ||||
GFL Environmental, Inc.(a) | ||||
12/15/2026 | 5.125% | 481,000 | 472,480 | |
08/01/2028 | 4.000% | 612,000 | 564,191 | |
06/15/2029 | 4.750% | 402,000 | 377,762 | |
01/15/2031 | 6.750% | 586,000 | 600,560 | |
Waste Pro USA, Inc.(a) | ||||
02/15/2026 | 5.500% | 907,000 | 893,635 | |
Total | 2,908,628 | |||
Finance Companies 0.2% | ||||
GGAM Finance Ltd.(a) | ||||
02/15/2027 | 8.000% | 508,000 | 524,117 | |
GGAM Finance Ltd.(a),(c) | ||||
04/15/2029 | 6.875% | 267,000 | 268,944 | |
Navient Corp. | ||||
06/25/2025 | 6.750% | 668,000 | 672,511 | |
03/15/2031 | 11.500% | 387,000 | 431,175 | |
OneMain Finance Corp. | ||||
01/15/2027 | 3.500% | 411,000 | 381,584 | |
01/15/2029 | 9.000% | 261,000 | 276,900 | |
03/15/2030 | 7.875% | 457,000 | 472,357 | |
09/15/2030 | 4.000% | 181,000 | 154,952 | |
Provident Funding Associates LP/Finance Corp.(a) | ||||
06/15/2025 | 6.375% | 471,000 | 451,607 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Rocket Mortgage LLC/Co-Issuer, Inc.(a) | ||||
10/15/2033 | 4.000% | 2,842,000 | 2,409,996 | |
Springleaf Finance Corp. | ||||
11/15/2029 | 5.375% | 26,000 | 24,438 | |
United Wholesale Mortgage LLC(a) | ||||
06/15/2027 | 5.750% | 72,000 | 70,064 | |
04/15/2029 | 5.500% | 29,000 | 27,444 | |
Total | 6,166,089 | |||
Food and Beverage 0.7% | ||||
Bacardi Ltd.(a) | ||||
05/15/2048 | 5.300% | 12,645,000 | 11,866,401 | |
Chobani LLC/Finance Corp., Inc.(a) | ||||
07/01/2029 | 7.625% | 118,000 | 119,738 | |
Constellation Brands, Inc. | ||||
05/01/2033 | 4.900% | 7,268,000 | 7,130,957 | |
FAGE International SA/USA Dairy Industry, Inc.(a) | ||||
08/15/2026 | 5.625% | 1,173,000 | 1,151,886 | |
Post Holdings, Inc.(a) | ||||
01/15/2028 | 5.625% | 550,000 | 540,013 | |
09/15/2031 | 4.500% | 521,000 | 468,698 | |
02/15/2032 | 6.250% | 293,000 | 295,042 | |
Primo Water Holdings, Inc.(a) | ||||
04/30/2029 | 4.375% | 618,000 | 567,293 | |
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a) | ||||
03/01/2029 | 4.625% | 977,000 | 864,263 | |
Triton Water Holdings, Inc.(a) | ||||
04/01/2029 | 6.250% | 535,000 | 487,215 | |
US Foods, Inc.(a) | ||||
09/15/2028 | 6.875% | 209,000 | 214,123 | |
06/01/2030 | 4.625% | 512,000 | 474,346 | |
01/15/2032 | 7.250% | 195,000 | 202,519 | |
Total | 24,382,494 | |||
Gaming 0.2% | ||||
Boyd Gaming Corp.(a) | ||||
06/15/2031 | 4.750% | 310,000 | 285,121 | |
Caesars Entertainment, Inc.(a) | ||||
10/15/2029 | 4.625% | 1,048,000 | 957,660 | |
02/15/2030 | 7.000% | 634,000 | 650,856 | |
02/15/2032 | 6.500% | 513,000 | 518,030 | |
Churchill Downs, Inc.(a) | ||||
01/15/2028 | 4.750% | 393,000 | 374,094 | |
Colt Merger Sub, Inc.(a) | ||||
07/01/2027 | 8.125% | 448,000 | 458,802 | |
Midwest Gaming Borrower LLC(a) | ||||
05/01/2029 | 4.875% | 1,152,000 | 1,066,390 |
8
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Penn National Gaming, Inc.(a) | ||||
07/01/2029 | 4.125% | 730,000 | 631,345 | |
Scientific Games Holdings LP/US FinCo, Inc.(a) | ||||
03/01/2030 | 6.625% | 820,000 | 792,962 | |
Scientific Games International, Inc.(a) | ||||
11/15/2029 | 7.250% | 644,000 | 661,363 | |
Total | 6,396,623 | |||
Health Care 0.8% | ||||
Acadia Healthcare Co., Inc.(a) | ||||
04/15/2029 | 5.000% | 692,000 | 657,330 | |
Avantor Funding, Inc.(a) | ||||
07/15/2028 | 4.625% | 574,000 | 543,812 | |
11/01/2029 | 3.875% | 727,000 | 655,641 | |
Bausch & Lomb Escrow Corp.(a) | ||||
10/01/2028 | 8.375% | 331,000 | 342,310 | |
Becton Dickinson Euro Finance SARL | ||||
08/13/2041 | 1.336% | EUR | 1,145,000 | 859,002 |
Catalent Pharma Solutions, Inc.(a) | ||||
04/01/2030 | 3.500% | 402,000 | 384,259 | |
CHS/Community Health Systems, Inc.(a) | ||||
03/15/2027 | 5.625% | 423,000 | 389,296 | |
04/15/2029 | 6.875% | 489,000 | 366,498 | |
05/15/2030 | 5.250% | 936,000 | 763,540 | |
02/15/2031 | 4.750% | 493,000 | 380,424 | |
01/15/2032 | 10.875% | 245,000 | 253,038 | |
Cigna Group (The) | ||||
02/15/2054 | 5.600% | 2,585,000 | 2,595,040 | |
HCA, Inc. | ||||
09/01/2030 | 3.500% | 15,861,000 | 14,335,732 | |
Medline Borrower LP/Co-Issuer, Inc.(a) | ||||
04/01/2029 | 6.250% | 263,000 | 264,186 | |
Mozart Debt Merger Sub, Inc.(a) | ||||
04/01/2029 | 3.875% | 520,000 | 473,327 | |
10/01/2029 | 5.250% | 1,200,000 | 1,134,248 | |
Select Medical Corp.(a) | ||||
08/15/2026 | 6.250% | 938,000 | 940,769 | |
Star Parent, Inc.(a) | ||||
10/01/2030 | 9.000% | 621,000 | 657,615 | |
Surgery Center Holdings, Inc.(a),(c) | ||||
04/15/2032 | 7.250% | 279,000 | 281,447 | |
Tenet Healthcare Corp. | ||||
02/01/2027 | 6.250% | 654,000 | 653,642 | |
06/15/2028 | 4.625% | 507,000 | 483,029 | |
10/01/2028 | 6.125% | 478,000 | 476,250 | |
06/01/2029 | 4.250% | 102,000 | 94,768 | |
01/15/2030 | 4.375% | 485,000 | 448,473 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Tenet Healthcare Corp.(a) | ||||
05/15/2031 | 6.750% | 284,000 | 289,372 | |
Total | 28,723,048 | |||
Healthcare Insurance 1.2% | ||||
Aetna, Inc. | ||||
11/15/2042 | 4.125% | 1,339,000 | 1,091,865 | |
Centene Corp. | ||||
02/15/2030 | 3.375% | 835,000 | 740,115 | |
10/15/2030 | 3.000% | 20,314,000 | 17,413,361 | |
03/01/2031 | 2.500% | 5,714,000 | 4,703,068 | |
08/01/2031 | 2.625% | 4,954,000 | 4,068,538 | |
UnitedHealth Group, Inc. | ||||
04/15/2034 | 5.000% | 12,834,000 | 12,848,542 | |
Total | 40,865,489 | |||
Home Construction 0.0% | ||||
Shea Homes LP/Funding Corp. | ||||
02/15/2028 | 4.750% | 794,000 | 755,002 | |
Independent Energy 0.3% | ||||
Baytex Energy Corp.(a) | ||||
04/30/2030 | 8.500% | 688,000 | 717,804 | |
Baytex Energy Corp.(a),(c) | ||||
03/15/2032 | 7.375% | 594,000 | 600,310 | |
Callon Petroleum Co. | ||||
07/01/2026 | 6.375% | 1,124,000 | 1,135,948 | |
Callon Petroleum Co.(a) | ||||
08/01/2028 | 8.000% | 427,000 | 446,313 | |
06/15/2030 | 7.500% | 90,000 | 95,290 | |
Centennial Resource Production LLC(a) | ||||
04/01/2027 | 6.875% | 85,000 | 85,000 | |
Civitas Resources, Inc.(a) | ||||
07/01/2028 | 8.375% | 120,000 | 126,233 | |
11/01/2030 | 8.625% | 282,000 | 302,737 | |
07/01/2031 | 8.750% | 277,000 | 296,595 | |
CNX Resources Corp.(a) | ||||
01/15/2029 | 6.000% | 763,000 | 747,769 | |
Colgate Energy Partners III LLC(a) | ||||
07/01/2029 | 5.875% | 1,145,000 | 1,125,992 | |
Comstock Resources, Inc.(a) | ||||
03/01/2029 | 6.750% | 307,000 | 292,760 | |
01/15/2030 | 5.875% | 618,000 | 559,696 | |
CrownRock LP/Finance, Inc.(a) | ||||
10/15/2025 | 5.625% | 586,000 | 584,281 | |
05/01/2029 | 5.000% | 391,000 | 386,406 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
9
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Hilcorp Energy I LP/Finance Co.(a) | ||||
02/01/2029 | 5.750% | 571,000 | 556,916 | |
04/15/2030 | 6.000% | 334,000 | 326,789 | |
04/15/2032 | 6.250% | 231,000 | 227,947 | |
11/01/2033 | 8.375% | 317,000 | 343,106 | |
Matador Resources Co. | ||||
09/15/2026 | 5.875% | 191,000 | 191,139 | |
Matador Resources Co.(a) | ||||
04/15/2028 | 6.875% | 213,000 | 218,059 | |
Matador Resources Co.(a),(c) | ||||
04/15/2032 | 6.500% | 345,000 | 345,602 | |
Permian Resources Operating LLC(a) | ||||
01/15/2032 | 7.000% | 922,000 | 955,812 | |
Southwestern Energy Co. | ||||
02/01/2032 | 4.750% | 714,000 | 657,336 | |
Total | 11,325,840 | |||
Leisure 0.2% | ||||
Boyne USA, Inc.(a) | ||||
05/15/2029 | 4.750% | 85,000 | 78,834 | |
Carnival Corp.(a) | ||||
03/01/2026 | 7.625% | 453,000 | 457,793 | |
08/01/2028 | 4.000% | 510,000 | 475,065 | |
08/15/2029 | 7.000% | 95,000 | 99,187 | |
Carnival Holdings Bermuda Ltd.(a) | ||||
05/01/2028 | 10.375% | 297,000 | 324,061 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op(a) | ||||
05/01/2025 | 5.500% | 564,000 | 562,410 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | ||||
04/15/2027 | 5.375% | 285,000 | 280,357 | |
10/01/2028 | 6.500% | 284,000 | 284,393 | |
Cinemark USA, Inc.(a) | ||||
05/01/2025 | 8.750% | 102,000 | 102,283 | |
03/15/2026 | 5.875% | 375,000 | 370,462 | |
07/15/2028 | 5.250% | 174,000 | 164,750 | |
Live Nation Entertainment, Inc.(a) | ||||
03/15/2026 | 5.625% | 448,000 | 443,211 | |
NCL Corp., Ltd.(a) | ||||
03/15/2026 | 5.875% | 335,000 | 330,796 | |
02/15/2029 | 7.750% | 91,000 | 94,624 | |
NCL Finance Ltd.(a) | ||||
03/15/2028 | 6.125% | 181,000 | 178,810 | |
Royal Caribbean Cruises Ltd.(a) | ||||
08/31/2026 | 5.500% | 600,000 | 594,204 | |
07/15/2027 | 5.375% | 235,000 | 231,612 | |
01/15/2030 | 7.250% | 716,000 | 743,231 | |
03/15/2032 | 6.250% | 149,000 | 150,155 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Six Flags Entertainment Corp.(a) | ||||
05/15/2031 | 7.250% | 492,000 | 498,161 | |
Viking Cruises Ltd.(a) | ||||
07/15/2031 | 9.125% | 198,000 | 216,492 | |
Total | 6,680,891 | |||
Life Insurance 0.1% | ||||
Peachtree Corners Funding Trust(a) | ||||
02/15/2025 | 3.976% | 4,984,000 | 4,893,128 | |
Lodging 0.0% | ||||
Hilton Domestic Operating Co., Inc.(a) | ||||
04/01/2032 | 6.125% | 423,000 | 424,596 | |
Hilton Grand Vacations Borrower Escrow LLC(a) | ||||
01/15/2032 | 6.625% | 354,000 | 355,049 | |
Total | 779,645 | |||
Media and Entertainment 0.5% | ||||
Clear Channel Outdoor Holdings, Inc.(a) | ||||
04/15/2028 | 7.750% | 613,000 | 536,504 | |
09/15/2028 | 9.000% | 358,000 | 372,907 | |
06/01/2029 | 7.500% | 426,000 | 352,379 | |
04/01/2030 | 7.875% | 391,000 | 388,644 | |
Clear Channel Worldwide Holdings, Inc.(a) | ||||
08/15/2027 | 5.125% | 793,000 | 748,483 | |
iHeartCommunications, Inc. | ||||
05/01/2026 | 6.375% | 566,350 | 482,203 | |
05/01/2027 | 8.375% | 570,906 | 318,025 | |
Netflix, Inc. | ||||
05/15/2029 | 4.625% | EUR | 2,175,000 | 2,479,762 |
Outfront Media Capital LLC/Corp.(a) | ||||
08/15/2027 | 5.000% | 1,018,000 | 980,118 | |
01/15/2029 | 4.250% | 245,000 | 222,007 | |
03/15/2030 | 4.625% | 347,000 | 311,264 | |
02/15/2031 | 7.375% | 127,000 | 133,238 | |
Playtika Holding Corp.(a) | ||||
03/15/2029 | 4.250% | 415,000 | 359,219 | |
Roblox Corp.(a) | ||||
05/01/2030 | 3.875% | 994,000 | 875,887 | |
Univision Communications, Inc.(a) | ||||
08/15/2028 | 8.000% | 436,000 | 444,326 | |
05/01/2029 | 4.500% | 252,000 | 225,041 | |
06/30/2030 | 7.375% | 188,000 | 186,028 | |
Warnermedia Holdings, Inc. | ||||
03/15/2062 | 5.391% | 10,736,000 | 8,900,761 | |
Total | 18,316,796 | |||
Metals and Mining 0.2% | ||||
Alcoa Nederland Holding BV(a) | ||||
03/15/2031 | 7.125% | 151,000 | 153,852 |
10
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Allegheny Technologies, Inc. | ||||
10/01/2029 | 4.875% | 129,000 | 121,461 | |
10/01/2031 | 5.125% | 525,000 | 486,550 | |
Constellium SE(a) | ||||
06/15/2028 | 5.625% | 1,310,000 | 1,275,016 | |
04/15/2029 | 3.750% | 533,000 | 479,947 | |
Hudbay Minerals, Inc.(a) | ||||
04/01/2026 | 4.500% | 1,108,000 | 1,070,667 | |
04/01/2029 | 6.125% | 776,000 | 767,121 | |
Kaiser Aluminum Corp.(a) | ||||
03/01/2028 | 4.625% | 74,000 | 69,552 | |
06/01/2031 | 4.500% | 351,000 | 311,045 | |
Novelis Corp.(a) | ||||
11/15/2026 | 3.250% | 321,000 | 299,270 | |
01/30/2030 | 4.750% | 713,000 | 657,649 | |
08/15/2031 | 3.875% | 387,000 | 332,567 | |
Total | 6,024,697 | |||
Midstream 0.8% | ||||
Antero Midstream Partners LP/Finance Corp.(a) | ||||
02/01/2032 | 6.625% | 280,000 | 281,197 | |
CNX Midstream Partners LP(a) | ||||
04/15/2030 | 4.750% | 603,000 | 536,915 | |
Delek Logistics Partners LP/Finance Corp.(a) | ||||
03/15/2029 | 8.625% | 567,000 | 579,063 | |
DT Midstream, Inc.(a) | ||||
06/15/2029 | 4.125% | 741,000 | 682,395 | |
06/15/2031 | 4.375% | 210,000 | 190,209 | |
EQM Midstream Partners LP(a) | ||||
04/01/2029 | 6.375% | 187,000 | 188,315 | |
01/15/2031 | 4.750% | 1,950,000 | 1,815,968 | |
Galaxy Pipeline Assets Bidco Ltd.(a) | ||||
09/30/2040 | 3.250% | 2,775,000 | 2,115,938 | |
Kinder Morgan Energy Partners LP | ||||
09/01/2044 | 5.400% | 5,253,000 | 4,894,329 | |
NuStar Logistics LP | ||||
10/01/2025 | 5.750% | 462,000 | 460,066 | |
06/01/2026 | 6.000% | 923,000 | 920,163 | |
Plains All American Pipeline LP/Finance Corp. | ||||
06/15/2044 | 4.700% | 9,325,000 | 7,911,477 | |
TransMontaigne Partners LP/TLP Finance Corp. | ||||
02/15/2026 | 6.125% | 629,000 | 602,325 | |
Venture Global Calcasieu Pass LLC(a) | ||||
08/15/2029 | 3.875% | 908,000 | 817,434 | |
08/15/2031 | 4.125% | 990,000 | 881,642 | |
11/01/2033 | 3.875% | 2,258,000 | 1,919,926 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Venture Global LNG, Inc.(a) | ||||
06/01/2028 | 8.125% | 225,000 | 229,555 | |
06/01/2031 | 8.375% | 670,000 | 691,639 | |
02/01/2032 | 9.875% | 177,000 | 190,817 | |
Total | 25,909,373 | |||
Oil Field Services 0.1% | ||||
Kodiak Gas Services LLC(a) | ||||
02/15/2029 | 7.250% | 148,000 | 150,872 | |
Nabors Industries Ltd.(a) | ||||
01/15/2026 | 7.250% | 737,000 | 731,675 | |
Nabors Industries, Inc.(a) | ||||
05/15/2027 | 7.375% | 186,000 | 185,660 | |
01/31/2030 | 9.125% | 210,000 | 218,394 | |
Transocean Aquila Ltd.(a) | ||||
09/30/2028 | 8.000% | 464,000 | 476,137 | |
Transocean Titan Financing Ltd.(a) | ||||
02/01/2028 | 8.375% | 446,000 | 464,162 | |
USA Compression Partners LP/Finance Corp.(a) | ||||
03/15/2029 | 7.125% | 435,000 | 439,927 | |
Total | 2,666,827 | |||
Other Industry 0.0% | ||||
Williams Scotsman International, Inc.(a) | ||||
08/15/2028 | 4.625% | 170,000 | 160,691 | |
Other REIT 0.2% | ||||
Digital Dutch Finco BV(a) | ||||
03/15/2030 | 1.500% | EUR | 2,161,000 | 2,028,769 |
Ladder Capital Finance Holdings LLLP/Corp.(a) | ||||
10/01/2025 | 5.250% | 195,000 | 191,661 | |
02/01/2027 | 4.250% | 582,000 | 544,119 | |
06/15/2029 | 4.750% | 1,420,000 | 1,290,147 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a) | ||||
05/15/2029 | 4.875% | 206,000 | 191,786 | |
RHP Hotel Properties LP/Finance Corp.(a) | ||||
07/15/2028 | 7.250% | 106,000 | 109,261 | |
02/15/2029 | 4.500% | 269,000 | 251,131 | |
04/01/2032 | 6.500% | 263,000 | 263,753 | |
RLJ Lodging Trust LP(a) | ||||
07/01/2026 | 3.750% | 354,000 | 337,182 | |
Service Properties Trust(a) | ||||
11/15/2031 | 8.625% | 272,000 | 290,317 | |
Total | 5,498,126 | |||
Packaging 0.1% | ||||
Ardagh Metal Packaging Finance USA LLC/PLC(a) | ||||
06/15/2027 | 6.000% | 421,000 | 409,714 | |
09/01/2029 | 4.000% | 1,147,000 | 924,745 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
11
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Canpack SA/US LLC(a) | ||||
11/15/2029 | 3.875% | 837,000 | 740,901 | |
Clydesdale Acquisition Holdings, Inc.(a) | ||||
04/15/2030 | 8.750% | 170,000 | 167,014 | |
Trivium Packaging Finance BV(a) | ||||
08/15/2026 | 5.500% | 475,000 | 467,579 | |
08/15/2027 | 8.500% | 373,000 | 368,508 | |
Total | 3,078,461 | |||
Pharmaceuticals 1.6% | ||||
1375209 BC Ltd.(a) | ||||
01/30/2028 | 9.000% | 207,000 | 202,896 | |
AbbVie, Inc. | ||||
03/15/2029 | 4.800% | 8,132,000 | 8,149,377 | |
03/15/2034 | 5.050% | 1,590,000 | 1,609,668 | |
Amgen, Inc. | ||||
03/02/2063 | 5.750% | 4,068,000 | 4,149,927 | |
Bausch Health Companies, Inc.(a) | ||||
10/15/2030 | 14.000% | 72,000 | 42,290 | |
Bristol-Myers Squibb Co. | ||||
02/22/2064 | 5.650% | 12,887,000 | 13,269,224 | |
Grifols Escrow Issuer SA(a) | ||||
10/15/2028 | 4.750% | 896,000 | 741,469 | |
Jazz Securities DAC(a) | ||||
01/15/2029 | 4.375% | 637,000 | 593,348 | |
Organon Finance 1 LLC(a) | ||||
04/30/2028 | 4.125% | 311,000 | 289,720 | |
04/30/2031 | 5.125% | 683,000 | 604,874 | |
Pfizer Investment Enterprises Pte., Ltd. | ||||
05/19/2033 | 4.750% | 23,722,000 | 23,373,184 | |
Total | 53,025,977 | |||
Property & Casualty 0.2% | ||||
Alliant Holdings Intermediate LLC/Co-Issuer(a) | ||||
10/15/2027 | 4.250% | 346,000 | 325,878 | |
10/15/2027 | 6.750% | 481,000 | 473,218 | |
04/15/2028 | 6.750% | 747,000 | 751,686 | |
11/01/2029 | 5.875% | 720,000 | 669,947 | |
01/15/2031 | 7.000% | 639,000 | 646,135 | |
AmWINS Group, Inc.(a) | ||||
02/15/2029 | 6.375% | 313,000 | 314,415 | |
AssuredPartners, Inc.(a) | ||||
01/15/2029 | 5.625% | 575,000 | 529,628 | |
02/15/2032 | 7.500% | 427,000 | 419,569 | |
BroadStreet Partners, Inc.(a) | ||||
04/15/2029 | 5.875% | 514,000 | 475,796 | |
GTCR AP Finance, Inc.(a) | ||||
05/15/2027 | 8.000% | 167,000 | 167,006 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
HUB International Ltd.(a) | ||||
12/01/2029 | 5.625% | 505,000 | 473,575 | |
01/31/2032 | 7.375% | 433,000 | 436,356 | |
HUB International, Ltd.(a) | ||||
06/15/2030 | 7.250% | 1,356,000 | 1,394,666 | |
Panther Escrow Issuer LLC(a),(c) | ||||
06/01/2031 | 7.125% | 569,000 | 579,151 | |
USI, Inc.(a) | ||||
01/15/2032 | 7.500% | 263,000 | 263,287 | |
Total | 7,920,313 | |||
Refining 0.0% | ||||
HF Sinclair Corp.(a) | ||||
04/15/2027 | 6.375% | 225,000 | 226,323 | |
02/01/2028 | 5.000% | 695,000 | 675,523 | |
Total | 901,846 | |||
Restaurants 0.1% | ||||
Fertitta Entertainment LLC/Finance Co., Inc.(a) | ||||
01/15/2030 | 6.750% | 886,000 | 795,264 | |
IRB Holding Corp.(a) | ||||
06/15/2025 | 7.000% | 1,972,000 | 1,974,515 | |
Yum! Brands, Inc. | ||||
04/01/2032 | 5.375% | 457,000 | 442,719 | |
Total | 3,212,498 | |||
Retailers 0.5% | ||||
Asbury Automotive Group, Inc.(a) | ||||
11/15/2029 | 4.625% | 151,000 | 139,706 | |
02/15/2032 | 5.000% | 754,000 | 683,038 | |
Hanesbrands, Inc.(a) | ||||
05/15/2026 | 4.875% | 180,000 | 175,421 | |
02/15/2031 | 9.000% | 474,000 | 486,882 | |
L Brands, Inc.(a) | ||||
10/01/2030 | 6.625% | 920,000 | 941,385 | |
LCM Investments Holdings II LLC(a) | ||||
08/01/2031 | 8.250% | 230,000 | 240,428 | |
Lithia Motors, Inc.(a) | ||||
01/15/2031 | 4.375% | 205,000 | 183,647 | |
Lowe’s Companies, Inc. | ||||
04/01/2062 | 4.450% | 6,319,000 | 5,161,089 | |
09/15/2062 | 5.800% | 8,803,000 | 9,011,762 | |
PetSmart, Inc./Finance Corp.(a) | ||||
02/15/2028 | 4.750% | 503,000 | 469,710 | |
02/15/2029 | 7.750% | 389,000 | 378,808 | |
Wolverine World Wide, Inc.(a) | ||||
08/15/2029 | 4.000% | 537,000 | 431,390 | |
Total | 18,303,266 |
12
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Supermarkets 0.0% | ||||
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
03/15/2026 | 3.250% | 500,000 | 476,370 | |
Technology 1.0% | ||||
Broadcom, Inc.(a) | ||||
11/15/2036 | 3.187% | 12,977,000 | 10,315,817 | |
Camelot Finance SA(a) | ||||
11/01/2026 | 4.500% | 547,000 | 526,282 | |
Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.(a) | ||||
06/15/2029 | 8.000% | 72,000 | 74,580 | |
Central Parent, Inc./CDK Global, Inc.(a) | ||||
06/15/2029 | 7.250% | 186,000 | 190,014 | |
Clarivate Science Holdings Corp.(a) | ||||
07/01/2028 | 3.875% | 364,000 | 336,798 | |
07/01/2029 | 4.875% | 802,000 | 741,920 | |
Cloud Software Group, Inc.(a) | ||||
09/30/2029 | 9.000% | 1,169,000 | 1,121,655 | |
Condor Merger Sub, Inc.(a) | ||||
02/15/2030 | 7.375% | 716,000 | 660,606 | |
Entegris Escrow Corp.(a) | ||||
06/15/2030 | 5.950% | 948,000 | 937,096 | |
GoTo Group, Inc.(a) | ||||
05/01/2028 | 5.500% | 489,848 | 330,432 | |
05/01/2028 | 5.500% | 243,752 | 211,259 | |
GTCR W-2 Merger Sub LLC(a) | ||||
01/15/2031 | 7.500% | 898,000 | 940,329 | |
Helios Software Holdings, Inc.(a) | ||||
05/01/2028 | 4.625% | 754,000 | 676,158 | |
ION Trading Technologies Sarl(a) | ||||
05/15/2028 | 5.750% | 663,000 | 609,180 | |
Iron Mountain, Inc.(a) | ||||
09/15/2027 | 4.875% | 488,000 | 471,259 | |
07/15/2030 | 5.250% | 435,000 | 411,497 | |
Minerva Merger Sub, Inc.(a) | ||||
02/15/2030 | 6.500% | 722,000 | 661,092 | |
NCR Atleos Escrow Corp.(a) | ||||
04/01/2029 | 9.500% | 621,000 | 664,123 | |
NCR Corp.(a) | ||||
10/01/2028 | 5.000% | 608,000 | 567,113 | |
04/15/2029 | 5.125% | 609,000 | 564,602 | |
10/01/2030 | 5.250% | 22,000 | 19,942 | |
Neptune Bidco US, Inc.(a) | ||||
04/15/2029 | 9.290% | 790,000 | 747,441 | |
NXP BV/Funding LLC/USA, Inc. | ||||
05/01/2030 | 3.400% | 2,090,000 | 1,895,993 | |
01/15/2033 | 5.000% | 4,258,000 | 4,159,063 |
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Picard Midco, Inc.(a) | ||||
03/31/2029 | 6.500% | 1,006,000 | 955,290 | |
Sabre GLBL, Inc.(a) | ||||
06/01/2027 | 8.625% | 17,000 | 14,918 | |
Seagate HDD Cayman(a) | ||||
12/15/2029 | 8.250% | 350,000 | 375,821 | |
Shift4 Payments LLC/Finance Sub, Inc.(a) | ||||
11/01/2026 | 4.625% | 1,048,000 | 1,013,079 | |
Synaptics, Inc.(a) | ||||
06/15/2029 | 4.000% | 461,000 | 414,953 | |
UKG, Inc.(a) | ||||
02/01/2031 | 6.875% | 677,000 | 689,866 | |
Verscend Escrow Corp.(a) | ||||
08/15/2026 | 9.750% | 978,000 | 981,369 | |
ZoomInfo Technologies LLC/Finance Corp.(a) | ||||
02/01/2029 | 3.875% | 837,000 | 752,775 | |
Total | 33,032,322 | |||
Transportation Services 0.3% | ||||
Avis Budget Car Rental LLC/Finance, Inc.(a) | ||||
02/15/2031 | 8.000% | 38,000 | 37,923 | |
ERAC USA Finance LLC(a) | ||||
05/01/2028 | 4.600% | 9,524,000 | 9,404,021 | |
Total | 9,441,944 | |||
Wireless 0.5% | ||||
Altice France Holding SA(a) | ||||
02/15/2028 | 6.000% | 715,000 | 195,876 | |
Altice France SA(a) | ||||
01/15/2028 | 5.500% | 349,000 | 248,902 | |
07/15/2029 | 5.125% | 612,000 | 413,912 | |
10/15/2029 | 5.500% | 522,000 | 351,372 | |
T-Mobile US, Inc. | ||||
02/15/2031 | 2.875% | 15,454,000 | 13,439,063 | |
Vmed O2 UK Financing I PLC(a) | ||||
01/31/2031 | 4.250% | 428,000 | 362,578 | |
07/15/2031 | 4.750% | 528,000 | 455,147 | |
Vmed O2 UK Financing I PLC(a),(c) | ||||
04/15/2032 | 7.750% | 350,000 | 351,457 | |
Total | 15,818,307 | |||
Wirelines 0.1% | ||||
Frontier Communications Holdings LLC(a) | ||||
05/15/2030 | 8.750% | 499,000 | 511,038 | |
03/15/2031 | 8.625% | 389,000 | 397,162 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
13
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Iliad Holding SAS(a) | ||||
10/15/2026 | 6.500% | 936,000 | 926,417 | |
10/15/2028 | 7.000% | 1,377,000 | 1,363,246 | |
Total | 3,197,863 | |||
Total Corporate Bonds & Notes (Cost $678,623,270) | 659,480,675 | |||
Foreign Government Obligations(h) 2.4% | ||||
Canada 0.0% | ||||
NOVA Chemicals Corp.(a) | ||||
06/01/2027 | 5.250% | 346,000 | 326,445 | |
11/15/2028 | 8.500% | 161,000 | 171,352 | |
05/15/2029 | 4.250% | 647,000 | 555,167 | |
02/15/2030 | 9.000% | 574,000 | 593,133 | |
Total | 1,646,097 | |||
Chile 0.1% | ||||
Corporación Nacional del Cobre de Chile(a) | ||||
01/26/2036 | 6.440% | 3,324,000 | 3,426,877 | |
Colombia 0.3% | ||||
Colombia Government International Bond | ||||
04/22/2032 | 3.250% | 4,160,000 | 3,244,965 | |
05/15/2049 | 5.200% | 9,733,000 | 7,138,704 | |
Total | 10,383,669 | |||
Dominican Republic 0.0% | ||||
Dominican Republic International Bond(a) | ||||
01/25/2027 | 5.950% | 1,630,000 | 1,625,046 | |
Egypt 0.1% | ||||
Egypt Government International Bond(a) | ||||
01/31/2047 | 8.500% | 2,105,000 | 1,668,628 | |
India 0.1% | ||||
Export-Import Bank of India(a) | ||||
01/15/2030 | 3.250% | 4,650,000 | 4,175,361 | |
Indonesia 0.1% | ||||
Indonesia Asahan Aluminium PT/Mineral Industri Persero(a) | ||||
05/15/2030 | 5.450% | 4,100,000 | 4,048,080 | |
Ivory Coast 0.0% | ||||
Ivory Coast Government International Bond(a) | ||||
06/15/2033 | 6.125% | 782,000 | 704,191 | |
Mexico 0.8% | ||||
Mexico Government International Bond | ||||
05/07/2036 | 6.000% | 3,376,000 | 3,389,497 |
Foreign Government Obligations(h) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Petroleos Mexicanos | ||||
09/21/2047 | 6.750% | 15,022,000 | 10,002,284 | |
01/23/2050 | 7.690% | 4,950,000 | 3,554,095 | |
01/28/2060 | 6.950% | 13,220,000 | 8,729,192 | |
Total | 25,675,068 | |||
Paraguay 0.1% | ||||
Paraguay Government International Bond(a) | ||||
08/11/2044 | 6.100% | 2,060,000 | 1,999,116 | |
Qatar 0.3% | ||||
Qatar Government International Bond(a) | ||||
03/14/2049 | 4.817% | 5,000,000 | 4,690,052 | |
Qatar Petroleum(a) | ||||
07/12/2031 | 2.250% | 5,445,000 | 4,555,748 | |
Total | 9,245,800 | |||
Russian Federation 0.1% | ||||
Gazprom OAO Via Gaz Capital SA(a) | ||||
02/06/2028 | 4.950% | 2,740,000 | 2,003,064 | |
Saudi Arabia 0.1% | ||||
Saudi Government International Bond(a) | ||||
04/17/2049 | 5.000% | 5,250,000 | 4,779,682 | |
South Africa 0.1% | ||||
Republic of South Africa Government International Bond | ||||
09/30/2049 | 5.750% | 4,495,000 | 3,260,530 | |
United Arab Emirates 0.2% | ||||
DP World Ltd.(a) | ||||
09/25/2048 | 5.625% | 2,982,000 | 2,853,495 | |
DP World PLC(a) | ||||
07/02/2037 | 6.850% | 3,290,000 | 3,590,330 | |
Total | 6,443,825 | |||
Total Foreign Government Obligations (Cost $100,481,431) | 81,085,034 | |||
Inflation-Indexed Bonds 0.2% | ||||
United States 0.2% | ||||
U.S. Treasury Inflation-Indexed Bond | ||||
10/15/2028 | 2.375% | 8,302,800 | 8,502,181 | |
Total Inflation-Indexed Bonds (Cost $8,522,662) | 8,502,181 | |||
14
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency 39.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Fannie Mae REMICS(b),(i) | ||||
CMO Series 2023-46 Class SC | ||||
30-day Average SOFR + 5.886% Cap 6.000% 06/25/2050 | 0.565% | 43,205,251 | 4,420,234 | |
CMO Series 2023-57 Class SA | ||||
-1.0 x 30-day Average SOFR + 5.886% Cap 6.000% 02/25/2050 | 0.565% | 49,872,095 | 5,279,739 | |
CMO Series 2023-65 Class S | ||||
-1.0 x 30-day Average SOFR + 5.886% Cap 6.000% 03/25/2050 | 0.564% | 21,947,104 | 2,048,286 | |
Federal Home Loan Mortgage Corp.(j) | ||||
08/01/2045 | 3.500% | 11,904,900 | 10,961,439 | |
10/01/2045 | 4.000% | 2,530,104 | 2,377,700 | |
Federal Home Loan Mortgage Corp. | ||||
10/01/2045- 07/01/2052 | 4.000% | 28,003,780 | 26,194,080 | |
12/01/2051- 03/01/2052 | 2.500% | 39,751,224 | 33,286,853 | |
02/01/2052- 05/01/2052 | 3.000% | 47,944,045 | 41,538,347 | |
09/01/2052- 10/01/2053 | 5.000% | 48,316,296 | 47,914,134 | |
02/01/2053- 05/01/2053 | 4.500% | 72,920,848 | 69,645,556 | |
07/01/2053- 12/01/2053 | 5.500% | 81,307,552 | 81,455,980 | |
12/01/2053 | 6.000% | 26,518,186 | 27,135,746 | |
Federal Home Loan Mortgage Corp.(b),(i) | ||||
CMO Series 3922 Class SH | ||||
-1.0 x 30-day Average SOFR + 5.786% Cap 5.900% 09/15/2041 | 0.467% | 264,862 | 18,807 | |
CMO Series 4097 Class ST | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 08/15/2042 | 0.617% | 873,989 | 88,992 | |
CMO Series 4620 Class AS | ||||
-1.0 x 30-day Average SOFR + 0.554% 11/15/2042 | 0.000% | 872,457 | 58,009 | |
CMO Series 4831 Class SD | ||||
-1.0 x 30-day Average SOFR + 6.086% Cap 6.200% 10/15/2048 | 0.767% | 6,984,646 | 875,067 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 4903 Class SA | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 08/25/2049 | 0.615% | 21,232,675 | 2,022,684 | |
CMO Series 4979 Class KS | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 06/25/2048 | 0.615% | 9,963,180 | 1,130,771 | |
CMO STRIPS Series 2012-278 Class S1 | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 09/15/2042 | 0.617% | 1,702,581 | 131,711 | |
CMO STRIPS Series 309 Class S4 | ||||
-1.0 x 30-day Average SOFR + 5.856% Cap 5.970% 08/15/2043 | 0.537% | 882,184 | 74,628 | |
Federal Home Loan Mortgage Corp.(i) | ||||
CMO Series 4176 Class BI | ||||
03/15/2043 | 3.500% | 796,323 | 101,544 | |
Federal Home Loan Mortgage Corp. REMICS(b),(i) | ||||
CMO Series 5345 Class SE | ||||
-1.0 x 30-day Average SOFR + 5.886% Cap 6.000% 01/15/2048 | 0.567% | 31,524,811 | 3,076,405 | |
Federal National Mortgage Association | ||||
02/01/2027- 05/01/2052 | 3.000% | 133,750,904 | 116,863,568 | |
08/01/2040 | 4.500% | 1,190,471 | 1,154,116 | |
08/01/2043- 09/01/2052 | 3.500% | 166,529,092 | 150,439,467 | |
05/01/2048- 08/01/2052 | 4.000% | 113,266,287 | 106,557,918 | |
09/01/2053 | 5.000% | 16,157,504 | 15,962,806 | |
10/01/2053 | 5.500% | 24,430,301 | 24,547,818 | |
CMO Series 2017-72 Class B | ||||
09/25/2047 | 3.000% | 10,375,370 | 9,345,001 | |
Federal National Mortgage Association(j) | ||||
05/01/2044- 02/01/2048 | 4.000% | 12,310,528 | 11,682,110 | |
06/01/2044 | 4.500% | 3,964,193 | 3,887,796 | |
10/01/2051 | 2.500% | 37,232,706 | 30,880,802 | |
Federal National Mortgage Association(i) | ||||
CMO Series 2012-131 Class MI | ||||
01/25/2040 | 3.500% | 442,637 | 12,186 | |
CMO Series 2021-3 Class TI | ||||
02/25/2051 | 2.500% | 54,183,809 | 9,101,542 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
15
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal National Mortgage Association(b),(i) | ||||
CMO Series 2013-101 Class CS | ||||
-1.0 x 30-day Average SOFR + 5.786% Cap 5.900% 10/25/2043 | 0.465% | 1,636,593 | 143,490 | |
CMO Series 2014-93 Class ES | ||||
-1.0 x 30-day Average SOFR + 6.036% Cap 6.150% 01/25/2045 | 0.715% | 2,154,132 | 251,961 | |
CMO Series 2016-31 Class VS | ||||
-1.0 x 30-day Average SOFR + 5.886% Cap 6.000% 06/25/2046 | 0.565% | 1,191,335 | 130,022 | |
CMO Series 2016-53 Class KS | ||||
-1.0 x 30-day Average SOFR + 5.886% Cap 6.000% 08/25/2046 | 0.565% | 7,942,307 | 859,954 | |
CMO Series 2016-57 Class SA | ||||
-1.0 x 30-day Average SOFR + 5.886% Cap 6.000% 08/25/2046 | 0.565% | 18,406,061 | 2,124,917 | |
CMO Series 2017-109 Class SA | ||||
-1.0 x 30-day Average SOFR + 6.036% Cap 6.150% 01/25/2048 | 0.715% | 8,720,260 | 1,161,037 | |
CMO Series 2017-20 Class SA | ||||
-1.0 x 30-day Average SOFR + 5.986% Cap 6.100% 04/25/2047 | 0.665% | 8,058,341 | 954,076 | |
CMO Series 2017-54 Class NS | ||||
-1.0 x 30-day Average SOFR + 6.036% Cap 6.150% 07/25/2047 | 0.715% | 7,217,336 | 727,944 | |
CMO Series 2017-54 Class SN | ||||
-1.0 x 30-day Average SOFR + 6.036% Cap 6.150% 07/25/2047 | 0.715% | 14,263,166 | 1,856,850 | |
CMO Series 2018-66 Class SM | ||||
-1.0 x 30-day Average SOFR + 6.086% Cap 6.200% 09/25/2048 | 0.765% | 9,350,793 | 1,053,993 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2018-67 MS Class MS | ||||
-1.0 x 30-day Average SOFR + 6.086% Cap 6.200% 09/25/2048 | 0.765% | 7,399,472 | 898,592 | |
CMO Series 2018-74 Class SA | ||||
-1.0 x 30-day Average SOFR + 6.036% Cap 6.150% 10/25/2048 | 0.715% | 13,121,639 | 1,368,544 | |
CMO Series 2019-33 Class SB | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 07/25/2049 | 0.615% | 28,325,214 | 2,850,791 | |
CMO Series 2019-60 Class SH | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 10/25/2049 | 0.615% | 21,153,999 | 2,367,207 | |
CMO Series 2019-67 Class SE | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 11/25/2049 | 0.615% | 16,205,306 | 2,194,680 | |
Freddie Mac REMICS(i) | ||||
CMO Series 5152 Class XI | ||||
11/25/2050 | 2.500% | 56,299,591 | 6,844,499 | |
CMO Series 5287 Class NI | ||||
05/25/2051 | 3.500% | 26,945,828 | 5,016,623 | |
Freddie Mac REMICS(b),(i) | ||||
CMO Series 5326 Class SE | ||||
-1.0 x 30-day Average SOFR + 5.950% Cap 5.950% 08/25/2053 | 0.630% | 23,844,238 | 1,366,664 | |
CMO Series 5362 Class S | ||||
-1.0 x 30-day Average SOFR + 5.936% Cap 6.050% 05/15/2049 | 0.617% | 27,649,028 | 2,763,119 | |
Government National Mortgage Association(j) | ||||
04/20/2048 | 4.500% | 7,281,729 | 7,093,199 | |
Government National Mortgage Association | ||||
08/20/2053 | 6.000% | 11,823,803 | 12,067,972 | |
Government National Mortgage Association(i) | ||||
CMO Series 2014-184 Class CI | ||||
11/16/2041 | 3.500% | 2,836,964 | 318,115 | |
CMO Series 2020-175 Class KI | ||||
11/20/2050 | 2.500% | 52,883,571 | 7,204,609 |
16
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2020-191 Class UG | ||||
12/20/2050 | 3.500% | 30,368,108 | 5,276,401 | |
CMO Series 2021-119 Class QI | ||||
07/20/2051 | 3.000% | 30,299,932 | 4,803,636 | |
CMO Series 2021-140 Class IJ | ||||
08/20/2051 | 3.000% | 39,321,675 | 6,390,067 | |
CMO Series 2021-16 Class KI | ||||
01/20/2051 | 2.500% | 36,908,482 | 5,030,434 | |
CMO Series 2021-179 Class IB | ||||
09/20/2051 | 3.000% | 37,213,602 | 5,905,233 | |
Government National Mortgage Association(b),(i) | ||||
CMO Series 2017-130 Class HS | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 08/20/2047 | 0.757% | 9,651,187 | 896,118 | |
CMO Series 2017-149 Class BS | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 10/20/2047 | 0.757% | 11,860,483 | 1,322,216 | |
CMO Series 2017-163 Class SA | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 11/20/2047 | 0.757% | 4,886,406 | 502,029 | |
CMO Series 2017-37 Class SB | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 03/20/2047 | 0.707% | 7,051,247 | 779,642 | |
CMO Series 2018-103 Class SA | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 08/20/2048 | 0.757% | 6,720,252 | 692,745 | |
CMO Series 2018-112 Class LS | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 08/20/2048 | 0.757% | 8,426,940 | 857,605 | |
CMO Series 2018-125 Class SK | ||||
-1.0 x 1-month Term SOFR + 6.136% Cap 6.250% 09/20/2048 | 0.807% | 11,240,447 | 908,124 | |
CMO Series 2018-134 Class KS | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 10/20/2048 | 0.757% | 8,793,829 | 868,512 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2018-139 Class SC | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 10/20/2048 | 0.707% | 6,056,560 | 579,294 | |
CMO Series 2018-148 Class SB | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 01/20/2048 | 0.757% | 17,074,490 | 1,919,468 | |
CMO Series 2018-151 Class SA | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 11/20/2048 | 0.707% | 14,366,534 | 1,433,073 | |
CMO Series 2018-89 Class MS | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 06/20/2048 | 0.757% | 8,735,052 | 831,009 | |
CMO Series 2018-91 Class DS | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 07/20/2048 | 0.757% | 8,870,755 | 862,645 | |
CMO Series 2018-97 Class SM | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 07/20/2048 | 0.757% | 8,771,094 | 694,580 | |
CMO Series 2019-20 Class JS | ||||
-1.0 x 1-month Term SOFR + 5.886% Cap 6.000% 02/20/2049 | 0.557% | 13,966,278 | 1,346,147 | |
CMO Series 2019-5 Class SH | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 01/20/2049 | 0.707% | 10,206,036 | 1,003,500 | |
CMO Series 2019-56 Class SG | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 05/20/2049 | 0.707% | 10,660,990 | 1,071,878 | |
CMO Series 2019-59 Class KS | ||||
-1.0 x 1-month Term SOFR + 5.936% Cap 6.050% 05/20/2049 | 0.607% | 10,518,093 | 1,045,516 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
17
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2019-85 Class SC | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 07/20/2049 | 0.707% | 9,686,628 | 985,106 | |
CMO Series 2019-90 Class SD | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 07/20/2049 | 0.707% | 13,901,858 | 1,589,978 | |
CMO Series 2019-99 Class SJ | ||||
-1.0 x 1-month Term SOFR + 5.936% Cap 6.050% 08/20/2049 | 0.607% | 28,727,011 | 2,908,863 | |
CMO Series 2020-188 Class SA | ||||
-1.0 x 1-month Term SOFR + 6.186% Cap 6.300% 12/20/2050 | 0.857% | 17,189,535 | 2,117,938 | |
CMO Series 2020-21 Class VS | ||||
-1.0 x 1-month Term SOFR + 6.164% Cap 6.050% 02/20/2050 | 0.607% | 7,230,489 | 750,369 | |
CMO Series 2020-61 Class SW | ||||
-1.0 x 1-month Term SOFR + 5.936% Cap 6.050% 08/20/2049 | 0.607% | 28,012,012 | 2,782,091 | |
CMO Series 2020-62 Class SG | ||||
-1.0 x 1-month Term SOFR + 6.036% Cap 6.150% 05/20/2050 | 0.707% | 10,410,659 | 1,047,730 | |
CMO Series 2022-18 Class SL | ||||
-1.0 x 30-day Average SOFR + 6.300% Cap 6.300% 01/20/2052 | 0.981% | 29,279,100 | 3,822,791 | |
CMO Series 2022-207 Class SC | ||||
-1.0 x 1-month Term SOFR + 5.986% Cap 6.100% 01/20/2050 | 0.657% | 43,851,986 | 4,452,038 | |
CMO Series 2022-63 Class GS | ||||
-1.0 x 30-day Average SOFR + 5.500% Cap 5.500% 04/20/2052 | 0.181% | 26,196,877 | 2,724,347 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2022-81 Class SK | ||||
-1.0 x 1-month Term SOFR + 6.086% Cap 6.200% 08/20/2047 | 0.757% | 24,215,071 | 2,877,901 | |
CMO Series 2023-101 Class SE | ||||
-1.0 x 30-day Average SOFR + 6.000% Cap 6.000% 07/20/2053 | 0.681% | 36,993,043 | 1,151,978 | |
CMO Series 2023-132 Class SB | ||||
-1.0 x 30-day Average SOFR + 6.500% Cap 6.500% 09/20/2053 | 1.181% | 61,800,085 | 3,853,810 | |
CMO Series 2023-141 Class SN | ||||
-1.0 x 1-month Term SOFR + 5.936% Cap 6.050% 04/20/2049 | 0.607% | 41,843,062 | 4,372,299 | |
CMO Series 2023-17 Class SY | ||||
-1.0 x 1-month Term SOFR + 5.936% Cap 6.050% 05/20/2050 | 0.607% | 42,375,393 | 4,275,919 | |
CMO Series 2023-66 Class AS | ||||
-1.0 x 1-month Term SOFR + 5.986% Cap 6.100% 09/20/2049 | 0.657% | 37,876,213 | 3,798,954 | |
CMO Series 2024-30 Class XH | ||||
-1.0 x 30-day Average SOFR + 5.850% Cap 5.850% 02/20/2054 | 0.531% | 38,932,841 | 2,915,474 | |
Government National Mortgage Association TBA(c) | ||||
04/18/2054 | 4.000% | 57,000,000 | 53,334,280 | |
04/18/2054 | 4.500% | 24,000,000 | 23,059,892 | |
04/18/2054 | 5.000% | 102,000,000 | 100,241,190 | |
Uniform Mortgage-Backed Security TBA(c) | ||||
04/16/2039 | 3.000% | 66,000,000 | 61,422,680 | |
04/16/2039 | 3.500% | 8,000,000 | 7,603,639 | |
04/11/2054 | 4.500% | 13,000,000 | 12,378,891 | |
04/11/2054 | 5.500% | 22,250,000 | 22,139,557 | |
04/11/2054 | 6.000% | 73,000,000 | 73,664,588 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $1,431,099,805) | 1,347,182,875 | |||
Residential Mortgage-Backed Securities - Non-Agency 15.4% | ||||
510 Asset Backed Trust(a),(d) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
06/25/2061 | 2.116% | 7,846,950 | 7,619,346 |
18
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
A&D Mortgage Trust(a),(d) | ||||
CMO Series 2024-NQM1 Class A1 | ||||
02/25/2069 | 6.195% | 11,089,802 | 11,117,839 | |
AlphaFlow Transitional Mortgage Trust(a) | ||||
CMO Series 2021-WL1 Class A1 | ||||
01/25/2026 | 3.280% | 1,838,533 | 1,697,609 | |
Angel Oak Mortgage Trust(a),(d) | ||||
CMO Series 2020-R1 Class M1 | ||||
04/25/2053 | 2.621% | 3,918,000 | 3,621,597 | |
Angel Oak Mortgage Trust I LLC(a),(d) | ||||
CMO Series 2018-3 Class M1 | ||||
09/25/2048 | 4.421% | 4,479,900 | 4,414,521 | |
Arroyo Mortgage Trust(a),(d) | ||||
CMO Series 2019-2 Class A3 | ||||
04/25/2049 | 3.800% | 1,755,563 | 1,628,656 | |
BRAVO Residential Funding Trust(a),(d) | ||||
CMO Series 2021-A Class A1 | ||||
10/25/2059 | 4.991% | 9,582,064 | 9,442,506 | |
Bunker Hill Loan Depositary Trust(a),(d) | ||||
CMO Series 2019-3 Class A3 | ||||
11/25/2059 | 3.135% | 1,791,104 | 1,741,860 | |
BVRT Financing Trust(a),(b),(k) | ||||
CMO Series 2021-3F Class M2 | ||||
30-day Average SOFR + 2.900% Floor 2.900% 07/12/2033 | 4.187% | 19,725,125 | 19,725,125 | |
CAFL Issuer LLC(a),(d) | ||||
CMO Series 2021-RTL1 Class A1 | ||||
03/28/2029 | 2.239% | 6,340,000 | 6,082,241 | |
CHNGE Mortgage Trust(a),(d) | ||||
CMO Series 2022-2 Class A1 | ||||
03/25/2067 | 3.757% | 12,864,622 | 11,897,460 | |
CMO Series 2022-5 Class A1 | ||||
01/25/2058 | 6.000% | 9,279,150 | 9,154,299 | |
CMO Series 2023-3 Class A1 | ||||
07/25/2058 | 7.100% | 16,174,353 | 16,230,565 | |
Citigroup Mortgage Loan Trust, Inc.(a) | ||||
CMO Series 2015-RP2 Class B3 | ||||
01/25/2053 | 4.250% | 1,889,640 | 1,799,597 | |
Subordinated CMO Series 2014-C Class B1 | ||||
02/25/2054 | 4.250% | 1,708,043 | 1,664,096 | |
COLT Mortgage Loan Trust(a),(d) | ||||
CMO Series 2020-2 Class A2 | ||||
03/25/2065 | 3.094% | 3,750,294 | 3,604,219 | |
CMO Series 2021-3 Class A1 | ||||
09/27/2066 | 0.956% | 10,163,196 | 7,969,849 | |
CMO Series 2021-3 Class A2 | ||||
09/27/2066 | 1.162% | 4,205,461 | 3,343,893 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-5 Class A3 | ||||
11/26/2066 | 2.807% | 8,381,000 | 5,829,233 | |
CSMC Trust(a),(d) | ||||
CMO Series 2020-RPL2 Class A12 | ||||
02/25/2060 | 3.540% | 6,269,298 | 6,333,458 | |
CMO Series 2022-NQM5 Class M1 | ||||
05/25/2067 | 5.169% | 6,477,700 | 5,919,769 | |
Deephaven Residential Mortgage Trust(a),(d) | ||||
CMO Series 2021-4 Class A3 | ||||
11/25/2066 | 2.239% | 5,866,030 | 4,979,456 | |
Ellington Financial Mortgage Trust(a),(d) | ||||
CMO Series 2019-2 Class M1 | ||||
11/25/2059 | 3.469% | 5,761,000 | 5,096,754 | |
FIGRE Trust(a),(d) | ||||
CMO Series 2023-HE3 Class B | ||||
01/25/2042 | 7.507% | 3,766,549 | 3,819,651 | |
Figure Line of Credit Trust(a),(d) | ||||
CMO Series 2020-1 Class A | ||||
09/25/2049 | 4.040% | 1,641,876 | 1,576,987 | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
CMO Series 2021-DNA5 Class M2 | ||||
30-day Average SOFR + 1.650% 01/25/2034 | 6.970% | 4,204,385 | 4,225,549 | |
CMO Series 2022-DNA1 Class M1B | ||||
30-day Average SOFR + 1.850% 01/25/2042 | 7.170% | 8,250,000 | 8,287,519 | |
CMO Series 2023-HQA1 Class M1B | ||||
30-day Average SOFR + 3.500% 05/25/2043 | 8.820% | 13,700,000 | 14,445,480 | |
Subordinated CMO Series 2021-DNA1 Class B2 | ||||
30-day Average SOFR + 4.750% 01/25/2051 | 10.070% | 10,256,000 | 10,822,184 | |
Subordinated CMO Series 2022-DNA6 Class M1A | ||||
30-day Average SOFR + 2.150% 09/25/2042 | 7.470% | 6,803,949 | 6,885,341 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b) | ||||
CMO Series 2019-CS03 Class M2 | ||||
30-day Average SOFR + 0.114% 10/25/2032 | 5.435% | 2,781,020 | 2,768,759 | |
GCAT LLC(a),(d) | ||||
CMO Series 2021-CM1 Class A1 | ||||
04/25/2065 | 1.469% | 7,713,573 | 7,123,992 | |
GCAT Trust(a),(d) | ||||
CMO Series 2019-NQM3 Class A3 | ||||
11/25/2059 | 4.043% | 3,249,958 | 3,061,260 | |
CMO Series 2021-CM2 Class A1 | ||||
08/25/2066 | 2.352% | 4,829,742 | 4,395,405 | |
CMO Series 2021-NQM6 Class A2 | ||||
08/25/2066 | 2.710% | 5,000,000 | 3,741,285 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
19
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-NQM6 Class A3 | ||||
08/25/2066 | 2.810% | 8,003,000 | 5,622,131 | |
Home Re Ltd.(a),(b) | ||||
Subordinated CMO Series 2022-1 Class M1A | ||||
30-day Average SOFR + 2.850% 10/25/2034 | 8.170% | 5,647,861 | 5,682,262 | |
Imperial Fund Mortgage Trust(a),(d) | ||||
CMO Series 2021-NQM4 Class A2 | ||||
01/25/2057 | 2.296% | 4,078,648 | 3,444,730 | |
Legacy Mortgage Asset Trust(a),(d) | ||||
CMO Series 2021-SL2 Class A | ||||
10/25/2068 | 1.875% | 12,475,721 | 12,045,933 | |
MFA Trust(a),(d) | ||||
CMO Series 2020-NQM2 Class M1 | ||||
04/25/2065 | 3.034% | 10,000,000 | 8,434,958 | |
Mill City Mortgage Loan Trust(a),(d) | ||||
CMO Series 2023-NQM1 Class A1 | ||||
10/25/2067 | 6.050% | 10,077,550 | 10,208,320 | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
CMO Series 2021-GNT1 Class A | ||||
11/25/2026 | 3.474% | 4,754,888 | 4,395,665 | |
Series 2020-PLS1 Class A | ||||
12/25/2025 | 3.844% | 3,964,983 | 3,800,578 | |
Oaktown Re III Ltd.(a),(b) | ||||
CMO Series 2019-1A Class M1B | ||||
30-day Average SOFR + 2.064% Floor 1.950% 07/25/2029 | 7.385% | 4,577,015 | 4,585,133 | |
Oaktown Re VI Ltd.(a),(b) | ||||
CMO Series 2021-1A Class M1B | ||||
30-day Average SOFR + 2.050% Floor 2.050% 10/25/2033 | 7.370% | 1,605,873 | 1,608,562 | |
OBX Trust(a),(d) | ||||
CMO Series 2021-NQM3 Class A1 | ||||
07/25/2061 | 1.054% | 5,968,557 | 4,629,858 | |
PMT Credit Risk Transfer Trust(a),(b) | ||||
Series 2019-2R Class A | ||||
1-month Term SOFR + 3.864% Floor 3.750% 05/30/2025 | 9.197% | 4,662,332 | 4,679,077 | |
Point Securitization Trust(a),(d) | ||||
CMO Series 2021-1 Class A1 | ||||
02/25/2052 | 3.228% | 11,766,483 | 11,159,774 | |
Preston Ridge Partners Mortgage Trust(a),(d) | ||||
CMO Series 2021-2 Class A1 | ||||
03/25/2026 | 2.115% | 5,227,213 | 5,135,209 | |
CMO Series 2021-3 Class A1 | ||||
04/25/2026 | 1.867% | 7,844,045 | 7,642,881 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-7 Class A1 | ||||
08/25/2026 | 1.867% | 7,601,203 | 7,314,158 | |
CMO Series 2021-8 Class A1 | ||||
09/25/2026 | 1.743% | 8,771,843 | 8,396,092 | |
PRET LLC(a),(d) | ||||
CMO Series 2024-NPL1 Class A1 | ||||
01/25/2054 | 7.143% | 12,560,435 | 12,578,012 | |
PRET LLC(a),(d),(k),(l) | ||||
CMO Series 2024-RN1 Class A1 | ||||
03/25/2054 | 7.143% | 15,100,000 | 15,099,991 | |
Pretium Mortgage Credit Partners(a),(d) | ||||
CMO Series 2022-NPL1 Class A1 | ||||
01/25/2052 | 2.981% | 5,590,959 | 5,433,574 | |
Pretium Mortgage Credit Partners LLC(a),(d) | ||||
CMO Series 2021-RN2 Class A1 | ||||
07/25/2051 | 1.744% | 5,438,397 | 5,225,363 | |
PRKCM Trust(a),(d) | ||||
CMO Series 2021-AFC1 Class M1 | ||||
08/25/2056 | 3.114% | 6,966,000 | 4,443,517 | |
PRPM LLC(a),(d) | ||||
CMO Series 2021-RPL1 Class A1 | ||||
07/25/2051 | 1.319% | 5,593,176 | 5,012,781 | |
PRPM Trust(a),(d) | ||||
CMO Series 2023-NQM3 Class A1 | ||||
11/25/2068 | 6.221% | 5,299,547 | 5,302,364 | |
RCO Mortgage LLC(a),(d) | ||||
CMO Series 2024-1 Class A1 | ||||
01/25/2029 | 7.021% | 10,558,492 | 10,526,927 | |
Residential Mortgage Loan Trust(a),(d) | ||||
CMO Series 2019-3 Class A3 | ||||
09/25/2059 | 3.044% | 204,348 | 198,474 | |
Saluda Grade Alternative Mortgage Trust(a) | ||||
CMO Series 2020-FIG1 Class A1 | ||||
09/25/2050 | 3.568% | 556,453 | 538,892 | |
SG Residential Mortgage Trust(a),(d) | ||||
CMO Series 2019-3 Class M1 | ||||
09/25/2059 | 3.526% | 7,700,000 | 7,251,032 | |
Stanwich Mortgage Loan Co. LLC(a),(d) | ||||
CMO Series 2021-NPB1 Class A1 | ||||
10/16/2026 | 2.735% | 7,398,525 | 7,198,943 | |
Starwood Mortgage Residential Trust(a) | ||||
CMO Series 2020-INV1 Class M1 | ||||
11/25/2055 | 2.501% | 2,900,000 | 2,503,722 | |
Starwood Mortgage Residential Trust(a),(d) | ||||
CMO Series 2021-3 Class A1 | ||||
06/25/2056 | 1.127% | 3,007,695 | 2,439,288 | |
CMO Series 2022-2 Class A1 | ||||
02/25/2067 | 3.140% | 3,555,880 | 3,299,360 |
20
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Toorak Mortgage Corp., Ltd.(a),(d) | ||||
CMO Series 2021-1 Class A1 | ||||
06/25/2024 | 3.240% | 4,995,849 | 4,947,750 | |
Towd Point Mortgage Trust(a),(d) | ||||
CMO Series 2019-4 Class M1B | ||||
10/25/2059 | 3.000% | 24,114,000 | 19,888,166 | |
Triangle Re Ltd.(a),(b) | ||||
CMO Series 2021-2 Class M1B | ||||
1-month Term SOFR + 2.714% Floor 2.600% 10/25/2033 | 8.044% | 981,057 | 981,548 | |
Unlock HEA Trust(a) | ||||
CMO Series 2023-1 Class A | ||||
10/25/2038 | 7.000% | 8,578,899 | 8,368,313 | |
VCAT Asset Securitization LLC(a),(d) | ||||
CMO Series 2021-NPL6 Class A1 | ||||
09/25/2051 | 1.917% | 11,068,131 | 10,726,741 | |
VCAT LLC(a),(d) | ||||
CMO Series 2021-NPL5 Class A1 | ||||
08/25/2051 | 1.868% | 13,739,056 | 13,392,819 | |
Vericrest Opportunity Loan Transferee XCIX LLC(a),(d) | ||||
CMO Series 2021-NPL8 Class A1 | ||||
04/25/2051 | 2.116% | 6,818,505 | 6,648,207 | |
Verus Securitization Trust(a),(d) | ||||
CMO Series 2019-4 Class A3 | ||||
11/25/2059 | 3.000% | 1,298,339 | 1,255,855 | |
CMO Series 2019-INV3 Class A3 | ||||
11/25/2059 | 3.100% | 2,566,475 | 2,481,197 | |
CMO Series 2020-1 Class A3 | ||||
01/25/2060 | 3.724% | 7,279,584 | 6,878,140 | |
CMO Series 2021-5 Class A2 | ||||
09/25/2066 | 1.218% | 2,715,175 | 2,248,463 | |
CMO Series 2021-5 Class A3 | ||||
09/25/2066 | 1.373% | 5,139,438 | 4,277,390 | |
CMO Series 2021-5 Class M1 | ||||
09/25/2066 | 2.331% | 3,800,000 | 2,446,912 | |
CMO Series 2021-7 Class A3 | ||||
10/25/2066 | 2.240% | 8,326,475 | 7,015,220 | |
CMO Series 2023-1 Class M1 | ||||
12/25/2067 | 6.958% | 15,257,000 | 15,342,146 | |
Visio Trust(a),(d) | ||||
CMO Series 2019-2 Class A3 | ||||
11/25/2054 | 3.076% | 1,695,935 | 1,608,281 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $552,694,183) | 526,412,069 | |||
Senior Loans 1.5% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.0% | ||||
TransDigm, Inc.(b),(m) | ||||
Tranche I Term Loan | ||||
3-month Term SOFR + 3.250% 08/24/2028 | 8.598% | 350,000 | 351,095 | |
Airlines 0.0% | ||||
AAdvantage Loyalty IP Ltd./American Airlines, Inc.(b),(m) | ||||
Term Loan | ||||
6-month Term SOFR + 3.500% 06/04/2029 | 8.869% | 350,000 | 350,875 | |
Air Canada(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% 03/14/2031 | 7.833% | 250,000 | 250,158 | |
United Airlines, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 2.750% 02/22/2031 | 8.076% | 107,225 | 107,208 | |
Total | 708,241 | |||
Automotive 0.0% | ||||
American Axle & Manufacturing, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 3.500% Floor 0.500% 12/13/2029 | 8.918% | 350,000 | 350,437 | |
First Brands Group LLC(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 5.000% Floor 1.000% 03/30/2027 | 10.574% | 350,000 | 349,853 | |
Total | 700,290 | |||
Brokerage/Asset Managers/Exchanges 0.1% | ||||
AlixPartners LLP(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.500% Floor 0.500% 02/04/2028 | 7.941% | 349,100 | 349,383 | |
Aretec Group, Inc.(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month Term SOFR + 4.500% 08/09/2030 | 9.926% | 350,000 | 351,750 | |
Citadel Securities LP(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.250% 07/29/2030 | 7.576% | 233,333 | 233,028 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
21
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Hightower Holding LLC (b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 4.000% Floor 0.750% 04/21/2028 | 9.586% | 349,105 | 349,105 | |
VFH Parent LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.000% 01/13/2029 | 8.426% | 350,000 | 349,016 | |
Total | 1,632,282 | |||
Building Materials 0.1% | ||||
Foundation Building Materials, Inc.(b),(m),(n) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 3.250% Floor 0.500% 01/31/2028 | 8.824% | 350,000 | 350,119 | |
GYP Holdings III Corp. (b),(m),(n) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 2.250% 05/12/2030 | 8.333% | 350,000 | 349,783 | |
Hunter Douglas Holding BV(b),(m) | ||||
Tranche B1 Term Loan | ||||
3-month Term SOFR + 3.500% Floor 0.500% 02/26/2029 | 8.824% | 350,000 | 345,352 | |
LBM Acquisition LLC(b),(m),(n) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.750% 12/17/2027 | 9.176% | 350,000 | 349,171 | |
QUIKRETE Holdings, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 2.625% 02/01/2027 | 8.066% | 349,089 | 349,190 | |
SRS Distribution, Inc.(b),(m),(n) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 06/02/2028 | 8.676% | 350,000 | 351,620 | |
Standard Building Solutions, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.250% Floor 0.500% 09/22/2028 | 7.685% | 348,589 | 348,589 | |
White Cap Supply Holdings LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.500% 10/19/2027 | 9.076% | 349,109 | 350,017 | |
Total | 2,793,841 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.0% | ||||
UPC Financing Partnership(b),(m) | ||||
Tranche AX Term Loan | ||||
1-month Term SOFR + 3.000% 01/31/2029 | 8.432% | 350,000 | 348,250 | |
Virgin Media Bristol LLC(b),(m) | ||||
Tranche N Term Loan | ||||
1-month Term SOFR + 2.500% 01/31/2028 | 7.940% | 350,000 | 344,445 | |
Total | 692,695 | |||
Chemicals 0.1% | ||||
Axalta Coating Systems (b),(m),(n) | ||||
Tranche B5 Term Loan | ||||
1-month Term SOFR + 2.500% Floor 0.500% 12/20/2029 | 7.837% | 350,000 | 350,221 | |
Ineos Quattro Holdings UK Ltd.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 4.250% 04/02/2029 | 9.676% | 350,000 | 348,471 | |
Ineos US Finance LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% 02/07/2031 | 9.080% | 350,000 | 350,290 | |
Olympus Water US Holding Corp.(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.750% 11/09/2028 | 9.360% | 349,107 | 349,020 | |
Windsor Holdings III LLC(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 4.000% 08/01/2030 | 9.326% | 349,125 | 349,781 | |
WR Grace Holdings LLC(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.750% Floor 0.500% 09/22/2028 | 9.360% | 842,800 | 842,800 | |
Total | 2,590,583 | |||
Consumer Cyclical Services 0.1% | ||||
8th Avenue Food & Provisions, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.750% 10/01/2025 | 9.191% | 462,589 | 453,656 | |
APX Group, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 07/10/2028 | 8.686% | 350,000 | 350,739 |
22
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Arches Buyer, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 12/06/2027 | 8.680% | 349,098 | 337,801 | |
Conservice Midco LLC(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 4.000% 05/13/2027 | 9.326% | 350,000 | 350,770 | |
Corporation Service Co.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 2.750% Floor 0.500% 11/02/2029 | 8.076% | 278,759 | 279,108 | |
Cushman & Wakefield US Borrower LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 01/31/2030 | 8.676% | 349,120 | 347,811 | |
Fleet Midco I Ltd.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 3.750% 02/21/2031 | 8.580% | 116,667 | 116,667 | |
Prime Security Services Borrower LLC(b),(m),(n) | ||||
Tranche B1 1st Lien Term Loan | ||||
3-month Term SOFR + 2.500% 10/13/2030 | 7.827% | 350,000 | 350,000 | |
Rosen Group(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% 02/24/2031 | 8.812% | 347,110 | 347,544 | |
Sotheby’s(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 4.500% Floor 0.500% 01/15/2027 | 10.076% | 269,105 | 263,499 | |
Uber Technologies, Inc.(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 2.750% 03/03/2030 | 8.135% | 350,000 | 351,351 | |
Total | 3,548,946 | |||
Consumer Products 0.1% | ||||
Amer Sports Co.(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.250% 02/17/2031 | 8.576% | 324,719 | 324,719 | |
Bombardier Recreational Products, Inc.(b),(m),(n) | ||||
Term Loan | ||||
1-month Term SOFR + 2.750% Floor 0.500% 12/13/2029 | 8.076% | 350,000 | 349,874 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Recess Holdings, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 4.500% Floor 1.000% 02/20/2030 | 9.843% | 350,000 | 351,096 | |
Topgolf Callaway Brands Corp.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.000% Floor 0.100% 03/15/2030 | 8.926% | 300,000 | 300,063 | |
Total | 1,325,752 | |||
Diversified Manufacturing 0.1% | ||||
Barnes Group, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.500% 09/03/2030 | 7.826% | 350,000 | 350,175 | |
CD&R Hydra/STS Operating(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 4.000% 03/25/2031 | 9.420% | 107,955 | 108,158 | |
EMRLD Borrower LP(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 2.500% 05/31/2030 | 7.813% | 450,345 | 449,895 | |
Husky Injection Molding(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 5.000% 02/01/2029 | 10.335% | 363,450 | 364,206 | |
Madison IAQ LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% 06/21/2028 | 8.685% | 349,103 | 348,376 | |
TK Elevator Midco GmbH(b),(m) | ||||
Tranche B1 Term Loan | ||||
6-month Term SOFR + 3.500% Floor 0.500% 07/30/2027 | 9.081% | 350,000 | 351,022 | |
WEC US Holdings Ltd.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.750% 01/27/2031 | 8.076% | 332,745 | 332,262 | |
Total | 2,304,094 | |||
Electric 0.0% | ||||
Calpine Corp.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.000% 01/13/2031 | 7.338% | 350,000 | 347,848 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
23
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
EFS Cogen Holdings I LLC(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% Floor 1.000% 10/01/2027 | 9.110% | 241,346 | 241,397 | |
Vistra Operations Co. (b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 2.750% 04/30/2031 | 8.079% | 83,334 | 83,333 | |
Total | 672,578 | |||
Environmental 0.0% | ||||
Covanta Holdings Corp. (b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 2.500% Floor 0.500% 11/30/2028 | 7.826% | 325,206 | 324,191 | |
Tranche C Term Loan | ||||
1-month Term SOFR + 2.500% Floor 0.500% 11/30/2028 | 7.826% | 24,794 | 24,717 | |
Total | 348,908 | |||
Food and Beverage 0.0% | ||||
Aramark Intermediate HoldCo Corp.(b),(m) | ||||
Tranche B7 Term Loan | ||||
1-month Term SOFR + 2.250% 04/06/2028 | 7.582% | 350,000 | 349,783 | |
Primary Products Finance LLC(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% Floor 0.500% 04/01/2029 | 8.790% | 350,000 | 349,625 | |
Triton Water Holdings, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 3.500% Floor 0.500% 03/31/2028 | 8.860% | 350,000 | 346,021 | |
Total | 1,045,429 | |||
Gaming 0.1% | ||||
Caesars Entertainment, Inc.(b),(m) | ||||
Tranche B1 Term Loan | ||||
3-month Term SOFR + 2.750% Floor 0.500% 02/06/2031 | 8.040% | 257,895 | 257,895 | |
Entain PLC(b),(m),(n) | ||||
Tranche B2 Term Loan | ||||
3-month Term SOFR + 3.500% Floor 0.500% 10/31/2029 | 8.948% | 350,000 | 351,239 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Fertitta Entertainment LLC(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 4.000% Floor 0.500% 01/27/2029 | 9.326% | 350,000 | 350,658 | |
Flutter Entertainment PLC(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 2.250% Floor 0.500% 11/25/2030 | 7.698% | 350,000 | 349,811 | |
HRNI Holdings LLC(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 4.250% Floor 0.750% 12/11/2028 | 9.748% | 350,000 | 343,875 | |
Ontario Gaming GTA LP(b),(m),(n) | ||||
Tranche B 1st Lien Term Loan | ||||
3-month Term SOFR + 4.250% Floor 0.500% 08/01/2030 | 9.598% | 311,165 | 312,111 | |
Penn Entertainment, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 2.750% Floor 0.500% 05/03/2029 | 8.176% | 350,000 | 350,133 | |
Scientific Games Holdings LP(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 3.250% Floor 0.500% 04/04/2029 | 8.580% | 350,000 | 349,720 | |
Total | 2,665,442 | |||
Health Care 0.1% | ||||
Medline Borrower LP(b),(m) | ||||
Tranche B 1st Lien Term Loan | ||||
1-month Term SOFR + 2.750% Floor 0.500% 10/23/2028 | 8.058% | 550,000 | 551,182 | |
Parexel International, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 11/15/2028 | 8.691% | 350,000 | 350,672 | |
Select Medical Corp.(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month Term SOFR + 3.000% 03/06/2027 | 8.326% | 336,772 | 336,984 | |
Star Parent, Inc.(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 4.000% 09/27/2030 | 9.309% | 350,000 | 347,638 |
24
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Surgery Center Holdings, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.500% 12/19/2030 | 8.820% | 350,000 | 351,411 | |
Upstream Newco, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 4.250% 11/20/2026 | 9.824% | 349,102 | 327,720 | |
Total | 2,265,607 | |||
Independent Energy 0.0% | ||||
Hamilton Projects Acquiror LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 4.500% Floor 1.000% 06/17/2027 | 9.941% | 300,000 | 300,657 | |
Leisure 0.1% | ||||
Alterra Mountain Co.(b),(m) | ||||
Tranche B2 Term Loan | ||||
1-month Term SOFR + 3.500% Floor 0.500% 08/17/2028 | 8.941% | 398,977 | 400,142 | |
Carnival Corp.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.000% Floor 0.750% 08/09/2027 | 8.318% | 398,995 | 399,246 | |
Cinemark USA, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.500% 05/24/2030 | 9.098% | 350,000 | 351,096 | |
Formula One Management Ltd.(b),(m) | ||||
Tranche B 1st Lien Term Loan | ||||
3-month Term SOFR + 2.250% Floor 0.500% 01/15/2030 | 7.598% | 350,000 | 350,088 | |
Merlin Entertainment(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% 11/12/2029 | 8.832% | 303,371 | 302,688 | |
UFC Holdings LLC(b),(m) | ||||
Tranche B3 1st Lien Term Loan | ||||
3-month Term SOFR + 2.750% Floor 0.750% 04/29/2026 | 8.336% | 349,006 | 349,442 | |
Total | 2,152,702 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Lodging 0.0% | ||||
Hilton Grand Vacations Borrower LLC(b),(m),(n) | ||||
Term Loan | ||||
1-month Term SOFR + 2.750% Floor 0.500% 08/02/2028 | 8.191% | 350,000 | 350,221 | |
Playa Resorts Holding BV(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% 01/05/2029 | 8.570% | 350,000 | 350,801 | |
Total | 701,022 | |||
Media and Entertainment 0.1% | ||||
AppLovin Corp.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.500% Floor 0.500% 10/25/2028 | 7.830% | 350,000 | 349,611 | |
Cengage Learning Acquisitions, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 4.250% Floor 1.000% 03/18/2031 | 9.579% | 250,000 | 249,453 | |
Creative Artists Agency LLC(b),(m) | ||||
Tranche B 1st Lien Term Loan | ||||
3-month Term SOFR + 3.500% 11/27/2028 | 8.830% | 350,000 | 350,388 | |
Dotdash Meredith, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 4.000% Floor 0.500% 12/01/2028 | 9.428% | 350,000 | 346,353 | |
E.W. Scripps Co. (The)(b),(m) | ||||
Tranche B3 Term Loan | ||||
1-month Term SOFR + 3.000% Floor 0.750% 01/07/2028 | 8.441% | 350,000 | 333,036 | |
Playtika Holding Corp.(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month Term SOFR + 2.750% 03/13/2028 | 8.191% | 350,000 | 350,035 | |
StubHub Holdco Sub LLC(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 5.000% 03/15/2030 | 10.075% | 228,390 | 228,294 | |
Univision Communications, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.750% 01/31/2029 | 8.691% | 349,110 | 347,874 | |
Total | 2,555,044 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
25
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Midstream 0.0% | ||||
CQP Holdco LP(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.000% Floor 0.500% 12/31/2030 | 8.348% | 350,000 | 351,001 | |
Oryx Midstream Services Permian Basin LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.000% Floor 0.500% 10/05/2028 | 8.437% | 350,000 | 351,064 | |
Whitewater DBR Holdco LLC(b),(m),(n) | ||||
Term Loan | ||||
1-month Term SOFR + 2.750% 03/03/2031 | 8.125% | 311,364 | 311,753 | |
Total | 1,013,818 | |||
Other Financial Institutions 0.1% | ||||
19th Holdings Golf LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 02/07/2029 | 8.674% | 350,000 | 341,033 | |
Freeport LNG Investments LLLP(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% Floor 0.500% 12/21/2028 | 9.079% | 398,974 | 395,755 | |
GIP Pilot Acquisition Partners LP(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.000% 10/04/2030 | 8.327% | 350,000 | 350,787 | |
IGT Holding IV AB/IFS(b),(m) | ||||
Tranche B2 Term Loan | ||||
3-month Term SOFR + 3.400% Floor 0.500% 03/31/2028 | 8.972% | 350,000 | 350,438 | |
Total | 1,438,013 | |||
Other Industry 0.0% | ||||
Artera Services LLC(b),(m) | ||||
Tranche C 1st Lien Term Loan | ||||
3-month Term SOFR + 4.500% 02/15/2031 | 9.809% | 83,051 | 83,300 | |
KBR, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 2.250% 01/17/2031 | 7.576% | 425,000 | 425,531 | |
Total | 508,831 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Packaging 0.0% | ||||
Charter Next Generation, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.500% 12/01/2027 | 8.826% | 300,000 | 300,444 | |
Clydesdale Acquisition Holdings, Inc.(b),(m) | ||||
Tranche B 1st Lien Term Loan | ||||
1-month Term SOFR + 3.675% Floor 0.500% 04/13/2029 | 9.101% | 350,000 | 350,360 | |
Pactiv Evergreen, Inc.(b),(m) | ||||
Tranche B3 Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 09/24/2028 | 8.691% | 350,000 | 351,022 | |
Total | 1,001,826 | |||
Pharmaceuticals 0.0% | ||||
Jazz Pharmaceuticals PLC(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month Term SOFR + 3.000% Floor 0.500% 05/05/2028 | 8.445% | 349,004 | 350,749 | |
Sunshine Luxembourg VII SARL(b),(m) | ||||
Tranche B3 Term Loan | ||||
3-month Term SOFR + 3.750% Floor 0.750% 10/01/2026 | 8.948% | 350,000 | 349,125 | |
Total | 699,874 | |||
Property & Casualty 0.1% | ||||
AssuredPartners, Inc.(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% Floor 0.500% 02/14/2031 | 8.823% | 350,000 | 350,329 | |
Asurion LLC(b),(m) | ||||
Tranche B9 Term Loan | ||||
1-month Term SOFR + 3.250% 07/31/2027 | 8.691% | 350,000 | 335,689 | |
Broadstreet Partners, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 3.750% 01/27/2029 | 9.080% | 350,000 | 350,700 | |
Hub International Ltd.(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.250% Floor 0.750% 06/20/2030 | 8.574% | 350,000 | 350,063 |
26
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Sedgwick Claims Management Services, Inc./Lightning Cayman Merger Sub Ltd.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% 02/24/2028 | 9.076% | 350,000 | 350,535 | |
Truist (McGriff) Insurance Services, Inc.(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.250% 03/24/2031 | 8.568% | 247,222 | 246,809 | |
Total | 1,984,125 | |||
Restaurants 0.0% | ||||
1011778 BC ULC(b),(m) | ||||
Tranche B5 Term Loan | ||||
1-month Term SOFR + 2.250% 09/20/2030 | 7.580% | 349,125 | 348,776 | |
IRB Holding Corp.(b),(m),(n) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 2.750% Floor 0.750% 12/15/2027 | 8.176% | 350,000 | 349,923 | |
Whatabrands LLC(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 08/03/2028 | 8.691% | 450,000 | 449,977 | |
Total | 1,148,676 | |||
Retailers 0.0% | ||||
Great Outdoors Group LLC(b),(m) | ||||
Tranche B2 Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.750% 03/06/2028 | 9.191% | 398,977 | 398,921 | |
Harbor Freight Tools USA, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.750% Floor 0.500% 10/19/2027 | 8.191% | 350,000 | 349,640 | |
PetSmart LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.750% 02/11/2028 | 9.176% | 349,105 | 347,869 | |
Total | 1,096,430 | |||
Technology 0.3% | ||||
Adeia, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 3.500% 06/08/2028 | 8.941% | 326,642 | 326,642 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Ascend Learning LLC(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.500% Floor 0.500% 12/11/2028 | 8.926% | 782,040 | 776,863 | |
2nd Lien Term Loan | ||||
1-month Term SOFR + 5.750% Floor 0.500% 12/10/2029 | 11.176% | 475,000 | 466,540 | |
athenahealth Group, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 02/15/2029 | 8.580% | 349,112 | 345,348 | |
Barracuda Parent LLC(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 4.500% Floor 0.500% 08/15/2029 | 9.813% | 349,116 | 346,760 | |
Boost Newco Borrower LLC(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.000% Floor 0.500% 01/31/2031 | 8.309% | 350,000 | 350,948 | |
Camelot US Acquisition LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.750% 01/31/2031 | 8.076% | 350,000 | 349,738 | |
Central Parent LLC(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 4.000% 07/06/2029 | 9.309% | 400,000 | 401,020 | |
Cloud Software Group, Inc.(b),(m) | ||||
Tranche A 1st Lien Term Loan | ||||
3-month Term SOFR + 4.500% 09/29/2028 | 9.948% | 448,728 | 446,547 | |
Cloudera, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.500% 10/08/2028 | 9.176% | 349,109 | 347,364 | |
DCert Buyer, Inc.(b),(m) | ||||
2nd Lien Term Loan | ||||
1-month Term SOFR + 7.000% 02/19/2029 | 12.326% | 263,333 | 236,423 | |
Dun & Bradstreet Corp. (The)(b),(m) | ||||
Tranche B2 Term Loan | ||||
1-month Term SOFR + 2.750% 01/18/2029 | 8.074% | 350,000 | 349,836 |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
27
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Ellucian Holdings, Inc.(b),(m) | ||||
Tranche B1 1st Lien Term Loan | ||||
1-month Term SOFR + 3.500% Floor 0.500% 10/09/2029 | 8.930% | 350,000 | 351,312 | |
Genesys Cloud Services Holdings I LLC(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.750% 12/01/2027 | 9.191% | 71,591 | 71,815 | |
Genesys Telecom(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% Floor 0.750% 12/01/2027 | 8.827% | 23,077 | 23,120 | |
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 3.750% 07/18/2030 | 9.075% | 214,846 | 212,564 | |
Idemia Group SAS(b),(m),(n) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 4.750% Floor 0.750% 09/30/2028 | 4.250% | 350,000 | 351,750 | |
Idera, Inc.(b),(m) | ||||
Tranche B1 1st Lien Term Loan | ||||
3-month Term SOFR + 3.750% Floor 0.750% 03/02/2028 | 9.206% | 349,100 | 347,229 | |
Ingram Micro, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.000% Floor 0.500% 06/30/2028 | 8.610% | 350,000 | 350,437 | |
Lummus Technology Holdings V LLC(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 3.500% 12/31/2029 | 8.945% | 178,394 | 178,506 | |
McAfee Corp.(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.500% 03/01/2029 | 9.178% | 350,000 | 348,884 | |
Mitchell International, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.500% 10/15/2028 | 9.191% | 349,109 | 349,092 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
MKS Instruments, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month Term SOFR + 2.500% Floor 0.500% 08/17/2029 | 7.824% | 345,674 | 345,387 | |
Nielsen Consumer, Inc.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 6.250% Floor 0.500% 03/06/2028 | 11.576% | 349,121 | 346,610 | |
Open Text Corp.(b),(m) | ||||
Term Loan | ||||
1-month Term SOFR + 2.750% 01/31/2030 | 8.176% | 332,370 | 332,749 | |
Peraton Corp.(b),(m) | ||||
Tranche B 1st Lien Term Loan | ||||
1-month Term SOFR + 3.750% Floor 0.750% 02/01/2028 | 9.180% | 448,818 | 447,979 | |
Proofpoint, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 3.250% Floor 0.500% 08/31/2028 | 8.695% | 350,000 | 350,004 | |
Sovos Compliance LLC(b),(m) | ||||
1st Lien Term Loan | ||||
1-month Term SOFR + 4.500% Floor 0.500% 08/11/2028 | 9.941% | 349,108 | 345,578 | |
UKG, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
3-month Term SOFR + 3.500% 02/10/2031 | 8.814% | 362,197 | 363,918 | |
2nd Lien Term Loan | ||||
3-month Term SOFR + 5.250% Floor 0.500% 05/03/2027 | 10.680% | 604,724 | 609,006 | |
Ultra Clean Holdings (b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.500% 02/28/2028 | 8.829% | 153,902 | 153,999 | |
Verscend Tech(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.250% 02/24/2031 | 3.250% | 350,000 | 349,125 | |
Total | 10,973,093 |
28
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Transportation Services 0.0% | ||||
Brown Group Holding LLC(b),(m) | ||||
Tranche B2 Term Loan | ||||
3-month Term SOFR + 3.000% Floor 0.500% 07/02/2029 | 8.313% | 350,000 | 349,825 | |
First Student Bidco, Inc.(b),(m),(n) | ||||
Tranche B Term Loan | ||||
3-month Term SOFR + 3.000% Floor 0.500% 07/21/2028 | 8.610% | 191,815 | 191,416 | |
Tranche C Term Loan | ||||
3-month Term SOFR + 3.000% Floor 0.500% 07/21/2028 | 8.610% | 58,185 | 58,064 | |
Total | 599,305 | |||
Wireless 0.0% | ||||
Crown Subsea Communications Holdings, Inc.(b),(m) | ||||
Term Loan | ||||
3-month Term SOFR + 4.750% Floor 0.750% 01/30/2031 | 10.067% | 350,000 | 351,750 | |
Total Senior Loans (Cost $50,294,805) | 50,170,949 | |||
U.S. Treasury Obligations 1.0% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
U.S. Treasury(j) | ||||
08/15/2025 | 2.000% | 30,000,000 | 28,870,312 |
U.S. Treasury Obligations (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
U.S. Treasury | ||||
08/15/2045 | 2.875% | 7,608,500 | 5,922,742 | |
Total U.S. Treasury Obligations (Cost $36,183,401) | 34,793,054 |
Call Option Contracts Purchased 0.2% | ||||
Value ($) | ||||
(Cost $5,955,000) | 5,721,330 | |||
Put Option Contracts Purchased 0.0% | ||||
(Cost $1,645,000) | 1,757,315 |
Money Market Funds 6.4% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(o),(p) | 219,784,165 | 219,740,208 |
Total Money Market Funds (Cost $219,735,308) | 219,740,208 | |
Total Investments in Securities (Cost: $3,953,221,117) | 3,763,952,211 | |
Other Assets & Liabilities, Net | (351,411,395 ) | |
Net Assets | 3,412,540,816 |
At March 31, 2024, securities and/or cash totaling $46,088,957 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
4,493,000 EUR | 4,892,949 USD | Citi | 04/26/2024 | 41,003 | — |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | 4,847 | 06/2024 | USD | 537,032,453 | 2,130,561 | — |
U.S. Treasury 5-Year Note | 7,330 | 06/2024 | USD | 784,424,531 | 2,076,904 | — |
U.S. Treasury Ultra 10-Year Note | 137 | 06/2024 | USD | 15,701,484 | 71,497 | — |
U.S. Treasury Ultra Bond | 1,556 | 06/2024 | USD | 200,724,000 | 1,960,129 | — |
Total | 6,239,091 | — |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
29
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro-Bund | (1,409) | 06/2024 | EUR | (187,932,420 ) | — | (2,443,189 ) |
U.S. Long Bond | (534) | 06/2024 | USD | (64,313,625 ) | — | (722,909 ) |
U.S. Treasury 2-Year Note | (2,552) | 06/2024 | USD | (521,844,128 ) | 343,256 | — |
Total | 343,256 | (3,166,098 ) |
Call option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | 50,000,000 | 50,000,000 | 4.00 | 11/06/2024 | 1,500,000 | 1,834,270 |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | 100,000,000 | 100,000,000 | 3.75 | 11/29/2024 | 3,170,000 | 2,641,030 |
5-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 100,000,000 | 100,000,000 | 3.80 | 09/20/2024 | 1,285,000 | 1,246,030 |
Total | 5,955,000 | 5,721,330 |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
5-Year OTC interest rate swap with Citi to receive SOFR and pay exercise rate | Citi | USD | 175,000,000 | 175,000,000 | 3.90 | 08/06/2024 | 1,645,000 | 1,757,315 |
Credit default swap contracts - buy protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Pay fixed rate (%) | Payment frequency | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 11 BBB- | Citi | 11/18/2054 | 3.000 | Monthly | USD | 9,000,000 | 1,169,783 | (3,000 ) | 2,216,604 | — | — | (1,049,821 ) |
Markit CMBX North America Index, Series 12 BBB- | Citi | 08/17/2061 | 3.000 | Monthly | USD | 7,800,000 | 1,540,433 | (2,600 ) | 2,085,934 | — | — | (548,101 ) |
Markit CMBX North America Index, Series 11 BBB- | Goldman Sachs International | 11/18/2054 | 3.000 | Monthly | USD | 3,700,000 | 480,911 | (1,233 ) | 546,530 | — | — | (66,852 ) |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | USD | 17,000,000 | 3,277,418 | (5,667 ) | 668,790 | — | 2,602,961 | — |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | USD | 3,700,000 | 480,910 | (1,233 ) | 120,830 | — | 358,847 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | USD | 4,000,000 | 771,157 | (1,333 ) | 225,106 | — | 544,718 | — |
Markit CMBX North America Index, Series 16 BBB- | Morgan Stanley | 04/17/2065 | 3.000 | Monthly | USD | 7,750,000 | 1,141,603 | (2,583 ) | 1,774,507 | — | — | (635,487 ) |
Total | 8,862,215 | (17,649 ) | 7,638,301 | — | 3,506,526 | (2,300,261 ) |
Cleared credit default swap contracts - buy protection | |||||||||||
Reference entity | Counterparty | Maturity date | Pay fixed rate (%) | Payment frequency | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America High Yield Index, Series 42 | Morgan Stanley | 06/20/2029 | 5.000 | Quarterly | USD | 108,309,000 | (432,696 ) | — | — | — | (432,696 ) |
30
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Credit default swap contracts - sell protection | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 12.424 | USD | 10,000,000 | (1,927,893 ) | 3,333 | — | (2,087,838 ) | 163,278 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 12.424 | USD | 10,000,000 | (1,927,892 ) | 3,333 | — | (1,617,309 ) | — | (307,250 ) |
Markit CMBX North America Index, Series 8 BBB- | Morgan Stanley | 10/17/2057 | 3.000 | Monthly | 28.230 | USD | 10,000,000 | (1,096,311 ) | 3,333 | — | (1,983,781 ) | 890,803 | — |
Total | (4,952,096 ) | 9,999 | — | (5,688,928 ) | 1,054,081 | (307,250 ) |
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
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 $1,565,655,927, which represents 45.88% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of March 31, 2024. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2024. |
(e) | Principal amounts are denominated in United States Dollars unless otherwise noted. |
(f) | 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. |
(g) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(h) | Principal and interest may not be guaranteed by a governmental entity. |
(i) | Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans. |
(j) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(k) | Valuation based on significant unobservable inputs. |
(l) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2024, the total value of these securities amounted to $15,099,991, which represents 0.44% of total net assets. |
(m) | The stated interest rate represents the weighted average interest rate at March 31, 2024 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(n) | Represents a security purchased on a forward commitment basis. |
(o) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024
31
Portfolio of Investments (continued)Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
(p) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | 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% | ||||||||
211,498,777 | 312,090,683 | (303,850,106 ) | 854 | 219,740,208 | (2,781 ) | 2,899,410 | 219,784,165 |
Abbreviation Legend
CMO | Collateralized Mortgage Obligation |
FHLMC | Federal Home Loan Mortgage Corporation |
SOFR | Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
TBA | To Be Announced |
Currency Legend
EUR | Euro |
USD | US Dollar |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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Columbia Variable Portfolio – Intermediate Bond Fund | First Quarter Report 2024