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Variable Portfolio – Managed Volatility Moderate Growth 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 InvestmentsVariable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Corporate Bonds & Notes 0.4% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.1% | ||||
BAE Systems PLC(a) | ||||
02/15/2031 | 1.900% | 670,000 | 545,380 | |
03/26/2034 | 5.300% | 561,000 | 563,674 | |
Boeing Co. (The) | ||||
08/01/2059 | 3.950% | 703,000 | 481,144 | |
05/01/2060 | 5.930% | 10,000 | 9,366 | |
L3Harris Technologies, Inc. | ||||
07/31/2033 | 5.400% | 159,000 | 160,072 | |
06/01/2034 | 5.350% | 369,000 | 368,664 | |
Lockheed Martin Corp. | ||||
02/15/2055 | 5.200% | 186,000 | 185,492 | |
Northrop Grumman Corp. | ||||
06/01/2043 | 4.750% | 375,000 | 345,554 | |
10/15/2047 | 4.030% | 295,000 | 241,160 | |
United Technologies Corp. | ||||
06/01/2036 | 6.050% | 18,000 | 18,951 | |
07/15/2038 | 6.125% | 380,000 | 404,806 | |
11/01/2046 | 3.750% | 70,000 | 54,253 | |
Total | 3,378,516 | |||
Automotive 0.0% | ||||
General Motors Co. | ||||
04/01/2048 | 5.400% | 145,000 | 132,890 | |
Banking 0.1% | ||||
Bank of America Corp.(b) | ||||
10/24/2031 | 1.922% | 65,000 | 53,001 | |
10/20/2032 | 2.572% | 37,000 | 30,640 | |
02/04/2033 | 2.972% | 1,271,000 | 1,078,341 | |
Subordinated | ||||
09/21/2036 | 2.482% | 155,000 | 123,839 | |
Citigroup, Inc.(b) | ||||
01/25/2033 | 3.057% | 346,000 | 293,637 | |
Subordinated | ||||
02/13/2035 | 5.827% | 375,000 | 370,987 | |
Goldman Sachs Group, Inc. (The)(b) | ||||
07/21/2032 | 2.383% | 1,296,000 | 1,062,372 | |
HSBC Holdings PLC(b) | ||||
05/24/2032 | 2.804% | 337,000 | 282,170 | |
11/22/2032 | 2.871% | 538,000 | 449,481 | |
JPMorgan Chase & Co.(b) | ||||
04/22/2032 | 2.580% | 115,000 | 97,085 | |
11/08/2032 | 2.545% | 70,000 | 58,209 | |
01/23/2035 | 5.336% | 179,000 | 179,640 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Morgan Stanley(b) | ||||
07/21/2032 | 2.239% | 285,000 | 232,410 | |
10/20/2032 | 2.511% | 38,000 | 31,400 | |
07/21/2034 | 5.424% | 44,000 | 44,138 | |
01/18/2035 | 5.466% | 123,000 | 124,097 | |
Subordinated | ||||
09/16/2036 | 2.484% | 597,000 | 471,896 | |
PNC Financial Services Group, Inc. (The)(b) | ||||
01/22/2035 | 5.676% | 5,000 | 5,047 | |
US Bancorp(b) | ||||
06/12/2034 | 5.836% | 56,000 | 57,089 | |
Wells Fargo & Co.(b) | ||||
07/25/2034 | 5.557% | 915,000 | 919,252 | |
01/23/2035 | 5.499% | 380,000 | 380,740 | |
Total | 6,345,471 | |||
Cable and Satellite 0.0% | ||||
Charter Communications Operating LLC/Capital | ||||
05/01/2047 | 5.375% | 940,000 | 758,925 | |
12/01/2061 | 4.400% | 55,000 | 35,942 | |
06/30/2062 | 3.950% | 625,000 | 377,514 | |
Comcast Corp. | ||||
11/01/2056 | 2.937% | 575,000 | 362,107 | |
05/15/2064 | 5.500% | 105,000 | 105,296 | |
NBCUniversal Media LLC | ||||
01/15/2043 | 4.450% | 546,000 | 484,664 | |
Total | 2,124,448 | |||
Chemicals 0.0% | ||||
LYB International Finance III LLC | ||||
04/01/2051 | 3.625% | 155,000 | 109,567 | |
Construction Machinery 0.0% | ||||
United Rentals North America, Inc. | ||||
02/15/2031 | 3.875% | 190,000 | 170,166 | |
Diversified Manufacturing 0.0% | ||||
Carrier Global Corp. | ||||
02/15/2030 | 2.722% | 275,000 | 243,231 | |
04/05/2040 | 3.377% | 380,000 | 297,069 | |
Total | 540,300 | |||
Electric 0.1% | ||||
AEP Texas, Inc. | ||||
01/15/2050 | 3.450% | 652,000 | 456,862 | |
05/15/2051 | 3.450% | 37,000 | 25,410 | |
05/15/2052 | 5.250% | 152,000 | 142,454 |
2
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
AES Corp. (The) | ||||
01/15/2031 | 2.450% | 100,000 | 81,985 | |
CenterPoint Energy, Inc. | ||||
09/01/2049 | 3.700% | 203,000 | 149,956 | |
Consolidated Edison Co. of New York, Inc. | ||||
11/15/2053 | 5.900% | 169,000 | 180,279 | |
Constellation Energy Generation LLC | ||||
03/15/2054 | 5.750% | 165,000 | 164,853 | |
Dominion Energy, Inc. | ||||
08/15/2052 | 4.850% | 40,000 | 35,703 | |
Dominion Resources, Inc. | ||||
12/01/2044 | 4.700% | 250,000 | 217,124 | |
Duke Energy Carolinas LLC | ||||
01/15/2054 | 5.400% | 225,000 | 223,886 | |
Duke Energy Corp. | ||||
08/15/2052 | 5.000% | 1,060,000 | 961,382 | |
Duke Energy Florida LLC | ||||
11/15/2053 | 6.200% | 87,000 | 96,009 | |
Duke Energy Indiana LLC | ||||
04/01/2050 | 2.750% | 160,000 | 101,470 | |
Emera US Finance LP | ||||
06/15/2046 | 4.750% | 227,000 | 186,936 | |
Eversource Energy | ||||
08/15/2030 | 1.650% | 306,000 | 246,378 | |
Exelon Corp. | ||||
03/15/2052 | 4.100% | 418,000 | 332,688 | |
03/15/2053 | 5.600% | 543,000 | 542,403 | |
FirstEnergy Corp. | ||||
03/01/2050 | 3.400% | 178,000 | 122,372 | |
Jersey Central Power & Light Co.(a) | ||||
03/01/2032 | 2.750% | 116,000 | 96,492 | |
MidAmerican Energy Co. | ||||
02/01/2055 | 5.300% | 135,000 | 133,505 | |
NextEra Energy Capital Holdings, Inc. | ||||
03/15/2054 | 5.550% | 360,000 | 357,556 | |
Pacific Gas and Electric Co. | ||||
07/01/2050 | 4.950% | 545,000 | 469,496 | |
Southern California Edison Co. | ||||
06/01/2034 | 5.200% | 274,000 | 271,238 | |
Virginia Electric and Power Co. | ||||
01/15/2034 | 5.000% | 567,000 | 557,295 | |
Xcel Energy, Inc. | ||||
06/01/2032 | 4.600% | 155,000 | 145,876 | |
12/01/2049 | 3.500% | 90,000 | 62,268 | |
Total | 6,361,876 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Environmental 0.0% | ||||
GFL Environmental, Inc.(a) | ||||
09/01/2028 | 3.500% | 321,000 | 293,973 | |
Food and Beverage 0.0% | ||||
Bacardi Ltd.(a) | ||||
05/15/2038 | 5.150% | 536,000 | 510,082 | |
05/15/2048 | 5.300% | 350,000 | 328,449 | |
Campbell Soup Co. | ||||
03/21/2034 | 5.400% | 220,000 | 221,592 | |
04/24/2050 | 3.125% | 78,000 | 51,768 | |
Constellation Brands, Inc. | ||||
05/01/2033 | 4.900% | 389,000 | 381,665 | |
Diageo Capital PLC | ||||
10/05/2033 | 5.625% | 340,000 | 357,658 | |
Mars, Inc.(a) | ||||
04/01/2054 | 4.125% | 25,000 | 20,731 | |
04/01/2059 | 4.200% | 250,000 | 207,539 | |
Total | 2,079,484 | |||
Health Care 0.0% | ||||
Becton Dickinson & Co. | ||||
02/08/2034 | 5.110% | 540,000 | 536,338 | |
Cigna Corp. | ||||
03/15/2050 | 3.400% | 507,000 | 360,483 | |
Cigna Group (The) | ||||
02/15/2034 | 5.250% | 190,000 | 189,587 | |
CVS Health Corp. | ||||
07/20/2045 | 5.125% | 766,000 | 705,541 | |
HCA, Inc. | ||||
03/15/2052 | 4.625% | 336,000 | 280,829 | |
Total | 2,072,778 | |||
Healthcare Insurance 0.0% | ||||
Aetna, Inc. | ||||
11/15/2042 | 4.125% | 200,000 | 163,087 | |
08/15/2047 | 3.875% | 109,000 | 83,187 | |
Anthem, Inc. | ||||
08/15/2044 | 4.650% | 135,000 | 121,559 | |
Centene Corp. | ||||
02/15/2030 | 3.375% | 185,000 | 163,977 | |
10/15/2030 | 3.000% | 303,000 | 259,735 | |
03/01/2031 | 2.500% | 404,000 | 332,524 | |
UnitedHealth Group, Inc. | ||||
02/15/2053 | 5.875% | 480,000 | 519,621 | |
04/15/2053 | 5.050% | 145,000 | 140,967 | |
04/15/2064 | 5.500% | 375,000 | 381,433 | |
Total | 2,166,090 |
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
3
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Independent Energy 0.0% | ||||
Canadian Natural Resources Ltd. | ||||
02/15/2037 | 6.500% | 105,000 | 110,769 | |
Integrated Energy 0.0% | ||||
BP Capital Markets America, Inc. | ||||
04/10/2034 | 4.989% | 759,000 | 758,083 | |
Cenovus Energy, Inc. | ||||
02/15/2052 | 3.750% | 321,000 | 235,350 | |
Total Capital International SA | ||||
06/29/2060 | 3.386% | 80,000 | 56,378 | |
Total | 1,049,811 | |||
Life Insurance 0.0% | ||||
MetLife, Inc. | ||||
07/15/2052 | 5.000% | 239,000 | 224,866 | |
Metropolitan Life Global Funding I(a) | ||||
01/08/2034 | 5.050% | 295,000 | 291,660 | |
New York Life Insurance Co.(a) | ||||
Subordinated | ||||
05/15/2050 | 3.750% | 270,000 | 207,159 | |
Northwestern Mutual Life Insurance Co. (The)(a) | ||||
Subordinated | ||||
09/30/2059 | 3.625% | 409,000 | 288,357 | |
Teachers Insurance & Annuity Association of America(a) | ||||
Subordinated | ||||
09/15/2044 | 4.900% | 155,000 | 142,106 | |
05/15/2050 | 3.300% | 250,000 | 175,282 | |
Total | 1,329,430 | |||
Media and Entertainment 0.0% | ||||
Fox Corp. | ||||
01/25/2049 | 5.576% | 110,000 | 102,458 | |
Meta Platforms, Inc. | ||||
05/15/2063 | 5.750% | 315,000 | 337,965 | |
Viacom, Inc. | ||||
03/15/2043 | 4.375% | 135,000 | 91,692 | |
Warnermedia Holdings, Inc. | ||||
03/15/2062 | 5.391% | 707,000 | 586,144 | |
Total | 1,118,259 | |||
Midstream 0.0% | ||||
Energy Transfer LP | ||||
05/15/2054 | 5.950% | 438,000 | 437,075 | |
Kinder Morgan Energy Partners LP | ||||
11/01/2042 | 4.700% | 100,000 | 85,357 | |
03/01/2043 | 5.000% | 320,000 | 283,702 | |
09/01/2044 | 5.400% | 69,000 | 64,289 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Kinder Morgan, Inc. | ||||
02/15/2046 | 5.050% | 112,000 | 99,616 | |
MPLX LP | ||||
04/15/2048 | 4.700% | 70,000 | 59,755 | |
03/14/2052 | 4.950% | 311,000 | 273,224 | |
Plains All American Pipeline LP/Finance Corp. | ||||
06/15/2044 | 4.700% | 334,000 | 283,371 | |
Williams Companies, Inc. (The) | ||||
06/24/2044 | 5.750% | 330,000 | 328,543 | |
Total | 1,914,932 | |||
Natural Gas 0.0% | ||||
NiSource, Inc. | ||||
02/15/2043 | 5.250% | 133,000 | 125,758 | |
02/15/2044 | 4.800% | 249,000 | 222,236 | |
05/15/2047 | 4.375% | 170,000 | 142,420 | |
Sempra Energy | ||||
02/01/2048 | 4.000% | 180,000 | 140,824 | |
Total | 631,238 | |||
Pharmaceuticals 0.1% | ||||
AbbVie, Inc. | ||||
03/15/2064 | 5.500% | 332,000 | 341,346 | |
Amgen, Inc. | ||||
02/22/2062 | 4.400% | 235,000 | 193,419 | |
03/02/2063 | 5.750% | 863,000 | 880,380 | |
Bristol-Myers Squibb Co. | ||||
02/22/2064 | 5.650% | 728,000 | 749,592 | |
Merck & Co., Inc. | ||||
05/17/2053 | 5.000% | 270,000 | 264,147 | |
Pfizer Investment Enterprises Pte., Ltd. | ||||
05/19/2043 | 5.110% | 615,000 | 600,896 | |
Roche Holdings, Inc.(a) | ||||
11/13/2030 | 5.489% | 260,000 | 269,535 | |
Total | 3,299,315 | |||
Property & Casualty 0.0% | ||||
Berkshire Hathaway Finance Corp. | ||||
03/15/2052 | 3.850% | 320,000 | 258,761 | |
Liberty Mutual Group, Inc.(a) | ||||
10/15/2050 | 3.951% | 180,000 | 135,727 | |
Total | 394,488 | |||
Railroads 0.0% | ||||
Norfolk Southern Corp. | ||||
08/01/2054 | 5.350% | 330,000 | 327,558 | |
03/15/2064 | 5.950% | 140,000 | 149,286 | |
Total | 476,844 |
4
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Restaurants 0.0% | ||||
McDonald’s Corp. | ||||
09/01/2049 | 3.625% | 255,000 | 194,047 | |
04/01/2050 | 4.200% | 115,000 | 96,136 | |
Total | 290,183 | |||
Retailers 0.0% | ||||
Amazon.com, Inc. | ||||
05/12/2051 | 3.100% | 330,000 | 236,320 | |
Lowe’s Companies, Inc. | ||||
04/01/2062 | 4.450% | 663,000 | 541,510 | |
09/15/2062 | 5.800% | 209,000 | 213,956 | |
Total | 991,786 | |||
Technology 0.0% | ||||
Apple, Inc. | ||||
02/08/2051 | 2.650% | 903,000 | 594,631 | |
Broadcom, Inc.(a) | ||||
11/15/2036 | 3.187% | 933,000 | 741,670 | |
Intel Corp. | ||||
08/12/2051 | 3.050% | 425,000 | 286,581 | |
International Business Machines Corp. | ||||
02/06/2053 | 5.100% | 200,000 | 193,370 | |
NXP BV/Funding LLC/USA, Inc. | ||||
05/01/2030 | 3.400% | 65,000 | 58,966 | |
01/15/2033 | 5.000% | 229,000 | 223,679 | |
02/15/2042 | 3.125% | 169,000 | 121,419 | |
Oracle Corp. | ||||
07/15/2046 | 4.000% | 385,000 | 303,314 | |
04/01/2050 | 3.600% | 319,000 | 230,287 | |
03/25/2061 | 4.100% | 62,000 | 46,419 | |
Total | 2,800,336 | |||
Tobacco 0.0% | ||||
BAT Capital Corp. | ||||
08/02/2043 | 7.079% | 138,000 | 147,364 | |
Reynolds American, Inc. | ||||
08/15/2035 | 5.700% | 155,000 | 151,488 | |
Total | 298,852 | |||
Transportation Services 0.0% | ||||
ERAC USA Finance LLC(a) | ||||
10/30/2034 | 5.200% | 268,000 | 266,939 | |
Wireless 0.0% | ||||
T-Mobile US, Inc. | ||||
04/15/2050 | 4.500% | 70,000 | 60,623 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Wirelines 0.0% | ||||
AT&T, Inc. | ||||
12/01/2057 | 3.800% | 1,451,000 | 1,049,995 | |
Verizon Communications, Inc. | ||||
03/22/2041 | 3.400% | 855,000 | 667,731 | |
Total | 1,717,726 | |||
Total Corporate Bonds & Notes (Cost $45,731,241) | 42,527,090 |
Equity Funds 46.5% | ||
Shares | Value ($) | |
International 13.7% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(c) | 58,377,244 | 763,574,353 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(c) | 39,202,917 | 411,630,629 |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(c) | 22,243,767 | 269,372,010 |
Variable Portfolio – Partners International Value Fund, Class 1 Shares(c) | 26,398,079 | 265,564,678 |
Total | 1,710,141,670 | |
U.S. Large Cap 27.3% | ||
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(c),(d) | 4,335,576 | 209,668,477 |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(c),(d) | 6,564,053 | 659,359,148 |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(c),(d) | 7,999,705 | 331,187,798 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(c),(d) | 31,291,405 | 650,235,401 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(c),(d) | 8,064,802 | 339,447,527 |
CTIVP® – MFS® Value Fund, Class 1 Shares(c),(d) | 7,001,350 | 292,656,413 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(c),(d) | 372,824 | 18,879,829 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(c),(d) | 4,464,551 | 289,660,045 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(c),(d) | 7,702,799 | 295,171,237 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(c),(d) | 7,823,980 | 327,120,597 |
Total | 3,413,386,472 |
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
5
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Equity Funds (continued) | ||
Shares | Value ($) | |
U.S. Mid Cap 1.7% | ||
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares(c),(d) | 1,063,030 | 53,810,583 |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares(c),(d) | 1,348,118 | 54,234,796 |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(c),(d) | 1,074,792 | 54,169,502 |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(c),(d) | 1,091,909 | 53,798,375 |
Total | 216,013,256 | |
U.S. Small Cap 3.8% | ||
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(c) | 4,815,871 | 65,014,249 |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(c),(d) | 4,986,455 | 65,920,936 |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(c),(d) | 5,424,444 | 170,381,795 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(c),(d) | 4,519,678 | 171,657,380 |
Total | 472,974,360 | |
Total Equity Funds (Cost $3,981,767,147) | 5,812,515,758 | |
Exchange-Traded Equity Funds 2.5% | ||
U.S. Large Cap 1.0% | ||
Vanguard Russell 1000 Growth ETF | 1,456,086 | 126,198,973 |
U.S. Mid Large Cap 1.5% | ||
iShares Russell 1000 Growth Index Fund | 560,433 | 188,893,943 |
Total Exchange-Traded Equity Funds (Cost $262,525,704) | 315,092,916 | |
Exchange-Traded Fixed Income Funds 1.9% | ||
Investment Grade 1.9% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 1,055,790 | 114,996,647 |
Vanguard Intermediate-Term Corporate Bond ETF | 1,441,600 | 116,063,216 |
Total | 231,059,863 | |
Total Exchange-Traded Fixed Income Funds (Cost $230,995,328) | 231,059,863 | |
Fixed Income Funds 25.0% | ||
Shares | Value ($) | |
Investment Grade 25.0% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(c) | 71,467,933 | 609,621,464 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(c) | 19,439,034 | 185,253,991 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(c) | 48,262,692 | 372,587,980 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(c) | 21,232,136 | 187,267,442 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(c) | 51,114,054 | 466,160,176 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(c) | 65,196,430 | 606,978,768 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(c) | 72,185,157 | 699,474,174 |
Total | 3,127,343,995 | |
Total Fixed Income Funds (Cost $3,670,627,677) | 3,127,343,995 |
Residential Mortgage-Backed Securities - Agency 5.6% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(e) | ||||
04/16/2039- 04/11/2054 | 3.000% | 283,302,000 | 244,474,330 | |
04/16/2039- 04/11/2054 | 3.500% | 102,050,000 | 92,386,544 | |
04/16/2039- 04/11/2054 | 4.000% | 224,030,000 | 208,633,196 | |
04/11/2054 | 4.500% | 90,700,000 | 86,366,570 | |
04/11/2054 | 5.000% | 74,900,000 | 73,077,172 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $710,362,430) | 704,937,812 | |||
U.S. Treasury Obligations 0.0% | ||||
U.S. Treasury | ||||
08/15/2043 | 4.375% | 1,667,000 | 1,648,246 | |
Total U.S. Treasury Obligations (Cost $1,563,050) | 1,648,246 |
Put Option Contracts Purchased 0.5% | ||||
Value ($) | ||||
(Cost $88,554,465) | 61,303,375 |
6
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Money Market Funds 22.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(c),(f) | 2,778,948,898 | 2,778,393,108 |
Total Money Market Funds (Cost $2,778,109,558) | 2,778,393,108 | |
Total Investments in Securities (Cost: $11,770,236,600) | 13,074,822,163 | |
Other Assets & Liabilities, Net | (573,585,109 ) | |
Net Assets | 12,501,237,054 |
At March 31, 2024, securities and/or cash totaling $141,623,675 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
45,000,000 AUD | 29,673,000 USD | Barclays | 04/05/2024 | 346,230 | — |
20,196,287 USD | 17,500,000 CHF | Barclays | 04/05/2024 | — | (785,275 ) |
237,483,901 USD | 220,000,000 EUR | Barclays | 04/05/2024 | — | (108,302 ) |
70,000,000 EUR | 75,765,200 USD | Citi | 04/05/2024 | 236,600 | — |
49,000,000 GBP | 62,332,310 USD | Citi | 04/05/2024 | 485,931 | — |
51,997,367 USD | 70,000,000 CAD | Citi | 04/05/2024 | — | (317,437 ) |
31,494,875 USD | 25,000,000 GBP | Citi | 04/05/2024 | 59,400 | — |
29,995,250 USD | 50,000,000 NZD | Citi | 04/05/2024 | — | (122,650 ) |
5,000,000 EUR | 5,408,274 USD | Goldman Sachs International | 04/05/2024 | 13,374 | — |
60,616,560 USD | 48,000,000 GBP | Goldman Sachs International | 04/05/2024 | — | (32,352 ) |
76,911,388 USD | 117,500,000 AUD | HSBC | 04/05/2024 | — | (335,933 ) |
25,235,900 USD | 20,000,000 GBP | HSBC | 04/05/2024 | 7,520 | — |
30,030,230 USD | 4,500,000,000 JPY | HSBC | 04/05/2024 | — | (290,081 ) |
7,831,084 USD | 80,000,000 SEK | HSBC | 04/05/2024 | — | (356,344 ) |
1,500,000,000 JPY | 10,076,577 USD | JPMorgan | 04/05/2024 | 163,194 | — |
350,000,000 NOK | 33,260,793 USD | Morgan Stanley | 04/05/2024 | 1,019,567 | — |
31,279,248 USD | 48,000,000 AUD | Morgan Stanley | 04/05/2024 | 2,640 | — |
33,427,887 USD | 350,000,000 NOK | Morgan Stanley | 04/05/2024 | — | (1,186,660 ) |
32,645,350 USD | 50,000,000 AUD | UBS | 04/05/2024 | — | (60,050 ) |
33,145,038 USD | 350,000,000 NOK | UBS | 04/05/2024 | — | (903,811 ) |
30,865,300 USD | 50,000,000 NZD | UBS | 04/05/2024 | — | (992,700 ) |
55,000,000 AUD | 36,027,475 USD | Wells Fargo | 04/05/2024 | 183,645 | — |
20,000,000 CHF | 22,331,647 USD | Wells Fargo | 04/05/2024 | 147,633 | — |
20,000,000 GBP | 25,216,340 USD | Wells Fargo | 04/05/2024 | — | (27,080 ) |
50,000,000 NZD | 30,561,350 USD | Wells Fargo | 04/05/2024 | 688,750 | — |
80,000,000 SEK | 7,659,094 USD | Wells Fargo | 04/05/2024 | 184,355 | — |
185,964,302 USD | 27,250,000,000 JPY | Wells Fargo | 04/05/2024 | — | (5,871,177 ) |
Total | 3,538,839 | (11,389,852 ) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro STOXX 50 Index | 3,238 | 06/2024 | EUR | 163,357,100 | 3,816,011 | — |
FTSE 100 Index | 759 | 06/2024 | GBP | 60,628,920 | 2,837,898 | — |
MSCI Singapore Index | 415 | 04/2024 | SGD | 12,070,275 | — | (27,179 ) |
OMXS30 Index | 3,970 | 04/2024 | SEK | 1,002,226,500 | 2,785,591 | — |
S&P 500 Index E-mini | 5,943 | 06/2024 | USD | 1,577,420,775 | 29,215,392 | — |
TOPIX Index | 1,001 | 06/2024 | JPY | 27,522,495,000 | 6,016,987 | — |
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
7
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Long futures contracts (continued) | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Long Bond | 76 | 06/2024 | USD | 9,153,250 | 99,713 | — |
U.S. Treasury 10-Year Note | 846 | 06/2024 | USD | 93,734,156 | 333,807 | — |
U.S. Treasury 2-Year Note | 50 | 06/2024 | USD | 10,224,219 | 10,848 | — |
U.S. Treasury 2-Year Note | 901 | 06/2024 | USD | 184,240,423 | — | (266,109 ) |
U.S. Treasury 5-Year Note | 2,025 | 06/2024 | USD | 216,706,641 | 264,795 | — |
U.S. Treasury 5-Year Note | 325 | 06/2024 | USD | 34,780,078 | — | (107,421 ) |
U.S. Treasury Ultra Bond | 20 | 06/2024 | USD | 2,580,000 | 24,006 | — |
Total | 45,405,048 | (400,709 ) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Russell 2000 Index E-mini | (1,560) | 06/2024 | USD | (167,380,200 ) | — | (2,694,869 ) |
S&P/TSX 60 Index | (300) | 06/2024 | CAD | (80,484,000 ) | — | (1,023,742 ) |
SPI 200 Index | (264) | 06/2024 | AUD | (52,476,600 ) | — | (647,436 ) |
U.S. Long Bond | (85) | 06/2024 | USD | (10,237,188 ) | 51,084 | — |
U.S. Long Bond | (451) | 06/2024 | USD | (54,317,313 ) | — | (628,470 ) |
U.S. Treasury 10-Year Note | (57) | 06/2024 | USD | (6,315,422 ) | — | (21,989 ) |
U.S. Treasury 5-Year Note | (5) | 06/2024 | USD | (535,078 ) | — | (872 ) |
U.S. Treasury Ultra 10-Year Note | (35) | 06/2024 | USD | (4,011,328 ) | — | (21,462 ) |
U.S. Treasury Ultra Bond | (85) | 06/2024 | USD | (10,965,000 ) | 79,361 | — |
U.S. Treasury Ultra Bond | (451) | 06/2024 | USD | (58,179,000 ) | — | (634,885 ) |
Total | 130,445 | (5,673,725 ) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | Morgan Stanley | USD | 564,842,625 | 1,075 | 3,800.00 | 06/20/2025 | 10,167,908 | 5,590,000 |
S&P 500 Index | Morgan Stanley | USD | 1,161,211,350 | 2,210 | 3,700.00 | 12/19/2025 | 21,095,614 | 15,260,050 |
S&P 500 Index | Morgan Stanley | USD | 604,250,250 | 1,150 | 4,100.00 | 12/19/2025 | 12,841,506 | 11,678,250 |
S&P 500 Index | Morgan Stanley | USD | 664,675,275 | 1,265 | 4,000.00 | 12/19/2025 | 15,271,746 | 11,612,700 |
S&P 500 Index | Morgan Stanley | USD | 564,842,625 | 1,075 | 3,900.00 | 12/19/2025 | 15,354,783 | 8,970,875 |
S&P 500 Index | Morgan Stanley | USD | 564,842,625 | 1,075 | 3,800.00 | 12/19/2025 | 13,822,908 | 8,191,500 |
Total | 88,554,465 | 61,303,375 |
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 $5,084,755, which represents 0.04% of total net assets. |
(b) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of March 31, 2024. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Short-Term Cash Fund, 5.543% | |||||||||
2,826,829,083 | 622,199,400 | (670,534,045 ) | (101,330 ) | 2,778,393,108 | — | 108,429 | 37,016,222 | 2,778,948,898 | |
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | |||||||||
202,729,371 | — | (4,656,791 ) | 11,595,897 | 209,668,477 | — | 9,064,192 | — | 4,335,576 |
8
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
627,590,971 | — | (16,121,917 ) | 47,890,094 | 659,359,148 | — | 25,705,874 | — | 6,564,053 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
616,521,148 | — | (3,093,046 ) | (3,806,638 ) | 609,621,464 | — | (496,094 ) | — | 71,467,933 | |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | |||||||||
321,204,835 | — | (8,018,118 ) | 18,001,081 | 331,187,798 | — | 16,539,021 | — | 7,999,705 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
184,282,039 | — | — | 971,952 | 185,253,991 | — | — | — | 19,439,034 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
381,894,289 | — | (786,710 ) | (8,519,599 ) | 372,587,980 | — | (171,145 ) | — | 48,262,692 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
746,533,744 | 32,188,186 | — | (15,147,577 ) | 763,574,353 | — | — | 32,188,186 | 58,377,244 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
627,603,738 | — | (24,978,797 ) | 47,610,460 | 650,235,401 | — | 10,974,840 | — | 31,291,405 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
321,732,166 | — | (3,895,431 ) | 21,610,792 | 339,447,527 | — | 5,989,219 | — | 8,064,802 | |
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | |||||||||
59,849,378 | — | (5,171,125 ) | (867,670 ) | 53,810,583 | — | 6,766,033 | — | 1,063,030 | |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | |||||||||
60,006,525 | — | (5,149,046 ) | (622,683 ) | 54,234,796 | — | 5,298,506 | — | 1,348,118 | |
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | |||||||||
66,830,667 | — | (4,916,510 ) | 3,100,092 | 65,014,249 | — | (594,370 ) | — | 4,815,871 | |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | |||||||||
64,823,231 | — | (9,845,214 ) | 10,942,919 | 65,920,936 | — | (2,505,509 ) | — | 4,986,455 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
190,536,425 | — | (1,095,899 ) | (2,173,084 ) | 187,267,442 | — | (167,475 ) | — | 21,232,136 | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
470,624,796 | — | (1,694,690 ) | (2,769,930 ) | 466,160,176 | — | (306,740 ) | — | 51,114,054 | |
CTIVP® – MFS® Value Fund, Class 1 Shares | |||||||||
279,896,248 | — | (5,245,452 ) | 18,005,617 | 292,656,413 | — | 5,933,820 | — | 7,001,350 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
17,269,228 | — | — | 1,610,601 | 18,879,829 | — | — | — | 372,824 | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
281,639,272 | — | (6,394,889 ) | 14,415,662 | 289,660,045 | — | 12,715,635 | — | 4,464,551 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
281,614,166 | — | (5,720,105 ) | 19,277,176 | 295,171,237 | — | 5,971,011 | — | 7,702,799 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
615,275,198 | — | (1,963,717 ) | (6,332,713 ) | 606,978,768 | — | (198,574 ) | — | 65,196,430 | |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | |||||||||
59,614,955 | — | (4,391,854 ) | (1,053,599 ) | 54,169,502 | — | 5,670,286 | — | 1,074,792 | |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | |||||||||
60,470,105 | — | (4,857,716 ) | (1,814,014 ) | 53,798,375 | — | 7,029,029 | — | 1,091,909 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
703,482,042 | — | (1,251,018 ) | (2,756,850 ) | 699,474,174 | — | (138,041 ) | — | 72,185,157 |
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024
9
Portfolio of Investments (continued)Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
312,549,587 | — | (7,811,625 ) | 22,382,635 | 327,120,597 | — | 14,587,566 | — | 7,823,980 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
397,231,507 | 5,288,896 | (2,046,667 ) | 11,156,893 | 411,630,629 | — | 119,861 | 5,288,896 | 39,202,917 | |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares | |||||||||
259,346,690 | 1,789,752 | (5,135,452 ) | 13,371,020 | 269,372,010 | — | 628,624 | 1,789,752 | 22,243,767 | |
Variable Portfolio – Partners International Value Fund, Class 1 Shares | |||||||||
257,611,971 | 7,454,326 | — | 498,381 | 265,564,678 | — | — | 7,454,326 | 26,398,079 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
170,401,469 | — | (7,422,249 ) | 7,402,575 | 170,381,795 | — | 6,232,265 | — | 5,424,444 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
174,360,699 | — | (6,346,567 ) | 3,643,248 | 171,657,380 | — | 3,552,573 | — | 4,519,678 | |
Total | 11,640,355,543 | 227,521,408 | 11,718,252,861 | — | 138,308,836 | 83,737,382 |
(d) | Non-income producing investment. |
(e) | Represents a security purchased on a when-issued basis. |
(f) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
Abbreviation Legend
TBA | To Be Announced |
Currency Legend
AUD | Australian Dollar |
CAD | Canada Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | US Dollar |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
10
Variable Portfolio – Managed Volatility Moderate Growth Fund | First Quarter Report 2024