Variable Portfolio – Partners International Core Equity 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 – Partners International Core Equity Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 95.4% | ||
Issuer | Shares | Value ($) |
Austria 2.1% | ||
Erste Group Bank AG | 914,819 | 40,771,397 |
Brazil 1.6% | ||
MercadoLibre, Inc.(a) | 19,979 | 30,207,449 |
China 0.6% | ||
Contemporary Amperex Technology Co., Ltd., Class A | 411,781 | 10,766,061 |
Denmark 5.6% | ||
Novo Nordisk A/S | 566,910 | 72,719,479 |
Vestas Wind Systems A/S(a) | 1,312,536 | 36,611,364 |
Total | 109,330,843 | |
France 10.9% | ||
Carrefour SA | 1,526,833 | 26,191,797 |
EssilorLuxottica SA | 214,846 | 48,600,665 |
Legrand SA | 350,443 | 37,110,766 |
Sanofi SA | 330,791 | 32,180,837 |
Schneider Electric SE | 293,953 | 66,383,978 |
Total | 210,468,043 | |
Germany 9.2% | ||
Infineon Technologies AG | 943,672 | 32,090,077 |
SAP SE | 448,385 | 87,309,079 |
Siemens AG, Registered Shares | 312,765 | 59,718,998 |
Total | 179,118,154 | |
Indonesia 1.1% | ||
PT Bank Central Asia Tbk | 32,760,600 | 20,833,706 |
Italy 1.6% | ||
FinecoBank Banca Fineco SpA | 2,032,690 | 30,443,189 |
Japan 19.1% | ||
Bridgestone Corp. | 946,700 | 41,957,508 |
FUJIFILM Holdings Corp. | 1,170,600 | 26,285,376 |
KDDI Corp. | 1,257,300 | 37,174,237 |
Keyence Corp. | 81,200 | 37,697,987 |
Mitsubishi UFJ Financial Group, Inc. | 4,898,600 | 49,838,857 |
MS&AD Insurance Group Holdings, Inc. | 877,400 | 15,492,730 |
Recruit Holdings Co., Ltd. | 884,500 | 38,835,572 |
Shimano, Inc. | 100,200 | 14,906,109 |
SMC Corp. | 51,700 | 29,167,084 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Sony Group Corp. | 522,700 | 44,821,906 |
Terumo Corp. | 1,858,000 | 33,998,898 |
Total | 370,176,264 | |
Netherlands 6.9% | ||
ASML Holding NV | 79,552 | 77,122,629 |
Shell PLC | 1,719,662 | 57,612,284 |
Total | 134,734,913 | |
South Korea 2.1% | ||
Samsung Electronics Co., Ltd. | 680,489 | 40,895,696 |
Spain 1.6% | ||
Iberdrola SA | 2,435,951 | 30,255,378 |
Sweden 1.5% | ||
Svenska Handelsbanken AB, Class A | 2,856,041 | 28,874,534 |
Switzerland 4.0% | ||
Chocoladefabriken Lindt & Spruengli AG | 3,413 | 40,849,605 |
Lonza Group AG, Registered Shares | 61,152 | 36,544,346 |
Total | 77,393,951 | |
United Kingdom 20.5% | ||
ARM Holdings PLC, ADR(a) | 111,930 | 13,990,131 |
AstraZeneca PLC | 293,410 | 39,417,822 |
Bunzl PLC | 923,563 | 35,536,498 |
Burberry Group PLC | 1,115,370 | 17,061,095 |
Diageo PLC | 1,085,289 | 40,158,101 |
GSK PLC | 2,363,118 | 50,737,085 |
Haleon PLC | 7,018,962 | 29,414,924 |
NMC Health PLC(a),(b),(c) | 293,698 | 0 |
Reckitt Benckiser Group PLC | 609,161 | 34,725,249 |
RELX PLC | 1,245,881 | 53,729,171 |
Rio Tinto PLC | 589,280 | 37,257,171 |
Unilever PLC | 919,965 | 46,183,938 |
Total | 398,211,185 |
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Variable Portfolio – Partners International Core Equity Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Partners International Core Equity Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
United States 7.0% | ||
Booking Holdings, Inc. | 10,525 | 38,183,437 |
Liberty Media Corp.-Liberty Formula One, Class C(a) | 410,256 | 26,912,794 |
lululemon athletica, Inc.(a) | 64,402 | 25,158,641 |
Roche Holding AG, Genusschein Shares | 180,907 | 46,189,002 |
Total | 136,443,874 | |
Total Common Stocks (Cost $1,601,784,321) | 1,848,924,637 |
Preferred Stocks 1.7% | |||
Issuer | Shares | Value ($) | |
Germany 1.7% | |||
Porsche AG | 326,249 | 32,448,036 | |
Total Preferred Stocks (Cost $27,408,607) | 32,448,036 |
Money Market Funds 1.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(d),(e) | 35,900,038 | 35,892,858 |
Total Money Market Funds (Cost $35,892,206) | 35,892,858 | |
Total Investments in Securities (Cost $1,665,085,134) | 1,917,265,531 | |
Other Assets & Liabilities, Net | 20,152,391 | |
Net Assets | $1,937,417,922 |
Notes to Portfolio of Investments
(a) | Non-income producing investment. |
(b) | 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 $0, which represents less than 0.01% of total net assets. |
(c) | Valuation based on significant unobservable inputs. |
(d) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
(e) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | 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% | ||||||||
23,138,731 | 97,209,543 | (84,456,068 ) | 652 | 35,892,858 | (1,470 ) | 459,961 | 35,900,038 |
Abbreviation Legend
ADR | American Depositary Receipt |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Variable Portfolio – Partners International Core Equity Fund | First Quarter Report 2024
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