Variable Portfolio – Partners International 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 – Partners International Growth Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.5% | ||
Issuer | Shares | Value ($) |
Australia 0.9% | ||
Cochlear Ltd. | 21,600 | 4,750,515 |
CSL Ltd. | 44,100 | 8,274,374 |
Total | 13,024,889 | |
Brazil 1.8% | ||
Itaú Unibanco Holding SA, ADR | 1,427,007 | 9,889,158 |
MercadoLibre, Inc.(a) | 10,387 | 15,704,729 |
Total | 25,593,887 | |
Canada 6.0% | ||
Alimentation Couche-Tard, Inc. | 170,400 | 9,725,462 |
Canadian National Railway Co. | 66,900 | 8,809,533 |
Canadian Pacific Kansas City Ltd. | 173,376 | 15,286,562 |
Constellation Software, Inc. | 4,125 | 11,267,580 |
Dollarama, Inc. | 203,977 | 15,539,025 |
Intact Financial Corp. | 82,232 | 13,358,185 |
Shopify, Inc., Class A(a) | 151,719 | 11,708,155 |
Total | 85,694,502 | |
China 1.4% | ||
Kweichow Moutai Co., Ltd., Class A | 55,400 | 13,058,937 |
PDD Holdings, Inc., ADR(a) | 62,538 | 7,270,042 |
Total | 20,328,979 | |
Denmark 5.0% | ||
Coloplast A/S, Class B | 51,200 | 6,912,874 |
DSV A/S | 85,978 | 13,976,125 |
Novo Nordisk A/S | 396,163 | 50,817,179 |
Total | 71,706,178 | |
Finland 0.4% | ||
KONE OYJ, Class B | 113,500 | 5,287,638 |
France 15.0% | ||
Air Liquide SA | 43,780 | 9,108,372 |
Airbus Group SE | 120,377 | 22,176,911 |
Capgemini SE | 60,331 | 13,882,815 |
Dassault Systemes SE | 514,195 | 22,761,958 |
Hermes International SCA | 2,440 | 6,236,106 |
L’Oreal SA | 58,530 | 27,718,149 |
LVMH Moet Hennessy Louis Vuitton SE | 29,626 | 26,657,379 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Safran SA | 92,144 | 20,868,010 |
Schneider Electric SE | 81,502 | 18,425,681 |
Thales SA | 57,934 | 9,876,611 |
TotalEnergies SE | 307,455 | 21,149,643 |
VINCI SA | 130,131 | 16,699,537 |
Total | 215,561,172 | |
Germany 2.8% | ||
Adidas AG | 42,200 | 9,428,698 |
Infineon Technologies AG | 410,352 | 13,954,242 |
Merck KGaA | 49,100 | 8,658,073 |
SAP SE | 44,100 | 8,587,108 |
Total | 40,628,121 | |
Hong Kong 1.2% | ||
AIA Group Ltd. | 877,200 | 5,900,551 |
CLP Holdings Ltd. | 603,000 | 4,809,675 |
Hang Lung Properties Ltd. | 1,787,000 | 1,837,656 |
Jardine Matheson Holdings Ltd. | 115,800 | 4,319,525 |
Total | 16,867,407 | |
India 3.6% | ||
HDFC Bank Ltd. | 945,869 | 16,493,706 |
Infosys Ltd. | 664,094 | 11,959,100 |
Reliance Industries Ltd. | 649,378 | 23,220,581 |
Total | 51,673,387 | |
Ireland 3.7% | ||
CRH PLC | 175,343 | 15,125,087 |
ICON PLC(a) | 75,005 | 25,197,930 |
Kingspan Group PLC | 143,264 | 13,047,970 |
Total | 53,370,987 | |
Italy 1.6% | ||
Ferrari NV | 14,400 | 6,278,911 |
Moncler SpA | 158,964 | 11,862,012 |
Recordati Industria Chimica e Farmaceutica SpA | 79,900 | 4,411,899 |
Total | 22,552,822 |
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Variable Portfolio – Partners International Growth Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Partners International Growth Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Japan 16.5% | ||
Chugai Pharmaceutical Co., Ltd. | 121,500 | 4,643,170 |
Daiichi Sankyo Co., Ltd. | 403,500 | 12,838,927 |
Daikin Industries Ltd. | 45,300 | 6,185,295 |
FANUC Corp. | 151,500 | 4,226,318 |
Hoya Corp. | 244,200 | 30,542,303 |
ITOCHU Corp. | 168,300 | 7,230,101 |
Keyence Corp. | 52,440 | 24,345,843 |
Lasertec Corp. | 58,800 | 16,759,780 |
MISUMI Group, Inc. | 231,200 | 3,220,852 |
Mitsui & Co., Ltd. | 186,600 | 8,723,847 |
Murata Manufacturing Co., Ltd. | 383,900 | 7,179,857 |
Obic Co., Ltd. | 32,200 | 4,863,847 |
Shimadzu Corp. | 130,700 | 3,640,535 |
Shin-Etsu Chemical Co., Ltd. | 731,100 | 32,067,472 |
SMC Corp. | 33,400 | 18,842,951 |
Sysmex Corp. | 283,500 | 5,059,028 |
Terumo Corp. | 263,800 | 4,827,185 |
Tokio Marine Holdings, Inc. | 354,700 | 11,118,521 |
Tokyo Electron Ltd. | 115,500 | 30,081,880 |
Total | 236,397,712 | |
Netherlands 5.9% | ||
ASML Holding NV | 55,189 | 53,503,630 |
BE Semiconductor Industries NV | 63,739 | 9,763,451 |
Ferrari NV | 31,454 | 13,712,057 |
Universal Music Group NV | 131,000 | 3,936,596 |
Wolters Kluwer NV | 27,300 | 4,274,903 |
Total | 85,190,637 | |
Singapore 0.5% | ||
CapitaLand Ascendas REIT | 3,622,624 | 7,431,009 |
Spain 3.8% | ||
Amadeus IT Group SA, Class A | 323,923 | 20,794,791 |
Industria de Diseno Textil SA | 680,280 | 34,256,379 |
Total | 55,051,170 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Sweden 2.9% | ||
Atlas Copco AB, Class A | 1,238,959 | 20,924,229 |
Atlas Copco AB, Class B | 420,200 | 6,206,336 |
Evolution AB | 114,733 | 14,250,293 |
Total | 41,380,858 | |
Switzerland 4.9% | ||
Kuehne & Nagel International AG | 23,700 | 6,593,784 |
Lonza Group AG, Registered Shares | 11,500 | 6,872,383 |
Nestlé SA, Registered Shares | 64,400 | 6,842,498 |
Novartis AG, Registered Shares | 73,000 | 7,070,666 |
Partners Group Holding AG | 10,934 | 15,619,063 |
SGS SA, Registered Shares | 81,400 | 7,902,518 |
Straumann Holding AG, Registered Shares | 73,706 | 11,760,359 |
VAT Group AG | 15,000 | 7,748,909 |
Total | 70,410,180 | |
Taiwan 5.2% | ||
MediaTek, Inc. | 573,000 | 20,762,257 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,663,000 | 39,839,184 |
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 101,600 | 13,822,680 |
Total | 74,424,121 | |
United Kingdom 12.5% | ||
Ashtead Group PLC | 214,718 | 15,294,195 |
AstraZeneca PLC | 130,000 | 17,464,698 |
BAE Systems PLC | 780,260 | 13,299,866 |
Compass Group PLC | 1,070,545 | 31,401,926 |
Diageo PLC | 182,400 | 6,749,205 |
Experian PLC | 613,330 | 26,724,598 |
Haleon PLC | 3,206,913 | 13,439,466 |
Halma PLC | 341,011 | 10,182,718 |
London Stock Exchange Group PLC | 184,521 | 22,078,694 |
Prudential PLC | 499,000 | 4,679,911 |
Rentokil Initial PLC | 1,486,376 | 8,837,267 |
Spirax-Sarco Engineering PLC | 68,371 | 8,674,641 |
Total | 178,827,185 |
Variable Portfolio – Partners International Growth Fund | First Quarter Report 2024
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Portfolio of Investments (continued)Variable Portfolio – Partners International Growth Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
United States 2.9% | ||
Linde PLC | 42,775 | 19,861,288 |
lululemon athletica, Inc.(a) | 38,217 | 14,929,471 |
Roche Holding AG, Genusschein Shares | 26,000 | 6,638,295 |
Total | 41,429,054 | |
Total Common Stocks (Cost $1,150,742,189) | 1,412,831,895 | |
Money Market Funds 1.3% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(b),(c) | 18,195,108 | 18,191,469 |
Total Money Market Funds (Cost $18,190,570) | 18,191,469 | |
Total Investments in Securities (Cost $1,168,932,759) | 1,431,023,364 | |
Other Assets & Liabilities, Net | 3,319,464 | |
Net Assets | $1,434,342,828 |
Notes to Portfolio of Investments
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.543% | ||||||||
20,799,140 | 79,224,147 | (81,832,322 ) | 504 | 18,191,469 | (506 ) | 217,284 | 18,195,108 |
Abbreviation Legend
ADR | American Depositary Receipt |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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Variable Portfolio – Partners International Growth Fund | First Quarter Report 2024