Variable Portfolio – Partners Small Cap Value 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 Small Cap Value Fund, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 99.2% | ||
Issuer | Shares | Value ($) |
Communication Services 0.6% | ||
Media 0.6% | ||
John Wiley & Sons, Inc., Class A | 101,937 | 3,886,858 |
Total Communication Services | 3,886,858 | |
Consumer Discretionary 12.8% | ||
Automobile Components 3.1% | ||
Adient PLC(a) | 80,013 | 2,634,028 |
Gentherm, Inc.(a) | 42,417 | 2,442,371 |
Goodyear Tire & Rubber Co. (The)(a) | 432,589 | 5,939,447 |
Modine Manufacturing Co.(a) | 47,668 | 4,537,517 |
Standard Motor Products, Inc. | 90,645 | 3,041,139 |
Total | 18,594,502 | |
Automobiles 0.6% | ||
Winnebago Industries, Inc. | 47,911 | 3,545,414 |
Hotels, Restaurants & Leisure 1.7% | ||
Bloomin’ Brands, Inc. | 138,554 | 3,973,729 |
Cracker Barrel Old Country Store, Inc. | 29,621 | 2,154,335 |
El Pollo Loco Holdings, Inc.(a) | 136,528 | 1,329,783 |
Golden Entertainment, Inc. | 11,310 | 416,547 |
Papa John’s International, Inc. | 33,845 | 2,254,077 |
Total | 10,128,471 | |
Household Durables 2.3% | ||
La-Z-Boy, Inc. | 117,067 | 4,404,061 |
Taylor Morrison Home Corp., Class A(a) | 75,424 | 4,689,110 |
Tri Pointe Homes, Inc.(a) | 110,568 | 4,274,559 |
Universal Electronics, Inc.(a) | 51,320 | 513,713 |
Total | 13,881,443 | |
Leisure Products 0.4% | ||
Polaris, Inc. | 27,242 | 2,727,469 |
Specialty Retail 0.5% | ||
Monro, Inc. | 97,426 | 3,072,816 |
Textiles, Apparel & Luxury Goods 4.2% | ||
Carter’s, Inc. | 51,625 | 4,371,605 |
Gildan Activewear, Inc. | 72,867 | 2,705,552 |
Oxford Industries, Inc. | 35,758 | 4,019,199 |
PVH Corp. | 20,838 | 2,930,031 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Steven Madden Ltd. | 120,330 | 5,087,552 |
VF Corp. | 437,093 | 6,705,007 |
Total | 25,818,946 | |
Total Consumer Discretionary | 77,769,061 | |
Consumer Staples 3.7% | ||
Food Products 1.5% | ||
Cal-Maine Foods, Inc. | 64,874 | 3,817,835 |
Hain Celestial Group, Inc. (The)(a) | 259,499 | 2,039,662 |
TreeHouse Foods, Inc.(a) | 87,190 | 3,396,051 |
Total | 9,253,548 | |
Household Products 1.2% | ||
Central Garden & Pet Co., Class A(a) | 105,093 | 3,880,033 |
Spectrum Brands Holdings, Inc. | 37,880 | 3,371,699 |
Total | 7,251,732 | |
Personal Care Products 1.0% | ||
Coty, Inc., Class A(a) | 311,497 | 3,725,504 |
Edgewell Personal Care Co. | 62,311 | 2,407,697 |
Total | 6,133,201 | |
Total Consumer Staples | 22,638,481 | |
Energy 7.7% | ||
Energy Equipment & Services 1.9% | ||
Dril-Quip, Inc.(a) | 210,904 | 4,751,667 |
Expro Group Holdings NV(a) | 203,548 | 4,064,853 |
Helmerich & Payne, Inc. | 68,343 | 2,874,507 |
Total | 11,691,027 | |
Oil, Gas & Consumable Fuels 5.8% | ||
Chord Energy Corp. | 17,776 | 3,168,394 |
Gulfport Energy Corp.(a) | 22,031 | 3,527,604 |
Matador Resources Co. | 104,287 | 6,963,243 |
Murphy Oil Corp. | 93,937 | 4,292,921 |
PBF Energy, Inc., Class A | 69,208 | 3,984,305 |
Permian Resources Corp. | 268,328 | 4,738,672 |
Range Resources Corp. | 105,541 | 3,633,777 |
SM Energy Co. | 96,660 | 4,818,501 |
Total | 35,127,417 | |
Total Energy | 46,818,444 |
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Variable Portfolio – Partners Small Cap Value Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Partners Small Cap Value Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Financials 17.2% | ||
Banks 15.0% | ||
Ameris Bancorp | 121,254 | 5,866,268 |
Atlantic Union Bankshares Corp. | 66,168 | 2,336,392 |
Banc of California, Inc. | 248,533 | 3,780,187 |
Cadence Bank | 131,873 | 3,824,317 |
Columbia Banking System, Inc. | 327,224 | 6,331,784 |
Community Bank System, Inc. | 67,189 | 3,227,088 |
Eastern Bankshares, Inc. | 241,925 | 3,333,726 |
Enterprise Financial Services Corp. | 67,441 | 2,735,407 |
First BanCorp | 65,339 | 2,360,045 |
First Merchants Corp. | 79,713 | 2,781,984 |
Glacier Bancorp, Inc. | 91,427 | 3,682,680 |
Hancock Whitney Corp. | 126,129 | 5,806,979 |
Lakeland Financial Corp. | 18,594 | 1,233,154 |
National Bank Holdings Corp., Class A | 119,179 | 4,298,787 |
Old National Bancorp | 200,950 | 3,498,539 |
Pacific Premier Bancorp, Inc. | 216,213 | 5,189,112 |
Pinnacle Financial Partners, Inc. | 42,327 | 3,635,043 |
Seacoast Banking Corp. of Florida | 260,504 | 6,614,197 |
SouthState Corp. | 47,977 | 4,079,484 |
Stellar Bancorp, Inc. | 106,606 | 2,596,922 |
Texas Capital Bancshares, Inc.(a) | 107,607 | 6,623,211 |
United Community Banks, Inc. | 85,574 | 2,252,308 |
WaFd, Inc. | 90,302 | 2,621,467 |
WesBanco, Inc. | 85,032 | 2,534,804 |
Total | 91,243,885 | |
Capital Markets 0.4% | ||
BrightSphere Investment Group, Inc. | 115,898 | 2,647,110 |
Consumer Finance 0.5% | ||
PRA Group, Inc.(a) | 102,352 | 2,669,340 |
Financial Services 1.3% | ||
Compass Diversified Holdings | 180,913 | 4,354,576 |
MGIC Investment Corp. | 163,289 | 3,651,142 |
Total | 8,005,718 | |
Total Financials | 104,566,053 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 6.4% | ||
Biotechnology 1.5% | ||
Alkermes PLC(a) | 82,874 | 2,243,399 |
BioCryst Pharmaceuticals, Inc.(a) | 254,126 | 1,290,960 |
Galapagos NV, ADR(a) | 103,078 | 3,319,112 |
Geron Corp.(a) | 611,903 | 2,019,280 |
Total | 8,872,751 | |
Health Care Equipment & Supplies 2.8% | ||
Angiodynamics, Inc.(a) | 76,690 | 450,170 |
Avanos Medical, Inc.(a) | 137,374 | 2,735,116 |
ICU Medical, Inc.(a) | 53,992 | 5,794,422 |
Integer Holdings Corp.(a) | 28,276 | 3,299,244 |
Lantheus Holdings, Inc.(a) | 53,689 | 3,341,603 |
SurModics, Inc.(a) | 49,833 | 1,462,100 |
Total | 17,082,655 | |
Health Care Providers & Services 1.6% | ||
AdaptHealth Corp.(a) | 287,524 | 3,309,401 |
ModivCare, Inc.(a) | 24,862 | 583,014 |
NeoGenomics, Inc.(a) | 166,574 | 2,618,543 |
Pediatrix Medical Group, Inc.(a) | 194,740 | 1,953,242 |
Premier, Inc. | 72,584 | 1,604,107 |
Total | 10,068,307 | |
Pharmaceuticals 0.5% | ||
ANI Pharmaceuticals, Inc.(a) | 47,272 | 3,267,913 |
Total Health Care | 39,291,626 | |
Industrials 22.6% | ||
Aerospace & Defense 1.3% | ||
AAR Corp.(a) | 44,985 | 2,693,252 |
Mercury Systems, Inc.(a) | 170,861 | 5,040,399 |
Total | 7,733,651 | |
Air Freight & Logistics 0.6% | ||
HUB Group, Inc., Class A | 80,655 | 3,485,909 |
Building Products 4.0% | ||
Apogee Enterprises, Inc. | 84,925 | 5,027,560 |
Armstrong World Industries, Inc. | 26,388 | 3,277,917 |
AZZ, Inc. | 84,171 | 6,507,260 |
Variable Portfolio – Partners Small Cap Value Fund | First Quarter Report 2024
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Portfolio of Investments (continued)Variable Portfolio – Partners Small Cap Value Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Quanex Building Products Corp. | 147,336 | 5,662,123 |
Tecnoglass, Inc. | 74,680 | 3,885,600 |
Total | 24,360,460 | |
Commercial Services & Supplies 2.4% | ||
ABM Industries, Inc. | 79,082 | 3,528,639 |
Brady Corp., Class A | 65,930 | 3,908,331 |
Deluxe Corp. | 124,317 | 2,559,687 |
MillerKnoll, Inc. | 95,387 | 2,361,782 |
OPENLANE, Inc.(a) | 136,428 | 2,360,204 |
Total | 14,718,643 | |
Construction & Engineering 1.2% | ||
Granite Construction, Inc. | 90,683 | 5,180,720 |
Great Lakes Dredge & Dock Corp.(a) | 235,608 | 2,061,570 |
Total | 7,242,290 | |
Electrical Equipment 2.2% | ||
EnerSys | 45,303 | 4,279,321 |
GrafTech International Ltd. | 435,052 | 600,372 |
Regal Rexnord Corp. | 33,144 | 5,969,234 |
Thermon(a) | 86,502 | 2,830,346 |
Total | 13,679,273 | |
Ground Transportation 1.5% | ||
ArcBest Corp. | 27,619 | 3,935,708 |
Marten Transport Ltd. | 145,397 | 2,686,937 |
Werner Enterprises, Inc. | 71,670 | 2,803,730 |
Total | 9,426,375 | |
Machinery 5.3% | ||
Albany International Corp., Class A | 36,866 | 3,447,340 |
Astec Industries, Inc. | 71,530 | 3,126,577 |
Columbus McKinnon Corp. | 54,848 | 2,447,866 |
Enerpac Tool Group Corp. | 65,627 | 2,340,259 |
Hillenbrand, Inc. | 75,997 | 3,821,889 |
REV Group, Inc. | 309,389 | 6,834,403 |
SPX Technologies, Inc.(a) | 54,894 | 6,759,098 |
Terex Corp. | 50,433 | 3,247,885 |
Total | 32,025,317 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Professional Services 3.1% | ||
CBIZ, Inc.(a) | 31,797 | 2,496,065 |
Conduent, Inc.(a) | 616,085 | 2,082,367 |
CSG Systems International, Inc. | 59,130 | 3,047,560 |
KBR, Inc. | 71,694 | 4,564,040 |
Korn/Ferry International | 45,965 | 3,022,658 |
MAXIMUS, Inc. | 42,232 | 3,543,265 |
Total | 18,755,955 | |
Trading Companies & Distributors 1.0% | ||
Rush Enterprises, Inc., Class A | 76,069 | 4,071,213 |
Titan Machinery, Inc.(a) | 89,889 | 2,230,146 |
Total | 6,301,359 | |
Total Industrials | 137,729,232 | |
Information Technology 8.6% | ||
Communications Equipment 1.5% | ||
ADTRAN Holdings, Inc. | 429,408 | 2,335,979 |
AudioCodes Ltd. | 134,879 | 1,758,822 |
Ciena Corp.(a) | 37,295 | 1,844,238 |
Clearfield, Inc.(a) | 26,646 | 821,763 |
Netscout Systems, Inc.(a) | 108,310 | 2,365,490 |
Total | 9,126,292 | |
Electronic Equipment, Instruments & Components 3.2% | ||
Avnet, Inc. | 70,783 | 3,509,421 |
Belden, Inc. | 110,793 | 10,260,540 |
Knowles Corp.(a) | 216,203 | 3,480,868 |
Plexus Corp.(a) | 26,379 | 2,501,257 |
Total | 19,752,086 | |
IT Services 0.5% | ||
Perficient, Inc.(a) | 53,151 | 2,991,870 |
Semiconductors & Semiconductor Equipment 1.8% | ||
Diodes, Inc.(a) | 46,132 | 3,252,306 |
Ichor Holdings Ltd.(a) | 22,889 | 883,973 |
Kulicke & Soffa Industries, Inc. | 68,597 | 3,451,115 |
Tower Semiconductor Ltd.(a) | 102,644 | 3,433,442 |
Total | 11,020,836 |
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Variable Portfolio – Partners Small Cap Value Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Partners Small Cap Value Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 1.6% | ||
Cognyte Software Ltd.(a) | 266,236 | 2,201,772 |
OneSpan, Inc.(a) | 91,836 | 1,068,052 |
Progress Software Corp. | 36,135 | 1,926,357 |
Verint Systems, Inc.(a) | 136,072 | 4,510,787 |
Total | 9,706,968 | |
Total Information Technology | 52,598,052 | |
Materials 7.9% | ||
Chemicals 2.9% | ||
Ecovyst, Inc.(a) | 351,979 | 3,924,566 |
Element Solutions, Inc. | 120,003 | 2,997,675 |
Ingevity Corp.(a) | 83,492 | 3,982,568 |
Orion SA | 141,172 | 3,320,366 |
Sensient Technologies Corp. | 51,831 | 3,586,187 |
Total | 17,811,362 | |
Construction Materials 0.8% | ||
Summit Materials, Inc., Class A(a) | 112,441 | 5,011,495 |
Containers & Packaging 1.8% | ||
Greif, Inc., Class A | 43,988 | 3,037,371 |
Myers Industries, Inc. | 135,089 | 3,130,012 |
Silgan Holdings, Inc. | 92,339 | 4,483,982 |
Total | 10,651,365 | |
Metals & Mining 1.9% | ||
Alamos Gold, Inc., Class A | 204,883 | 3,022,024 |
Commercial Metals Co. | 66,059 | 3,882,288 |
MP Materials Corp.(a) | 127,918 | 1,829,227 |
Ryerson Holding Corp. | 83,485 | 2,796,748 |
Total | 11,530,287 | |
Paper & Forest Products 0.5% | ||
Louisiana-Pacific Corp. | 35,376 | 2,968,400 |
Total Materials | 47,972,909 | |
Real Estate 8.6% | ||
Diversified REITs 0.8% | ||
Empire State Realty Trust, Inc., Class A | 505,512 | 5,120,836 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care REITs 0.9% | ||
CareTrust REIT, Inc. | 152,185 | 3,708,748 |
Healthpeak Properties, Inc. | 96,598 | 1,811,213 |
Total | 5,519,961 | |
Hotel & Resort REITs 1.0% | ||
Pebblebrook Hotel Trust | 210,110 | 3,237,795 |
Sunstone Hotel Investors, Inc. | 231,794 | 2,582,185 |
Total | 5,819,980 | |
Industrial REITs 1.5% | ||
STAG Industrial, Inc. | 168,800 | 6,488,672 |
Terreno Realty Corp. | 42,789 | 2,841,190 |
Total | 9,329,862 | |
Office REITs 1.9% | ||
Cousins Properties, Inc. | 61,284 | 1,473,267 |
Equity Commonwealth(a) | 536,763 | 10,134,086 |
Total | 11,607,353 | |
Real Estate Management & Development 0.3% | ||
DigitalBridge Group, Inc. | 103,892 | 2,001,999 |
Residential REITs 1.0% | ||
Elme Communities | 187,118 | 2,604,683 |
UMH Properties, Inc. | 193,444 | 3,141,530 |
Total | 5,746,213 | |
Retail REITs 0.7% | ||
Kite Realty Group Trust | 188,251 | 4,081,282 |
Specialized REITs 0.5% | ||
Four Corners Property Trust, Inc. | 135,020 | 3,303,939 |
Total Real Estate | 52,531,425 | |
Utilities 3.1% | ||
Electric Utilities 1.5% | ||
Allete, Inc. | 58,252 | 3,474,149 |
OGE Energy Corp. | 88,608 | 3,039,255 |
PNM Resources, Inc. | 78,275 | 2,946,271 |
Total | 9,459,675 | |
Gas Utilities 0.9% | ||
New Jersey Resources Corp. | 59,708 | 2,562,070 |
Spire, Inc. | 44,373 | 2,723,171 |
Total | 5,285,241 |
Variable Portfolio – Partners Small Cap Value Fund | First Quarter Report 2024
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Portfolio of Investments (continued)Variable Portfolio – Partners Small Cap Value Fund, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Multi-Utilities 0.7% | ||
Avista Corp. | 45,899 | 1,607,383 |
Northwestern Energy Group, Inc. | 53,231 | 2,711,055 |
Total | 4,318,438 | |
Total Utilities | 19,063,354 | |
Total Common Stocks (Cost $588,542,788) | 604,865,495 | |
Rights 0.0% | ||
Health Care 0.0% | ||
Biotechnology 0.0% | ||
Aduro Biotech CVR(a),(b),(c),(d) | 4,550 | 4,869 |
Total Health Care | 4,869 | |
Industrials —% | ||
Passenger Airlines —% | ||
American Airlines Escrow(a),(b),(d) | 185,100 | 0 |
Total Industrials | 0 | |
Total Rights (Cost $—) | 4,869 | |
Money Market Funds 1.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(e),(f) | 5,952,532 | 5,951,341 |
Total Money Market Funds (Cost $5,950,839) | 5,951,341 | |
Total Investments in Securities (Cost: $594,493,627) | 610,821,705 | |
Other Assets & Liabilities, Net | (990,752 ) | |
Net Assets | 609,830,953 |
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 $4,869, which represents less than 0.01% of total net assets. |
(c) | Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At March 31, 2024, the total market value of these securities amounted to $4,869, which represents less than 0.01% of total net assets. Additional information on these securities is as follows: |
Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
Aduro Biotech CVR | 10/21/2021 | 4,550 | — | 4,869 |
(d) | Valuation based on significant unobservable inputs. |
(e) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
(f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | 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% | ||||||||
12,668,856 | 31,240,268 | (37,957,710 ) | (73 ) | 5,951,341 | 113 | 133,586 | 5,952,532 |
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Variable Portfolio – Partners Small Cap Value Fund | First Quarter Report 2024
Portfolio of Investments (continued)Variable Portfolio – Partners Small Cap Value Fund, March 31, 2024 (Unaudited)
Abbreviation Legend
ADR | American Depositary Receipt |
CVR | Contingent Value Rights |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Variable Portfolio – Partners Small Cap Value Fund | First Quarter Report 2024
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