UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
, 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-05199
Columbia Funds Variable Insurance Trust
(Exact name of registrant as specified in charter)
290 Congress Street, Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
December 31, 2021
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Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1 | 04/30/13 | -3.21 | 7.51 | 4.78 | |
Class 2 | 04/30/13 | -3.47 | 7.23 | 4.52 | |
Bloomberg U.S. Long Government/Credit Bond Index | -2.52 | 7.39 | 5.37 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at December 31, 2021) | |
Asset-Backed Securities — Agency | 0.8 |
Corporate Bonds & Notes | 58.6 |
Foreign Government Obligations | 0.9 |
Money Market Funds | 2.1 |
U.S. Treasury Obligations | 37.6 |
Total | 100.0 |
Quality breakdown (%) (at December 31, 2021) | |
AAA rating | 40.1 |
AA rating | 4.7 |
A rating | 17.3 |
BBB rating | 35.2 |
BB rating | 2.7 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
• | The Fund’s security selection detracted from performance relative to the benchmark, specifically selection within the energy and banking segments. |
• | The Fund’s allocation across industries contributed positively to performance relative to the benchmark, most notably overweights to midstream energy, life insurance, and wirelines within telecommunications. The Fund’s largest industry overweights, relative to the benchmark, included banking, life insurance and aerospace & defense. |
• | The Fund’s positioning along the yield curve and stance with respect to duration and corresponding interest rate sensitivity contributed to performance as interest rates finished the period higher. The Fund was positioned neutrally with respect to the curve and duration at period-end. |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 5 |
(Unaudited)
July 1, 2021 — December 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,018.10 | 1,022.68 | 2.54 | 2.55 | 0.50 |
Class 2 | 1,000.00 | 1,000.00 | 1,017.30 | 1,021.42 | 3.81 | 3.82 | 0.75 |
6 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Asset-Backed Securities — Agency 0.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
United States Small Business Administration | ||||
Series 2016-20L Class 1 | ||||
12/01/2036 | 2.810% | 3,541,569 | 3,738,272 | |
Series 2017-20E Class 1 | ||||
05/01/2037 | 2.880% | 315,129 | 333,312 | |
Series 2017-20F Class 1 | ||||
06/01/2037 | 2.810% | 2,601,319 | 2,724,578 | |
Series 2017-20G Class 1 | ||||
07/01/2037 | 2.980% | 2,497,514 | 2,654,069 | |
Series 2017-20H Class 1 | ||||
08/01/2037 | 2.750% | 2,242,127 | 2,342,790 | |
Series 2017-20I Class 1 | ||||
09/01/2037 | 2.590% | 3,585,681 | 3,747,275 | |
Total Asset-Backed Securities — Agency (Cost $14,783,338) | 15,540,296 | |||
Corporate Bonds & Notes 58.2% | ||||
Aerospace & Defense 3.0% | ||||
BAE Systems PLC(a) | ||||
02/15/2031 | 1.900% | 14,330,000 | 13,614,146 | |
Boeing Co. (The) | ||||
05/01/2034 | 3.600% | 7,597,000 | 7,940,195 | |
08/01/2059 | 3.950% | 11,460,000 | 11,910,706 | |
Northrop Grumman Corp. | ||||
06/01/2043 | 4.750% | 735,000 | 928,506 | |
10/15/2047 | 4.030% | 6,765,000 | 7,987,403 | |
United Technologies Corp. | ||||
06/01/2042 | 4.500% | 9,820,000 | 12,138,571 | |
11/01/2046 | 3.750% | 3,860,000 | 4,310,040 | |
Total | 58,829,567 | |||
Automotive 0.2% | ||||
General Motors Co. | ||||
04/01/2048 | 5.400% | 2,835,000 | 3,621,248 | |
Banking 10.5% | ||||
Bank of America Corp.(b) | ||||
07/23/2031 | 1.898% | 7,890,000 | 7,565,503 | |
10/24/2031 | 1.922% | 15,105,000 | 14,476,260 | |
06/19/2041 | 2.676% | 15,480,000 | 14,881,949 | |
Citigroup, Inc.(b) | ||||
06/03/2031 | 2.572% | 20,640,000 | 20,810,588 | |
05/01/2032 | 2.561% | 2,270,000 | 2,282,945 | |
11/03/2032 | 2.520% | 2,836,000 | 2,836,967 | |
Goldman Sachs Group, Inc. (The)(b) | ||||
07/21/2032 | 2.383% | 30,305,000 | 29,841,696 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
HSBC Holdings PLC(b) | ||||
05/24/2032 | 2.804% | 11,582,000 | 11,638,678 | |
11/22/2032 | 2.871% | 14,988,000 | 15,124,336 | |
JPMorgan Chase & Co.(b) | ||||
10/15/2030 | 2.739% | 5,209,000 | 5,344,702 | |
11/19/2031 | 1.764% | 585,000 | 554,950 | |
04/22/2032 | 2.580% | 5,097,000 | 5,160,510 | |
11/08/2032 | 2.545% | 5,328,000 | 5,364,094 | |
04/22/2052 | 3.328% | 13,200,000 | 14,232,360 | |
Morgan Stanley(b) | ||||
07/21/2032 | 2.239% | 14,792,000 | 14,492,234 | |
10/20/2032 | 2.511% | 12,567,000 | 12,554,817 | |
Wells Fargo & Co.(b) | ||||
02/11/2031 | 2.572% | 13,865,000 | 14,152,102 | |
04/30/2041 | 3.068% | 17,350,000 | 17,750,374 | |
Total | 209,065,065 | |||
Cable and Satellite 2.2% | ||||
Charter Communications Operating LLC/Capital | ||||
05/01/2047 | 5.375% | 4,315,000 | 5,153,571 | |
06/30/2062 | 3.950% | 16,158,000 | 15,612,007 | |
Comcast Corp. | ||||
01/15/2051 | 2.800% | 4,285,000 | 4,084,681 | |
11/01/2052 | 4.049% | 3,645,000 | 4,283,220 | |
Comcast Corp.(a) | ||||
11/01/2056 | 2.937% | 9,092,000 | 8,660,586 | |
NBCUniversal Media LLC | ||||
01/15/2043 | 4.450% | 5,552,000 | 6,690,187 | |
Total | 44,484,252 | |||
Construction Machinery 0.4% | ||||
Caterpillar, Inc. | ||||
09/19/2049 | 3.250% | 2,755,000 | 3,031,610 | |
United Rentals North America, Inc. | ||||
02/15/2031 | 3.875% | 4,075,000 | 4,138,317 | |
Total | 7,169,927 | |||
Diversified Manufacturing 1.1% | ||||
Carrier Global Corp. | ||||
04/05/2050 | 3.577% | 8,315,000 | 8,845,402 | |
GE Capital International Funding Co. Unlimited Co. | ||||
11/15/2035 | 4.418% | 8,599,000 | 10,313,181 | |
General Electric Co.(c) | ||||
Junior Subordinated | ||||
3-month USD LIBOR + 3.330% 12/31/2049 | 3.533% | 2,920,000 | 2,885,566 | |
Total | 22,044,149 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 7 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Electric 7.2% | ||||
AEP Texas, Inc. | ||||
01/15/2050 | 3.450% | 12,460,000 | 12,745,708 | |
AES Corp. (The) | ||||
01/15/2031 | 2.450% | 4,830,000 | 4,710,288 | |
CenterPoint Energy, Inc. | ||||
09/01/2049 | 3.700% | 4,290,000 | 4,681,412 | |
Consolidated Edison Co. of New York, Inc. | ||||
04/01/2050 | 3.950% | 1,236,000 | 1,419,509 | |
Dominion Energy, Inc. | ||||
08/15/2031 | 2.250% | 7,221,000 | 7,073,277 | |
Dominion Resources, Inc. | ||||
12/01/2044 | 4.700% | 1,900,000 | 2,354,771 | |
DTE Energy Co. | ||||
06/15/2029 | 3.400% | 4,952,000 | 5,241,374 | |
Duke Energy Corp. | ||||
06/15/2051 | 3.500% | 9,523,000 | 9,899,425 | |
Emera US Finance LP | ||||
06/15/2046 | 4.750% | 5,245,000 | 6,230,078 | |
Eversource Energy | ||||
08/15/2030 | 1.650% | 12,261,000 | 11,480,196 | |
01/15/2050 | 3.450% | 2,047,000 | 2,167,900 | |
Exelon Corp. | ||||
04/15/2050 | 4.700% | 7,270,000 | 9,166,223 | |
Georgia Power Co. | ||||
03/15/2042 | 4.300% | 18,565,000 | 21,252,074 | |
Jersey Central Power & Light Co.(a) | ||||
03/01/2032 | 2.750% | 1,380,000 | 1,404,194 | |
NextEra Energy Capital Holdings, Inc. | ||||
01/15/2052 | 3.000% | 2,727,000 | 2,727,850 | |
Pacific Gas and Electric Co. | ||||
07/01/2050 | 4.950% | 10,410,000 | 11,402,934 | |
PacifiCorp | ||||
02/15/2050 | 4.150% | 1,526,000 | 1,809,564 | |
Southern California Edison Co. | ||||
04/01/2047 | 4.000% | 865,000 | 955,248 | |
03/01/2048 | 4.125% | 2,200,000 | 2,472,467 | |
1st Refunding Mortgage | ||||
03/15/2043 | 3.900% | 1,252,000 | 1,333,036 | |
WEC Energy Group, Inc. | ||||
10/15/2030 | 1.800% | 9,960,000 | 9,393,860 | |
Xcel Energy, Inc. | ||||
12/01/2049 | 3.500% | 11,550,000 | 12,401,597 | |
Total | 142,322,985 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Environmental 0.4% | ||||
GFL Environmental, Inc.(a) | ||||
09/01/2028 | 3.500% | 5,905,000 | 5,816,699 | |
Waste Connections, Inc. | ||||
01/15/2052 | 2.950% | 2,312,000 | 2,273,997 | |
Total | 8,090,696 | |||
Food and Beverage 2.8% | ||||
Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | ||||
02/01/2046 | 4.900% | 26,569,000 | 33,654,247 | |
Bacardi Ltd.(a) | ||||
05/15/2038 | 5.150% | 9,541,000 | 11,757,190 | |
05/15/2048 | 5.300% | 1,375,000 | 1,808,191 | |
Coca-Cola Co. (The) | ||||
03/05/2051 | 3.000% | 3,491,000 | 3,703,826 | |
Kraft Heinz Foods Co. | ||||
06/01/2046 | 4.375% | 1,562,000 | 1,833,154 | |
Tyson Foods, Inc. | ||||
06/02/2047 | 4.550% | 1,900,000 | 2,354,950 | |
Total | 55,111,558 | |||
Health Care 1.9% | ||||
Cigna Corp. | ||||
12/15/2048 | 4.900% | 4,859,000 | 6,274,157 | |
03/15/2051 | 3.400% | 2,706,000 | 2,844,824 | |
CVS Health Corp. | ||||
07/20/2045 | 5.125% | 10,305,000 | 13,399,044 | |
HCA, Inc. | ||||
02/01/2025 | 5.375% | 2,585,000 | 2,840,319 | |
07/15/2051 | 3.500% | 5,880,000 | 6,027,908 | |
New York and Presbyterian Hospital (The) | ||||
08/01/2036 | 3.563% | 3,425,000 | 3,776,912 | |
Thermo Fisher Scientific, Inc. | ||||
10/15/2041 | 2.800% | 2,850,000 | 2,877,965 | |
Total | 38,041,129 | |||
Healthcare Insurance 1.8% | ||||
Aetna, Inc. | ||||
08/15/2047 | 3.875% | 4,360,000 | 4,871,018 | |
Anthem, Inc. | ||||
08/15/2044 | 4.650% | 3,500,000 | 4,383,452 | |
Centene Corp. | ||||
12/15/2029 | 4.625% | 2,197,000 | 2,370,996 | |
02/15/2030 | 3.375% | 3,679,000 | 3,757,744 | |
08/01/2031 | 2.625% | 2,650,000 | 2,606,877 |
8 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
UnitedHealth Group, Inc. | ||||
08/15/2039 | 3.500% | 3,760,000 | 4,156,747 | |
05/15/2041 | 3.050% | 12,313,000 | 12,857,883 | |
Total | 35,004,717 | |||
Independent Energy 0.5% | ||||
Canadian Natural Resources Ltd. | ||||
02/15/2037 | 6.500% | 2,580,000 | 3,400,765 | |
ConocoPhillips Co. | ||||
11/15/2044 | 4.300% | 2,890,000 | 3,480,497 | |
Occidental Petroleum Corp. | ||||
04/15/2046 | 4.400% | 528,000 | 544,912 | |
08/15/2049 | 4.400% | 2,437,000 | 2,476,844 | |
Total | 9,903,018 | |||
Integrated Energy 1.1% | ||||
BP Capital Markets America, Inc. | ||||
02/08/2061 | 3.379% | 5,945,000 | 6,135,873 | |
Cenovus Energy, Inc. | ||||
02/15/2052 | 3.750% | 6,384,000 | 6,431,868 | |
Shell International Finance BV | ||||
11/26/2041 | 2.875% | 7,684,000 | 7,711,954 | |
Total Capital International SA | ||||
06/29/2060 | 3.386% | 1,315,000 | 1,401,533 | |
Total | 21,681,228 | |||
Life Insurance 2.4% | ||||
Guardian Life Insurance Co. of America (The)(a) | ||||
Subordinated | ||||
06/19/2064 | 4.875% | 3,770,000 | 4,809,445 | |
Massachusetts Mutual Life Insurance Co.(a) | ||||
Subordinated | ||||
10/15/2070 | 3.729% | 6,405,000 | 7,096,742 | |
Metropolitan Life Global Funding I(a) | ||||
01/07/2031 | 1.550% | 7,105,000 | 6,716,789 | |
New York Life Insurance Co.(a) | ||||
Subordinated | ||||
05/15/2050 | 3.750% | 4,294,000 | 4,886,756 | |
Northwestern Mutual Life Insurance Co. (The)(a) | ||||
Subordinated | ||||
09/30/2059 | 3.625% | 9,583,000 | 10,524,122 | |
Teachers Insurance & Annuity Association of America(a) | ||||
Subordinated | ||||
09/15/2044 | 4.900% | 710,000 | 913,228 | |
05/15/2050 | 3.300% | 8,870,000 | 9,279,751 | |
Voya Financial, Inc. | ||||
06/15/2046 | 4.800% | 2,005,000 | 2,513,149 | |
Total | 46,739,982 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Media and Entertainment 1.4% | ||||
Discovery Communications LLC | ||||
05/15/2049 | 5.300% | 3,782,000 | 4,781,865 | |
Netflix, Inc.(a) | ||||
11/15/2029 | 5.375% | 10,080,000 | 11,957,886 | |
Walt Disney Co. (The) | ||||
09/15/2044 | 4.750% | 8,657,000 | 11,075,096 | |
Total | 27,814,847 | |||
Metals and Mining 0.3% | ||||
Freeport-McMoRan, Inc. | ||||
03/01/2028 | 4.125% | 5,485,000 | 5,686,496 | |
Midstream 2.3% | ||||
Enterprise Products Operating LLC | ||||
01/31/2060 | 3.950% | 7,625,000 | 8,230,420 | |
Kinder Morgan Energy Partners LP | ||||
03/01/2043 | 5.000% | 1,345,000 | 1,564,697 | |
Kinder Morgan, Inc. | ||||
02/15/2046 | 5.050% | 8,890,000 | 10,645,147 | |
MPLX LP | ||||
04/15/2048 | 4.700% | 5,225,000 | 6,084,653 | |
Plains All American Pipeline LP/Finance Corp. | ||||
06/15/2044 | 4.700% | 7,315,000 | 7,802,216 | |
Western Gas Partners LP | ||||
08/15/2048 | 5.500% | 1,530,000 | 1,829,034 | |
Williams Companies, Inc. (The) | ||||
06/24/2044 | 5.750% | 7,165,000 | 9,329,112 | |
Total | 45,485,279 | |||
Natural Gas 0.8% | ||||
NiSource, Inc. | ||||
02/15/2043 | 5.250% | 1,575,000 | 2,026,893 | |
02/15/2044 | 4.800% | 3,351,000 | 4,100,481 | |
05/15/2047 | 4.375% | 5,114,000 | 6,085,340 | |
Sempra Energy | ||||
02/01/2048 | 4.000% | 3,650,000 | 4,080,997 | |
Total | 16,293,711 | |||
Pharmaceuticals 2.7% | ||||
AbbVie, Inc. | ||||
11/06/2042 | 4.400% | 5,075,000 | 6,088,560 | |
06/15/2044 | 4.850% | 8,291,000 | 10,393,180 | |
11/21/2049 | 4.250% | 3,939,000 | 4,729,119 | |
Amgen, Inc. | ||||
08/15/2041 | 2.800% | 5,464,000 | 5,285,699 | |
02/21/2050 | 3.375% | 4,901,000 | 5,090,679 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 9 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Bristol Myers Squibb Co. | ||||
02/20/2048 | 4.550% | 1,402,000 | 1,792,048 | |
Gilead Sciences, Inc. | ||||
10/01/2040 | 2.600% | 6,300,000 | 6,040,179 | |
10/01/2050 | 2.800% | 4,580,000 | 4,434,084 | |
Pfizer, Inc. | ||||
05/28/2050 | 2.700% | 6,465,000 | 6,511,106 | |
Roche Holdings, Inc.(a) | ||||
12/13/2051 | 2.607% | 3,531,000 | 3,464,381 | |
Total | 53,829,035 | |||
Property & Casualty 0.7% | ||||
American International Group, Inc. | ||||
07/16/2044 | 4.500% | 3,705,000 | 4,566,511 | |
Berkshire Hathaway Finance Corp. | ||||
01/15/2051 | 2.500% | 3,945,000 | 3,671,409 | |
Liberty Mutual Group, Inc.(a) | ||||
10/15/2050 | 3.951% | 4,435,000 | 4,920,660 | |
Total | 13,158,580 | |||
Railroads 1.1% | ||||
Canadian Pacific Railway Co. | ||||
12/02/2051 | 3.100% | 1,698,000 | 1,736,620 | |
CSX Corp. | ||||
11/01/2046 | 3.800% | 7,700,000 | 8,718,383 | |
Norfolk Southern Corp. | ||||
08/15/2052 | 4.050% | 4,725,000 | 5,675,389 | |
Union Pacific Corp. | ||||
08/15/2059 | 3.950% | 4,325,000 | 5,134,123 | |
Total | 21,264,515 | |||
Restaurants 0.3% | ||||
McDonald’s Corp. | ||||
09/01/2049 | 3.625% | 5,450,000 | 6,026,855 | |
Retailers 1.6% | ||||
Amazon.com, Inc. | ||||
06/03/2050 | 2.500% | 3,650,000 | 3,473,829 | |
05/12/2061 | 3.250% | 10,563,000 | 11,390,840 | |
Home Depot, Inc. (The) | ||||
04/15/2040 | 3.300% | 1,045,000 | 1,131,922 | |
12/06/2048 | 4.500% | 4,370,000 | 5,665,371 | |
Lowe’s Companies, Inc. | ||||
09/15/2041 | 2.800% | 3,025,000 | 2,956,134 | |
05/03/2047 | 4.050% | 6,050,000 | 6,985,011 | |
Total | 31,603,107 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Supermarkets 0.0% | ||||
Kroger Co. (The) | ||||
02/01/2047 | 4.450% | 820,000 | 996,651 | |
Technology 5.2% | ||||
Apple, Inc. | ||||
02/09/2045 | 3.450% | 8,715,000 | 9,732,415 | |
08/05/2061 | 2.850% | 8,188,000 | 8,233,598 | |
Broadcom, Inc.(a) | ||||
11/15/2036 | 3.187% | 7,372,000 | 7,395,865 | |
Fidelity National Information Services, Inc. | ||||
03/01/2041 | 3.100% | 1,670,000 | 1,682,926 | |
Intel Corp. | ||||
08/12/2051 | 3.050% | 8,795,000 | 9,020,581 | |
International Business Machines Corp. | ||||
05/15/2040 | 2.850% | 5,150,000 | 5,069,359 | |
05/15/2050 | 2.950% | 6,742,000 | 6,590,196 | |
Microsoft Corp. | ||||
08/08/2046 | 3.700% | 880,000 | 1,055,964 | |
03/17/2052 | 2.921% | 14,625,000 | 15,486,629 | |
MSCI, Inc.(a) | ||||
11/01/2031 | 3.625% | 5,850,000 | 6,085,415 | |
NXP BV/Funding LLC/USA, Inc.(a) | ||||
05/01/2030 | 3.400% | 1,255,000 | 1,338,233 | |
02/15/2042 | 3.125% | 3,530,000 | 3,549,132 | |
Oracle Corp. | ||||
07/08/2034 | 4.300% | 8,105,000 | 8,988,142 | |
07/15/2046 | 4.000% | 2,500,000 | 2,599,466 | |
04/01/2050 | 3.600% | 10,976,000 | 10,748,967 | |
03/25/2061 | 4.100% | 1,518,000 | 1,584,849 | |
VeriSign, Inc. | ||||
06/15/2031 | 2.700% | 3,740,000 | 3,765,310 | |
Total | 102,927,047 | |||
Tobacco 0.2% | ||||
BAT Capital Corp. | ||||
08/15/2047 | 4.540% | 3,520,000 | 3,680,034 | |
Transportation Services 0.3% | ||||
FedEx Corp. | ||||
05/15/2041 | 3.250% | 100,000 | 102,351 | |
11/15/2045 | 4.750% | 3,980,000 | 4,859,054 | |
04/01/2046 | 4.550% | 220,000 | 263,479 | |
Total | 5,224,884 | |||
Wireless 2.0% | ||||
American Tower Corp. | ||||
09/15/2031 | 2.300% | 7,700,000 | 7,486,084 |
10 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Crown Castle International Corp. | ||||
04/01/2031 | 2.100% | 3,012,000 | 2,889,799 | |
Rogers Communications, Inc. | ||||
11/15/2049 | 3.700% | 6,210,000 | 6,535,965 | |
T-Mobile USA, Inc. | ||||
02/15/2041 | 3.000% | 6,820,000 | 6,645,452 | |
04/15/2050 | 4.500% | 1,670,000 | 1,956,661 | |
T-Mobile USA, Inc.(a) | ||||
10/15/2052 | 3.400% | 10,476,000 | 10,445,932 | |
Vodafone Group PLC | ||||
02/19/2043 | 4.375% | 3,205,000 | 3,732,037 | |
Total | 39,691,930 | |||
Wirelines 3.8% | ||||
AT&T, Inc. | ||||
09/15/2055 | 3.550% | 6,649,000 | 6,661,278 | |
12/01/2057 | 3.800% | 32,580,000 | 33,947,040 | |
Telefonica Emisiones SAU | ||||
03/06/2048 | 4.895% | 6,755,000 | 8,117,741 | |
Verizon Communications, Inc. | ||||
03/22/2041 | 3.400% | 13,076,000 | 13,722,775 | |
03/22/2061 | 3.700% | 12,293,000 | 13,307,019 | |
Total | 75,755,853 | |||
Total Corporate Bonds & Notes (Cost $1,113,068,751) | 1,151,548,345 | |||
Foreign Government Obligations(d) 0.8% | ||||
Mexico 0.8% | ||||
Mexico Government International Bond | ||||
08/14/2041 | 4.280% | 16,440,000 | 17,066,595 | |
Total Foreign Government Obligations (Cost $16,502,755) | 17,066,595 | |||
U.S. Treasury Obligations 37.4% | ||||
U.S. Treasury | ||||
02/15/2036 | 4.500% | 37,500,000 | 51,509,766 | |
05/15/2038 | 4.500% | 30,000,000 | 41,925,000 | |
02/15/2039 | 3.500% | 49,000,000 | 61,433,750 | |
08/15/2040 | 3.875% | 10,000,000 | 13,168,750 | |
02/15/2041 | 4.750% | 8,000,000 | 11,758,750 |
U.S. Treasury Obligations (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
05/15/2041 | 4.375% | 25,383,000 | 35,754,335 | |
05/15/2043 | 2.875% | 17,600,000 | 20,460,000 | |
08/15/2044 | 3.125% | 16,500,000 | 20,055,234 | |
11/15/2044 | 3.000% | 10,000,000 | 11,935,938 | |
11/15/2045 | 3.000% | 12,000,000 | 14,428,125 | |
11/15/2046 | 2.875% | 8,000,000 | 9,473,750 | |
11/15/2047 | 2.750% | 20,750,000 | 24,186,719 | |
02/15/2048 | 3.000% | 101,200,000 | 123,622,125 | |
08/15/2049 | 2.250% | 495,000 | 530,346 | |
02/15/2050 | 2.000% | 17,600,000 | 17,897,000 | |
05/15/2050 | 1.250% | 22,250,000 | 18,915,977 | |
08/15/2050 | 1.375% | 19,610,000 | 17,195,519 | |
11/15/2050 | 1.625% | 24,800,000 | 23,122,125 | |
02/15/2051 | 1.875% | 22,000,000 | 21,793,750 | |
05/15/2051 | 2.375% | 2,600,000 | 2,875,031 | |
U.S. Treasury(e) | ||||
05/15/2047 | 3.000% | 122,157,900 | 148,402,761 | |
U.S. Treasury(f) | ||||
STRIPS | ||||
02/15/2040 | 0.000% | 38,410,800 | 27,574,753 | |
11/15/2041 | 0.000% | 13,661,000 | 9,295,350 | |
05/15/2043 | 0.000% | 19,069,000 | 12,484,981 | |
Total U.S. Treasury Obligations (Cost $632,944,470) | 739,799,835 |
Money Market Funds 2.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(g),(h) | 40,781,119 | 40,772,963 |
Total Money Market Funds (Cost $40,776,159) | 40,772,963 | |
Total Investments in Securities (Cost: $1,818,075,473) | 1,964,728,034 | |
Other Assets & Liabilities, Net | 15,047,810 | |
Net Assets | 1,979,775,844 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 11 |
December 31, 2021
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Long Bond | 1,692 | 03/2022 | USD | 271,460,250 | 1,948,516 | — |
U.S. Ultra Treasury Bond | 215 | 03/2022 | USD | 42,381,875 | 46,423 | — |
Total | 1,994,939 | — |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | (621) | 03/2022 | USD | (81,021,094) | — | (248,765) |
U.S. Treasury Ultra 10-Year Note | (894) | 03/2022 | USD | (130,915,125) | — | (826,129) |
Total | — | (1,074,894) |
(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 December 31, 2021, the total value of these securities amounted to $136,445,343, which represents 6.89% of total net assets. |
(b) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2021. |
(c) | Variable rate security. The interest rate shown was the current rate as of December 31, 2021. |
(d) | Principal and interest may not be guaranteed by a governmental entity. |
(e) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(f) | Zero coupon bond. |
(g) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
(h) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.085% | ||||||||
34,592,750 | 718,911,605 | (712,728,143) | (3,249) | 40,772,963 | (2,046) | 30,767 | 40,781,119 |
LIBOR | London Interbank Offered Rate |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
USD | US Dollar |
12 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Agency | — | 15,540,296 | — | 15,540,296 |
Corporate Bonds & Notes | — | 1,151,548,345 | — | 1,151,548,345 |
Foreign Government Obligations | — | 17,066,595 | — | 17,066,595 |
U.S. Treasury Obligations | 690,444,751 | 49,355,084 | — | 739,799,835 |
Money Market Funds | 40,772,963 | — | — | 40,772,963 |
Total Investments in Securities | 731,217,714 | 1,233,510,320 | — | 1,964,728,034 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 1,994,939 | — | — | 1,994,939 |
Liability | ||||
Futures Contracts | (1,074,894) | — | — | (1,074,894) |
Total | 732,137,759 | 1,233,510,320 | — | 1,965,648,079 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 13 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,777,299,314) | $1,923,955,071 |
Affiliated issuers (cost $40,776,159) | 40,772,963 |
Receivable for: | |
Capital shares sold | 1,246 |
Dividends | 3,409 |
Interest | 14,165,784 |
Foreign tax reclaims | 29,778 |
Variation margin for futures contracts | 1,287,687 |
Prepaid expenses | 17,786 |
Trustees’ deferred compensation plan | 157,426 |
Total assets | 1,980,391,150 |
Liabilities | |
Due to custodian | 6,011 |
Payable for: | |
Capital shares purchased | 100,399 |
Variation margin for futures contracts | 276,281 |
Management services fees | 26,460 |
Distribution and/or service fees | 131 |
Service fees | 1,040 |
Compensation of board members | 15,987 |
Compensation of chief compliance officer | 129 |
Other expenses | 31,442 |
Trustees’ deferred compensation plan | 157,426 |
Total liabilities | 615,306 |
Net assets applicable to outstanding capital stock | $1,979,775,844 |
Represented by | |
Paid in capital | 1,765,170,864 |
Total distributable earnings (loss) | 214,604,980 |
Total - representing net assets applicable to outstanding capital stock | $1,979,775,844 |
Class 1 | |
Net assets | $1,960,592,459 |
Shares outstanding | 175,194,848 |
Net asset value per share | $11.19 |
Class 2 | |
Net assets | $19,183,385 |
Shares outstanding | 1,720,292 |
Net asset value per share | $11.15 |
14 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — affiliated issuers | $30,767 |
Interest | 54,707,659 |
Total income | 54,738,426 |
Expenses: | |
Management services fees | 9,512,718 |
Distribution and/or service fees | |
Class 2 | 54,302 |
Service fees | 13,157 |
Compensation of board members | 37,635 |
Custodian fees | 13,394 |
Printing and postage fees | 15,764 |
Audit fees | 39,500 |
Legal fees | 29,494 |
Interest on collateral | 1,938 |
Compensation of chief compliance officer | 499 |
Other | 31,448 |
Total expenses | 9,749,849 |
Net investment income | 44,988,577 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 39,387,731 |
Investments — affiliated issuers | (2,046) |
Futures contracts | 2,369,951 |
Net realized gain | 41,755,636 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (131,647,792) |
Investments — affiliated issuers | (3,249) |
Futures contracts | 2,049,412 |
Net change in unrealized appreciation (depreciation) | (129,601,629) |
Net realized and unrealized loss | (87,845,993) |
Net decrease in net assets resulting from operations | $(42,857,416) |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 15 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $44,988,577 | $41,352,416 |
Net realized gain | 41,755,636 | 84,314,983 |
Net change in unrealized appreciation (depreciation) | (129,601,629) | 149,799,200 |
Net increase (decrease) in net assets resulting from operations | (42,857,416) | 275,466,599 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (135,589,361) | (70,758,692) |
Class 2 | (1,313,978) | (965,457) |
Total distributions to shareholders | (136,903,339) | (71,724,149) |
Increase (decrease) in net assets from capital stock activity | 382,998,483 | (50,548,013) |
Total increase in net assets | 203,237,728 | 153,194,437 |
Net assets at beginning of year | 1,776,538,116 | 1,623,343,679 |
Net assets at end of year | $1,979,775,844 | $1,776,538,116 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 35,337,035 | 407,096,137 | 3,410,371 | 40,618,650 |
Distributions reinvested | 12,041,684 | 135,589,361 | 5,584,743 | 70,758,692 |
Redemptions | (13,308,181) | (152,760,735) | (14,172,654) | (172,321,382) |
Net increase (decrease) | 34,070,538 | 389,924,763 | (5,177,540) | (60,944,040) |
Class 2 | ||||
Subscriptions | 164,343 | 1,884,931 | 1,069,779 | 12,981,471 |
Distributions reinvested | 117,006 | 1,313,978 | 76,381 | 965,457 |
Redemptions | (890,100) | (10,125,189) | (295,242) | (3,550,901) |
Net increase (decrease) | (608,751) | (6,926,280) | 850,918 | 10,396,027 |
Total net increase (decrease) | 33,461,787 | 382,998,483 | (4,326,622) | (50,548,013) |
16 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class 1 | |||||||
Year Ended 12/31/2021 | $12.38 | 0.26 | (0.65) | (0.39) | (0.24) | (0.56) | (0.80) |
Year Ended 12/31/2020 | $10.99 | 0.29 | 1.62 | 1.91 | (0.33) | (0.19) | (0.52) |
Year Ended 12/31/2019 | $9.44 | 0.31 | 1.54 | 1.85 | (0.30) | — | (0.30) |
Year Ended 12/31/2018 | $10.63 | 0.31 | (0.85) | (0.54) | (0.35) | (0.30) | (0.65) |
Year Ended 12/31/2017 | $9.92 | 0.34 | 0.77 | 1.11 | (0.36) | (0.04) | (0.40) |
Class 2 | |||||||
Year Ended 12/31/2021 | $12.34 | 0.24 | (0.66) | (0.42) | (0.21) | (0.56) | (0.77) |
Year Ended 12/31/2020 | $10.95 | 0.26 | 1.62 | 1.88 | (0.30) | (0.19) | (0.49) |
Year Ended 12/31/2019 | $9.41 | 0.28 | 1.53 | 1.81 | (0.27) | — | (0.27) |
Year Ended 12/31/2018 | $10.60 | 0.28 | (0.85) | (0.57) | (0.32) | (0.30) | (0.62) |
Year Ended 12/31/2017 | $9.90 | 0.31 | 0.76 | 1.07 | (0.33) | (0.04) | (0.37) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
18 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $11.19 | (3.21%) | 0.50%(c) | 0.50%(c) | 2.32% | 48% | $1,960,592 |
Year Ended 12/31/2020 | $12.38 | 17.25% | 0.50% | 0.50% | 2.38% | 46% | $1,747,792 |
Year Ended 12/31/2019 | $10.99 | 19.74% | 0.50% | 0.50% | 2.94% | 49% | $1,607,152 |
Year Ended 12/31/2018 | $9.44 | (5.11%) | 0.51% | 0.51% | 3.13% | 80% | $1,412,097 |
Year Ended 12/31/2017 | $10.63 | 11.35% | 0.54% | 0.54% | 3.32% | 161% | $1,434,026 |
Class 2 | |||||||
Year Ended 12/31/2021 | $11.15 | (3.47%) | 0.75%(c) | 0.75%(c) | 2.07% | 48% | $19,183 |
Year Ended 12/31/2020 | $12.34 | 17.07% | 0.75% | 0.75% | 2.11% | 46% | $28,746 |
Year Ended 12/31/2019 | $10.95 | 19.42% | 0.75% | 0.75% | 2.68% | 49% | $16,192 |
Year Ended 12/31/2018 | $9.41 | (5.37%) | 0.76% | 0.76% | 2.87% | 80% | $12,261 |
Year Ended 12/31/2017 | $10.60 | 10.99% | 0.79% | 0.79% | 3.07% | 161% | $16,156 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 21 |
December 31, 2021
22 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 1,994,939* |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 1,074,894* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 2,369,951 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 2,049,412 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 291,890,055 |
Futures contracts — short | 216,880,544 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 23 |
December 31, 2021
24 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 25 |
December 31, 2021
May 1, 2021 through April 30, 2022 | Prior to May 1, 2021 | |
Class 1 | 0.54% | 0.55% |
Class 2 | 0.79 | 0.80 |
26 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
80,260 | (80,260) | — |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
88,307,395 | 48,595,944 | 136,903,339 | 63,288,473 | 8,435,676 | 71,724,149 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
54,455,270 | 39,512,606 | — | 120,796,985 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
1,844,851,094 | 135,135,392 | (14,338,407) | 120,796,985 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 29 |
December 31, 2021
30 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 31 |
Capital gain dividend | |
$41,750,848 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
32 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
34 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
36 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 | 37 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
38 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
14 | |
15 | |
16 | |
18 | |
20 | |
29 | |
30 | |
30 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class 1 | 05/19/98 | 29.19 | 9.83 | 11.92 | |
Class 2 | 06/01/00 | 28.80 | 9.56 | 11.67 | |
Russell 2000 Value Index | 28.27 | 9.07 | 12.03 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at December 31, 2021) | |
Common Stocks | 99.5 |
Money Market Funds | 0.5 |
Total | 100.0 |
Equity sector breakdown (%) (at December 31, 2021) | |
Communication Services | 3.3 |
Consumer Discretionary | 10.4 |
Consumer Staples | 4.1 |
Energy | 6.7 |
Financials | 28.9 |
Health Care | 8.5 |
Industrials | 14.3 |
Information Technology | 9.0 |
Materials | 8.1 |
Real Estate | 5.6 |
Utilities | 1.1 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
• | The Fund generated significant outperformance versus the benchmark in the materials, industrials, consumer staples, and financials sectors. |
• | Within the materials sector: |
○ | Capstone Mining Corp., a copper miner, delivered strong results and benefited from higher demand for copper in the face of supply shortages. |
○ | Ferroglobe is a U.K.-based silicon and specialty metals mining company. The company produces aluminum, silicone compounds used in the chemical industry, ductile iron, automotive parts, and photovoltaic cells, and related products. The company moved to a net profit in Q2 2021 from a net loss in Q2 2020 on a 67.4% year-over-year increase in sales. |
○ | Louisiana-Pacific Corp., a manufacturer of building materials, saw its stock price rise during the period, also benefiting from strength in the U.S. housing market and increased consumer focus on home improvements during the stay-at-home environment of 2020. |
• | Within the financials sector, insurance provider American National Group, a long-term holding in the Fund, announced an acquisition offer from Brookfield Asset Management. |
• | Within health care, medical device company iRhythm technologies, Inc., which makes wearable heart monitors, was added to the portfolio in the third quarter of 2021. Shares of iRhythm Technologies increased with the appointment of a new company President and CEO, as well as better-than-expected quarterly results. |
• | Stock selection, particularly within the information technology, energy and consumer discretionary sectors, weighed on the Fund’s relative results during the period. |
• | Within the materials sector, shares of Canadian mining company Centerra Gold declined. The company faced headwinds from an ongoing dispute with the Kyrgyzstan government after it seized Centerra’s mine in Kumtor in May 2021. |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 5 |
• | Shares of communications equipment company NETGEAR, Inc. declined during the period as the company experienced supply chain disruptions and a year over year decrease in earnings. |
• | Not owning positions in GameStop Corp., Avis Budget Group and Ovintiv Inc., all of which returned strongly for the benchmark, also weighed on the Fund’s performance compared to the benchmark during the period. |
○ | Shares in GameStop skyrocketed during the first quarter of 2021, as retail investors from internet forums such as Reddit piled into the stock, causing an unprecedented short squeeze that led to huge losses for some notable hedge funds. The Fund was not invested in GameStop, which by the end of the first quarter was up over 900% and became one of the largest names in the benchmark. We are fundamental investors and believe that stock prices track fundamentals over the long-term, and so were not invested in the name. |
○ | Similarly, the Fund’s lack of exposure to Avis Budget Group was a detractor within industrials. Shares in the heavily shorted vehicle sharing and rental company rose sharply at the beginning of November as the company reported strong earnings, which triggered an apparent short squeeze in the stock. |
6 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,018.00 | 1,020.77 | 4.48 | 4.48 | 0.88 |
Class 2 | 1,000.00 | 1,000.00 | 1,016.50 | 1,019.51 | 5.74 | 5.75 | 1.13 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 7 |
December 31, 2021
Common Stocks 99.8% | ||
Issuer | Shares | Value ($) |
Communication Services 3.3% | ||
Diversified Telecommunication Services 0.6% | ||
Liberty Latin America Ltd., Class C(a) | 348,706 | 3,975,248 |
Entertainment 0.4% | ||
Gaia, Inc.(a) | 148,540 | 1,272,988 |
Playstudios, Inc.(a) | 341,190 | 1,347,700 |
Total | 2,620,688 | |
Interactive Media & Services 0.8% | ||
Cargurus, Inc.(a) | 122,150 | 4,109,126 |
Trivago NV, ADR(a) | 581,393 | 1,267,437 |
Total | 5,376,563 | |
Media 0.8% | ||
Criteo SA, ADR(a) | 85,658 | 3,329,526 |
Hemisphere Media Group, Inc.(a) | 203,091 | 1,476,472 |
Total | 4,805,998 | |
Wireless Telecommunication Services 0.7% | ||
Telephone and Data Systems, Inc. | 215,050 | 4,333,258 |
Total Communication Services | 21,111,755 | |
Consumer Discretionary 10.4% | ||
Auto Components 1.5% | ||
Gentherm, Inc.(a) | 43,014 | 3,737,917 |
Modine Manufacturing Co.(a) | 168,206 | 1,697,199 |
Visteon Corp.(a) | 37,575 | 4,176,085 |
Total | 9,611,201 | |
Distributors 0.2% | ||
Educational Development Corp. | 170,165 | 1,517,872 |
Diversified Consumer Services 0.8% | ||
American Public Education, Inc.(a) | 75,389 | 1,677,405 |
Stride, Inc.(a) | 99,030 | 3,300,670 |
Total | 4,978,075 | |
Household Durables 3.9% | ||
Cavco Industries, Inc.(a) | 12,447 | 3,953,789 |
Ethan Allen Interiors, Inc. | 83,709 | 2,200,710 |
Hamilton Beach Brands Holding Co. | 100,639 | 1,445,176 |
Hooker Furnishings Corp. | 63,583 | 1,480,212 |
Legacy Housing Corp.(a) | 86,241 | 2,282,799 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Lifetime Brands, Inc. | 84,417 | 1,348,139 |
Meritage Homes Corp.(a) | 52,394 | 6,395,212 |
Tri Pointe Homes, Inc.(a) | 205,867 | 5,741,631 |
Total | 24,847,668 | |
Internet & Direct Marketing Retail 0.7% | ||
1-800-Flowers.com, Inc., Class A(a) | 100,598 | 2,350,975 |
Redbubble Ltd.(a) | 857,054 | 2,037,793 |
Total | 4,388,768 | |
Leisure Products 0.4% | ||
Malibu Boats, Inc., Class A(a) | 42,644 | 2,930,922 |
Multiline Retail 0.6% | ||
Big Lots, Inc. | 79,727 | 3,591,701 |
Specialty Retail 0.6% | ||
Urban Outfitters, Inc.(a) | 140,518 | 4,125,609 |
Textiles, Apparel & Luxury Goods 1.7% | ||
Culp, Inc. | 142,007 | 1,350,487 |
Fossil Group, Inc.(a) | 186,820 | 1,922,378 |
Movado Group, Inc. | 68,540 | 2,867,028 |
Steven Madden Ltd. | 97,894 | 4,549,134 |
Total | 10,689,027 | |
Total Consumer Discretionary | 66,680,843 | |
Consumer Staples 4.1% | ||
Beverages 0.6% | ||
MGP Ingredients, Inc. | 41,806 | 3,553,092 |
Food & Staples Retailing 1.4% | ||
Andersons, Inc. (The) | 89,571 | 3,467,293 |
Sprouts Farmers Market, Inc.(a) | 193,920 | 5,755,546 |
Total | 9,222,839 | |
Food Products 1.8% | ||
Dole PLC | 223,861 | 2,981,829 |
Fresh Del Monte Produce, Inc. | 124,072 | 3,424,387 |
TreeHouse Foods, Inc.(a) | 133,750 | 5,420,887 |
Total | 11,827,103 |
8 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Personal Products 0.3% | ||
Honest Co., Inc. (The)(a) | 230,376 | 1,863,742 |
Total Consumer Staples | 26,466,776 | |
Energy 6.6% | ||
Energy Equipment & Services 3.2% | ||
ChampionX Corp.(a) | 244,630 | 4,943,972 |
Core Laboratories NV | 73,520 | 1,640,231 |
Expro Group Holdings NV(a) | 177,062 | 2,540,840 |
Natural Gas Services Group, Inc.(a) | 178,237 | 1,866,141 |
Newpark Resources, Inc.(a) | 864,533 | 2,541,727 |
Pason Systems, Inc. | 193,508 | 1,765,352 |
Profire Energy, Inc.(a) | 553,832 | 587,062 |
ProPetro Holding Corp.(a) | 158,950 | 1,287,495 |
TechnipFMC PLC(a) | 614,578 | 3,638,302 |
Total | 20,811,122 | |
Oil, Gas & Consumable Fuels 3.4% | ||
Chesapeake Energy Corp. | 127,570 | 8,230,817 |
HollyFrontier Corp. | 120,030 | 3,934,583 |
Range Resources Corp.(a) | 310,710 | 5,539,959 |
Talos Energy, Inc.(a) | 263,210 | 2,579,458 |
W&T Offshore, Inc.(a) | 462,290 | 1,493,197 |
Total | 21,778,014 | |
Total Energy | 42,589,136 | |
Financials 28.8% | ||
Banks 17.2% | ||
Ameris Bancorp | 116,961 | 5,810,622 |
BancFirst Corp. | 68,905 | 4,861,937 |
Bank of Marin Bancorp | 58,878 | 2,192,028 |
BankUnited, Inc. | 156,112 | 6,605,099 |
Banner Corp. | 78,592 | 4,768,177 |
Brookline Bancorp, Inc. | 230,361 | 3,729,544 |
Capital Bancorp, Inc. | 91,230 | 2,390,226 |
Capital City Bank Group, Inc. | 88,225 | 2,329,140 |
Central Pacific Financial Corp. | 86,478 | 2,436,085 |
Central Valley Community Bancorp | 72,592 | 1,507,736 |
Community Trust Bancorp, Inc. | 63,789 | 2,781,838 |
First BanCorp | 394,323 | 5,433,771 |
First BanCorp | 73,772 | 3,372,856 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
First Community Corp. | 103,474 | 2,148,120 |
First Financial Corp. | 81,531 | 3,692,539 |
First of Long Island Corp. (The) | 93,785 | 2,024,818 |
FVCBankcorp, Inc.(a) | 83,073 | 1,645,676 |
Heritage Financial Corp. | 118,210 | 2,889,052 |
Hilltop Holdings, Inc. | 148,350 | 5,213,019 |
National Bank Holdings Corp., Class A | 84,689 | 3,721,235 |
Northrim BanCorp, Inc. | 81,539 | 3,543,685 |
OFG Bancorp | 173,818 | 4,616,606 |
Plumas Bancorp | 46,319 | 1,565,119 |
Popular, Inc. | 114,046 | 9,356,334 |
Professional Holding Corp., Class A(a) | 84,694 | 1,622,737 |
Shore Bancshares, Inc. | 104,716 | 2,183,329 |
Sierra Bancorp | 69,614 | 1,890,020 |
Southern First Bancshares, Inc.(a) | 54,031 | 3,376,397 |
Towne Bank | 159,600 | 5,041,764 |
UMB Financial Corp. | 72,551 | 7,698,387 |
Total | 110,447,896 | |
Capital Markets 0.5% | ||
StoneX Group, Inc.(a) | 53,010 | 3,246,863 |
Consumer Finance 1.3% | ||
Ezcorp, Inc., Class A(a) | 460,330 | 3,392,632 |
PROG Holdings, Inc.(a) | 103,909 | 4,687,335 |
Total | 8,079,967 | |
Insurance 5.0% | ||
American Equity Investment Life Holding Co. | 151,615 | 5,900,856 |
Crawford & Co., Class A | 177,406 | 1,328,771 |
eHealth, Inc.(a) | 83,178 | 2,121,039 |
Employers Holdings, Inc. | 76,274 | 3,156,218 |
Global Indemnity Group LLC | 173,155 | 4,351,385 |
Heritage Insurance Holdings, Inc. | 256,891 | 1,510,519 |
Horace Mann Educators Corp. | 57,982 | 2,243,904 |
Mercury General Corp. | 84,006 | 4,457,358 |
National Western Life Group, Inc., Class A | 15,525 | 3,329,181 |
ProAssurance Corp. | 152,803 | 3,865,916 |
Total | 32,265,147 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 9 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Thrifts & Mortgage Finance 4.8% | ||
HomeStreet, Inc. | 60,318 | 3,136,536 |
MGIC Investment Corp. | 390,166 | 5,626,194 |
NMI Holdings, Inc., Class A(a) | 183,209 | 4,003,117 |
Provident Financial Holdings, Inc. | 102,655 | 1,698,940 |
Radian Group, Inc. | 305,770 | 6,460,920 |
Riverview Bancorp, Inc. | 175,540 | 1,349,903 |
Territorial Bancorp, Inc. | 74,866 | 1,890,366 |
Washington Federal, Inc. | 132,392 | 4,419,245 |
Western New England Bancorp, Inc. | 268,852 | 2,355,143 |
Total | 30,940,364 | |
Total Financials | 184,980,237 | |
Health Care 8.5% | ||
Biotechnology 3.8% | ||
ACADIA Pharmaceuticals, Inc.(a) | 169,281 | 3,951,019 |
Allogene Therapeutics, Inc.(a) | 192,030 | 2,865,088 |
Atara Biotherapeutics, Inc.(a) | 188,940 | 2,977,694 |
Coherus Biosciences, Inc.(a) | 172,681 | 2,755,989 |
Insmed, Inc.(a) | 129,930 | 3,539,293 |
Iovance Biotherapeutics, Inc.(a) | 172,805 | 3,298,847 |
Sage Therapeutics, Inc.(a) | 84,560 | 3,597,182 |
Spero Therapeutics, Inc.(a) | 103,880 | 1,663,119 |
Total | 24,648,231 | |
Health Care Equipment & Supplies 0.7% | ||
Inogen, Inc.(a) | 100,295 | 3,410,030 |
Quotient Ltd.(a) | 446,229 | 1,155,733 |
Total | 4,565,763 | |
Health Care Providers & Services 0.8% | ||
Encompass Health Corp. | 77,340 | 5,047,208 |
Health Care Technology 0.4% | ||
Sharecare, Inc.(a) | 503,470 | 2,260,580 |
Pharmaceuticals 2.8% | ||
Aerie Pharmaceuticals, Inc.(a) | 184,542 | 1,295,485 |
ANI Pharmaceuticals, Inc.(a) | 55,249 | 2,545,874 |
Athira Pharma, Inc.(a) | 123,090 | 1,603,863 |
Perrigo Co. PLC | 134,410 | 5,228,549 |
Satsuma Pharmaceuticals, Inc.(a) | 204,946 | 922,257 |
Supernus Pharmaceuticals, Inc.(a) | 122,372 | 3,568,368 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Taro Pharmaceutical Industries Ltd.(a) | 38,548 | 1,931,640 |
TherapeuticsMD, Inc.(a) | 1,739,570 | 618,417 |
Total | 17,714,453 | |
Total Health Care | 54,236,235 | |
Industrials 14.3% | ||
Aerospace & Defense 1.6% | ||
Curtiss-Wright Corp. | 33,740 | 4,678,726 |
Moog, Inc., Class A | 64,695 | 5,238,354 |
Total | 9,917,080 | |
Airlines 0.4% | ||
Skywest, Inc.(a) | 67,170 | 2,639,781 |
Building Products 1.9% | ||
Caesarstone Ltd. | 137,128 | 1,555,032 |
Resideo Technologies, Inc.(a) | 161,270 | 4,197,858 |
UFP Industries, Inc. | 68,436 | 6,296,796 |
Total | 12,049,686 | |
Commercial Services & Supplies 1.0% | ||
Healthcare Services Group, Inc. | 131,070 | 2,331,735 |
HNI Corp. | 92,433 | 3,886,808 |
Total | 6,218,543 | |
Electrical Equipment 1.7% | ||
AZZ, Inc. | 61,355 | 3,392,318 |
Encore Wire Corp. | 39,202 | 5,609,806 |
Thermon(a) | 111,413 | 1,886,222 |
Total | 10,888,346 | |
Machinery 3.1% | ||
Gorman-Rupp Co. | 63,107 | 2,811,417 |
Greenbrier Companies, Inc. (The) | 81,270 | 3,729,480 |
Hurco Companies, Inc. | 59,949 | 1,780,485 |
LB Foster Co., Class A(a) | 91,630 | 1,259,913 |
Manitex International, Inc.(a) | 263,074 | 1,673,151 |
Mueller Industries, Inc. | 90,920 | 5,397,011 |
Standex International Corp. | 30,699 | 3,397,151 |
Total | 20,048,608 | |
Marine 0.4% | ||
Costamare, Inc. | 188,127 | 2,379,806 |
10 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Professional Services 1.3% | ||
Korn/Ferry International | 80,295 | 6,080,741 |
Red Violet, Inc.(a) | 62,554 | 2,482,768 |
Total | 8,563,509 | |
Road & Rail 1.9% | ||
Marten Transport Ltd. | 221,710 | 3,804,544 |
Schneider National, Inc., Class B | 166,190 | 4,472,173 |
Werner Enterprises, Inc. | 84,728 | 4,038,136 |
Total | 12,314,853 | |
Trading Companies & Distributors 1.0% | ||
H&E Equipment Services, Inc. | 73,715 | 3,263,363 |
Textainer Group Holdings Ltd. | 91,491 | 3,267,144 |
Total | 6,530,507 | |
Total Industrials | 91,550,719 | |
Information Technology 9.0% | ||
Communications Equipment 2.2% | ||
Applied Optoelectronics, Inc.(a) | 293,493 | 1,508,554 |
Casa Systems, Inc.(a) | 257,917 | 1,462,389 |
Digi International, Inc.(a) | 104,402 | 2,565,157 |
KVH Industries, Inc.(a) | 143,357 | 1,317,451 |
NETGEAR, Inc.(a) | 93,937 | 2,743,900 |
Netscout Systems, Inc.(a) | 139,538 | 4,615,917 |
Total | 14,213,368 | |
Electronic Equipment, Instruments & Components 2.4% | ||
Airgain, Inc.(a) | 124,746 | 1,326,050 |
Bel Fuse, Inc., Class B | 116,604 | 1,507,690 |
ePlus, Inc.(a) | 72,072 | 3,883,239 |
Powerfleet, Inc.(a) | 320,460 | 1,518,980 |
Vishay Intertechnology, Inc. | 251,431 | 5,498,796 |
Vishay Precision Group, Inc.(a) | 49,748 | 1,846,646 |
Total | 15,581,401 | |
IT Services 2.3% | ||
Cass Information Systems, Inc. | 49,946 | 1,963,877 |
IBEX Holdings Ltd.(a) | 156,821 | 2,021,423 |
International Money Express, Inc.(a) | 112,808 | 1,800,415 |
Kyndryl Holdings, Inc.(a) | 317,307 | 5,743,257 |
Payoneer Global, Inc.(a) | 379,027 | 2,785,848 |
Total | 14,314,820 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Semiconductors & Semiconductor Equipment 0.8% | ||
Cohu, Inc.(a) | 81,531 | 3,105,516 |
CyberOptics Corp.(a) | 42,233 | 1,963,835 |
Total | 5,069,351 | |
Software 1.3% | ||
Asure Software, Inc.(a) | 173,897 | 1,361,613 |
BTRS Holdings, Inc.(a) | 292,439 | 2,286,873 |
Cognyte Software Ltd.(a) | 219,301 | 3,436,447 |
Upland Software, Inc.(a) | 79,540 | 1,426,948 |
Total | 8,511,881 | |
Total Information Technology | 57,690,821 | |
Materials 8.1% | ||
Chemicals 1.2% | ||
Livent Corp.(a) | 118,628 | 2,892,151 |
Tronox Holdings PLC, Class A | 203,264 | 4,884,434 |
Total | 7,776,585 | |
Construction Materials 0.9% | ||
Eagle Materials, Inc. | 33,680 | 5,606,373 |
Containers & Packaging 0.5% | ||
Greif, Inc., Class A | 50,397 | 3,042,467 |
Metals & Mining 3.9% | ||
Ampco-Pittsburgh Corp.(a) | 274,257 | 1,371,285 |
Capstone Mining Corp.(a) | 728,865 | 3,215,200 |
Centerra Gold, Inc. | 489,210 | 3,770,740 |
Commercial Metals Co. | 191,460 | 6,948,083 |
ERO Copper Corp.(a) | 196,704 | 3,001,215 |
Ferroglobe PLC(a) | 282,973 | 1,757,262 |
Olympic Steel, Inc. | 75,793 | 1,781,136 |
Torex Gold Resources, Inc.(a) | 209,737 | 2,180,356 |
Universal Stainless & Alloy Products, Inc.(a) | 131,001 | 1,033,598 |
Total | 25,058,875 | |
Paper & Forest Products 1.6% | ||
Clearwater Paper Corp.(a) | 54,210 | 1,987,881 |
Glatfelter Corp. | 154,063 | 2,649,883 |
Louisiana-Pacific Corp. | 75,800 | 5,938,930 |
Total | 10,576,694 | |
Total Materials | 52,060,994 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 11 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Real Estate 5.6% | ||
Equity Real Estate Investment Trusts (REITS) 5.6% | ||
Farmland Partners, Inc. | 212,604 | 2,540,618 |
Highwoods Properties, Inc. | 108,340 | 4,830,881 |
Hudson Pacific Properties, Inc. | 169,517 | 4,188,765 |
Macerich Co. (The) | 246,480 | 4,259,174 |
Pebblebrook Hotel Trust | 213,054 | 4,766,018 |
PotlatchDeltic Corp. | 101,102 | 6,088,362 |
RLJ Lodging Trust | 325,911 | 4,539,940 |
Sunstone Hotel Investors, Inc.(a) | 416,779 | 4,888,818 |
Total | 36,102,576 | |
Total Real Estate | 36,102,576 | |
Utilities 1.1% | ||
Gas Utilities 1.1% | ||
National Fuel Gas Co. | 82,070 | 5,247,556 |
RGC Resources, Inc. | 77,236 | 1,777,200 |
Total | 7,024,756 | |
Total Utilities | 7,024,756 | |
Total Common Stocks (Cost $580,328,136) | 640,494,848 | |
Money Market Funds 0.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(b),(c) | 3,424,548 | 3,423,863 |
Total Money Market Funds (Cost $3,423,980) | 3,423,863 | |
Total Investments in Securities (Cost: $583,752,116) | 643,918,711 | |
Other Assets & Liabilities, Net | (2,080,664) | |
Net Assets | 641,838,047 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.085% | ||||||||
461,061 | 327,717,985 | (324,755,066) | (117) | 3,423,863 | (120) | 4,529 | 3,424,548 |
ADR | American Depositary Receipt |
12 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 21,111,755 | — | — | 21,111,755 |
Consumer Discretionary | 64,643,050 | 2,037,793 | — | 66,680,843 |
Consumer Staples | 26,466,776 | — | — | 26,466,776 |
Energy | 42,589,136 | — | — | 42,589,136 |
Financials | 184,980,237 | — | — | 184,980,237 |
Health Care | 54,236,235 | — | — | 54,236,235 |
Industrials | 91,550,719 | — | — | 91,550,719 |
Information Technology | 57,690,821 | — | — | 57,690,821 |
Materials | 52,060,994 | — | — | 52,060,994 |
Real Estate | 36,102,576 | — | — | 36,102,576 |
Utilities | 7,024,756 | — | — | 7,024,756 |
Total Common Stocks | 638,457,055 | 2,037,793 | — | 640,494,848 |
Money Market Funds | 3,423,863 | — | — | 3,423,863 |
Total Investments in Securities | 641,880,918 | 2,037,793 | — | 643,918,711 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 13 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $580,328,136) | $640,494,848 |
Affiliated issuers (cost $3,423,980) | 3,423,863 |
Cash | 1,137 |
Receivable for: | |
Investments sold | 239,946 |
Capital shares sold | 21,618 |
Dividends | 451,403 |
Foreign tax reclaims | 5,242 |
Expense reimbursement due from Investment Manager | 1,265 |
Prepaid expenses | 8,660 |
Trustees’ deferred compensation plan | 129,372 |
Total assets | 644,777,354 |
Liabilities | |
Foreign currency (cost $760) | 765 |
Payable for: | |
Investments purchased | 1,957,732 |
Capital shares purchased | 644,195 |
Management services fees | 15,111 |
Distribution and/or service fees | 1,633 |
Service fees | 91,064 |
Compensation of board members | 10,314 |
Compensation of chief compliance officer | 48 |
Other expenses | 89,073 |
Trustees’ deferred compensation plan | 129,372 |
Total liabilities | 2,939,307 |
Net assets applicable to outstanding capital stock | $641,838,047 |
Represented by | |
Paid in capital | 368,761,986 |
Total distributable earnings (loss) | 273,076,061 |
Total - representing net assets applicable to outstanding capital stock | $641,838,047 |
Class 1 | |
Net assets | $403,570,665 |
Shares outstanding | 19,448,941 |
Net asset value per share | $20.75 |
Class 2 | |
Net assets | $238,267,382 |
Shares outstanding | 11,577,488 |
Net asset value per share | $20.58 |
14 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $9,491,822 |
Dividends — affiliated issuers | 4,529 |
Non-cash dividends - unaffiliated issuers | 1,711,020 |
Foreign taxes withheld | (83,984) |
Total income | 11,123,387 |
Expenses: | |
Management services fees | 6,521,065 |
Distribution and/or service fees | |
Class 2 | 820,088 |
Service fees | 678,521 |
Compensation of board members | 23,772 |
Custodian fees | 25,588 |
Printing and postage fees | 73,060 |
Audit fees | 32,000 |
Legal fees | 18,411 |
Interest on interfund lending | 1,627 |
Compensation of chief compliance officer | 211 |
Other | 20,625 |
Total expenses | 8,214,968 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (653,593) |
Total net expenses | 7,561,375 |
Net investment income | 3,562,012 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 212,210,564 |
Investments — affiliated issuers | (120) |
Foreign currency translations | 100 |
Net realized gain | 212,210,544 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (22,992,022) |
Investments — affiliated issuers | (117) |
Foreign currency translations | (5) |
Net change in unrealized appreciation (depreciation) | (22,992,144) |
Net realized and unrealized gain | 189,218,400 |
Net increase in net assets resulting from operations | $192,780,412 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 15 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $3,562,012 | $5,058,256 |
Net realized gain (loss) | 212,210,544 | (2,718,411) |
Net change in unrealized appreciation (depreciation) | (22,992,144) | 60,768,077 |
Net increase in net assets resulting from operations | 192,780,412 | 63,107,922 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (2,870,583) | (13,046,266) |
Class 2 | (1,737,204) | (12,850,112) |
Total distributions to shareholders | (4,607,787) | (25,896,378) |
Increase (decrease) in net assets from capital stock activity | (241,924,101) | 26,626,467 |
Total increase (decrease) in net assets | (53,751,476) | 63,838,011 |
Net assets at beginning of year | 695,589,523 | 631,751,512 |
Net assets at end of year | $641,838,047 | $695,589,523 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 7,596,548 | 153,876,536 | 3,580,910 | 45,222,558 |
Distributions reinvested | 143,817 | 2,870,583 | 1,090,825 | 13,046,266 |
Redemptions | (11,367,420) | (229,015,939) | (1,796,080) | (23,336,890) |
Net increase (decrease) | (3,627,055) | (72,268,820) | 2,875,655 | 34,931,934 |
Class 2 | ||||
Subscriptions | 1,822,750 | 36,327,358 | 2,679,431 | 31,305,869 |
Distributions reinvested | 87,649 | 1,737,204 | 1,080,749 | 12,850,112 |
Redemptions | (10,412,308) | (207,719,843) | (3,950,806) | (52,461,448) |
Net decrease | (8,501,909) | (169,655,281) | (190,626) | (8,305,467) |
Total net increase (decrease) | (12,128,964) | (241,924,101) | 2,685,029 | 26,626,467 |
16 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class 1 | |||||||
Year Ended 12/31/2021 | $16.17 | 0.12 | 4.59 | 4.71 | (0.13) | — | (0.13) |
Year Ended 12/31/2020 | $15.67 | 0.14 | 1.01 | 1.15 | (0.08) | (0.57) | (0.65) |
Year Ended 12/31/2019 | $14.22 | 0.15 | 2.79 | 2.94 | (0.09) | (1.40) | (1.49) |
Year Ended 12/31/2018 | $20.30 | 0.10 | (3.12) | (3.02) | (0.08) | (2.98) | (3.06) |
Year Ended 12/31/2017 | $19.11 | 0.08 | 2.52 | 2.60 | (0.10) | (1.31) | (1.41) |
Class 2 | |||||||
Year Ended 12/31/2021 | $16.06 | 0.06 | 4.56 | 4.62 | (0.10) | — | (0.10) |
Year Ended 12/31/2020 | $15.55 | 0.10 | 1.02 | 1.12 | (0.04) | (0.57) | (0.61) |
Year Ended 12/31/2019 | $14.12 | 0.08 | 2.79 | 2.87 | (0.04) | (1.40) | (1.44) |
Year Ended 12/31/2018 | $20.17 | 0.05 | (3.08) | (3.03) | (0.04) | (2.98) | (3.02) |
Year Ended 12/31/2017 | $19.01 | 0.03 | 2.50 | 2.53 | (0.06) | (1.31) | (1.37) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | Ratios include line of credit interest expense which is less than 0.01%. |
18 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $20.75 | 29.19% | 0.97%(c) | 0.88%(c) | 0.58% | 69% | $403,571 |
Year Ended 12/31/2020 | $16.17 | 8.80% | 1.02%(c) | 0.90%(c) | 1.05% | 57% | $373,200 |
Year Ended 12/31/2019 | $15.67 | 21.34% | 1.04%(c) | 0.92%(c) | 1.00% | 60% | $316,513 |
Year Ended 12/31/2018 | $14.22 | (18.01%) | 1.05% | 0.92% | 0.51% | 49% | $5,525 |
Year Ended 12/31/2017 | $20.30 | 14.31% | 1.01%(d) | 0.93%(d) | 0.41% | 52% | $7,186 |
Class 2 | |||||||
Year Ended 12/31/2021 | $20.58 | 28.80% | 1.21%(c) | 1.13%(c) | 0.31% | 69% | $238,267 |
Year Ended 12/31/2020 | $16.06 | 8.59% | 1.27%(c) | 1.15%(c) | 0.80% | 57% | $322,390 |
Year Ended 12/31/2019 | $15.55 | 20.98% | 1.31%(c) | 1.17%(c) | 0.52% | 60% | $315,238 |
Year Ended 12/31/2018 | $14.12 | (18.17%) | 1.30% | 1.17% | 0.26% | 49% | $284,756 |
Year Ended 12/31/2017 | $20.17 | 13.98% | 1.26%(d) | 1.18%(d) | 0.14% | 52% | $374,640 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 21 |
December 31, 2021
22 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
Purchases ($) | Sales ($) | Net realized gain (loss) ($) |
— | 6,560,341 | 2,579,635 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 23 |
December 31, 2021
Contractual expense cap July 1, 2021 through April 30, 2022 | Voluntary expense cap May 1, 2021 through June 30, 2021 | Contractual expense cap prior to May 1, 2021 | |
Class 1 | 0.88% | 0.88% | 0.88% |
Class 2 | 1.13 | 1.13 | 1.13 |
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(178,247) | 178,247 | — |
24 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
4,607,787 | — | 4,607,787 | 6,836,498 | 19,059,880 | 25,896,378 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
64,249,296 | 148,941,857 | — | 60,014,474 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
583,904,238 | 116,072,111 | (56,057,637) | 60,014,474 |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
— | — | — | 2,508,461 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 25 |
December 31, 2021
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 2,820,000 | 0.69 | 30 |
26 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 29 |
Dividends received deduction | Capital gain dividend |
97.51% | $156,388,950 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
30 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 31 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
32 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
34 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 | 35 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
36 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2021 |
December 31, 2021
3 | |
6 | |
8 | |
9 | |
34 | |
35 | |
36 | |
38 | |
40 | |
58 | |
59 | |
59 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class 1 | 07/05/94 | 2.09 | 4.98 | 4.80 | |
Class 2 | 06/01/00 | 1.63 | 4.67 | 4.53 | |
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.90 | ||
ICE BofA US Cash Pay High Yield Constrained Index | 5.27 | 6.07 | 6.68 | ||
FTSE Non-U.S. World Government Bond (All Maturities) Index - Unhedged | -9.68 | 2.68 | 0.34 | ||
JPMorgan Emerging Markets Bond Index - Global | -1.51 | 4.47 | 4.95 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at December 31, 2021) | |
Asset-Backed Securities — Non-Agency | 7.1 |
Commercial Mortgage-Backed Securities - Non-Agency | 4.0 |
Common Stocks | 0.0(a) |
Convertible Bonds | 0.1 |
Corporate Bonds & Notes | 42.9 |
Foreign Government Obligations | 5.5 |
Money Market Funds | 5.8 |
Options Purchased Calls | 0.0(a) |
Options Purchased Puts | 0.2 |
Residential Mortgage-Backed Securities - Agency | 6.6 |
Residential Mortgage-Backed Securities - Non-Agency | 18.4 |
Senior Loans | 9.4 |
Total | 100.0 |
(a) | Rounds to zero. |
4 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
Quality breakdown (%) (at December 31, 2021) | |
AAA rating | 7.0 |
AA rating | 2.1 |
A rating | 6.2 |
BBB rating | 16.9 |
BB rating | 32.6 |
B rating | 20.5 |
CCC rating | 4.9 |
CC rating | 0.0(a) |
Not rated | 9.8 |
Total | 100.0 |
(a) | Rounds to zero. |
Market exposure through derivatives investments (% of notional exposure) (at December 31, 2021)(a) | |||
Long | Short | Net | |
Fixed Income Derivative Contracts | 4,863.9 | (4,632.2) | 231.7 |
Foreign Currency Derivative Contracts | — | (131.7) | (131.7) |
Total Notional Market Value of Derivative Contracts | 4,863.9 | (4,763.9) | 100.0 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 5 |
• | Security selection overall, across a range of sectors, was a major driver of the Fund’s outperformance during the annual period. |
• | More specifically, single-asset-single-borrower exposure within the commercial mortgage-backed securities sector; positions in energy and food & beverage issuers within the high-yield corporate bond sector; exposure to marketplace lending securities within the asset-backed securities sector; positions in energy and consumer non-cyclical issuers within the investment-grade corporate bond sector; and selection among Latin America-related emerging markets debt bolstered the Fund’s relative results. |
• | Exposure to out-of-benchmark sectors, such as non-agency mortgage-backed securities, high-yield corporate bonds and bank loans, contributed positively to the Fund’s relative performance, as these sectors outpaced the benchmark during the annual period. |
• | Having an overweight to commercial mortgage-backed securities also added value. |
6 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
• | The Fund’s duration positioning contributed significantly to relative performance. The Fund had a shorter duration than the benchmark throughout the annual period, which helped as interest rates rose. |
• | A short position to inflation expectations, meaning the Fund was not relatively well positioned for the sharp rise in inflation that occurred during the annual period, detracted from relative results. |
• | Having an underweight to investment-grade corporate bonds, which outpaced the benchmark during the annual period, also dampened the Fund’s performance. |
• | Yield curve positioning detracted from performance, as the Fund had an emphasis on the intermediate segment, or belly, of the U.S. Treasury yield curve, which is where interest rates rose most. |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 7 |
(Unaudited)
July 1, 2021 — December 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 996.00 | 1,021.68 | 3.52 | 3.57 | 0.70 |
Class 2 | 1,000.00 | 1,000.00 | 995.70 | 1,020.42 | 4.78 | 4.84 | 0.95 |
8 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Asset-Backed Securities — Non-Agency 7.3% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
ARES XLIV CLO Ltd.(a),(b) | ||||
Series 2017-44A Class DR | ||||
3-month USD LIBOR + 6.870% Floor 6.870% 04/15/2034 | 7.032% | 500,000 | 493,294 | |
Bain Capital Credit CLO Ltd.(a),(b) | ||||
Series 2021-5A Class E | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 10/23/2034 | 6.670% | 280,000 | 276,581 | |
Series 2021-6A Class E | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 10/21/2034 | 6.724% | 250,000 | 248,217 | |
Series 2021-7A Class E | ||||
3-month USD LIBOR + 6.750% Floor 6.750% 01/22/2035 | 7.116% | 250,000 | 249,110 | |
Ballyrock CLO Ltd.(a),(b) | ||||
Series 2018-1A Class A2 | ||||
3-month USD LIBOR + 1.600% 04/20/2031 | 1.732% | 500,000 | 498,594 | |
Series 2021-18A Class D | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 01/15/2035 | 6.734% | 250,000 | 249,072 | |
Barings CLO Ltd.(a),(b) | ||||
Series 2021-2A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2034 | 6.353% | 250,000 | 249,103 | |
Carlyle Global Market Strategies CLO Ltd.(a),(b) | ||||
Series 2016-3A Class ERR | ||||
3-month USD LIBOR + 3.100% Floor 3.100% 07/20/2034 | 7.148% | 250,000 | 246,792 | |
Consumer Loan Underlying Bond Credit Trust(a) | ||||
Subordinated Series 2018-P1 Class C | ||||
07/15/2025 | 5.210% | 170,981 | 172,614 | |
Dryden Senior Loan Fund(a),(b) | ||||
Series 2015-41A Class BR | ||||
3-month USD LIBOR + 1.300% Floor 1.300% 04/15/2031 | 1.424% | 335,000 | 331,970 | |
FREED ABS Trust(a) | ||||
Series 2019-1 Class C | ||||
06/18/2026 | 5.390% | 519,075 | 524,007 | |
Subordinated Series 2019-2 Class C | ||||
11/18/2026 | 4.860% | 1,000,000 | 1,014,866 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2021-1CP Class B | ||||
03/20/2028 | 1.410% | 925,000 | 924,294 | |
LendingClub Receivables Trust(a) | ||||
Series 2019-1 Class A | ||||
07/17/2045 | 4.000% | 145,878 | 147,849 | |
Series 2019-11 Class A | ||||
12/15/2045 | 3.750% | 18,003 | 18,035 | |
Series 2019-3 Class A | ||||
10/15/2025 | 3.750% | 247,967 | 250,640 | |
Series 2019-7 Class A | ||||
01/15/2027 | 3.750% | 258,347 | 259,901 | |
Series 2019-8 Class A | ||||
12/15/2045 | 3.750% | 100,539 | 101,088 | |
Series 2020-1 Class A | ||||
01/16/2046 | 3.500% | 170,482 | 171,247 | |
Series 2020-2 Class A | ||||
02/15/2046 | 3.600% | 168,036 | 168,870 | |
LendingPoint Asset Securitization Trust(a),(c),(d) | ||||
Subordinated Series 2021-1 Class B | ||||
04/15/2027 | 2.853% | 400,000 | 399,800 | |
Madison Park Funding XXII Ltd.(a),(b) | ||||
Series 2016-22A Class DR | ||||
3-month USD LIBOR + 3.500% Floor 3.500% 01/15/2033 | 3.624% | 400,000 | 399,196 | |
Octagon 55 Ltd.(a),(b) | ||||
Series 2021-1A Class E | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 07/20/2034 | 6.614% | 300,000 | 295,430 | |
Octagon Investment Partners 48 Ltd.(a),(b) | ||||
Series 2020-3A Class ER | ||||
3-month USD LIBOR + 6.700% Floor 6.700% 10/20/2034 | 6.827% | 250,000 | 250,034 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2019-3 Class A | ||||
11/16/2026 | 3.821% | 178,679 | 179,760 | |
Subordinated Series 2020-3 Class C | ||||
05/17/2027 | 6.430% | 1,200,000 | 1,235,629 | |
Subordinated Series 2021-1 Class C | ||||
11/15/2027 | 4.090% | 499,794 | 507,479 | |
Subordinated Series 2021-3 Class C | ||||
05/15/2029 | 3.270% | 300,000 | 295,459 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 9 |
December 31, 2021
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Voya CLO Ltd.(a),(b) | ||||
Series 2021-1A Class E | ||||
3-month USD LIBOR + 6.350% Floor 6.350% 07/15/2034 | 6.461% | 250,000 | 245,643 | |
Series 2021-2A Class E | ||||
3-month USD LIBOR + 6.600% Floor 6.600% 10/20/2034 | 6.727% | 250,000 | 246,963 | |
Total Asset-Backed Securities — Non-Agency (Cost $10,615,804) | 10,651,537 | |||
Commercial Mortgage-Backed Securities - Non-Agency 4.1% | ||||
BBCMS Trust(a),(b) | ||||
Subordinated Series 2018-BXH Class F | ||||
1-month USD LIBOR + 2.950% Floor 2.950% 10/15/2037 | 3.060% | 550,000 | 529,021 | |
Braemar Hotels & Resorts Trust(a),(b) | ||||
Series 2018-PRME Class E | ||||
1-month USD LIBOR + 2.400% Floor 2.400% 06/15/2035 | 2.510% | 300,000 | 289,343 | |
Subordinated Series 2018-PRME Class D | ||||
1-month USD LIBOR + 1.800% Floor 1.925% 06/15/2035 | 1.910% | 300,000 | 298,827 | |
CLNY Trust(a),(b) | ||||
Series 2019-IKPR Class E | ||||
1-month USD LIBOR + 2.721% Floor 2.721% 11/15/2038 | 2.831% | 300,000 | 296,252 | |
Series 2019-IKPR Class F | ||||
1-month USD LIBOR + 3.417% Floor 3.417% 11/15/2038 | 3.527% | 650,000 | 633,756 | |
COMM Mortgage Trust(a),(e) | ||||
Series 2020-CBM Class F | ||||
02/10/2037 | 3.633% | 150,000 | 141,667 | |
Credit Suisse Mortgage Capital Certificates OA LLC(a) | ||||
Subordinated Series 2014-USA Class E | ||||
09/15/2037 | 4.373% | 500,000 | 444,976 | |
Subordinated Series 2014-USA Class F | ||||
09/15/2037 | 4.373% | 400,000 | 307,062 | |
CSMC Trust(a),(e) | ||||
Subordinated Series 2019-UVIL Class E | ||||
12/15/2041 | 3.283% | 600,000 | 529,931 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Extended Stay America Trust(a),(b) | ||||
Series 2021-ESH Class D | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 07/15/2038 | 2.340% | 198,965 | 198,965 | |
Series 2021-ESH Class E | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 07/15/2038 | 2.934% | 198,965 | 198,965 | |
Morgan Stanley Capital I Trust(a),(e) | ||||
Series 2019-MEAD Class E | ||||
11/10/2036 | 3.283% | 600,000 | 571,225 | |
Progress Residential Trust(a) | ||||
Subordinated Series 2019-SFR2 Class F | ||||
05/17/2036 | 4.837% | 630,000 | 634,218 | |
Subordinated Series 2020-SFR2 Class F | ||||
06/18/2037 | 6.152% | 500,000 | 518,228 | |
UBS Commercial Mortgage Trust(a),(b) | ||||
Series 2018-NYCH Class E | ||||
1-month USD LIBOR + 2.900% Floor 3.200% 02/15/2032 | 3.010% | 450,000 | 438,001 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $5,987,038) | 6,030,437 |
Common Stocks —% | ||
Issuer | Shares | Value ($) |
Financials —% | ||
Diversified Financial Services —% | ||
Fairlane Management Corp.(c),(d),(f) | 2,000 | — |
Total Financials | — | |
Total Common Stocks (Cost $—) | — |
Convertible Bonds 0.1% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.1% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 211,000 | 199,723 | |
Total Convertible Bonds (Cost $198,441) | 199,723 | |||
10 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes 44.0% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.7% | ||||
Boeing Co. (The) | ||||
05/01/2060 | 5.930% | 285,000 | 395,132 | |
Bombardier, Inc.(a) | ||||
04/15/2027 | 7.875% | 113,000 | 117,180 | |
TransDigm, Inc.(a) | ||||
12/15/2025 | 8.000% | 110,000 | 116,030 | |
03/15/2026 | 6.250% | 28,000 | 29,096 | |
TransDigm, Inc. | ||||
06/15/2026 | 6.375% | 17,000 | 17,470 | |
03/15/2027 | 7.500% | 73,000 | 76,369 | |
11/15/2027 | 5.500% | 120,000 | 123,672 | |
05/01/2029 | 4.875% | 93,000 | 93,257 | |
Total | 968,206 | |||
Airlines 0.4% | ||||
Air Canada(a) | ||||
08/15/2026 | 3.875% | 75,000 | 76,688 | |
American Airlines, Inc.(a) | ||||
07/15/2025 | 11.750% | 41,000 | 50,974 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | ||||
04/20/2026 | 5.500% | 180,000 | 187,329 | |
Delta Air Lines, Inc. | ||||
01/15/2026 | 7.375% | 21,000 | 24,658 | |
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a) | ||||
01/20/2026 | 5.750% | 92,595 | 97,110 | |
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.(a) | ||||
06/20/2027 | 6.500% | 44,000 | 47,031 | |
United Airlines, Inc.(a) | ||||
04/15/2026 | 4.375% | 51,000 | 53,213 | |
Total | 537,003 | |||
Automotive 1.0% | ||||
American Axle & Manufacturing, Inc. | ||||
03/15/2026 | 6.250% | 55,000 | 56,217 | |
04/01/2027 | 6.500% | 8,000 | 8,326 | |
Clarios Global LP(a) | ||||
05/15/2025 | 6.750% | 34,000 | 35,670 | |
Ford Motor Co. | ||||
02/12/2032 | 3.250% | 126,000 | 128,993 | |
01/15/2043 | 4.750% | 164,000 | 181,252 | |
Ford Motor Credit Co. LLC | ||||
03/18/2024 | 5.584% | 49,000 | 52,799 | |
09/08/2024 | 3.664% | 47,000 | 48,909 | |
11/01/2024 | 4.063% | 23,000 | 24,210 | |
06/16/2025 | 5.125% | 113,000 | 123,213 | |
11/13/2025 | 3.375% | 63,000 | 65,368 | |
08/17/2027 | 4.125% | 116,000 | 125,222 | |
02/16/2028 | 2.900% | 34,000 | 34,160 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
11/13/2030 | 4.000% | 30,000 | 32,261 | |
Goodyear Tire & Rubber Co. (The)(a) | ||||
07/15/2029 | 5.000% | 54,000 | 57,986 | |
IAA Spinco, Inc.(a) | ||||
06/15/2027 | 5.500% | 89,000 | 92,326 | |
KAR Auction Services, Inc.(a) | ||||
06/01/2025 | 5.125% | 203,000 | 205,573 | |
Panther BF Aggregator 2 LP/Finance Co., Inc.(a) | ||||
05/15/2026 | 6.250% | 23,000 | 24,098 | |
05/15/2027 | 8.500% | 67,000 | 71,031 | |
Real Hero Merger Sub 2, Inc.(a) | ||||
02/01/2029 | 6.250% | 20,000 | 20,018 | |
Tenneco, Inc.(a) | ||||
01/15/2029 | 7.875% | 63,000 | 68,341 | |
Total | 1,455,973 | |||
Banking 4.8% | ||||
Bank of America Corp.(g) | ||||
07/23/2031 | 1.898% | 1,000,000 | 958,872 | |
10/20/2032 | 2.572% | 440,000 | 442,128 | |
Citigroup, Inc.(g) | ||||
05/01/2032 | 2.561% | 154,000 | 154,878 | |
11/03/2032 | 2.520% | 452,000 | 452,154 | |
Goldman Sachs Group, Inc. (The)(g) | ||||
04/22/2032 | 2.615% | 57,000 | 57,290 | |
07/21/2032 | 2.383% | 774,000 | 762,167 | |
HSBC Holdings PLC(g) | ||||
05/24/2032 | 2.804% | 270,000 | 271,321 | |
11/22/2032 | 2.871% | 599,000 | 604,449 | |
JPMorgan Chase & Co.(g) | ||||
04/22/2032 | 2.580% | 868,000 | 878,816 | |
11/08/2032 | 2.545% | 521,000 | 524,530 | |
Morgan Stanley(g) | ||||
07/21/2032 | 2.239% | 302,000 | 295,880 | |
10/20/2032 | 2.511% | 588,000 | 587,430 | |
Wells Fargo & Co.(g) | ||||
02/11/2031 | 2.572% | 1,060,000 | 1,081,949 | |
Total | 7,071,864 | |||
Brokerage/Asset Managers/Exchanges 0.2% | ||||
Advisor Group Holdings, Inc.(a) | ||||
08/01/2027 | 10.750% | 11,000 | 12,242 | |
AG Issuer LLC(a) | ||||
03/01/2028 | 6.250% | 28,000 | 29,105 | |
Aretec Escrow Issuer, Inc.(a) | ||||
04/01/2029 | 7.500% | 25,000 | 25,673 | |
Hightower Holding LLC(a) | ||||
04/15/2029 | 6.750% | 66,000 | 67,721 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 11 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
NFP Corp.(a) | ||||
08/15/2028 | 4.875% | 68,000 | 68,936 | |
08/15/2028 | 6.875% | 120,000 | 120,471 | |
Total | 324,148 | |||
Building Materials 0.3% | ||||
Beacon Roofing Supply, Inc.(a) | ||||
11/15/2026 | 4.500% | 70,000 | 72,500 | |
05/15/2029 | 4.125% | 41,000 | 40,983 | |
CP Atlas Buyer Inc.(a) | ||||
12/01/2028 | 7.000% | 70,000 | 69,532 | |
Interface, Inc.(a) | ||||
12/01/2028 | 5.500% | 21,000 | 22,002 | |
James Hardie International Finance DAC(a) | ||||
01/15/2028 | 5.000% | 66,000 | 68,744 | |
SRS Distribution, Inc.(a) | ||||
07/01/2028 | 4.625% | 32,000 | 32,264 | |
07/01/2029 | 6.125% | 62,000 | 63,154 | |
12/01/2029 | 6.000% | 77,000 | 77,460 | |
White Cap Buyer LLC(a) | ||||
10/15/2028 | 6.875% | 59,000 | 61,762 | |
Total | 508,401 | |||
Cable and Satellite 2.9% | ||||
Cable One, Inc.(a) | ||||
11/15/2030 | 4.000% | 53,000 | 52,258 | |
CCO Holdings LLC/Capital Corp.(a) | ||||
06/01/2029 | 5.375% | 94,000 | 101,480 | |
03/01/2030 | 4.750% | 91,000 | 94,865 | |
08/15/2030 | 4.500% | 92,000 | 94,403 | |
02/01/2031 | 4.250% | 47,000 | 47,501 | |
CCO Holdings LLC/Capital Corp. | ||||
05/01/2032 | 4.500% | 446,000 | 459,762 | |
Charter Communications Operating LLC/Capital | ||||
05/01/2047 | 5.375% | 140,000 | 167,207 | |
06/30/2062 | 3.950% | 405,000 | 391,315 | |
CSC Holdings LLC | ||||
06/01/2024 | 5.250% | 25,000 | 26,084 | |
CSC Holdings LLC(a) | ||||
01/15/2030 | 5.750% | 117,000 | 116,984 | |
12/01/2030 | 4.125% | 40,000 | 39,088 | |
12/01/2030 | 4.625% | 189,000 | 178,829 | |
02/15/2031 | 3.375% | 32,000 | 29,960 | |
DIRECTV Holdings LLC/Financing Co., Inc.(a) | ||||
08/15/2027 | 5.875% | 67,000 | 68,633 | |
DISH DBS Corp.(a) | ||||
12/01/2028 | 5.750% | 159,000 | 160,765 | |
DISH DBS Corp. | ||||
06/01/2029 | 5.125% | 342,000 | 311,179 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Radiate Holdco LLC/Finance, Inc.(a) | ||||
09/15/2026 | 4.500% | 123,000 | 124,657 | |
09/15/2028 | 6.500% | 201,000 | 201,968 | |
Sirius XM Radio, Inc.(a) | ||||
09/01/2026 | 3.125% | 57,000 | 56,984 | |
07/01/2030 | 4.125% | 70,000 | 70,188 | |
Videotron Ltd.(a) | ||||
06/15/2029 | 3.625% | 1,011,000 | 1,021,420 | |
Virgin Media Finance PLC(a) | ||||
07/15/2030 | 5.000% | 126,000 | 125,919 | |
Ziggo Bond Co. BV(a) | ||||
02/28/2030 | 5.125% | 184,000 | 185,395 | |
Ziggo BV(a) | ||||
01/15/2030 | 4.875% | 160,000 | 164,005 | |
Total | 4,290,849 | |||
Chemicals 0.7% | ||||
Axalta Coating Systems LLC(a) | ||||
02/15/2029 | 3.375% | 88,000 | 85,260 | |
Element Solutions, Inc.(a) | ||||
09/01/2028 | 3.875% | 70,000 | 70,868 | |
HB Fuller Co. | ||||
10/15/2028 | 4.250% | 52,000 | 53,563 | |
Herens Holdco Sarl(a) | ||||
05/15/2028 | 4.750% | 66,000 | 64,652 | |
Illuminate Buyer LLC/Holdings IV, Inc.(a) | ||||
07/01/2028 | 9.000% | 39,000 | 41,553 | |
INEOS Quattro Finance 2 Plc(a) | ||||
01/15/2026 | 3.375% | 22,000 | 22,079 | |
Ingevity Corp.(a) | ||||
11/01/2028 | 3.875% | 135,000 | 131,642 | |
Innophos Holdings, Inc.(a) | ||||
02/15/2028 | 9.375% | 107,000 | 116,141 | |
Iris Holdings, Inc.(a),(h) | ||||
02/15/2026 | 8.750% | 29,000 | 29,272 | |
Olympus Water US Holding Corp.(a) | ||||
10/01/2028 | 4.250% | 63,000 | 62,112 | |
SPCM SA(a) | ||||
03/15/2027 | 3.125% | 7,000 | 6,918 | |
Unifrax Escrow Issuer Corp.(a) | ||||
09/30/2028 | 5.250% | 32,000 | 32,398 | |
09/30/2029 | 7.500% | 18,000 | 18,273 | |
WR Grace Holdings LLC(a) | ||||
06/15/2027 | 4.875% | 96,000 | 98,606 | |
08/15/2029 | 5.625% | 119,000 | 122,250 | |
Total | 955,587 |
12 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Construction Machinery 0.2% | ||||
H&E Equipment Services, Inc.(a) | ||||
12/15/2028 | 3.875% | 103,000 | 102,444 | |
Herc Holdings, Inc.(a) | ||||
07/15/2027 | 5.500% | 78,000 | 81,201 | |
PECF USS Intermediate Holding III Corp.(a) | ||||
11/15/2029 | 8.000% | 10,000 | 10,350 | |
Ritchie Bros Holdings, Inc.(a) | ||||
12/15/2031 | 4.750% | 98,000 | 102,251 | |
Ritchie Bros. Auctioneers, Inc.(a) | ||||
01/15/2025 | 5.375% | 28,000 | 28,305 | |
United Rentals North America, Inc. | ||||
01/15/2032 | 3.750% | 29,000 | 29,230 | |
Total | 353,781 | |||
Consumer Cyclical Services 0.5% | ||||
APX Group, Inc.(a) | ||||
02/15/2027 | 6.750% | 20,000 | 21,131 | |
07/15/2029 | 5.750% | 56,000 | 55,441 | |
Arches Buyer, Inc.(a) | ||||
12/01/2028 | 6.125% | 25,000 | 25,166 | |
ASGN, Inc.(a) | ||||
05/15/2028 | 4.625% | 120,000 | 124,488 | |
Match Group, Inc.(a) | ||||
06/01/2028 | 4.625% | 23,000 | 23,921 | |
Staples, Inc.(a) | ||||
04/15/2026 | 7.500% | 96,000 | 98,596 | |
04/15/2027 | 10.750% | 19,000 | 17,897 | |
Uber Technologies, Inc.(a) | ||||
05/15/2025 | 7.500% | 62,000 | 65,318 | |
08/15/2029 | 4.500% | 256,000 | 261,312 | |
Total | 693,270 | |||
Consumer Products 0.5% | ||||
CD&R Smokey Buyer, Inc.(a) | ||||
07/15/2025 | 6.750% | 93,000 | 97,598 | |
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 110,000 | 142,457 | |
11/01/2041 | 5.450% | 12,000 | 14,322 | |
Newell Brands, Inc. | ||||
04/01/2046 | 6.000% | 300,000 | 384,764 | |
Prestige Brands, Inc.(a) | ||||
04/01/2031 | 3.750% | 26,000 | 25,175 | |
Spectrum Brands, Inc. | ||||
07/15/2025 | 5.750% | 59,000 | 60,293 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Tempur Sealy International, Inc.(a) | ||||
10/15/2031 | 3.875% | 30,000 | 30,072 | |
Total | 754,681 | |||
Diversified Manufacturing 0.6% | ||||
BWX Technologies, Inc.(a) | ||||
06/30/2028 | 4.125% | 12,000 | 12,173 | |
General Electric Co. | ||||
03/15/2032 | 6.750% | 62,000 | 84,518 | |
General Electric Co.(b) | ||||
Junior Subordinated | ||||
3-month USD LIBOR + 3.330% 12/31/2049 | 3.533% | 360,000 | 355,755 | |
Madison IAQ LLC(a) | ||||
06/30/2028 | 4.125% | 24,000 | 24,126 | |
06/30/2029 | 5.875% | 77,000 | 77,008 | |
Resideo Funding, Inc.(a) | ||||
09/01/2029 | 4.000% | 53,000 | 51,980 | |
Vertical US Newco, Inc.(a) | ||||
07/15/2027 | 5.250% | 37,000 | 38,863 | |
WESCO Distribution, Inc.(a) | ||||
06/15/2025 | 7.125% | 95,000 | 100,614 | |
06/15/2028 | 7.250% | 76,000 | 83,563 | |
Total | 828,600 | |||
Electric 2.6% | ||||
AEP Texas, Inc. | ||||
01/15/2050 | 3.450% | 435,000 | 444,974 | |
Calpine Corp.(a) | ||||
06/01/2026 | 5.250% | 17,000 | 17,441 | |
02/15/2028 | 4.500% | 48,000 | 49,793 | |
Clearway Energy Operating LLC(a) | ||||
03/15/2028 | 4.750% | 136,000 | 143,398 | |
02/15/2031 | 3.750% | 151,000 | 150,945 | |
01/15/2032 | 3.750% | 112,000 | 111,524 | |
Emera US Finance LP | ||||
06/15/2046 | 4.750% | 365,000 | 433,552 | |
Georgia Power Co. | ||||
03/15/2042 | 4.300% | 200,000 | 228,948 | |
Leeward Renewable Energy Operations LLC(a) | ||||
07/01/2029 | 4.250% | 88,000 | 88,942 | |
NextEra Energy Operating Partners LP(a) | ||||
07/15/2024 | 4.250% | 24,000 | 24,962 | |
09/15/2027 | 4.500% | 240,000 | 258,787 | |
NRG Energy, Inc.(a) | ||||
06/15/2029 | 5.250% | 45,000 | 48,178 | |
02/15/2031 | 3.625% | 361,000 | 353,619 | |
02/15/2032 | 3.875% | 582,000 | 572,476 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 13 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pacific Gas and Electric Co. | ||||
07/01/2050 | 4.950% | 415,000 | 454,584 | |
Pattern Energy Operations LP/Inc.(a) | ||||
08/15/2028 | 4.500% | 41,000 | 42,706 | |
PG&E Corp. | ||||
07/01/2028 | 5.000% | 35,000 | 36,797 | |
07/01/2030 | 5.250% | 50,000 | 52,421 | |
TerraForm Power Operating LLC(a) | ||||
01/31/2028 | 5.000% | 69,000 | 73,242 | |
01/15/2030 | 4.750% | 89,000 | 93,401 | |
Vistra Operations Co. LLC(a) | ||||
07/31/2027 | 5.000% | 24,000 | 24,914 | |
05/01/2029 | 4.375% | 44,000 | 44,166 | |
Total | 3,749,770 | |||
Environmental 0.3% | ||||
GFL Environmental, Inc.(a) | ||||
06/01/2025 | 4.250% | 135,000 | 138,878 | |
08/01/2025 | 3.750% | 29,000 | 29,409 | |
08/01/2028 | 4.000% | 56,000 | 54,956 | |
06/15/2029 | 4.750% | 72,000 | 72,523 | |
08/15/2029 | 4.375% | 37,000 | 36,669 | |
Waste Pro USA, Inc.(a) | ||||
02/15/2026 | 5.500% | 143,000 | 142,985 | |
Total | 475,420 | |||
Finance Companies 1.2% | ||||
Global Aircraft Leasing Co., Ltd.(a),(h) | ||||
09/15/2024 | 6.500% | 41,120 | 39,718 | |
Navient Corp. | ||||
03/15/2028 | 4.875% | 40,000 | 39,950 | |
Provident Funding Associates LP/Finance Corp.(a) | ||||
06/15/2025 | 6.375% | 186,000 | 192,111 | |
Quicken Loans LLC/Co-Issuer, Inc.(a) | ||||
03/01/2029 | 3.625% | 53,000 | 53,250 | |
03/01/2031 | 3.875% | 199,000 | 202,734 | |
Rocket Mortgage LLC/Co-Issuer, Inc.(a) | ||||
10/15/2033 | 4.000% | 1,009,000 | 1,022,507 | |
Springleaf Finance Corp. | ||||
03/15/2024 | 6.125% | 137,000 | 145,262 | |
Total | 1,695,532 | |||
Food and Beverage 2.6% | ||||
Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | ||||
02/01/2046 | 4.900% | 587,000 | 743,537 | |
Bacardi Ltd.(a) | ||||
05/15/2048 | 5.300% | 420,000 | 552,320 | |
JBS USA LUX SA/Food Co./Finance, Inc.(a) | ||||
12/01/2031 | 3.750% | 35,000 | 35,803 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
JBS USA LUX SA/USA Finance, Inc.(a) | ||||
02/15/2028 | 6.750% | 80,000 | 86,386 | |
Kraft Heinz Foods Co. | ||||
06/01/2046 | 4.375% | 466,000 | 546,895 | |
Lamb Weston Holdings, Inc.(a) | ||||
05/15/2028 | 4.875% | 36,000 | 39,014 | |
01/31/2030 | 4.125% | 71,000 | 72,936 | |
01/31/2032 | 4.375% | 71,000 | 73,250 | |
Performance Food Group, Inc.(a) | ||||
05/01/2025 | 6.875% | 23,000 | 24,157 | |
Pilgrim’s Pride Corp.(a) | ||||
04/15/2031 | 4.250% | 179,000 | 188,115 | |
03/01/2032 | 3.500% | 1,023,000 | 1,037,353 | |
Post Holdings, Inc.(a) | ||||
03/01/2027 | 5.750% | 57,000 | 58,945 | |
01/15/2028 | 5.625% | 33,000 | 34,981 | |
04/15/2030 | 4.625% | 28,000 | 28,418 | |
09/15/2031 | 4.500% | 82,000 | 81,384 | |
Primo Water Holdings, Inc.(a) | ||||
04/30/2029 | 4.375% | 43,000 | 42,633 | |
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a) | ||||
03/01/2029 | 4.625% | 32,000 | 31,537 | |
Triton Water Holdings, Inc.(a) | ||||
04/01/2029 | 6.250% | 42,000 | 40,605 | |
US Foods, Inc.(a) | ||||
04/15/2025 | 6.250% | 6,000 | 6,259 | |
02/15/2029 | 4.750% | 27,000 | 27,458 | |
06/01/2030 | 4.625% | 55,000 | 55,674 | |
Total | 3,807,660 | |||
Gaming 0.9% | ||||
Boyd Gaming Corp.(a) | ||||
06/15/2031 | 4.750% | 82,000 | 84,052 | |
Caesars Entertainment, Inc.(a) | ||||
10/15/2029 | 4.625% | 164,000 | 164,932 | |
CCM Merger, Inc.(a) | ||||
05/01/2026 | 6.375% | 89,000 | 93,451 | |
Colt Merger Sub, Inc.(a) | ||||
07/01/2025 | 6.250% | 28,000 | 29,410 | |
07/01/2027 | 8.125% | 129,000 | 142,785 | |
International Game Technology PLC(a) | ||||
02/15/2025 | 6.500% | 86,000 | 94,118 | |
MGM Growth Properties Operating Partnership LP/Finance Co-Issuer, Inc.(a) | ||||
02/15/2029 | 3.875% | 14,000 | 14,765 | |
Midwest Gaming Borrower LLC(a) | ||||
05/01/2029 | 4.875% | 130,000 | 131,928 | |
Penn National Gaming, Inc.(a) | ||||
07/01/2029 | 4.125% | 35,000 | 34,071 |
14 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Scientific Games International, Inc.(a) | ||||
07/01/2025 | 8.625% | 32,000 | 34,252 | |
10/15/2025 | 5.000% | 28,000 | 28,815 | |
03/15/2026 | 8.250% | 139,000 | 146,535 | |
05/15/2028 | 7.000% | 45,000 | 48,176 | |
11/15/2029 | 7.250% | 44,000 | 49,365 | |
VICI Properties LP/Note Co., Inc.(a) | ||||
02/15/2025 | 3.500% | 13,000 | 13,255 | |
12/01/2026 | 4.250% | 61,000 | 63,517 | |
08/15/2030 | 4.125% | 130,000 | 137,623 | |
Wynn Las Vegas LLC/Capital Corp.(a) | ||||
03/01/2025 | 5.500% | 47,000 | 48,600 | |
Wynn Resorts Finance LLC/Capital Corp.(a) | ||||
10/01/2029 | 5.125% | 18,000 | 18,308 | |
Total | 1,377,958 | |||
Health Care 1.7% | ||||
Acadia Healthcare Co., Inc.(a) | ||||
07/01/2028 | 5.500% | 19,000 | 19,959 | |
04/15/2029 | 5.000% | 46,000 | 47,609 | |
AdaptHealth LLC(a) | ||||
03/01/2030 | 5.125% | 96,000 | 98,184 | |
Avantor Funding, Inc.(a) | ||||
07/15/2028 | 4.625% | 45,000 | 47,289 | |
11/01/2029 | 3.875% | 143,000 | 144,462 | |
Catalent Pharma Solutions, Inc.(a) | ||||
07/15/2027 | 5.000% | 14,000 | 14,538 | |
02/15/2029 | 3.125% | 16,000 | 15,785 | |
04/01/2030 | 3.500% | 44,000 | 43,915 | |
Charles River Laboratories International, Inc.(a) | ||||
05/01/2028 | 4.250% | 27,000 | 28,130 | |
03/15/2029 | 3.750% | 21,000 | 21,324 | |
03/15/2031 | 4.000% | 17,000 | 17,414 | |
CHS/Community Health Systems, Inc.(a) | ||||
02/15/2025 | 6.625% | 110,000 | 113,852 | |
03/15/2026 | 8.000% | 75,000 | 78,790 | |
04/15/2029 | 6.875% | 68,000 | 69,444 | |
02/15/2031 | 4.750% | 39,000 | 39,487 | |
HCA, Inc. | ||||
09/01/2028 | 5.625% | 165,000 | 192,727 | |
09/01/2030 | 3.500% | 5,000 | 5,281 | |
Hologic, Inc.(a) | ||||
02/01/2028 | 4.625% | 75,000 | 78,806 | |
IQVIA, Inc.(a) | ||||
10/15/2026 | 5.000% | 25,000 | 25,679 | |
05/15/2027 | 5.000% | 95,000 | 98,363 | |
Mozart Debt Merger Sub, Inc.(a) | ||||
10/01/2029 | 5.250% | 32,000 | 32,498 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Ortho-Clinical Diagnostics, Inc./SA(a) | ||||
06/01/2025 | 7.375% | 40,000 | 42,207 | |
02/01/2028 | 7.250% | 15,000 | 16,116 | |
Radiology Partners, Inc.(a) | ||||
02/01/2028 | 9.250% | 66,000 | 69,340 | |
RP Escrow Issuer LLC(a) | ||||
12/15/2025 | 5.250% | 212,000 | 215,215 | |
Select Medical Corp.(a) | ||||
08/15/2026 | 6.250% | 181,000 | 191,748 | |
Surgery Center Holdings, Inc.(a) | ||||
04/15/2027 | 10.000% | 83,000 | 88,244 | |
Syneos Health, Inc.(a) | ||||
01/15/2029 | 3.625% | 43,000 | 42,395 | |
Teleflex, Inc. | ||||
11/15/2027 | 4.625% | 53,000 | 55,107 | |
Teleflex, Inc.(a) | ||||
06/01/2028 | 4.250% | 28,000 | 28,802 | |
Tenet Healthcare Corp. | ||||
07/15/2024 | 4.625% | 10,000 | 10,151 | |
Tenet Healthcare Corp.(a) | ||||
02/01/2027 | 6.250% | 79,000 | 81,749 | |
11/01/2027 | 5.125% | 139,000 | 144,919 | |
10/01/2028 | 6.125% | 115,000 | 121,510 | |
01/15/2030 | 4.375% | 72,000 | 72,986 | |
US Acute Care Solutions LLC(a) | ||||
03/01/2026 | 6.375% | 76,000 | 79,528 | |
Total | 2,493,553 | |||
Healthcare Insurance 0.3% | ||||
Centene Corp. | ||||
10/15/2030 | 3.000% | 81,000 | 82,419 | |
08/01/2031 | 2.625% | 339,000 | 333,484 | |
Total | 415,903 | |||
Home Construction 0.4% | ||||
Meritage Homes Corp. | ||||
06/06/2027 | 5.125% | 44,000 | 48,558 | |
Meritage Homes Corp.(a) | ||||
04/15/2029 | 3.875% | 385,000 | 405,685 | |
Shea Homes LP/Funding Corp.(a) | ||||
02/15/2028 | 4.750% | 47,000 | 48,102 | |
Taylor Morrison Communities, Inc.(a) | ||||
01/15/2028 | 5.750% | 52,000 | 57,966 | |
TRI Pointe Group, Inc./Homes | ||||
06/15/2024 | 5.875% | 35,000 | 38,050 | |
Total | 598,361 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 15 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Independent Energy 2.7% | ||||
Apache Corp. | ||||
11/15/2027 | 4.875% | 34,000 | 37,110 | |
10/15/2028 | 4.375% | 46,000 | 50,134 | |
01/15/2030 | 4.250% | 41,000 | 44,488 | |
09/01/2040 | 5.100% | 48,000 | 54,248 | |
02/01/2042 | 5.250% | 25,000 | 28,902 | |
04/15/2043 | 4.750% | 70,000 | 77,006 | |
Callon Petroleum Co. | ||||
10/01/2024 | 6.125% | 85,000 | 83,860 | |
07/01/2026 | 6.375% | 185,000 | 178,936 | |
Callon Petroleum Co.(a) | ||||
08/01/2028 | 8.000% | 143,000 | 145,987 | |
CNX Resources Corp.(a) | ||||
03/14/2027 | 7.250% | 45,000 | 47,717 | |
01/15/2029 | 6.000% | 64,000 | 66,561 | |
Comstock Resources, Inc.(a) | ||||
03/01/2029 | 6.750% | 29,000 | 31,445 | |
01/15/2030 | 5.875% | 27,000 | 27,671 | |
CrownRock LP/Finance, Inc.(a) | ||||
05/01/2029 | 5.000% | 22,000 | 22,840 | |
Endeavor Energy Resources LP/Finance, Inc.(a) | ||||
01/30/2028 | 5.750% | 17,000 | 18,133 | |
EQT Corp.(g) | ||||
02/01/2030 | 7.500% | 118,000 | 151,489 | |
EQT Corp.(a) | ||||
05/15/2031 | 3.625% | 82,000 | 85,562 | |
Hilcorp Energy I LP/Finance Co.(a) | ||||
02/01/2029 | 5.750% | 57,000 | 58,721 | |
Matador Resources Co. | ||||
09/15/2026 | 5.875% | 75,000 | 76,953 | |
Occidental Petroleum Corp. | ||||
04/15/2026 | 3.400% | 139,000 | 142,538 | |
08/15/2029 | 3.500% | 75,000 | 76,986 | |
09/01/2030 | 6.625% | 117,000 | 144,831 | |
01/01/2031 | 6.125% | 110,000 | 133,520 | |
09/15/2036 | 6.450% | 449,000 | 572,493 | |
03/15/2040 | 6.200% | 31,000 | 38,133 | |
07/15/2044 | 4.500% | 53,000 | 54,572 | |
06/15/2045 | 4.625% | 493,000 | 512,720 | |
03/15/2046 | 6.600% | 114,000 | 147,959 | |
04/15/2046 | 4.400% | 441,000 | 455,125 | |
03/15/2048 | 4.200% | 83,000 | 82,987 | |
08/15/2049 | 4.400% | 82,000 | 83,341 | |
SM Energy Co. | ||||
01/15/2027 | 6.625% | 32,000 | 33,179 | |
07/15/2028 | 6.500% | 24,000 | 24,985 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Southwestern Energy Co. | ||||
02/01/2029 | 5.375% | 26,000 | 27,542 | |
02/01/2032 | 4.750% | 121,000 | 127,547 | |
Total | 3,946,221 | |||
Integrated Energy 0.1% | ||||
Cenovus Energy, Inc. | ||||
02/15/2052 | 3.750% | 105,000 | 105,787 | |
Leisure 0.8% | ||||
Carnival Corp.(a) | ||||
03/01/2026 | 7.625% | 289,000 | 302,641 | |
03/01/2027 | 5.750% | 95,000 | 94,976 | |
05/01/2029 | 6.000% | 87,000 | 86,542 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a) | ||||
05/01/2025 | 5.500% | 23,000 | 23,904 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC | ||||
10/01/2028 | 6.500% | 46,000 | 49,084 | |
Cinemark USA, Inc.(a) | ||||
03/15/2026 | 5.875% | 157,000 | 158,577 | |
07/15/2028 | 5.250% | 32,000 | 31,202 | |
Live Nation Entertainment, Inc.(a) | ||||
10/15/2027 | 4.750% | 31,000 | 31,865 | |
NCL Corp., Ltd.(a) | ||||
12/15/2024 | 3.625% | 55,000 | 52,055 | |
03/15/2026 | 5.875% | 49,000 | 49,078 | |
Royal Caribbean Cruises Ltd.(a) | ||||
07/01/2026 | 4.250% | 88,000 | 85,441 | |
08/31/2026 | 5.500% | 61,000 | 62,022 | |
04/01/2028 | 5.500% | 55,000 | 55,792 | |
Six Flags Entertainment Corp.(a) | ||||
07/31/2024 | 4.875% | 75,000 | 75,801 | |
Viking Cruises Ltd.(a) | ||||
09/15/2027 | 5.875% | 14,000 | 13,320 | |
Total | 1,172,300 | |||
Life Insurance 1.1% | ||||
Guardian Life Insurance Co. of America (The)(a) | ||||
Subordinated | ||||
06/19/2064 | 4.875% | 389,000 | 496,253 | |
Massachusetts Mutual Life Insurance Co.(a) | ||||
Subordinated | ||||
10/15/2070 | 3.729% | 350,000 | 387,800 | |
Peachtree Corners Funding Trust(a) | ||||
02/15/2025 | 3.976% | 300,000 | 319,971 |
16 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Teachers Insurance & Annuity Association of America(a) | ||||
Subordinated | ||||
09/15/2044 | 4.900% | 340,000 | 437,321 | |
Total | 1,641,345 | |||
Media and Entertainment 1.2% | ||||
Cengage Learning, Inc.(a) | ||||
06/15/2024 | 9.500% | 271,000 | 274,423 | |
Clear Channel International BV(a) | ||||
08/01/2025 | 6.625% | 68,000 | 70,518 | |
Clear Channel Outdoor Holdings, Inc.(a) | ||||
04/15/2028 | 7.750% | 101,000 | 108,485 | |
06/01/2029 | 7.500% | 81,000 | 86,501 | |
Diamond Sports Group LLC/Finance Co.(a) | ||||
08/15/2027 | 6.625% | 25,000 | 6,990 | |
iHeartCommunications, Inc. | ||||
05/01/2026 | 6.375% | 19,000 | 19,811 | |
05/01/2027 | 8.375% | 91,130 | 96,169 | |
Lamar Media Corp. | ||||
01/15/2029 | 4.875% | 80,000 | 83,648 | |
Netflix, Inc. | ||||
04/15/2028 | 4.875% | 54,000 | 61,694 | |
11/15/2028 | 5.875% | 77,000 | 92,840 | |
05/15/2029 | 6.375% | 17,000 | 21,189 | |
Netflix, Inc.(a) | ||||
11/15/2029 | 5.375% | 53,000 | 62,874 | |
06/15/2030 | 4.875% | 308,000 | 359,317 | |
Nexstar Broadcasting, Inc.(a) | ||||
11/01/2028 | 4.750% | 49,000 | 50,118 | |
Outfront Media Capital LLC/Corp.(a) | ||||
01/15/2029 | 4.250% | 24,000 | 24,031 | |
03/15/2030 | 4.625% | 125,000 | 125,051 | |
Playtika Holding Corp.(a) | ||||
03/15/2029 | 4.250% | 107,000 | 104,918 | |
Roblox Corp.(a) | ||||
05/01/2030 | 3.875% | 69,000 | 69,989 | |
Univision Communications, Inc.(a) | ||||
05/01/2029 | 4.500% | 35,000 | 35,443 | |
Total | 1,754,009 | |||
Metals and Mining 1.8% | ||||
Alcoa Nederland Holding BV(a) | ||||
03/31/2029 | 4.125% | 28,000 | 28,981 | |
Allegheny Technologies, Inc. | ||||
10/01/2029 | 4.875% | 25,000 | 24,985 | |
10/01/2031 | 5.125% | 99,000 | 99,677 | |
Constellium SE(a) | ||||
06/15/2028 | 5.625% | 107,000 | 112,380 | |
04/15/2029 | 3.750% | 268,000 | 263,822 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Freeport-McMoRan, Inc. | ||||
03/15/2043 | 5.450% | 1,283,000 | 1,612,890 | |
Hudbay Minerals, Inc.(a) | ||||
04/01/2029 | 6.125% | 281,000 | 298,002 | |
Kaiser Aluminum Corp.(a) | ||||
06/01/2031 | 4.500% | 122,000 | 120,108 | |
Novelis Corp.(a) | ||||
11/15/2026 | 3.250% | 43,000 | 43,480 | |
08/15/2031 | 3.875% | 52,000 | 51,747 | |
Total | 2,656,072 | |||
Midstream 4.0% | ||||
Cheniere Energy Partners LP | ||||
10/01/2029 | 4.500% | 107,000 | 114,003 | |
03/01/2031 | 4.000% | 33,000 | 34,671 | |
Cheniere Energy Partners LP(a) | ||||
01/31/2032 | 3.250% | 136,000 | 137,495 | |
Cheniere Energy, Inc. | ||||
10/15/2028 | 4.625% | 118,000 | 125,437 | |
CNX Midstream Partners LP(a) | ||||
04/15/2030 | 4.750% | 62,000 | 61,843 | |
DCP Midstream Operating LP | ||||
04/01/2044 | 5.600% | 73,000 | 90,787 | |
Delek Logistics Partners LP/Finance Corp. | ||||
05/15/2025 | 6.750% | 50,000 | 51,189 | |
DT Midstream, Inc.(a) | ||||
06/15/2029 | 4.125% | 51,000 | 52,433 | |
06/15/2031 | 4.375% | 66,000 | 68,800 | |
Enterprise Products Operating LLC | ||||
01/31/2060 | 3.950% | 160,000 | 172,704 | |
EQM Midstream Partners LP(a) | ||||
07/01/2027 | 6.500% | 35,000 | 39,265 | |
01/15/2029 | 4.500% | 73,000 | 75,934 | |
01/15/2031 | 4.750% | 402,000 | 424,864 | |
EQM Midstream Partners LP | ||||
07/15/2048 | 6.500% | 348,000 | 422,869 | |
Galaxy Pipeline Assets Bidco Ltd.(a) | ||||
09/30/2040 | 3.250% | 200,000 | 202,257 | |
Holly Energy Partners LP/Finance Corp.(a) | ||||
02/01/2028 | 5.000% | 59,000 | 59,193 | |
Kinder Morgan Energy Partners LP | ||||
03/01/2043 | 5.000% | 37,000 | 43,044 | |
Kinder Morgan, Inc. | ||||
02/15/2046 | 5.050% | 328,000 | 392,757 | |
NuStar Logistics LP | ||||
10/01/2025 | 5.750% | 136,000 | 146,222 | |
06/01/2026 | 6.000% | 23,000 | 25,087 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 17 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Plains All American Pipeline LP/Finance Corp. | ||||
06/15/2044 | 4.700% | 451,000 | 481,039 | |
Rockies Express Pipeline LLC(a) | ||||
05/15/2025 | 3.600% | 40,000 | 41,205 | |
Rockpoint Gas Storage Canada Ltd.(a) | ||||
03/31/2023 | 7.000% | 157,000 | 157,201 | |
Superior Plus LP/General Partner, Inc.(a) | ||||
03/15/2029 | 4.500% | 33,000 | 33,845 | |
Targa Resources Partners LP/Finance Corp. | ||||
01/15/2028 | 5.000% | 28,000 | 29,534 | |
03/01/2030 | 5.500% | 77,000 | 84,229 | |
02/01/2031 | 4.875% | 94,000 | 102,121 | |
Targa Resources Partners LP/Finance Corp.(a) | ||||
01/15/2032 | 4.000% | 669,000 | 700,424 | |
TransMontaigne Partners LP/TLP Finance Corp. | ||||
02/15/2026 | 6.125% | 96,000 | 94,973 | |
Venture Global Calcasieu Pass LLC(a) | ||||
08/15/2029 | 3.875% | 126,000 | 131,155 | |
08/15/2031 | 4.125% | 205,000 | 218,736 | |
11/01/2033 | 3.875% | 202,000 | 212,213 | |
Western Gas Partners LP | ||||
03/01/2048 | 5.300% | 225,000 | 271,114 | |
08/15/2048 | 5.500% | 241,000 | 288,103 | |
Williams Companies, Inc. (The) | ||||
09/15/2045 | 5.100% | 220,000 | 271,584 | |
Total | 5,858,330 | |||
Natural Gas 0.4% | ||||
NiSource, Inc. | ||||
05/15/2047 | 4.375% | 465,000 | 553,321 | |
Oil Field Services 0.2% | ||||
Apergy Corp. | ||||
05/01/2026 | 6.375% | 31,000 | 32,285 | |
Nabors Industries Ltd.(a) | ||||
01/15/2028 | 7.500% | 22,000 | 19,716 | |
Transocean Sentry Ltd.(a) | ||||
05/15/2023 | 5.375% | 212,455 | 204,992 | |
Total | 256,993 | |||
Other Industry 0.0% | ||||
Dycom Industries, Inc.(a) | ||||
04/15/2029 | 4.500% | 41,000 | 41,795 | |
Hillenbrand, Inc. | ||||
03/01/2031 | 3.750% | 33,000 | 33,080 | |
Total | 74,875 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Other REIT 0.3% | ||||
Blackstone Mortgage Trust, Inc.(a) | ||||
01/15/2027 | 3.750% | 94,000 | 93,686 | |
Ladder Capital Finance Holdings LLLP/Corp.(a) | ||||
10/01/2025 | 5.250% | 42,000 | 42,563 | |
02/01/2027 | 4.250% | 35,000 | 35,212 | |
06/15/2029 | 4.750% | 139,000 | 142,512 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a) | ||||
05/15/2029 | 4.875% | 45,000 | 46,096 | |
RHP Hotel Properties LP/Finance Corp.(a) | ||||
02/15/2029 | 4.500% | 24,000 | 24,183 | |
RLJ Lodging Trust LP(a) | ||||
07/01/2026 | 3.750% | 31,000 | 31,042 | |
09/15/2029 | 4.000% | 40,000 | 39,594 | |
Total | 454,888 | |||
Packaging 0.5% | ||||
Ardagh Metal Packaging Finance USA LLC/PLC(a) | ||||
09/01/2029 | 4.000% | 111,000 | 110,078 | |
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a) | ||||
08/15/2026 | 4.125% | 28,000 | 28,625 | |
08/15/2027 | 5.250% | 148,000 | 149,139 | |
BWAY Holding Co.(a) | ||||
04/15/2024 | 5.500% | 72,000 | 72,641 | |
CANPACK SA/Eastern PA Land Investment Holding LLC(a) | ||||
11/01/2025 | 3.125% | 60,000 | 60,126 | |
Canpack SA/US LLC(a) | ||||
11/15/2029 | 3.875% | 131,000 | 127,836 | |
Flex Acquisition Co., Inc.(a) | ||||
07/15/2026 | 7.875% | 45,000 | 46,699 | |
Novolex(a) | ||||
01/15/2025 | 6.875% | 29,000 | 29,029 | |
Trivium Packaging Finance BV(a) | ||||
08/15/2026 | 5.500% | 29,000 | 30,282 | |
08/15/2027 | 8.500% | 61,000 | 64,463 | |
Total | 718,918 | |||
Pharmaceuticals 0.6% | ||||
AbbVie, Inc. | ||||
11/21/2049 | 4.250% | 280,000 | 336,165 | |
Bausch Health Companies, Inc.(a) | ||||
04/01/2026 | 9.250% | 147,000 | 156,114 | |
01/31/2027 | 8.500% | 63,000 | 66,616 | |
01/15/2028 | 7.000% | 99,000 | 99,521 | |
06/01/2028 | 4.875% | 21,000 | 21,545 | |
Endo Dac/Finance LLC/Finco, Inc.(a) | ||||
07/31/2027 | 9.500% | 17,000 | 17,274 | |
06/30/2028 | 6.000% | 26,000 | 19,407 |
18 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Grifols Escrow Issuer SA(a) | ||||
10/15/2028 | 4.750% | 29,000 | 29,270 | |
Organon Finance 1 LLC(a) | ||||
04/30/2031 | 5.125% | 96,000 | 100,289 | |
Par Pharmaceutical, Inc.(a) | ||||
04/01/2027 | 7.500% | 66,000 | 67,425 | |
Total | 913,626 | |||
Property & Casualty 0.4% | ||||
Alliant Holdings Intermediate LLC/Co-Issuer(a) | ||||
10/15/2027 | 4.250% | 15,000 | 15,043 | |
10/15/2027 | 6.750% | 114,000 | 118,275 | |
11/01/2029 | 5.875% | 50,000 | 50,909 | |
AssuredPartners, Inc.(a) | ||||
01/15/2029 | 5.625% | 70,000 | 68,351 | |
BroadStreet Partners, Inc.(a) | ||||
04/15/2029 | 5.875% | 104,000 | 102,086 | |
HUB International Ltd.(a) | ||||
05/01/2026 | 7.000% | 47,000 | 48,290 | |
12/01/2029 | 5.625% | 97,000 | 99,886 | |
MGIC Investment Corp. | ||||
08/15/2028 | 5.250% | 16,000 | 16,879 | |
Radian Group, Inc. | ||||
03/15/2025 | 6.625% | 30,000 | 33,218 | |
03/15/2027 | 4.875% | 38,000 | 40,780 | |
USI, Inc.(a) | ||||
05/01/2025 | 6.875% | 39,000 | 39,426 | |
Total | 633,143 | |||
Restaurants 0.4% | ||||
1011778 BC ULC/New Red Finance, Inc.(a) | ||||
04/15/2025 | 5.750% | 28,000 | 29,083 | |
01/15/2028 | 3.875% | 103,000 | 104,286 | |
IRB Holding Corp.(a) | ||||
06/15/2025 | 7.000% | 193,000 | 204,151 | |
02/15/2026 | 6.750% | 199,000 | 203,101 | |
Yum! Brands, Inc.(a) | ||||
04/01/2025 | 7.750% | 25,000 | 26,358 | |
Total | 566,979 | |||
Retailers 0.2% | ||||
Asbury Automotive Group Inc.(a) | ||||
02/15/2032 | 5.000% | 22,000 | 22,729 | |
Asbury Automotive Group, Inc.(a) | ||||
11/15/2029 | 4.625% | 22,000 | 22,450 | |
Group 1 Automotive, Inc.(a) | ||||
08/15/2028 | 4.000% | 15,000 | 14,983 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
L Brands, Inc. | ||||
11/01/2035 | 6.875% | 94,000 | 117,008 | |
LCM Investments Holdings II LLC(a) | ||||
05/01/2029 | 4.875% | 39,000 | 40,003 | |
Penske Automotive Group, Inc. | ||||
09/01/2025 | 3.500% | 29,000 | 29,748 | |
PetSmart, Inc./Finance Corp.(a) | ||||
02/15/2028 | 4.750% | 58,000 | 59,625 | |
02/15/2029 | 7.750% | 14,000 | 15,284 | |
Total | 321,830 | |||
Supermarkets 0.1% | ||||
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
02/15/2028 | 5.875% | 92,000 | 97,691 | |
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
03/15/2026 | 3.250% | 29,000 | 29,631 | |
SEG Holding LLC/Finance Corp.(a) | ||||
10/15/2028 | 5.625% | 30,000 | 31,516 | |
Total | 158,838 | |||
Technology 2.3% | ||||
Black Knight InfoServ LLC(a) | ||||
09/01/2028 | 3.625% | 25,000 | 24,953 | |
Boxer Parent Co., Inc.(a) | ||||
10/02/2025 | 7.125% | 27,000 | 28,352 | |
03/01/2026 | 9.125% | 16,000 | 16,710 | |
Broadcom, Inc.(a) | ||||
04/15/2034 | 3.469% | 205,000 | 213,882 | |
11/15/2036 | 3.187% | 129,000 | 129,418 | |
Camelot Finance SA(a) | ||||
11/01/2026 | 4.500% | 54,000 | 55,981 | |
CDK Global, Inc. | ||||
06/01/2027 | 4.875% | 57,000 | 59,267 | |
Clarivate Science Holdings Corp.(a) | ||||
07/01/2028 | 3.875% | 41,000 | 41,326 | |
07/01/2029 | 4.875% | 92,000 | 93,459 | |
Dun & Bradstreet Corp. (The)(a) | ||||
12/15/2029 | 5.000% | 31,000 | 31,703 | |
Everi Holdings, Inc.(a) | ||||
07/15/2029 | 5.000% | 8,000 | 8,116 | |
Gartner, Inc.(a) | ||||
06/15/2029 | 3.625% | 197,000 | 199,203 | |
10/01/2030 | 3.750% | 341,000 | 346,642 | |
HealthEquity, Inc.(a) | ||||
10/01/2029 | 4.500% | 91,000 | 90,334 | |
Helios Software Holdings, Inc.(a) | ||||
05/01/2028 | 4.625% | 68,000 | 66,901 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 19 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
ION Trading Technologies Sarl(a) | ||||
05/15/2028 | 5.750% | 59,000 | 60,779 | |
Logan Merger Sub, Inc.(a) | ||||
09/01/2027 | 5.500% | 115,000 | 116,222 | |
NCR Corp.(a) | ||||
10/01/2028 | 5.000% | 81,000 | 83,468 | |
04/15/2029 | 5.125% | 85,000 | 87,892 | |
Nielsen Finance LLC/Co.(a) | ||||
10/01/2028 | 5.625% | 67,000 | 69,177 | |
07/15/2029 | 4.500% | 36,000 | 35,412 | |
10/01/2030 | 5.875% | 17,000 | 17,949 | |
07/15/2031 | 4.750% | 45,000 | 44,592 | |
NXP BV/Funding LLC/USA, Inc.(a) | ||||
02/15/2042 | 3.125% | 149,000 | 149,807 | |
Oracle Corp. | ||||
04/01/2050 | 3.600% | 297,000 | 290,857 | |
03/25/2061 | 4.100% | 287,000 | 299,639 | |
Plantronics, Inc.(a) | ||||
03/01/2029 | 4.750% | 159,000 | 151,581 | |
PTC, Inc.(a) | ||||
02/15/2028 | 4.000% | 63,000 | 64,125 | |
Sabre GLBL, Inc.(a) | ||||
09/01/2025 | 7.375% | 8,000 | 8,320 | |
Shift4 Payments LLC/Finance Sub, Inc.(a) | ||||
11/01/2026 | 4.625% | 102,000 | 105,469 | |
Square, Inc.(a) | ||||
06/01/2031 | 3.500% | 49,000 | 50,477 | |
Switch Ltd.(a) | ||||
09/15/2028 | 3.750% | 33,000 | 33,287 | |
06/15/2029 | 4.125% | 36,000 | 36,944 | |
Tempo Acquisition LLC/Finance Corp.(a) | ||||
06/01/2025 | 5.750% | 43,000 | 44,594 | |
Verscend Escrow Corp.(a) | ||||
08/15/2026 | 9.750% | 151,000 | 159,561 | |
ZoomInfo Technologies LLC/Finance Corp.(a) | ||||
02/01/2029 | 3.875% | 101,000 | 99,821 | |
Total | 3,416,220 | |||
Transportation Services 0.1% | ||||
Adani Ports & Special Economic Zone Ltd.(a) | ||||
07/03/2029 | 4.375% | 200,000 | 208,861 | |
Wireless 2.0% | ||||
Altice France Holding SA(a) | ||||
02/15/2028 | 6.000% | 281,000 | 268,771 | |
Altice France SA(a) | ||||
02/01/2027 | 8.125% | 43,000 | 45,851 | |
07/15/2029 | 5.125% | 100,000 | 97,553 | |
10/15/2029 | 5.500% | 55,000 | 54,450 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
American Tower Corp. | ||||
08/15/2029 | 3.800% | 268,000 | 291,793 | |
09/15/2031 | 2.300% | 75,000 | 72,916 | |
SBA Communications Corp. | ||||
02/15/2027 | 3.875% | 69,000 | 71,237 | |
SBA Communications Corp.(a) | ||||
02/01/2029 | 3.125% | 295,000 | 283,896 | |
Sprint Capital Corp. | ||||
11/15/2028 | 6.875% | 94,000 | 118,925 | |
Sprint Corp. | ||||
06/15/2024 | 7.125% | 26,000 | 29,205 | |
T-Mobile USA, Inc. | ||||
02/15/2029 | 2.625% | 78,000 | 76,778 | |
04/15/2030 | 3.875% | 390,000 | 426,764 | |
02/15/2031 | 2.875% | 43,000 | 42,453 | |
04/15/2031 | 3.500% | 118,000 | 122,839 | |
T-Mobile USA, Inc.(a) | ||||
04/15/2031 | 3.500% | 668,000 | 692,380 | |
10/15/2052 | 3.400% | 30,000 | 29,914 | |
Vmed O2 UK Financing I PLC(a) | ||||
01/31/2031 | 4.250% | 79,000 | 77,419 | |
07/15/2031 | 4.750% | 123,000 | 125,048 | |
Total | 2,928,192 | |||
Wirelines 2.0% | ||||
AT&T, Inc. | ||||
09/15/2055 | 3.550% | 423,000 | 423,781 | |
12/01/2057 | 3.800% | 552,000 | 575,162 | |
CenturyLink, Inc. | ||||
12/01/2023 | 6.750% | 77,000 | 83,092 | |
04/01/2024 | 7.500% | 102,000 | 111,670 | |
04/01/2025 | 5.625% | 102,000 | 107,909 | |
CenturyLink, Inc.(a) | ||||
12/15/2026 | 5.125% | 54,000 | 56,182 | |
02/15/2027 | 4.000% | 44,000 | 44,640 | |
Front Range BidCo, Inc.(a) | ||||
03/01/2027 | 4.000% | 73,000 | 71,949 | |
03/01/2028 | 6.125% | 46,000 | 45,392 | |
Iliad Holding SAS(a) | ||||
10/15/2028 | 7.000% | 39,000 | 41,039 | |
Level 3 Financing, Inc.(a) | ||||
07/15/2029 | 3.750% | 44,000 | 42,130 | |
Network i2i Ltd.(a),(g) | ||||
12/31/2049 | 5.650% | 200,000 | 210,479 | |
Verizon Communications, Inc.(a) | ||||
03/15/2032 | 2.355% | 496,000 | 489,201 |
20 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Verizon Communications, Inc. | ||||
08/10/2033 | 4.500% | 242,000 | 285,117 | |
03/22/2061 | 3.700% | 298,000 | 322,581 | |
Total | 2,910,324 | |||
Total Corporate Bonds & Notes (Cost $62,346,311) | 64,607,592 | |||
Foreign Government Obligations(i),(j) 5.7% | ||||
Angola 0.1% | ||||
Angolan Government International Bond(a) | ||||
11/26/2029 | 8.000% | 200,000 | 197,031 | |
Brazil 0.1% | ||||
Brazilian Government International Bond | ||||
06/12/2030 | 3.875% | 202,000 | 196,172 | |
Canada 0.2% | ||||
MEGlobal Canada ULC(a) | ||||
05/18/2025 | 5.000% | 200,000 | 218,236 | |
NOVA Chemicals Corp.(a) | ||||
05/15/2029 | 4.250% | 28,000 | 28,080 | |
Total | 246,316 | |||
China 0.5% | ||||
China Development Bank | ||||
07/06/2028 | 4.040% | CNY | 4,220,000 | 703,032 |
Colombia 0.4% | ||||
Colombia Government International Bond | ||||
06/15/2045 | 5.000% | 300,000 | 270,686 | |
05/15/2049 | 5.200% | 273,000 | 251,162 | |
Total | 521,848 | |||
Dominican Republic 0.5% | ||||
Dominican Republic International Bond(a) | ||||
01/25/2027 | 5.950% | 218,000 | 243,157 | |
04/30/2044 | 7.450% | 200,000 | 236,781 | |
01/27/2045 | 6.850% | 200,000 | 220,462 | |
Total | 700,400 | |||
Egypt 0.2% | ||||
Egypt Government International Bond(a) | ||||
04/11/2031 | 6.375% | EUR | 100,000 | 104,928 |
01/31/2047 | 8.500% | 250,000 | 221,692 | |
Total | 326,620 | |||
Ghana 0.1% | ||||
Ghana Government International Bond(a) | ||||
03/26/2051 | 8.950% | 200,000 | 160,312 |
Foreign Government Obligations(i),(j) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Guatemala 0.2% | ||||
Guatemala Government Bond(a) | ||||
06/01/2050 | 6.125% | 200,000 | 229,398 | |
Indonesia 0.6% | ||||
Indonesia Government International Bond | ||||
10/30/2049 | 3.700% | 200,000 | 211,877 | |
PT Indonesia Asahan Aluminium Persero(a) | ||||
11/15/2048 | 6.757% | 200,000 | 257,258 | |
PT Pertamina Persero(a) | ||||
05/30/2044 | 6.450% | 200,000 | 262,200 | |
PT Saka Energi Indonesia(a) | ||||
05/05/2024 | 4.450% | 200,000 | 194,362 | |
Total | 925,697 | |||
Ivory Coast 0.2% | ||||
Ivory Coast Government International Bond(a) | ||||
10/17/2031 | 5.875% | EUR | 200,000 | 233,799 |
Kazakhstan 0.2% | ||||
KazMunayGas National Co. JSC(a) | ||||
04/19/2027 | 4.750% | 200,000 | 221,005 | |
Mexico 1.0% | ||||
Mexican Bonos | ||||
05/31/2029 | 8.500% | MXN | 8,500,000 | 439,591 |
Mexico Government International Bond | ||||
04/16/2030 | 3.250% | 200,000 | 205,624 | |
Petroleos Mexicanos(a) | ||||
09/12/2024 | 7.190% | MXN | 260,000 | 12,127 |
02/16/2032 | 6.700% | 175,000 | 176,230 | |
Petroleos Mexicanos | ||||
11/12/2026 | 7.470% | MXN | 4,700,000 | 206,588 |
01/28/2031 | 5.950% | 22,000 | 21,417 | |
09/21/2047 | 6.750% | 183,000 | 161,918 | |
01/23/2050 | 7.690% | 300,000 | 289,381 | |
Total | 1,512,876 | |||
Paraguay 0.2% | ||||
Paraguay Government International Bond(a) | ||||
08/11/2044 | 6.100% | 200,000 | 245,935 | |
Qatar 0.3% | ||||
Qatar Government International Bond(a) | ||||
03/14/2049 | 4.817% | 200,000 | 262,583 | |
Qatar Petroleum(a) | ||||
07/12/2031 | 2.250% | 200,000 | 198,149 | |
Total | 460,732 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 21 |
December 31, 2021
Foreign Government Obligations(i),(j) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Romania 0.1% | ||||
Romanian Government International Bond(a) | ||||
04/03/2049 | 4.625% | EUR | 150,000 | 192,865 |
Russian Federation 0.2% | ||||
Russian Foreign Bond - Eurobond(a) | ||||
03/28/2035 | 5.100% | 200,000 | 236,192 | |
South Africa 0.1% | ||||
Republic of South Africa Government International Bond | ||||
09/30/2029 | 4.850% | 200,000 | 206,451 | |
Turkey 0.1% | ||||
Turkey Government International Bond | ||||
02/17/2028 | 5.125% | 200,000 | 179,113 | |
Ukraine 0.1% | ||||
Ukraine Government International Bond(a) | ||||
09/25/2032 | 7.375% | 220,000 | 196,492 | |
United Arab Emirates 0.3% | ||||
DP World Crescent Ltd.(a) | ||||
07/18/2029 | 3.875% | 200,000 | 213,091 | |
DP World Ltd.(a) | ||||
09/25/2048 | 5.625% | 200,000 | 246,370 | |
Total | 459,461 | |||
Total Foreign Government Obligations (Cost $8,377,065) | 8,351,747 | |||
Residential Mortgage-Backed Securities - Agency 6.7% | ||||
Federal Home Loan Mortgage Corp.(k) | ||||
CMO Series 4120 Class AI | ||||
11/15/2039 | 3.500% | 145,534 | 792 | |
Federal Home Loan Mortgage Corp.(e),(k) | ||||
CMO Series 4620 Class AS | ||||
11/15/2042 | 1.611% | 726,755 | 42,227 | |
Federal National Mortgage Association | ||||
05/01/2041 | 4.000% | 23,954 | 25,833 | |
Federal National Mortgage Association(e),(k) | ||||
CMO Series 2006-5 Class N1 | ||||
08/25/2034 | 0.000% | 1,647,882 | 2 | |
Federal National Mortgage Association(k) | ||||
CMO Series 2012-133 Class EI | ||||
07/25/2031 | 3.500% | 325,449 | 11,567 | |
CMO Series 2012-139 Class IL | ||||
04/25/2040 | 3.500% | 196,684 | 2,688 | |
CMO Series 2013-1 Class AI | ||||
02/25/2043 | 3.500% | 828,263 | 113,913 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-3 Class TI | ||||
02/25/2051 | 2.500% | 2,407,614 | 398,747 | |
Federal National Mortgage Association(b),(k) | ||||
CMO Series 2014-93 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/25/2045 | 6.048% | 310,025 | 59,458 | |
CMO Series 2016-31 Class VS | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 06/25/2046 | 5.898% | 580,364 | 100,276 | |
CMO Series 2017-47 Class SE | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2047 | 5.998% | 439,265 | 110,166 | |
CMO Series 2017-56 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 07/25/2047 | 6.048% | 889,847 | 189,234 | |
CMO Series 2018-76 Class SN | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 10/25/2048 | 6.048% | 394,387 | 96,373 | |
Government National Mortgage Association(k) | ||||
CMO Series 2014-190 Class AI | ||||
12/20/2038 | 3.500% | 935,335 | 91,733 | |
CMO Series 2020-138 Class GI | ||||
09/20/2050 | 3.000% | 897,370 | 126,032 | |
CMO Series 2021-140 Class IW | ||||
08/20/2051 | 3.500% | 1,248,935 | 173,455 | |
CMO Series 2021-16 Class KI | ||||
01/20/2051 | 2.500% | 1,430,357 | 206,970 | |
CMO Series 2021-57 Class KI | ||||
03/20/2051 | 3.500% | 1,802,052 | 254,597 | |
CMO Series 2021-89 Class IO | ||||
05/20/2051 | 3.000% | 1,248,973 | 176,302 | |
CMO Series 2021-9 Class MI | ||||
01/20/2051 | 2.500% | 1,138,345 | 131,006 | |
Government National Mortgage Association(b),(k) | ||||
CMO Series 2016-20 Class SQ | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 02/20/2046 | 5.996% | 486,636 | 84,132 | |
CMO Series 2017-129 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 08/20/2047 | 6.096% | 405,707 | 82,744 |
22 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2017-133 Class SM | ||||
-1.0 x 1-month USD LIBOR + 6.250% Cap 6.250% 09/20/2047 | 6.146% | 492,027 | 80,547 | |
CMO Series 2018-124 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/20/2048 | 6.096% | 832,285 | 140,036 | |
CMO Series 2018-155 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 11/20/2048 | 5.996% | 619,057 | 91,635 | |
CMO Series 2018-168 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 12/20/2048 | 5.996% | 558,729 | 83,269 | |
CMO Series 2018-67 Class SP | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/20/2048 | 6.096% | 990,665 | 190,326 | |
CMO Series 2019-152 Class BS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 12/20/2049 | 5.946% | 1,096,410 | 150,602 | |
CMO Series 2019-23 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 02/20/2049 | 5.946% | 372,841 | 64,582 | |
CMO Series 2019-29 Class DS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 03/20/2049 | 5.946% | 875,526 | 143,693 | |
CMO Series 2019-41 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 03/20/2049 | 5.946% | 731,517 | 113,623 | |
CMO Series 2019-5 Class SH | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/20/2049 | 6.046% | 579,207 | 100,298 | |
CMO Series 2019-59 Class JS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 05/20/2049 | 6.046% | 584,255 | 100,515 | |
Government National Mortgage Association TBA(l) | ||||
01/20/2052 | 3.000% | 2,000,000 | 2,070,078 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(l) | ||||
01/18/2037 | 3.000% | 1,000,000 | 1,045,820 | |
01/13/2052 | 2.000% | 1,000,000 | 997,422 | |
01/13/2052 | 2.500% | 2,000,000 | 2,041,484 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $10,489,782) | 9,892,177 | |||
Residential Mortgage-Backed Securities - Non-Agency 18.9% | ||||
510 Asset Backed Trust(a),(e) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
06/25/2061 | 2.116% | 515,519 | 510,708 | |
Banc of America Funding Trust(a),(c),(d),(e) | ||||
CMO Series 2016-R1 Class M2 | ||||
03/25/2040 | 3.500% | 507,334 | 508,501 | |
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2019-2A Class M1B | ||||
1-month USD LIBOR + 1.450% Floor 1.450% 04/25/2029 | 1.552% | 261,182 | 261,181 | |
CMO Series 2020-3A Class M2 | ||||
1-month USD LIBOR + 4.850% Floor 4.850% 10/25/2030 | 4.952% | 550,000 | 576,921 | |
CMO Series 2021-1A Class M1C | ||||
30-day Average SOFR + 2.950% Floor 2.950% 03/25/2031 | 2.960% | 300,000 | 308,513 | |
BRAVO Residential Funding Trust(a),(e) | ||||
CMO Series 2021-B Class A1 | ||||
04/01/2069 | 2.115% | 402,283 | 399,455 | |
BVRT Financing Trust(a),(b),(c),(d) | ||||
CMO Series 2021-2F Class M2 | ||||
30-day Average SOFR + 2.500% Floor 2.500% 01/10/2032 | 2.538% | 500,000 | 500,650 | |
CMO Series 2021-CRT1 Class M4 | ||||
1-month USD LIBOR + 3.500% Floor 3.500% 07/10/2032 | 3.589% | 875,000 | 885,937 | |
BVRT Financing Trust(a),(b),(d) | ||||
CMO Series 2021-3F Class M2 | ||||
30-day Average SOFR + 2.900% Floor 2.900% 07/12/2033 | 2.950% | 500,000 | 500,000 | |
CMO Series 2021-CRT2 Class M1 | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 11/10/2032 | 1.851% | 15,968 | 15,968 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 23 |
December 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-CRT2 Class M2 | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 11/10/2032 | 2.351% | 500,000 | 500,000 | |
CHL GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 1.000% 05/25/2023 | 2.852% | 500,000 | 501,502 | |
CIM Trust(a),(d),(e) | ||||
CMO Series 2021-NR4 Class A1 | ||||
10/25/2061 | 2.816% | 291,459 | 290,760 | |
CTS Corp.(a) | ||||
CMO Series 2015-6R Class 3A2 | ||||
02/27/2036 | 3.750% | 343,748 | 339,329 | |
Eagle Re Ltd.(a),(b) | ||||
CMO Series 2019-1 Class M2 | ||||
1-month USD LIBOR + 3.300% 04/25/2029 | 3.402% | 350,000 | 352,969 | |
CMO Series 2021-1 Class M1C | ||||
30-day Average SOFR + 2.700% Floor 2.700% 10/25/2033 | 2.710% | 275,000 | 279,331 | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
Subordinated CMO Series 2020-DNA4 Class B1 | ||||
1-month USD LIBOR + 6.000% 08/25/2050 | 6.102% | 700,000 | 736,430 | |
Subordinated CMO Series 2020-DNA6 Class B1 | ||||
30-day Average SOFR + 3.000% 12/25/2050 | 3.050% | 600,000 | 606,920 | |
Subordinated CMO Series 2021-DNA5 Class B1 | ||||
30-day Average SOFR + 3.050% 01/25/2034 | 3.100% | 500,000 | 504,228 | |
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b) | ||||
Subordinated CMO Series 2020-HQA5 Class B1 | ||||
30-day Average SOFR + 4.000% 11/25/2050 | 4.050% | 750,000 | 783,211 | |
Loan Revolving Advance Investment Trust(a),(b),(c),(d) | ||||
CMO Series 2021-2 Class A1X | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 06/30/2023 | 2.838% | 300,000 | 300,000 | |
MRA Issuance Trust(a),(b) | ||||
CMO Series 2021-EBO4 Class A1X | ||||
1-month USD LIBOR + 1.750% Floor 1.750% 02/16/2022 | 1.840% | 1,000,000 | 1,000,074 | |
New York Mortgage Trust(a),(e) | ||||
CMO Series 2021-BPL1 Class A1 | ||||
05/25/2026 | 2.239% | 400,000 | 398,104 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
Series 2020-PLS1 Class A | ||||
12/25/2025 | 3.844% | 354,599 | 356,125 | |
Oaktown Re VI Ltd.(a),(b) | ||||
CMO Series 2021-1A Class M1C | ||||
30-day Average SOFR + 3.000% Floor 3.000% 10/25/2033 | 3.050% | 200,000 | 200,380 | |
OSAT Trust(a),(e) | ||||
CMO Series 2020-RPL1 Class A1 | ||||
12/26/2059 | 3.072% | 573,270 | 573,248 | |
PMC PLS ESR Issuer LLC(a) | ||||
CMO Series 2019-PLS1 Class A | ||||
11/25/2024 | 5.069% | 229,146 | 230,196 | |
PMT Credit Risk Transfer Trust(a),(b) | ||||
CMO Series 2019-1R Class A | ||||
1-month USD LIBOR + 2.000% Floor 2.000% 03/27/2024 | 2.102% | 278,363 | 278,055 | |
Series 2019-2R Class A | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 05/27/2023 | 2.852% | 381,362 | 378,129 | |
PNMAC GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 02/25/2023 | 2.952% | 2,350,000 | 2,355,932 | |
CMO Series 2018-GT2 Class A | ||||
1-month USD LIBOR + 2.650% 08/25/2025 | 2.752% | 3,450,000 | 3,453,706 | |
Point Securitization Trust(a),(e) | ||||
CMO Series 2021-1 Class A1 | ||||
02/25/2052 | 3.228% | 567,217 | 567,217 | |
Preston Ridge Partners Mortgage(a),(e) | ||||
CMO Series 2021-2 Class A1 | ||||
03/25/2026 | 2.115% | 333,941 | 333,578 | |
CMO Series 2021-4 Class A1 | ||||
04/25/2026 | 1.867% | 351,667 | 347,972 | |
Preston Ridge Partners Mortgage LLC(a),(e) | ||||
CMO Series 2021-3 Class A1 | ||||
04/25/2026 | 1.867% | 353,612 | 351,297 | |
Preston Ridge Partners Mortgage Trust(a),(e) | ||||
CMO Series 2021-1 Class A1 | ||||
01/25/2026 | 2.115% | 357,792 | 356,271 | |
Pretium Mortgage Credit Partners I LLC(a),(e) | ||||
CMO Series 2021-NPL1 Class A1 | ||||
09/27/2060 | 2.240% | 240,531 | 238,375 |
24 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pretium Mortgage Credit Partners LLC(a),(e) | ||||
CMO Series 2021-RN2 Class A1 | ||||
07/25/2051 | 1.744% | 288,511 | 285,998 | |
Radnor Re Ltd.(a),(b) | ||||
CMO Series 2021-1 Class M2 | ||||
30-day Average SOFR + 3.150% 12/27/2033 | 3.200% | 400,000 | 391,648 | |
Stonnington Mortgage Trust(a),(d),(e) | ||||
CMO Series 2020-1 Class A | ||||
07/28/2024 | 3.500% | 373,811 | 373,811 | |
Toorak Mortgage Corp., Ltd.(a),(e) | ||||
CMO Series 2021-1 Class A1 | ||||
06/25/2024 | 2.240% | 400,000 | 397,885 | |
Triangle Re Ltd.(a),(b) | ||||
CMO Series 2021-1 Class M1B | ||||
1-month USD LIBOR + 3.000% Floor 3.000% 08/25/2033 | 3.102% | 591,214 | 592,216 | |
CMO Series 2021-1 Class M1C | ||||
1-month USD LIBOR + 3.400% Floor 3.400% 08/25/2033 | 3.502% | 400,000 | 401,629 | |
CMO Series 2021-2 Class M1C | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 10/25/2033 | 4.602% | 500,000 | 511,184 | |
CMO Series 2021-2 Class M2 | ||||
1-month USD LIBOR + 5.500% Floor 5.500% 10/25/2033 | 5.602% | 250,000 | 261,467 | |
VCAT Asset Securitization LLC(a),(e) | ||||
CMO Series 2021-NPL6 Class A1 | ||||
09/25/2051 | 1.917% | 485,025 | 476,721 | |
VCAT LLC(a),(e) | ||||
CMO Series 2021-NPL5 Class A1 | ||||
08/25/2051 | 1.868% | 629,765 | 621,416 | |
Vericrest Opportunity Loan Transferee(a),(e) | ||||
CMO Series 2021-NPL4 Class A1 | ||||
03/27/2051 | 2.240% | 630,983 | 628,163 | |
Vericrest Opportunity Loan Transferee XCIII LLC(a),(e) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
02/27/2051 | 1.893% | 381,538 | 379,962 | |
Verus Securitization Trust(a),(e) | ||||
CMO Series 2020-1 Class M1 | ||||
01/25/2060 | 3.021% | 400,000 | 402,968 | |
CMO Series 2020-NPL1 Class A1 | ||||
08/25/2050 | 3.598% | 307,696 | 307,932 | |
Subordinated CMO Series 2019-INV3 Class B1 | ||||
11/25/2059 | 3.731% | 300,000 | 301,057 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Visio Trust(a),(e) | ||||
CMO Series 2019-2 Class B1 | ||||
11/25/2054 | 3.910% | 100,000 | 100,657 | |
CMO Series 2019-2 Class M1 | ||||
11/25/2054 | 3.260% | 200,000 | 203,051 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $27,183,323) | 27,718,938 | |||
Senior Loans 9.6% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Airlines 0.3% | ||||
American Airlines, Inc.(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 1.750% 01/29/2027 | 1.852% | 489,844 | 459,963 | |
Automotive 0.3% | ||||
Clarios Global LP(b),(m) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 3.250% 04/30/2026 | 3.354% | 422,604 | 419,751 | |
Building Materials 0.3% | ||||
CP Atlas Buyer, Inc.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month USD LIBOR + 3.750% Floor 0.500% 11/23/2027 | 4.250% | 496,283 | 493,553 | |
Cable and Satellite 0.5% | ||||
Cogeco Communications Finance LP(b),(m) | ||||
Tranche B Term Loan | ||||
3-month USD LIBOR + 2.000% 01/03/2025 | 2.104% | 48,229 | 47,855 | |
Virgin Media Bristol LLC(b),(m) | ||||
Tranche Q Term Loan | ||||
1-month USD LIBOR + 3.250% 01/31/2029 | 3.360% | 600,000 | 599,346 | |
Total | 647,201 | |||
Chemicals 0.9% | ||||
ColourOz Investment 1 GmbH(b),(m) | ||||
Tranche C 1st Lien Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023 | 5.250% | 67,723 | 67,201 | |
ColourOz Investment 2 LLC(b),(m) | ||||
Tranche B2 1st Lien Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023 | 5.250% | 409,677 | 406,519 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 25 |
December 31, 2021
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Ineos US Finance LLC(b),(m) | ||||
Term Loan | ||||
3-month USD LIBOR + 2.000% 04/01/2024 | 2.104% | 488,550 | 485,560 | |
Nouryon Finance BV(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.000% 10/01/2025 | 3.102% | 374,880 | 373,242 | |
Total | 1,332,522 | |||
Consumer Cyclical Services 0.6% | ||||
8th Avenue Food & Provisions, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 3.750% 10/01/2025 | 3.852% | 33,568 | 33,022 | |
8th Avenue Food & Provisions, Inc.(b),(d),(m) | ||||
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.750% 10/01/2026 | 7.852% | 63,566 | 60,388 | |
Uber Technologies, Inc.(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.500% 02/25/2027 | 3.604% | 701,529 | 701,179 | |
Total | 794,589 | |||
Diversified Manufacturing 0.3% | ||||
TK Elevator Midco GmbH(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month USD LIBOR + 3.500% Floor 0.500% 07/30/2027 | 4.000% | 495,019 | 494,949 | |
Electric 0.7% | ||||
ExGen Renewables IV LLC(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 2.500% Floor 1.000% 12/15/2027 | 3.500% | 488,748 | 488,059 | |
PG&E Corp.(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.000% Floor 1.000% 06/23/2025 | 3.500% | 492,500 | 486,590 | |
Total | 974,649 | |||
Gaming 0.3% | ||||
Caesars Resort Collection LLC(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month USD LIBOR + 3.500% 07/21/2025 | 3.604% | 493,750 | 493,627 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Health Care 0.3% | ||||
Medline Borrower LP(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.250% Floor 0.500% 10/23/2028 | 3.750% | 466,667 | 466,461 | |
Leisure 0.3% | ||||
Metro-Goldwyn-Mayer, Inc.(b),(m) | ||||
2nd Lien Term Loan | ||||
3-month USD LIBOR + 4.500% Floor 1.000% 07/03/2026 | 5.500% | 500,000 | 498,595 | |
Media and Entertainment 0.3% | ||||
Gray Television, Inc.(b),(m) | ||||
Tranche C Term Loan | ||||
3-month USD LIBOR + 2.500% 01/02/2026 | 2.599% | 425,886 | 422,202 | |
Packaging 1.0% | ||||
Flex Acquisition Co., Inc.(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.500% Floor 0.500% 03/02/2028 | 4.000% | 1,490,621 | 1,486,582 | |
Pharmaceuticals 0.3% | ||||
Grifols Worldwide Operations Ltd.(b),(m) | ||||
Tranche B Term Loan | ||||
1-month USD LIBOR + 2.000% 11/15/2027 | 2.104% | 393,518 | 387,616 | |
Property & Casualty 0.3% | ||||
Asurion LLC(b),(m) | ||||
Tranche B8 Term Loan | ||||
1-month USD LIBOR + 3.250% 12/23/2026 | 3.354% | 442,775 | 439,454 | |
Restaurants 0.3% | ||||
1011778 BC ULC(b),(m) | ||||
Tranche B4 Term Loan | ||||
3-month USD LIBOR + 1.750% 11/19/2026 | 1.854% | 447,008 | 440,303 | |
Technology 2.3% | ||||
Arches Buyer, Inc.(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.250% Floor 0.500% 12/06/2027 | 3.750% | 495,000 | 490,981 |
26 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Avaya, Inc.(b),(m) | ||||
Tranche B1 Term Loan | ||||
1-month USD LIBOR + 4.250% 12/15/2027 | 4.360% | 277,009 | 277,529 | |
Dun & Bradstreet Corp. (The)(b),(m) | ||||
Term Loan | ||||
3-month USD LIBOR + 3.250% 02/06/2026 | 3.352% | 493,756 | 491,465 | |
LogMeIn, Inc.(b),(m) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 4.750% 08/31/2027 | 4.860% | 498,744 | 495,487 | |
MA FinanceCo LLC(b),(m) | ||||
Tranche B4 Term Loan | ||||
1-month USD LIBOR + 4.250% Floor 1.000% 06/05/2025 | 5.250% | 487,421 | 493,821 | |
Misys Ltd.(b),(m) | ||||
1st Lien Term Loan | ||||
3-month USD LIBOR + 3.500% Floor 1.000% 06/13/2024 | 4.500% | 497,264 | 494,697 | |
Peraton Corp.(b),(m) | ||||
Tranche B 1st Lien Term Loan | ||||
3-month USD LIBOR + 3.750% Floor 0.750% 02/01/2028 | 4.500% | 578,958 | 578,750 | |
Project Alpha Intermediate Holding, Inc.(b),(m) | ||||
Term Loan | ||||
1-month USD LIBOR + 4.000% 04/26/2024 | 5.000% | 57,711 | 57,748 | |
Total | 3,380,478 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Wireless 0.3% | ||||
SBA Senior Finance II LLC(b),(m) | ||||
Term Loan | ||||
3-month USD LIBOR + 1.750% 04/11/2025 | 1.860% | 491,094 | 485,265 | |
Total Senior Loans (Cost $14,168,587) | 14,117,760 |
Options Purchased Calls 0.0% | ||||
Value ($) | ||||
(Cost $136,410) | 5,337 | |||
Options Purchased Puts 0.3% | ||||
(Cost $389,320) | 374,911 |
Money Market Funds 6.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(n),(o) | 8,801,011 | 8,799,251 |
Total Money Market Funds (Cost $8,799,456) | 8,799,251 | |
Total Investments in Securities (Cost: $148,691,537) | 150,749,410 | |
Other Assets & Liabilities, Net | (3,982,569) | |
Net Assets | 146,766,841 |
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
13,038,852 MXN | 626,055 USD | Citi | 01/11/2022 | — | (9,975) |
863,077 EUR | 984,060 USD | UBS | 01/11/2022 | 1,304 | — |
Total | 1,304 | (9,975) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro-BTP | 25 | 03/2022 | EUR | 3,675,250 | — | (78,482) |
U.S. Treasury 5-Year Note | 46 | 03/2022 | USD | 5,564,922 | — | (3,340) |
Total | — | (81,822) |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 27 |
December 31, 2021
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro-Bund | (20) | 03/2022 | EUR | (3,427,400) | 73,007 | — |
U.S. Treasury 10-Year Note | (145) | 03/2022 | USD | (18,917,969) | 8,324 | — |
U.S. Treasury 10-Year Note | (38) | 03/2022 | USD | (4,957,813) | — | (26,786) |
U.S. Ultra Treasury Bond | (10) | 03/2022 | USD | (1,971,250) | 19,635 | — |
U.S. Ultra Treasury Bond | (12) | 03/2022 | USD | (2,365,500) | — | (6,685) |
Total | 100,966 | (33,471) |
Call option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | 6,900,000 | 6,900,000 | 1.10 | 01/24/2022 | 63,480 | 507 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | 1,250,000 | 1,250,000 | 1.00 | 07/08/2022 | 12,750 | 4,398 |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay 3-Month USD LIBOR BBA | Morgan Stanley | USD | 5,900,000 | 5,900,000 | 1.10 | 01/24/2022 | 60,180 | 432 |
Total | 136,410 | 5,337 |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive 3-Month USD LIBOR BBA and pay exercise rate | Citi | USD | 5,900,000 | 5,900,000 | 1.75 | 07/15/2022 | 102,070 | 99,632 |
10-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | 9,000,000 | 9,000,000 | 1.75 | 11/09/2022 | 210,600 | 211,936 |
5-Year OTC interest rate swap with Morgan Stanley to receive 3-Month USD LIBOR BBA and pay exercise rate | Morgan Stanley | USD | 7,300,000 | 7,300,000 | 1.50 | 05/20/2022 | 76,650 | 63,343 |
Total | 389,320 | 374,911 |
Put option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (6,000,000) | (6,000,000) | 2.20 | 03/17/2022 | (112,200) | (8,225) |
2-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (6,000,000) | (6,000,000) | 1.10 | 05/03/2022 | (25,500) | (23,828) |
2-Year OTC interest rate swap with Citi to receive exercise rate and pay 3-Month USD LIBOR BBA | Citi | USD | (6,000,000) | (6,000,000) | 1.25 | 05/23/2022 | (22,200) | (19,490) |
2-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay 3-Month USD LIBOR BBA | Morgan Stanley | USD | (6,000,000) | (6,000,000) | 1.25 | 05/23/2022 | (23,700) | (19,490) |
Total | (183,600) | (71,033) |
Cleared interest rate swap contracts | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Fixed rate of 6.361% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 10/24/2025 | MXN | 17,000,000 | (29,461) | — | — | — | (29,461) |
Fixed rate of 5.985% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 01/21/2026 | MXN | 8,000,000 | (19,866) | — | — | — | (19,866) |
Fixed rate of 5.960% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 02/02/2026 | MXN | 20,000,000 | (50,580) | — | — | — | (50,580) |
28 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Cleared interest rate swap contracts (continued) | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Fixed rate of 2.372% | U.S. CPI Urban Consumers NSA | Receives at Maturity, Pays at Maturity | Morgan Stanley | 02/17/2031 | USD | 3,300,000 | (297,321) | — | — | — | (297,321) |
3-Month USD LIBOR | Fixed rate of 1.781% | Receives Quarterly, Pays SemiAnnually | Morgan Stanley | 08/09/2049 | USD | 2,100,000 | (40,039) | — | — | — | (40,039) |
Total | (437,267) | — | — | — | (437,267) |
Credit default swap contracts - buy protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Pay fixed rate (%) | Payment frequency | Notional currency | Notional amount | Value ($) | Periodic payments receivable (payable) ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | USD | 200,000 | 9,469 | (117) | 7,009 | — | 2,343 | — |
Cleared credit default swap contracts - buy protection | |||||||||||
Reference entity | Counterparty | Maturity date | Pay fixed rate (%) | Payment frequency | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America High Yield Index, Series 37 | Morgan Stanley | 12/20/2026 | 5.000 | Quarterly | USD | 6,117,000 | (5,497) | — | — | — | (5,497) |
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- | Citi | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 500,000 | (44,610) | 291 | — | (112,039) | 67,720 | — |
Markit CMBX North America Index, Series 12 BBB- | Goldman Sachs International | 08/17/2061 | 3.000 | Monthly | 3.927 | USD | 200,000 | (10,345) | 117 | — | (10,998) | 770 | — |
Markit CMBX North America Index, Series 13 BBB- | Goldman Sachs International | 12/16/2072 | 3.000 | Monthly | 3.809 | USD | 300,000 | (15,515) | 175 | — | (16,266) | 926 | — |
Markit CMBX North America Index, Series 13 BBB- | Goldman Sachs International | 12/16/2072 | 3.000 | Monthly | 3.809 | USD | 200,000 | (10,344) | 117 | — | (10,356) | 129 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 500,000 | (44,610) | 292 | — | (110,953) | 66,635 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 500,000 | (44,609) | 292 | — | (85,947) | 41,630 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 500,000 | (44,608) | 291 | — | (82,762) | 38,445 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 250,000 | (22,305) | 146 | — | (40,045) | 17,886 | — |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | 3.952 | USD | 500,000 | (23,672) | 292 | — | (85,453) | 62,073 | — |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | 3.952 | USD | 300,000 | (14,203) | 175 | — | (45,071) | 31,043 | — |
Markit CMBX North America Index, Series 13 BBB- | JPMorgan | 12/16/2072 | 3.000 | Monthly | 3.809 | USD | 200,000 | (10,344) | 117 | — | (11,487) | 1,260 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 500,000 | (44,609) | 292 | — | (110,633) | 66,316 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 500,000 | (44,608) | 291 | — | (100,415) | 56,098 | — |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 29 |
December 31, 2021
Credit default swap contracts - sell protection (continued) | |||||||||||||
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- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 5.156 | USD | 500,000 | (44,609) | 291 | — | (82,762) | 38,444 | — |
Markit CMBX North America Index, Series 11 BBB- | Morgan Stanley | 11/18/2054 | 3.000 | Monthly | 3.952 | USD | 400,000 | (18,938) | 233 | — | (24,783) | 6,078 | — |
Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 3.927 | USD | 300,000 | (15,516) | 175 | — | (14,386) | — | (955) |
Total | (453,445) | 3,587 | — | (944,356) | 495,453 | (955) |
* | 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. |
Reference index and values for swap contracts as of period end | ||
Reference index | Reference rate | |
28-Day MXN TIIE-Banxico | Interbank Equilibrium Interest Rate | 5.715% |
3-Month USD LIBOR | London Interbank Offered Rate | 0.209% |
U.S. CPI Urban Consumers NSA | United States Consumer Price All Urban Non-Seasonally Adjusted Index | 7.036% |
(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 December 31, 2021, the total value of these securities amounted to $85,005,447, which represents 57.92% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of December 31, 2021. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2021, the total value of these securities amounted to $2,594,888, which represents 1.77% of total net assets. |
(d) | Valuation based on significant unobservable inputs. |
(e) | 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 December 31, 2021. |
(f) | Non-income producing investment. |
(g) | 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 December 31, 2021. |
(h) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(i) | Principal amounts are denominated in United States Dollars unless otherwise noted. |
(j) | Principal and interest may not be guaranteed by a governmental entity. |
(k) | Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans. |
(l) | Represents a security purchased on a when-issued basis. |
(m) | The stated interest rate represents the weighted average interest rate at December 31, 2021 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. These base lending rates are primarily the LIBOR and other short-term rates. 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) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
30 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
(o) | 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 year ended December 31, 2021 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, 0.085% | ||||||||
10,027,788 | 115,213,654 | (116,439,956) | (2,235) | 8,799,251 | 1,316 | 5,188 | 8,801,011 |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced |
CNY | China Yuan Renminbi |
EUR | Euro |
MXN | Mexican Peso |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 31 |
December 31, 2021
additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 10,251,737 | 399,800 | 10,651,537 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 6,030,437 | — | 6,030,437 |
Common Stocks | ||||
Financials | — | — | — | — |
Total Common Stocks | — | — | — | — |
Convertible Bonds | — | 199,723 | — | 199,723 |
Corporate Bonds & Notes | — | 64,607,592 | — | 64,607,592 |
Foreign Government Obligations | — | 8,351,747 | — | 8,351,747 |
Residential Mortgage-Backed Securities - Agency | — | 9,892,177 | — | 9,892,177 |
Residential Mortgage-Backed Securities - Non-Agency | — | 23,843,311 | 3,875,627 | 27,718,938 |
Senior Loans | — | 14,057,372 | 60,388 | 14,117,760 |
Options Purchased Calls | — | 5,337 | — | 5,337 |
Options Purchased Puts | — | 374,911 | — | 374,911 |
Money Market Funds | 8,799,251 | — | — | 8,799,251 |
Total Investments in Securities | 8,799,251 | 137,614,344 | 4,335,815 | 150,749,410 |
Investments in Derivatives | ||||
Asset | ||||
Forward Foreign Currency Exchange Contracts | — | 1,304 | — | 1,304 |
Futures Contracts | 100,966 | — | — | 100,966 |
Swap Contracts | — | 497,796 | — | 497,796 |
Liability | ||||
Forward Foreign Currency Exchange Contracts | — | (9,975) | — | (9,975) |
Futures Contracts | (115,293) | — | — | (115,293) |
Options Contracts Written | — | (71,033) | — | (71,033) |
Swap Contracts | — | (443,719) | — | (443,719) |
Total | 8,784,924 | 137,588,717 | 4,335,815 | 150,709,456 |
Balance as of 12/31/2020 ($) | Increase (decrease) in accrued discounts/ premiums ($) | Realized gain (loss) ($) | Change in unrealized appreciation (depreciation)(a) ($) | Purchases ($) | Sales ($) | Transfers into Level 3 ($) | Transfers out of Level 3 ($) | Balance as of 12/31/2021 ($) | |
Asset-Backed Securities — Non-Agency | 958,494 | — | — | (4,999) | 399,993 | (452,330) | — | (501,358) | 399,800 |
Common Stocks | — | — | (199,474) | 200,545 | — | (1,071) | — | — | — |
Residential Mortgage-Backed Securities — Non-Agency | 1,762,784 | 750 | — | 8,104 | 3,468,511 | (992,554) | — | (371,968) | 3,875,627 |
Senior Loans | 95,165 | (70) | — | (1,995) | — | — | 62,453 | (95,165) | 60,388 |
Total | 2,816,443 | 680 | (199,474) | 201,655 | 3,868,504 | (1,445,955) | 62,453 | (968,491) | 4,335,815 |
32 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential mortgage backed securities, asset backed securities, senior loans and common stock classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 33 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $139,366,351) | $141,569,911 |
Affiliated issuers (cost $8,799,456) | 8,799,251 |
Options purchased (cost $525,730) | 380,248 |
Cash | 39,681 |
Foreign currency (cost $48,864) | 49,487 |
Cash collateral held at broker for: | |
Swap contracts | 170,000 |
Margin deposits on: | |
Futures contracts | 582,139 |
Swap contracts | 719,286 |
Unrealized appreciation on forward foreign currency exchange contracts | 1,304 |
Unrealized appreciation on swap contracts | 497,796 |
Upfront payments on swap contracts | 7,009 |
Receivable for: | |
Investments sold | 164,849 |
Capital shares sold | 110,201 |
Dividends | 629 |
Interest | 1,084,275 |
Foreign tax reclaims | 2,019 |
Variation margin for futures contracts | 9,355 |
Expense reimbursement due from Investment Manager | 453 |
Prepaid expenses | 2,772 |
Trustees’ deferred compensation plan | 128,408 |
Total assets | 154,319,073 |
Liabilities | |
Option contracts written, at value (premiums received $183,600) | 71,033 |
Unrealized depreciation on forward foreign currency exchange contracts | 9,975 |
Unrealized depreciation on swap contracts | 955 |
Upfront receipts on swap contracts | 944,356 |
Payable for: | |
Investments purchased on a delayed delivery basis | 6,163,049 |
Capital shares purchased | 76,262 |
Variation margin for futures contracts | 52,063 |
Variation margin for swap contracts | 33,359 |
Management services fees | 2,411 |
Distribution and/or service fees | 875 |
Service fees | 19,880 |
Compensation of board members | 7,152 |
Compensation of chief compliance officer | 9 |
Other expenses | 42,445 |
Trustees’ deferred compensation plan | 128,408 |
Total liabilities | 7,552,232 |
Net assets applicable to outstanding capital stock | $146,766,841 |
Represented by | |
Paid in capital | 135,098,859 |
Total distributable earnings (loss) | 11,667,982 |
Total - representing net assets applicable to outstanding capital stock | $146,766,841 |
Class 1 | |
Net assets | $19,045,105 |
Shares outstanding | 4,480,614 |
Net asset value per share | $4.25 |
Class 2 | |
Net assets | $127,721,736 |
Shares outstanding | 30,394,801 |
Net asset value per share | $4.20 |
34 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $71 |
Dividends — affiliated issuers | 5,188 |
Interest | 5,517,893 |
Total income | 5,523,152 |
Expenses: | |
Management services fees | 834,633 |
Distribution and/or service fees | |
Class 2 | 293,609 |
Service fees | 152,332 |
Compensation of board members | 16,043 |
Custodian fees | 41,003 |
Printing and postage fees | 23,229 |
Audit fees | 55,223 |
Legal fees | 11,725 |
Interest on collateral | 9,722 |
Compensation of chief compliance officer | 36 |
Other | 5,721 |
Total expenses | 1,443,276 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (184,382) |
Total net expenses | 1,258,894 |
Net investment income | 4,264,258 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 6,350,711 |
Investments — affiliated issuers | 1,316 |
Foreign currency translations | (32,838) |
Forward foreign currency exchange contracts | 23,169 |
Futures contracts | 807,127 |
Options purchased | 629,650 |
Options contracts written | 8,585 |
Swap contracts | (854,266) |
Net realized gain | 6,933,454 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (7,880,071) |
Investments — affiliated issuers | (2,235) |
Foreign currency translations | (11,068) |
Forward foreign currency exchange contracts | 61,755 |
Futures contracts | (322,871) |
Options purchased | (230,631) |
Options contracts written | 112,567 |
Swap contracts | (362,048) |
Net change in unrealized appreciation (depreciation) | (8,634,602) |
Net realized and unrealized loss | (1,701,148) |
Net increase in net assets resulting from operations | $2,563,110 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 35 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $4,264,258 | $7,204,897 |
Net realized gain | 6,933,454 | 1,514,575 |
Net change in unrealized appreciation (depreciation) | (8,634,602) | 4,653,730 |
Net increase in net assets resulting from operations | 2,563,110 | 13,373,202 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (952,850) | (3,974,116) |
Class 2 | (6,233,060) | (3,277,059) |
Total distributions to shareholders | (7,185,910) | (7,251,175) |
Increase (decrease) in net assets from capital stock activity | (72,845,490) | 5,642,391 |
Total increase (decrease) in net assets | (77,468,290) | 11,764,418 |
Net assets at beginning of year | 224,235,131 | 212,470,713 |
Net assets at end of year | $146,766,841 | $224,235,131 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 1,070,904 | 4,682,876 | 979,700 | 4,110,151 |
Distributions reinvested | 223,150 | 952,850 | 946,218 | 3,974,116 |
Redemptions | (23,791,166) | (105,162,096) | (624,669) | (2,616,503) |
Net increase (decrease) | (22,497,112) | (99,526,370) | 1,301,249 | 5,467,764 |
Class 2 | ||||
Subscriptions | 8,039,184 | 34,765,188 | 4,936,010 | 20,522,083 |
Distributions reinvested | 1,473,537 | 6,233,060 | 787,754 | 3,277,059 |
Redemptions | (3,311,883) | (14,317,368) | (5,842,822) | (23,624,515) |
Net increase (decrease) | 6,200,838 | 26,680,880 | (119,058) | 174,627 |
Total net increase (decrease) | (16,296,274) | (72,845,490) | 1,182,191 | 5,642,391 |
36 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 37 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class 1 | ||||||
Year Ended 12/31/2021 | $4.40 | 0.14 | (0.05) | 0.09 | (0.24) | (0.24) |
Year Ended 12/31/2020 | $4.27 | 0.15 | 0.13 | 0.28 | (0.15) | (0.15) |
Year Ended 12/31/2019 | $4.02 | 0.18 | 0.23 | 0.41 | (0.16) | (0.16) |
Year Ended 12/31/2018 | $4.18 | 0.19 | (0.21) | (0.02) | (0.14) | (0.14) |
Year Ended 12/31/2017 | $4.05 | 0.18 | 0.08 | 0.26 | (0.13) | (0.13) |
Class 2 | ||||||
Year Ended 12/31/2021 | $4.36 | 0.13 | (0.06) | 0.07 | (0.23) | (0.23) |
Year Ended 12/31/2020 | $4.23 | 0.14 | 0.13 | 0.27 | (0.14) | (0.14) |
Year Ended 12/31/2019 | $3.98 | 0.16 | 0.24 | 0.40 | (0.15) | (0.15) |
Year Ended 12/31/2018 | $4.14 | 0.17 | (0.20) | (0.03) | (0.13) | (0.13) |
Year Ended 12/31/2017 | $4.02 | 0.17 | 0.07 | 0.24 | (0.12) | (0.12) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |
Class | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 |
Class 1 | 0.01% | less than 0.01% | less than 0.01% | less than 0.01% |
Class 2 | 0.01% | less than 0.01% | less than 0.01% | less than 0.01% |
38 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $4.25 | 2.09% | 0.80%(c) | 0.69%(c) | 3.21% | 136% | $19,045 |
Year Ended 12/31/2020 | $4.40 | 6.82% | 0.74%(c) | 0.69%(c) | 3.58% | 166% | $118,832 |
Year Ended 12/31/2019 | $4.27 | 10.38% | 0.74%(c) | 0.69%(c) | 4.19% | 193% | $109,698 |
Year Ended 12/31/2018 | $4.02 | (0.39%) | 0.77%(c) | 0.69%(c) | 4.49% | 157% | $99,738 |
Year Ended 12/31/2017 | $4.18 | 6.36% | 0.77% | 0.71% | 4.42% | 162% | $99,806 |
Class 2 | |||||||
Year Ended 12/31/2021 | $4.20 | 1.63% | 1.08%(c) | 0.94%(c) | 3.04% | 136% | $127,722 |
Year Ended 12/31/2020 | $4.36 | 6.62% | 0.99%(c) | 0.94%(c) | 3.33% | 166% | $105,403 |
Year Ended 12/31/2019 | $4.23 | 10.22% | 0.99%(c) | 0.94%(c) | 3.92% | 193% | $102,773 |
Year Ended 12/31/2018 | $3.98 | (0.64%) | 1.02%(c) | 0.94%(c) | 4.24% | 157% | $68,554 |
Year Ended 12/31/2017 | $4.14 | 5.90% | 1.03% | 0.96% | 4.19% | 162% | $63,882 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 39 |
December 31, 2021
40 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 41 |
December 31, 2021
42 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 43 |
December 31, 2021
44 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 45 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 497,796* |
Credit risk | Upfront payments on swap contracts | 7,009 |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 1,304 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 100,966* |
Interest rate risk | Investments, at value — Options purchased | 380,248 |
Total | 987,323 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 6,452* |
Credit risk | Upfront receipts on swap contracts | 944,356 |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 9,975 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 115,293* |
Interest rate risk | Options contracts written, at value | 71,033 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 437,267* |
Total | 1,584,376 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
46 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Amount of realized gain (loss) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | — | 175,967 | 175,967 |
Foreign exchange risk | 23,169 | — | — | — | — | 23,169 |
Interest rate risk | — | 807,127 | 8,585 | 629,650 | (1,030,233) | 415,129 |
Total | 23,169 | 807,127 | 8,585 | 629,650 | (854,266) | 614,265 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | — | (24,818) | (24,818) |
Foreign exchange risk | 61,755 | — | — | — | — | 61,755 |
Interest rate risk | — | (322,871) | 112,567 | (230,631) | (337,230) | (778,165) |
Total | 61,755 | (322,871) | 112,567 | (230,631) | (362,048) | (741,228) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 40,714,025 |
Futures contracts — short | 16,251,422 |
Credit default swap contracts — buy protection | 7,519,500 |
Credit default swap contracts — sell protection | 5,750,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 1,424,940 |
Options contracts — written | (119,095) |
Derivative instrument | Average unrealized appreciation ($)* | Average unrealized depreciation ($)* |
Forward foreign currency exchange contracts | 19,538 | (8,010) |
Interest rate swap contracts | 77,128 | (545,548) |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 47 |
December 31, 2021
48 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Citi ($)(a) | Citi ($)(a) | Goldman Sachs International ($) | JPMorgan ($) | Morgan Stanley ($)(a) | Morgan Stanley ($)(a) | UBS ($) | Total ($) | |
Assets | ||||||||
Forward foreign currency exchange contracts | - | - | - | - | - | - | 1,304 | 1,304 |
Options purchased calls | 4,905 | - | - | - | 432 | - | - | 5,337 |
Options purchased puts | 99,632 | - | - | - | 275,279 | - | - | 374,911 |
OTC credit default swap contracts (b) | - | 67,720 | 1,825 | 268,324 | 166,936 | - | - | 504,805 |
Total assets | 104,537 | 67,720 | 1,825 | 268,324 | 442,647 | - | 1,304 | 886,357 |
Liabilities | ||||||||
Centrally cleared credit default swap contracts (c) | - | - | - | - | - | 5,574 | - | 5,574 |
Centrally cleared interest rate swap contracts (c) | - | - | - | - | - | 27,785 | - | 27,785 |
Forward foreign currency exchange contracts | 9,975 | - | - | - | - | - | - | 9,975 |
Options contracts written | 51,543 | - | - | - | 19,490 | - | - | 71,033 |
OTC credit default swap contracts (b) | - | 112,039 | 37,620 | 461,718 | 333,934 | - | - | 945,311 |
Total liabilities | 61,518 | 112,039 | 37,620 | 461,718 | 353,424 | 33,359 | - | 1,059,678 |
Total financial and derivative net assets | 43,019 | (44,319) | (35,795) | (193,394) | 89,223 | (33,359) | 1,304 | (173,321) |
Total collateral received (pledged) (d) | 43,019 | - | - | (170,000) | 89,223 | (33,359) | - | (71,117) |
Net amount (e) | - | (44,319) | (35,795) | (23,394) | - | - | 1,304 | (102,204) |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 49 |
December 31, 2021
(a) | Exposure can only be netted across transactions governed under the same master agreement with the same legal entity. |
(b) | Over-the-Counter (OTC) swap contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, upfront payments and upfront receipts. |
(c) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(d) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(e) | Represents the net amount due from/(to) counterparties in the event of default. |
50 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 51 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.69% |
Class 2 | 0.94 |
52 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Undistributed net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
(124,529) | 124,529 | — |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
7,185,910 | — | 7,185,910 | 7,251,175 | — | 7,251,175 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
6,225,846 | 3,635,505 | — | 1,931,792 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
147,840,317 | 4,055,939 | (2,124,147) | 1,931,792 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 53 |
December 31, 2021
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
— | — | — | 248,523 |
54 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 55 |
December 31, 2021
56 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 57 |
58 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
Capital gain dividend | |
$3,817,280 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 59 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
60 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 61 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
62 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 | 63 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
64 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
13 | |
14 | |
15 | |
16 | |
18 | |
27 | |
28 | |
28 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class 1 | 01/01/89 | -2.90 | 24.31 | 17.95 | |
Class 2 | 06/01/00 | -3.13 | 23.99 | 17.66 | |
Russell 2000 Growth Index | 2.83 | 14.53 | 14.14 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at December 31, 2021) | |
Common Stocks | 97.0 |
Money Market Funds | 3.0 |
Total | 100.0 |
Equity sector breakdown (%) (at December 31, 2021) | |
Communication Services | 1.3 |
Consumer Discretionary | 15.3 |
Consumer Staples | 1.5 |
Energy | 1.7 |
Financials | 1.7 |
Health Care | 33.8 |
Industrials | 17.9 |
Information Technology | 23.0 |
Materials | 2.6 |
Real Estate | 1.2 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
• | Allocation decisions were the primary driver of relative underperformance during the period, particularly an overweight to the poor performing health care sector and underweights to the financials, real estate and consumer staples sectors. |
• | Stock selection in the financials, information technology, communication services and consumer discretionary sectors weighed on results. |
• | The Fund’s holding in Amedisys, a home healthcare and hospice service provider, declined as the firm reflected incrementally lower average length of patient stays in the period, despite broader positive trends within Amedisys’ core business segments. We view the dip in average patient stays as transitory and would expect to see a recovery in the coming quarters. Longer term, we believe Amedisys possesses the scope and scale to perform well in an increasingly value-based health care environment tasked with addressing an aging U.S. population. |
• | LendingTree, Inc., an operator of an online loan marketplace for consumers seeking loans and other credit-based offerings, detracted from performance. As the economy and outlook continued to improve, consumers and businesses had a high-level of savings built up, which made them less likely to default on current loans, but also less in need of loans. The position was eliminated during the period. |
• | A position in Avalara, a cloud-based provider of tax compliance software, detracted from returns. Although the company reported solid quarterly results in revenues, profits and cash flow, all of which exceeded expectations, the market chose to focus on a slowdown in billings growth, which pressured the stock. |
• | Several positions in the portfolio pressured returns, such as Sharecare, Inc. and Adaptive Biotechnologies, which were caught in the broad market shift away from high growth / high multiple stocks into lower multiple / high profitable stocks rather than an individual company specific catalyst. |
• | Stock selection within the health care sector was the largest contributor to relative performance during the period. |
• | Stock selection, along with overweights, in the industrials and materials sectors also aided Fund performance during the period. |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 5 |
• | Bill.com Holdings, Inc., which offers cloud-based software that helps small and midsize businesses automate their back-office financial operations, contributed to returns after consistently beating revenue targets and posting strong market share gains. Additionally, the company announced a synergistic plan to acquire Divvy, an expense reporting start-up whose software helps businesses combine expense management software and smart corporate cards onto a single platform, that was well received by investors. |
• | Bio-Techne Corporation, whose products are used in therapeutics and general life science research conducted by biotechnology and pharmaceutical firms as well as universities and government research institutions, benefited from an environment of high-level life science spending driven by stimulus, vaccines, ongoing virus research and a re-opening of labs. |
• | Also contributing to returns was the Fund’s position in SiteOne Landscape Supply, which delivered a convincing beat-and-raise quarter (the company beat estimates and raised its outlook) driven by outdoor living demand and a strong housing market. The company enjoys a leading market share in the attractive and highly fragmented landscape vertical that is ripe for consolidation. SiteOne has been a clear winner over the past year given the greater focus on outdoor living and landscaping services, with strong organic growth acceleration over the past four quarters. |
• | Kornit Digital, which develops, manufactures and markets industrial digital printing technologies for the garment, apparel and textile industries, also contributed to performance. Kornit reported results with revenue and earnings ahead of consensus expectations. Revenue growth was broad-based across geographies, and management also highlighted that revenue from Amazon in the second quarter was a record. Kornit continued to experience strong tailwinds from market adoption of Direct-to-Fabric micro factory solutions. Kornit also announced the acquisition of Voxel8, which enables a proprietary printing technology for textiles. |
6 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 900.90 | 1,020.72 | 4.26 | 4.53 | 0.89 |
Class 2 | 1,000.00 | 1,000.00 | 899.80 | 1,019.46 | 5.46 | 5.80 | 1.14 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 7 |
December 31, 2021
Common Stocks 97.1% | ||
Issuer | Shares | Value ($) |
Communication Services 1.3% | ||
Interactive Media & Services 0.6% | ||
fuboTV, Inc.(a) | 158,863 | 2,465,554 |
Media 0.7% | ||
PubMatic, Inc., Class A(a) | 75,754 | 2,579,424 |
Total Communication Services | 5,044,978 | |
Consumer Discretionary 14.9% | ||
Diversified Consumer Services 0.6% | ||
OneSpaWorld Holdings Ltd.(a) | 215,763 | 2,161,946 |
Hotels, Restaurants & Leisure 10.7% | ||
Caesars Entertainment, Inc.(a) | 144,274 | 13,493,947 |
Papa John’s International, Inc. | 78,718 | 10,506,491 |
Planet Fitness, Inc., Class A(a) | 169,084 | 15,315,629 |
Portillo’s, Inc., Class A(a) | 5,187 | 194,720 |
SeaWorld Entertainment, Inc.(a) | 57,187 | 3,709,149 |
Total | 43,219,936 | |
Internet & Direct Marketing Retail 0.9% | ||
Fiverr International Ltd.(a) | 32,383 | 3,681,947 |
Specialty Retail 2.7% | ||
Floor & Decor Holdings, Inc.(a) | 49,038 | 6,375,430 |
Leslie’s, Inc.(a) | 104,530 | 2,473,180 |
Lithia Motors, Inc., Class A | 6,985 | 2,074,196 |
Total | 10,922,806 | |
Total Consumer Discretionary | 59,986,635 | |
Consumer Staples 1.4% | ||
Food & Staples Retailing 1.4% | ||
BJ’s Wholesale Club Holdings, Inc.(a) | 85,558 | 5,729,819 |
Total Consumer Staples | 5,729,819 | |
Energy 1.7% | ||
Energy Equipment & Services 0.0% | ||
Expro Group Holdings NV(a) | 1 | 14 |
Oil, Gas & Consumable Fuels 1.7% | ||
Matador Resources Co. | 81,216 | 2,998,495 |
Northern Oil and Gas, Inc. | 184,717 | 3,801,476 |
Total | 6,799,971 | |
Total Energy | 6,799,985 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Financials 1.7% | ||
Capital Markets 1.3% | ||
Open Lending Corp., Class A(a) | 230,061 | 5,171,771 |
Insurance 0.4% | ||
Goosehead Insurance, Inc., Class A | 12,448 | 1,619,236 |
Total Financials | 6,791,007 | |
Health Care 32.8% | ||
Biotechnology 6.0% | ||
Arrowhead Pharmaceuticals, Inc.(a) | 38,776 | 2,570,849 |
Insmed, Inc.(a) | 62,805 | 1,710,808 |
Intellia Therapeutics, Inc.(a) | 20,404 | 2,412,569 |
Iovance Biotherapeutics, Inc.(a) | 80,070 | 1,528,536 |
IVERIC bio, Inc.(a) | 144,945 | 2,423,481 |
Mirati Therapeutics, Inc.(a) | 11,674 | 1,712,459 |
Natera, Inc.(a) | 67,951 | 6,345,944 |
Revolution Medicines, Inc.(a) | 63,623 | 1,601,391 |
SpringWorks Therapeutics, Inc.(a) | 28,391 | 1,759,674 |
Vericel Corp.(a) | 53,689 | 2,109,978 |
Total | 24,175,689 | |
Health Care Equipment & Supplies 6.2% | ||
Axonics, Inc.(a) | 121,059 | 6,779,304 |
BioLife Solutions, Inc.(a) | 106,808 | 3,980,734 |
Heska Corp.(a) | 52,787 | 9,633,100 |
Neogen Corp.(a) | 48,682 | 2,210,649 |
Silk Road Medical, Inc.(a) | 59,080 | 2,517,399 |
Total | 25,121,186 | |
Health Care Providers & Services 6.3% | ||
Addus HomeCare Corp.(a) | 44,243 | 4,137,163 |
Amedisys, Inc.(a) | 56,905 | 9,211,782 |
Chemed Corp. | 20,457 | 10,822,571 |
Hims & Hers Health, Inc., Class A(a) | 177,137 | 1,160,247 |
Total | 25,331,763 |
8 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care Technology 2.2% | ||
Doximity, Inc., Class A(a) | 79,300 | 3,975,309 |
Schrodinger, Inc.(a) | 59,186 | 2,061,448 |
Sharecare, Inc.(a) | 697,483 | 3,131,699 |
Total | 9,168,456 | |
Life Sciences Tools & Services 12.1% | ||
10X Genomics, Inc., Class A(a) | 52,850 | 7,872,536 |
Adaptive Biotechnologies Corp.(a) | 66,490 | 1,865,709 |
Bio-Techne Corp. | 18,681 | 9,664,429 |
Caris Life Sciences, Inc.(a),(b),(c),(d) | 308,642 | 1,666,667 |
Codexis, Inc.(a) | 162,232 | 5,072,995 |
DNA Script(a),(b),(c),(d) | 1,585 | 1,101,102 |
NeoGenomics, Inc.(a) | 155,012 | 5,289,009 |
Olink Holding AB ADR(a) | 79,802 | 1,452,396 |
Pacific Biosciences of California, Inc.(a) | 78,026 | 1,596,412 |
Quanterix Corp.(a) | 102,543 | 4,347,823 |
Repligen Corp.(a) | 33,736 | 8,934,642 |
Total | 48,863,720 | |
Total Health Care | 132,660,814 | |
Industrials 17.3% | ||
Aerospace & Defense 1.6% | ||
Axon Enterprise, Inc.(a) | 18,591 | 2,918,787 |
Spirit AeroSystems Holdings, Inc., Class A | 79,046 | 3,406,092 |
Total | 6,324,879 | |
Air Freight & Logistics 1.1% | ||
GXO Logistics, Inc.(a) | 49,103 | 4,460,025 |
Building Products 1.9% | ||
Advanced Drainage Systems, Inc. | 57,055 | 7,766,897 |
Electrical Equipment 2.0% | ||
Array Technologies, Inc.(a) | 125,351 | 1,966,757 |
Shoals Technologies Group, Inc., Class A(a) | 84,876 | 2,062,487 |
Vertiv Holdings Co. | 163,197 | 4,075,029 |
Total | 8,104,273 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Machinery 7.7% | ||
Evoqua Water Technologies Corp.(a) | 75,867 | 3,546,782 |
Helios Technologies, Inc. | 69,347 | 7,293,224 |
Hillman Solutions Corp.(a) | 542,379 | 5,830,575 |
Kornit Digital Ltd.(a) | 95,052 | 14,471,667 |
Total | 31,142,248 | |
Trading Companies & Distributors 3.0% | ||
SiteOne Landscape Supply, Inc.(a) | 50,602 | 12,259,853 |
Total Industrials | 70,058,175 | |
Information Technology 22.3% | ||
Electronic Equipment, Instruments & Components 0.2% | ||
908 Devices, Inc.(a) | 32,631 | 844,164 |
IT Services 4.7% | ||
Endava PLC, ADR(a) | 15,175 | 2,548,186 |
Euronet Worldwide, Inc.(a) | 47,776 | 5,693,466 |
Flywire Corp.(a) | 61,360 | 2,335,362 |
Shift4 Payments, Inc., Class A(a) | 148,651 | 8,611,352 |
Total | 19,188,366 | |
Semiconductors & Semiconductor Equipment 5.0% | ||
MKS Instruments, Inc. | 56,289 | 9,803,855 |
Onto Innovation, Inc.(a) | 54,254 | 5,492,133 |
SiTime Corp.(a) | 16,410 | 4,800,581 |
Total | 20,096,569 | |
Software 12.4% | ||
Avalara, Inc.(a) | 73,453 | 9,483,517 |
Bill.com Holdings, Inc.(a) | 41,212 | 10,267,970 |
Blackline, Inc.(a) | 49,775 | 5,153,703 |
Five9, Inc.(a) | 64,911 | 8,913,579 |
Freshworks, Inc., Class A(a) | 86,403 | 2,268,943 |
LiveVox Holdings, Inc.(a) | 454,834 | 2,342,395 |
Paycor HCM, Inc.(a) | 23,745 | 684,093 |
Paylocity Holding Corp.(a) | 8,030 | 1,896,365 |
Stronghold Digital Mining, Inc., Class A(a) | 80,851 | 1,038,935 |
Workiva, Inc., Class A(a) | 60,622 | 7,910,565 |
Total | 49,960,065 | |
Total Information Technology | 90,089,164 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 9 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Materials 2.5% | ||
Chemicals 2.1% | ||
Livent Corp.(a) | 341,342 | 8,321,918 |
Metals & Mining 0.4% | ||
Worthington Industries, Inc. | 32,284 | 1,764,643 |
Total Materials | 10,086,561 | |
Real Estate 1.2% | ||
Equity Real Estate Investment Trusts (REITS) 1.2% | ||
STORE Capital Corp. | 141,733 | 4,875,615 |
Total Real Estate | 4,875,615 | |
Total Common Stocks (Cost $321,442,296) | 392,122,753 | |
Money Market Funds 3.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(e),(f) | 12,083,817 | 12,081,400 |
Total Money Market Funds (Cost $12,082,031) | 12,081,400 | |
Total Investments in Securities (Cost: $333,524,327) | 404,204,153 | |
Other Assets & Liabilities, Net | (337,376) | |
Net Assets | 403,866,777 |
(a) | Non-income producing investment. |
(b) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2021, the total value of these securities amounted to $2,767,769, which represents 0.69% 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 established by the Fund’s Board of Trustees. At December 31, 2021, the total market value of these securities amounted to $2,767,769, which represents 0.69% of total net assets. Additional information on these securities is as follows: |
Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
Caris Life Sciences, Inc. | 05/11/2021 | 308,642 | 2,502,312 | 1,666,667 |
DNA Script | 10/01/2021 | 1,585 | 1,378,712 | 1,101,102 |
3,881,024 | 2,767,769 |
(d) | Valuation based on significant unobservable inputs. |
(e) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
(f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.085% | ||||||||
21,199,698 | 233,552,728 | (242,670,395) | (631) | 12,081,400 | (576) | 9,056 | 12,083,817 |
ADR | American Depositary Receipt |
10 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 5,044,978 | — | — | 5,044,978 |
Consumer Discretionary | 59,986,635 | — | — | 59,986,635 |
Consumer Staples | 5,729,819 | — | — | 5,729,819 |
Energy | 6,799,985 | — | — | 6,799,985 |
Financials | 6,791,007 | — | — | 6,791,007 |
Health Care | 129,893,045 | — | 2,767,769 | 132,660,814 |
Industrials | 70,058,175 | — | — | 70,058,175 |
Information Technology | 90,089,164 | — | — | 90,089,164 |
Materials | 10,086,561 | — | — | 10,086,561 |
Real Estate | 4,875,615 | — | — | 4,875,615 |
Total Common Stocks | 389,354,984 | — | 2,767,769 | 392,122,753 |
Money Market Funds | 12,081,400 | — | — | 12,081,400 |
Total Investments in Securities | 401,436,384 | — | 2,767,769 | 404,204,153 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 11 |
December 31, 2021
The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:
Balance as of 12/31/2020 ($) | Increase (decrease) in accrued discounts/ premiums ($) | Realized gain (loss) ($) | Change in unrealized appreciation (depreciation)(a) ($) | Purchases ($) | Sales ($) | Transfers into Level 3 ($) | Transfers out of Level 3 ($) | Balance as of 12/31/2021 ($) | |
Common Stocks | — | — | — | (1,113,256) | 3,881,025 | — | — | — | 2,767,769 |
12 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $321,442,296) | $392,122,753 |
Affiliated issuers (cost $12,082,031) | 12,081,400 |
Receivable for: | |
Investments sold | 1,231,709 |
Dividends | 70,945 |
Expense reimbursement due from Investment Manager | 164 |
Prepaid expenses | 7,493 |
Trustees’ deferred compensation plan | 86,212 |
Total assets | 405,600,676 |
Liabilities | |
Payable for: | |
Investments purchased | 1,559,455 |
Capital shares purchased | 7,543 |
Management services fees | 9,664 |
Distribution and/or service fees | 5 |
Service fees | 7,007 |
Compensation of board members | 39,260 |
Compensation of chief compliance officer | 28 |
Other expenses | 24,725 |
Trustees’ deferred compensation plan | 86,212 |
Total liabilities | 1,733,899 |
Net assets applicable to outstanding capital stock | $403,866,777 |
Represented by | |
Paid in capital | 221,224,402 |
Total distributable earnings (loss) | 182,642,375 |
Total - representing net assets applicable to outstanding capital stock | $403,866,777 |
Class 1 | |
Net assets | $403,066,206 |
Shares outstanding | 16,526,798 |
Net asset value per share | $24.39 |
Class 2 | |
Net assets | $800,571 |
Shares outstanding | 35,317 |
Net asset value per share | $22.67 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 13 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $624,448 |
Dividends — affiliated issuers | 9,056 |
Interfund lending | 434 |
Total income | 633,938 |
Expenses: | |
Management services fees | 4,042,565 |
Distribution and/or service fees | |
Class 2 | 3,371 |
Service fees | 67,467 |
Compensation of board members | 26,389 |
Custodian fees | 12,570 |
Printing and postage fees | 16,601 |
Audit fees | 32,000 |
Legal fees | 15,278 |
Compensation of chief compliance officer | 128 |
Other | 11,716 |
Total expenses | 4,228,085 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (50,412) |
Total net expenses | 4,177,673 |
Net investment loss | (3,543,735) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 117,967,459 |
Investments — affiliated issuers | (576) |
Foreign currency translations | (3,206) |
Net realized gain | 117,963,677 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (113,263,018) |
Investments — affiliated issuers | (631) |
Net change in unrealized appreciation (depreciation) | (113,263,649) |
Net realized and unrealized gain | 4,700,028 |
Net increase in net assets resulting from operations | $1,156,293 |
14 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment loss | $(3,543,735) | $(2,296,733) |
Net realized gain | 117,963,677 | 72,881,540 |
Net change in unrealized appreciation (depreciation) | (113,263,649) | 168,915,304 |
Net increase in net assets resulting from operations | 1,156,293 | 239,500,111 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (72,117,821) | (7,383,529) |
Class 2 | (179,545) | (15,805) |
Total distributions to shareholders | (72,297,366) | (7,399,334) |
Increase (decrease) in net assets from capital stock activity | (95,624,356) | 390,919 |
Total increase (decrease) in net assets | (166,765,429) | 232,491,696 |
Net assets at beginning of year | 570,632,206 | 338,140,510 |
Net assets at end of year | $403,866,777 | $570,632,206 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 841,588 | 25,713,118 | 285,674 | 5,528,828 |
Distributions reinvested | 2,690,963 | 72,117,821 | 331,100 | 7,383,529 |
Redemptions | (5,986,616) | (192,536,188) | (578,014) | (13,198,373) |
Net increase (decrease) | (2,454,065) | (94,705,249) | 38,760 | (286,016) |
Class 2 | ||||
Subscriptions | 5,273 | 153,257 | 37,571 | 810,632 |
Distributions reinvested | 7,202 | 179,545 | 752 | 15,805 |
Redemptions | (42,389) | (1,251,909) | (7,168) | (149,502) |
Net increase (decrease) | (29,914) | (919,107) | 31,155 | 676,935 |
Total net increase (decrease) | (2,483,979) | (95,624,356) | 69,915 | 390,919 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 15 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net realized gains | Total distributions to shareholders | |
Class 1 | ||||||
Year Ended 12/31/2021 | $29.97 | (0.22) | (0.18)(c) | (0.40) | (5.18) | (5.18) |
Year Ended 12/31/2020 | $17.82 | (0.12) | 12.66 | 12.54 | (0.39) | (0.39) |
Year Ended 12/31/2019 | $15.64 | (0.06) | 6.33 | 6.27 | (4.09) | (4.09) |
Year Ended 12/31/2018 | $18.71 | (0.06) | 0.02 | (0.04) | (3.03) | (3.03) |
Year Ended 12/31/2017 | $15.31 | (0.06) | 4.43 | 4.37 | (0.97) | (0.97) |
Class 2 | ||||||
Year Ended 12/31/2021 | $28.21 | (0.29) | (0.13)(c) | (0.42) | (5.12) | (5.12) |
Year Ended 12/31/2020 | $16.80 | (0.17) | 11.92 | 11.75 | (0.34) | (0.34) |
Year Ended 12/31/2019 | $14.91 | (0.11) | 6.04 | 5.93 | (4.04) | (4.04) |
Year Ended 12/31/2018 | $17.97 | (0.10) | 0.03 | (0.07) | (2.99) | (2.99) |
Year Ended 12/31/2017 | $14.75 | (0.10) | 4.25 | 4.15 | (0.93) | (0.93) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
16 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $24.39 | (2.90%) | 0.91% | 0.90% | (0.76%) | 61% | $403,066 |
Year Ended 12/31/2020 | $29.97 | 71.12% | 0.91% | 0.90% | (0.57%) | 80% | $568,792 |
Year Ended 12/31/2019 | $17.82 | 40.70% | 0.97% | 0.89% | (0.36%) | 100% | $337,568 |
Year Ended 12/31/2018 | $15.64 | (1.75%) | 1.24% | 0.90% | (0.31%) | 156% | $24,611 |
Year Ended 12/31/2017 | $18.71 | 29.25% | 1.25% | 0.93% | (0.38%) | 153% | $30,341 |
Class 2 | |||||||
Year Ended 12/31/2021 | $22.67 | (3.13%) | 1.15% | 1.15% | (1.01%) | 61% | $801 |
Year Ended 12/31/2020 | $28.21 | 70.67% | 1.17% | 1.15% | (0.81%) | 80% | $1,840 |
Year Ended 12/31/2019 | $16.80 | 40.39% | 1.22% | 1.14% | (0.62%) | 100% | $572 |
Year Ended 12/31/2018 | $14.91 | (2.00%) | 1.49% | 1.15% | (0.55%) | 156% | $499 |
Year Ended 12/31/2017 | $17.97 | 28.84% | 1.50% | 1.18% | (0.63%) | 153% | $540 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 17 |
December 31, 2021
18 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
Purchases ($) | Sales ($) | Net realized gain (loss) ($) |
— | 36,216,170 | 13,313,811 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 21 |
December 31, 2021
July 1, 2021 through April 30, 2022 | May 1, 2021 through June 30, 2021 | Prior to May 1, 2021 | |
Class 1 | 0.89% | 0.90% | 0.90% |
Class 2 | 1.14 | 1.15 | 1.15 |
Excess of distributions over net investment income ($) | Accumulated net realized gain ($) | Paid in capital ($) |
4,914,281 | (4,914,281) | — |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
50,473,122 | 21,824,244 | 72,297,366 | 5,163,270 | 2,236,064 | 7,399,334 |
22 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized appreciation ($) |
36,477,624 | 76,407,990 | — | 69,875,026 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
334,329,127 | 101,289,831 | (31,414,805) | 69,875,026 |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 5,700,000 | 0.69 | 4 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 23 |
December 31, 2021
24 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 25 |
December 31, 2021
26 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 27 |
Dividends received deduction | Capital gain dividend |
1.60% | $80,254,680 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
28 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 29 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
30 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 31 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
32 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 | 33 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
34 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
25 | |
26 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1 | 04/30/12 | 24.28 | 17.56 | 15.62 | |
Class 2 | 04/30/12 | 23.96 | 17.26 | 15.33 | |
Russell 1000 Index | 26.45 | 18.43 | 15.76 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 3 |
Portfolio breakdown (%) (at December 31, 2021) | |
Common Stocks | 99.2 |
Money Market Funds | 0.8 |
Total | 100.0 |
Equity sector breakdown (%) (at December 31, 2021) | |
Communication Services | 12.0 |
Consumer Discretionary | 9.4 |
Consumer Staples | 4.5 |
Energy | 3.0 |
Financials | 10.1 |
Health Care | 13.6 |
Industrials | 8.4 |
Information Technology | 32.8 |
Materials | 3.1 |
Real Estate | 1.3 |
Utilities | 1.8 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
• | The Fund’s relative underperformance was driven by a combination of stock selection and sector allocation during the period. |
• | From an allocation perspective, overweights to the communication services and materials sectors hurt relative performance as both sectors underperformed the benchmark during the period. |
• | An underweight to the strong performing real estate sector also detracted. |
• | The industrials sector was the weakest sector for the Fund, driven primarily by stock selection, most notably Fund holdings in Uber Technologies, Southwest Airlines, Co. and Honeywell International Inc. |
• | Health care was also an area of detraction. Fund holdings that weighed on relative performance included biotech companies Biogen, Inc., BioMarin Pharmaceutical, Inc. and Vertex Pharmaceuticals, Inc., health care equipment companies Dentsply Sirona, Inc. and Medtronic PLC, and pharmaceutical giant Johnson & Johnson. |
• | Activision Blizzard, Inc. and T-Mobile USA, Inc., both within the communication services sector, were among the Fund’s largest detractors during the period. |
• | Within the consumer staples sector, Coca-Cola Company and Sysco Corporation detracted during the period. |
• | Within consumer discretionary, the Fund’s large holding in Amazon.com weighed on results, as did holdings in retailers Dollar Tree, Inc. and Gap, Inc. |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 5 |
• | The Fund’s overweight allocations to the financials, energy and information technology sectors contributed to performance versus the benchmark. |
• | Underweight allocations to the utilities and consumer discretionary sectors also added to relative results. |
• | The information technology sector was the Fund’s strongest area of contribution, with the Fund’s performance driven by strong stock selection. Fund holdings that delivered strong results for the Fund included software companies Intuit, Inc., Microsoft Corp. and Palo Alto Networks. Semiconductor and semiconductor equipment companies NVIDIA Corp., Lam Research Corp., and Marvell Technology were also strong contributors to Fund performance. |
• | Within energy, all three of the Fund’s holdings, Canadian Natural Resources Limited, Chevron and EOG Resources, Inc. benefited Fund performance versus the benchmark. |
• | Within the financials sector notable contributors included Morgan Stanley, Bank of America Corp. and American Express. |
• | Google parent Alphabet Inc., in the communications sector, was one of the Fund’s top individual contributors during the period. |
6 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,071.70 | 1,021.63 | 3.71 | 3.62 | 0.71 |
Class 2 | 1,000.00 | 1,000.00 | 1,070.00 | 1,020.37 | 5.01 | 4.89 | 0.96 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 7 |
December 31, 2021
Common Stocks 99.3% | ||
Issuer | Shares | Value ($) |
Communication Services 11.9% | ||
Diversified Telecommunication Services 0.5% | ||
AT&T, Inc. | 336,790 | 8,285,034 |
Entertainment 1.2% | ||
Activision Blizzard, Inc. | 42,312 | 2,815,017 |
Endeavor Group Holdings, Inc., Class A(a) | 192,657 | 6,721,803 |
Walt Disney Co. (The)(a) | 65,411 | 10,131,510 |
Total | 19,668,330 | |
Interactive Media & Services 7.8% | ||
Alphabet, Inc., Class A(a) | 15,435 | 44,715,813 |
Alphabet, Inc., Class C(a) | 16,553 | 47,897,595 |
Meta Platforms, Inc., Class A(a) | 115,305 | 38,782,837 |
Total | 131,396,245 | |
Media 1.3% | ||
Comcast Corp., Class A | 429,503 | 21,616,886 |
Wireless Telecommunication Services 1.1% | ||
T-Mobile USA, Inc.(a) | 153,888 | 17,847,930 |
Total Communication Services | 198,814,425 | |
Consumer Discretionary 9.3% | ||
Hotels, Restaurants & Leisure 1.4% | ||
McDonald’s Corp. | 89,913 | 24,102,978 |
Internet & Direct Marketing Retail 5.0% | ||
Amazon.com, Inc.(a) | 22,603 | 75,366,087 |
eBay, Inc. | 135,208 | 8,991,332 |
Total | 84,357,419 | |
Specialty Retail 1.7% | ||
Gap, Inc. (The) | 325,055 | 5,737,221 |
Lowe’s Companies, Inc. | 61,160 | 15,808,637 |
Ulta Beauty, Inc.(a) | 14,375 | 5,927,387 |
Total | 27,473,245 | |
Textiles, Apparel & Luxury Goods 1.2% | ||
Tapestry, Inc. | 362,522 | 14,718,393 |
Under Armour, Inc., Class A(a) | 238,310 | 5,049,789 |
Total | 19,768,182 | |
Total Consumer Discretionary | 155,701,824 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Consumer Staples 4.5% | ||
Food & Staples Retailing 2.0% | ||
Sysco Corp. | 426,229 | 33,480,288 |
Food Products 1.5% | ||
Mondelez International, Inc., Class A | 370,345 | 24,557,577 |
Tobacco 1.0% | ||
Philip Morris International, Inc. | 185,437 | 17,616,515 |
Total Consumer Staples | 75,654,380 | |
Energy 3.0% | ||
Oil, Gas & Consumable Fuels 3.0% | ||
Canadian Natural Resources Ltd. | 328,740 | 13,889,265 |
Chevron Corp. | 199,217 | 23,378,115 |
EOG Resources, Inc. | 143,008 | 12,703,401 |
Total | 49,970,781 | |
Total Energy | 49,970,781 | |
Financials 10.1% | ||
Banks 3.3% | ||
Bank of America Corp. | 682,044 | 30,344,137 |
JPMorgan Chase & Co. | 156,374 | 24,761,823 |
Total | 55,105,960 | |
Capital Markets 2.8% | ||
BlackRock, Inc. | 17,785 | 16,283,235 |
Morgan Stanley | 81,902 | 8,039,500 |
State Street Corp. | 240,782 | 22,392,726 |
Total | 46,715,461 | |
Consumer Finance 0.3% | ||
American Express Co. | 30,546 | 4,997,326 |
Diversified Financial Services 2.7% | ||
Berkshire Hathaway, Inc., Class B(a) | 150,759 | 45,076,941 |
Insurance 1.0% | ||
Aon PLC, Class A | 14,172 | 4,259,536 |
Willis Towers Watson PLC | 52,267 | 12,412,890 |
Total | 16,672,426 | |
Total Financials | 168,568,114 |
8 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 13.5% | ||
Biotechnology 2.2% | ||
Biogen, Inc.(a) | 28,246 | 6,776,780 |
BioMarin Pharmaceutical, Inc.(a) | 133,276 | 11,774,935 |
Vertex Pharmaceuticals, Inc.(a) | 83,033 | 18,234,047 |
Total | 36,785,762 | |
Health Care Equipment & Supplies 4.8% | ||
Abbott Laboratories | 210,523 | 29,629,007 |
Baxter International, Inc. | 149,392 | 12,823,809 |
Dentsply Sirona, Inc. | 268,568 | 14,983,409 |
Medtronic PLC | 225,903 | 23,369,665 |
Total | 80,805,890 | |
Health Care Providers & Services 2.5% | ||
Anthem, Inc. | 40,064 | 18,571,267 |
CVS Health Corp. | 221,712 | 22,871,810 |
Total | 41,443,077 | |
Pharmaceuticals 4.0% | ||
Eli Lilly & Co. | 93,467 | 25,817,455 |
Johnson & Johnson | 246,262 | 42,128,040 |
Total | 67,945,495 | |
Total Health Care | 226,980,224 | |
Industrials 8.4% | ||
Aerospace & Defense 2.7% | ||
Raytheon Technologies Corp. | 521,147 | 44,849,911 |
Airlines 1.0% | ||
Southwest Airlines Co.(a) | 402,370 | 17,237,531 |
Building Products 0.4% | ||
Carrier Global Corp. | 123,547 | 6,701,189 |
Industrial Conglomerates 1.1% | ||
Honeywell International, Inc. | 84,138 | 17,543,614 |
Machinery 0.9% | ||
Stanley Black & Decker, Inc. | 78,446 | 14,796,485 |
Road & Rail 2.3% | ||
Uber Technologies, Inc.(a) | 517,490 | 21,698,356 |
Union Pacific Corp. | 68,884 | 17,353,946 |
Total | 39,052,302 | |
Total Industrials | 140,181,032 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Information Technology 32.6% | ||
Communications Equipment 1.0% | ||
Cisco Systems, Inc. | 263,260 | 16,682,786 |
Electronic Equipment, Instruments & Components 2.2% | ||
TE Connectivity Ltd. | 232,483 | 37,508,807 |
IT Services 6.6% | ||
Akamai Technologies, Inc.(a) | 72,134 | 8,442,563 |
Fidelity National Information Services, Inc. | 129,615 | 14,147,477 |
Global Payments, Inc. | 91,226 | 12,331,931 |
International Business Machines Corp. | 105,442 | 14,093,378 |
MasterCard, Inc., Class A | 98,904 | 35,538,185 |
PayPal Holdings, Inc.(a) | 61,018 | 11,506,775 |
Visa, Inc., Class A | 69,011 | 14,955,374 |
Total | 111,015,683 | |
Semiconductors & Semiconductor Equipment 4.4% | ||
GlobalFoundries, Inc.(a) | 81,779 | 5,313,182 |
Lam Research Corp. | 25,201 | 18,123,299 |
Marvell Technology, Inc. | 114,658 | 10,031,429 |
Micron Technology, Inc. | 127,669 | 11,892,367 |
NVIDIA Corp. | 97,021 | 28,534,846 |
Total | 73,895,123 | |
Software 11.9% | ||
Adobe, Inc.(a) | 38,608 | 21,893,053 |
Autodesk, Inc.(a) | 54,706 | 15,382,780 |
Intuit, Inc. | 25,496 | 16,399,537 |
Microsoft Corp. | 357,382 | 120,194,714 |
Palo Alto Networks, Inc.(a) | 44,553 | 24,805,328 |
Total | 198,675,412 | |
Technology Hardware, Storage & Peripherals 6.5% | ||
Apple, Inc. | 608,113 | 107,982,625 |
Total Information Technology | 545,760,436 | |
Materials 3.1% | ||
Chemicals 2.6% | ||
Air Products & Chemicals, Inc. | 15,196 | 4,623,535 |
Corteva, Inc. | 323,990 | 15,318,247 |
International Flavors & Fragrances, Inc. | 86,356 | 13,009,531 |
Nutrien Ltd. | 140,299 | 10,550,485 |
Total | 43,501,798 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 9 |
December 31, 2021
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Metals & Mining 0.5% | ||
Newmont Corp. | 140,849 | 8,735,455 |
Total Materials | 52,237,253 | |
Real Estate 1.2% | ||
Equity Real Estate Investment Trusts (REITS) 0.8% | ||
American Tower Corp. | 45,196 | 13,219,830 |
Real Estate Management & Development 0.4% | ||
Zillow Group, Inc., Class C(a) | 117,800 | 7,521,530 |
Total Real Estate | 20,741,360 | |
Utilities 1.7% | ||
Electric Utilities 1.2% | ||
American Electric Power Co., Inc. | 224,877 | 20,007,307 |
Multi-Utilities 0.5% | ||
Public Service Enterprise Group, Inc. | 141,120 | 9,416,937 |
Total Utilities | 29,424,244 | |
Total Common Stocks (Cost $1,139,035,818) | 1,664,034,073 | |
Money Market Funds 0.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(b),(c) | 12,887,645 | 12,885,067 |
Total Money Market Funds (Cost $12,885,067) | 12,885,067 | |
Total Investments in Securities (Cost: $1,151,920,885) | 1,676,919,140 | |
Other Assets & Liabilities, Net | (1,662,716) | |
Net Assets | 1,675,256,424 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.085% | ||||||||
18,641,916 | 342,843,781 | (348,600,630) | — | 12,885,067 | (1,691) | 10,856 | 12,887,645 |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
10 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
December 31, 2021
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 198,814,425 | — | — | 198,814,425 |
Consumer Discretionary | 155,701,824 | — | — | 155,701,824 |
Consumer Staples | 75,654,380 | — | — | 75,654,380 |
Energy | 49,970,781 | — | — | 49,970,781 |
Financials | 168,568,114 | — | — | 168,568,114 |
Health Care | 226,980,224 | — | — | 226,980,224 |
Industrials | 140,181,032 | — | — | 140,181,032 |
Information Technology | 545,760,436 | — | — | 545,760,436 |
Materials | 52,237,253 | — | — | 52,237,253 |
Real Estate | 20,741,360 | — | — | 20,741,360 |
Utilities | 29,424,244 | — | — | 29,424,244 |
Total Common Stocks | 1,664,034,073 | — | — | 1,664,034,073 |
Money Market Funds | 12,885,067 | — | — | 12,885,067 |
Total Investments in Securities | 1,676,919,140 | — | — | 1,676,919,140 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 11 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,139,035,818) | $1,664,034,073 |
Affiliated issuers (cost $12,885,067) | 12,885,067 |
Receivable for: | |
Capital shares sold | 4,636 |
Dividends | 1,083,874 |
Foreign tax reclaims | 62,386 |
Expense reimbursement due from Investment Manager | 489 |
Prepaid expenses | 16,719 |
Trustees’ deferred compensation plan | 198,240 |
Total assets | 1,678,285,484 |
Liabilities | |
Payable for: | |
Capital shares purchased | 2,744,300 |
Management services fees | 32,727 |
Distribution and/or service fees | 1,120 |
Service fees | 11,287 |
Compensation of board members | 14,660 |
Compensation of chief compliance officer | 105 |
Other expenses | 26,621 |
Trustees’ deferred compensation plan | 198,240 |
Total liabilities | 3,029,060 |
Net assets applicable to outstanding capital stock | $1,675,256,424 |
Represented by | |
Trust capital | $1,675,256,424 |
Total - representing net assets applicable to outstanding capital stock | $1,675,256,424 |
Class 1 | |
Net assets | $1,512,304,623 |
Shares outstanding | 37,170,873 |
Net asset value per share | $40.69 |
Class 2 | |
Net assets | $162,951,801 |
Shares outstanding | 4,101,256 |
Net asset value per share | $39.73 |
12 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $20,659,678 |
Dividends — affiliated issuers | 10,856 |
Foreign taxes withheld | (128,024) |
Total income | 20,542,510 |
Expenses: | |
Management services fees | 11,767,205 |
Distribution and/or service fees | |
Class 2 | 375,567 |
Service fees | 100,349 |
Compensation of board members | 34,368 |
Custodian fees | 15,753 |
Printing and postage fees | 17,655 |
Audit fees | 29,500 |
Legal fees | 26,926 |
Compensation of chief compliance officer | 428 |
Other | 20,169 |
Total expenses | 12,387,920 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (422,514) |
Total net expenses | 11,965,406 |
Net investment income | 8,577,104 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 335,523,734 |
Investments — affiliated issuers | (1,691) |
Foreign currency translations | 2,078 |
Net realized gain | 335,524,121 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 15,421,531 |
Foreign currency translations | (695) |
Net change in unrealized appreciation (depreciation) | 15,420,836 |
Net realized and unrealized gain | 350,944,957 |
Net increase in net assets resulting from operations | $359,522,061 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 13 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $8,577,104 | $12,839,637 |
Net realized gain | 335,524,121 | 161,427,084 |
Net change in unrealized appreciation (depreciation) | 15,420,836 | 117,164,382 |
Net increase in net assets resulting from operations | 359,522,061 | 291,431,103 |
Decrease in net assets from capital stock activity | (266,081,388) | (255,795,429) |
Total increase in net assets | 93,440,673 | 35,635,674 |
Net assets at beginning of year | 1,581,815,751 | 1,546,180,077 |
Net assets at end of year | $1,675,256,424 | $1,581,815,751 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 81,946 | 3,067,204 | 11,065,514 | 337,414,644 |
Redemptions | (7,176,586) | (267,772,669) | (20,359,651) | (588,975,938) |
Net decrease | (7,094,640) | (264,705,465) | (9,294,137) | (251,561,294) |
Class 2 | ||||
Subscriptions | 300,120 | 10,926,608 | 261,970 | 6,908,429 |
Redemptions | (340,477) | (12,302,531) | (414,807) | (11,142,564) |
Net decrease | (40,357) | (1,375,923) | (152,837) | (4,234,135) |
Total net decrease | (7,134,997) | (266,081,388) | (9,446,974) | (255,795,429) |
14 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $32.74 | 0.20 | 7.75 | 7.95 |
Year Ended 12/31/2020 | $26.76 | 0.25 | 5.73 | 5.98 |
Year Ended 12/31/2019 | $20.10 | 0.27 | 6.39 | 6.66 |
Year Ended 12/31/2018 | $22.07 | 0.24 | (2.21) | (1.97) |
Year Ended 12/31/2017 | $18.12 | 0.21 | 3.74 | 3.95 |
Class 2 | ||||
Year Ended 12/31/2021 | $32.05 | 0.11 | 7.57 | 7.68 |
Year Ended 12/31/2020 | $26.27 | 0.17 | 5.61 | 5.78 |
Year Ended 12/31/2019 | $19.78 | 0.21 | 6.28 | 6.49 |
Year Ended 12/31/2018 | $21.77 | 0.19 | (2.18) | (1.99) |
Year Ended 12/31/2017 | $17.92 | 0.16 | 3.69 | 3.85 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
16 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $40.69 | 24.28% | 0.73% | 0.70% | 0.54% | 45% | $1,512,305 |
Year Ended 12/31/2020 | $32.74 | 22.35% | 0.74%(c) | 0.69%(c) | 0.91% | 58% | $1,449,079 |
Year Ended 12/31/2019 | $26.76 | 33.13% | 0.74%(c) | 0.70%(c) | 1.16% | 43% | $1,433,380 |
Year Ended 12/31/2018 | $20.10 | (8.93%) | 0.71% | 0.71% | 1.09% | 63% | $1,301,755 |
Year Ended 12/31/2017 | $22.07 | 21.80% | 0.72% | 0.72% | 1.04% | 46% | $2,383,772 |
Class 2 | |||||||
Year Ended 12/31/2021 | $39.73 | 23.96% | 0.98% | 0.95% | 0.29% | 45% | $162,952 |
Year Ended 12/31/2020 | $32.05 | 22.00% | 0.99%(c) | 0.94%(c) | 0.65% | 58% | $132,736 |
Year Ended 12/31/2019 | $26.27 | 32.81% | 0.99%(c) | 0.95%(c) | 0.90% | 43% | $112,800 |
Year Ended 12/31/2018 | $19.78 | (9.14%) | 0.96% | 0.96% | 0.86% | 63% | $91,923 |
Year Ended 12/31/2017 | $21.77 | 21.49% | 0.97% | 0.97% | 0.78% | 46% | $110,867 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 17 |
December 31, 2021
18 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
December 31, 2021
Purchases ($) | Sales ($) | Net realized gain (loss) ($) |
— | 20,808,144 | 13,232,143 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 21 |
December 31, 2021
Contractual expense cap July 1, 2021 through April 30, 2022 | Voluntary expense cap May 1, 2021 through June 30, 2021* | Contractual expense cap prior to May 1, 2021 | |
Class 1 | 0.71% | 0.69% | 0.69% |
Class 2 | 0.96 | 0.94 | 0.94 |
22 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
December 31, 2021
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 23 |
December 31, 2021
24 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 25 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
26 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 27 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
28 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 29 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
30 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2021 | 31 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
14 | |
15 | |
16 | |
18 | |
20 | |
32 | |
33 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | 5.77 | 7.07 | 5.23 | |
Class 2 | 04/12/13 | 5.45 | 6.90 | 5.13 | |
Blended Benchmark | 5.98 | 7.84 | 6.31 | ||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.77 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 30.9 |
International | 7.3 |
U.S. Large Cap | 19.2 |
U.S. Mid Cap | 1.4 |
U.S. Small Cap | 3.0 |
Exchange-Traded Equity Funds | 2.7 |
International Mid Large Cap | 1.3 |
U.S. Large Cap | 1.4 |
Exchange-Traded Fixed Income Funds | 4.0 |
Investment Grade | 4.0 |
Fixed Income Funds | 36.7 |
Investment Grade | 36.7 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 16.5 |
Options Purchased Puts | 0.5 |
Residential Mortgage-Backed Securities - Agency | 8.7 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
• | Underperformance during the period came primarily from underlying strategic equity fund managers and the dynamic algorithm which assists in helping direct overall levels of equity allocation. |
• | Underlying fund manager performance in U.S. large-cap, and international equity strategies also weighed on relative performance results. |
• | Several large growth-oriented managers faced significant headwinds during the period. Earnings yield figures dropped for some of their larger holdings and perceived risks from longer dated cash flows for significant growers in the large-cap universe were cause for some market participants to reduce exposure to this cohort during the second half of the period. |
• | The managers’ tactical discretion applied versus the dynamic algorithm’s suggested equity allocations proved to be the largest contributor to relative performance in the period. |
○ | The managers’ tactically adjusted actual equity exposure throughout the period, erring on the side of a constructive view toward equities, which lent itself to an overweight equity allocation versus the suggested dynamic algorithm equity weighting. Given the positive return environment for global equities, this tactical preference to maintain overweight equity allocations proved beneficial to relative performance. In addition, this tactical positioning helped dampen overall portfolio volatility. |
• | Underlying fund manager performance in fixed income also contributed to Fund performance during the period. Core fixed-income managers with exposure to lower quality corporate debt helped boost relative performance over the period. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 5 |
6 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,021.00 | 1,023.79 | 1.43 | 1.43 | 0.28 | 3.72 | 3.72 | 0.73 |
Class 2 | 1,000.00 | 1,000.00 | 1,019.10 | 1,022.53 | 2.70 | 2.70 | 0.53 | 4.99 | 5.00 | 0.98 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 7 |
December 31, 2021
Equity Funds 33.6% | ||
Shares | Value ($) | |
International 7.9% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 4,587,699 | 69,182,495 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 2,051,868 | 27,843,855 |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a) | 1,109,097 | 16,237,180 |
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) | 1,599,121 | 16,183,106 |
Total | 129,446,636 | |
U.S. Large Cap 20.9% | ||
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) | 575,579 | 23,420,322 |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 779,116 | 69,053,011 |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) | 807,516 | 30,645,223 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 3,719,855 | 68,482,528 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 822,710 | 30,785,822 |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) | 444,059 | 26,084,012 |
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) | 704,718 | 26,694,716 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 390,003 | 23,400,192 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 785,018 | 26,447,252 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 481,259 | 17,387,873 |
Total | 342,400,951 | |
U.S. Mid Cap 1.5% | ||
Columbia Variable Portfolio – Mid Cap Growth Fund, Class 1 Shares(a),(b) | 113,070 | 5,925,970 |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares(a),(b) | 171,152 | 6,312,094 |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) | 143,296 | 6,191,820 |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) | 127,279 | 6,095,412 |
Total | 24,525,296 |
Equity Funds (continued) | ||
Shares | Value ($) | |
U.S. Small Cap 3.3% | ||
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) | 290,289 | 6,023,497 |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) | 245,353 | 5,984,172 |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 535,580 | 20,427,005 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 563,563 | 21,161,792 |
Total | 53,596,466 | |
Total Equity Funds (Cost $307,534,123) | 549,969,349 | |
Exchange-Traded Equity Funds 2.9% | ||
International Mid Large Cap 1.3% | ||
iShares MSCI EAFE ETF | 278,987 | 21,950,697 |
U.S. Large Cap 1.6% | ||
SPDR S&P 500 ETF Trust | 53,625 | 25,469,730 |
Total Exchange-Traded Equity Funds (Cost $27,126,050) | 47,420,427 | |
Exchange-Traded Fixed Income Funds 4.4% | ||
Investment Grade 4.4% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 398,500 | 52,809,220 |
Vanguard Intermediate-Term Corporate Bond ETF | 205,000 | 19,015,800 |
Total | 71,825,020 | |
Total Exchange-Traded Fixed Income Funds (Cost $68,272,846) | 71,825,020 | |
Fixed Income Funds 40.0% | ||
Investment Grade 40.0% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 12,162,263 | 125,392,931 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 3,649,248 | 35,908,596 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 6,448,448 | 72,158,130 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 3,442,838 | 35,598,946 |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) | 1,820,699 | 17,879,260 |
8 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 8,672,101 | 97,647,861 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 11,145,340 | 119,700,953 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 13,475,023 | 149,842,256 |
Total | 654,128,933 | |
Total Fixed Income Funds (Cost $639,594,216) | 654,128,933 |
Residential Mortgage-Backed Securities - Agency 9.4% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 14,000,000 | 14,341,250 | |
01/18/2037- 01/13/2052 | 2.500% | 63,021,000 | 64,645,346 | |
01/13/2052 | 3.000% | 73,143,000 | 75,808,719 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $154,803,982) | 154,795,315 |
Options Purchased Puts 0.6% | ||||
Value ($) | ||||
(Cost $14,708,281) | 9,489,725 |
Money Market Funds 18.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 294,102,234 | 294,043,414 |
Total Money Market Funds (Cost $294,060,757) | 294,043,414 | |
Total Investments in Securities (Cost: $1,506,100,255) | 1,781,672,183 | |
Other Assets & Liabilities, Net | (145,942,894) | |
Net Assets | 1,635,729,289 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Australian Dollar | 41 | 03/2022 | USD | 2,983,980 | 95,009 | — |
British Pound | 47 | 03/2022 | USD | 3,974,731 | 84,207 | — |
Canadian Dollar | 93 | 03/2022 | USD | 7,351,650 | 73,550 | — |
Euro FX | 10 | 03/2022 | USD | 1,425,313 | 15,212 | — |
EURO STOXX 50 Index | 121 | 03/2022 | EUR | 5,187,875 | 123,149 | — |
FTSE 100 Index | 22 | 03/2022 | GBP | 1,611,280 | 40,887 | — |
MSCI Singapore Index | 6 | 01/2022 | SGD | 204,090 | 912 | — |
New Zealand Dollar | 40 | 03/2022 | USD | 2,737,400 | 44,056 | — |
OMXS30 Index | 175 | 01/2022 | SEK | 42,336,875 | 258,639 | — |
S&P 500 Index E-mini | 309 | 03/2022 | USD | 73,518,825 | 1,574,226 | — |
SPI 200 Index | 6 | 03/2022 | AUD | 1,102,050 | 10,035 | — |
TOPIX Index | 32 | 03/2022 | JPY | 637,440,000 | — | (7,976) |
U.S. Long Bond | 199 | 03/2022 | USD | 31,927,063 | 228,220 | — |
U.S. Treasury 10-Year Note | 191 | 03/2022 | USD | 24,919,531 | 191,062 | — |
U.S. Treasury 2-Year Note | 110 | 03/2022 | USD | 23,998,906 | — | (25,120) |
U.S. Treasury 5-Year Note | 563 | 03/2022 | USD | 68,109,805 | 208,922 | — |
U.S. Ultra Treasury Bond | 56 | 03/2022 | USD | 11,039,000 | 101,255 | — |
Total | 3,049,341 | (33,096) |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 9 |
December 31, 2021
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Japanese Yen | (4) | 03/2022 | USD | (434,900) | 5,210 | — |
Russell 2000 Index E-mini | (5) | 03/2022 | USD | (560,700) | — | (8,518) |
S&P 500 Index E-mini | (87) | 03/2022 | USD | (20,699,475) | — | (290,796) |
S&P/TSX 60 Index | (16) | 03/2022 | CAD | (4,098,880) | — | (54,318) |
Swiss Franc | (30) | 03/2022 | USD | (4,122,000) | — | (54,889) |
Total | 5,210 | (408,521) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 152,517,760 | 320 | 3,500.00 | 12/16/2022 | 5,068,177 | 3,110,400 |
S&P 500 Index | JPMorgan | USD | 126,303,770 | 265 | 3,400.00 | 12/16/2022 | 5,078,456 | 2,309,475 |
S&P 500 Index | JPMorgan | USD | 61,007,104 | 128 | 3,700.00 | 12/15/2023 | 3,216,899 | 2,935,040 |
S&P 500 Index | JPMorgan | USD | 25,737,372 | 54 | 3,600.00 | 12/15/2023 | 1,344,749 | 1,134,810 |
Total | 14,708,281 | 9,489,725 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | 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, 0.085% | |||||||||
267,597,368 | 241,629,878 | (215,157,953) | (25,879) | 294,043,414 | — | (3,359) | 187,226 | 294,102,234 | |
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | |||||||||
22,077,090 | — | (1,496,011) | 2,839,243 | 23,420,322 | — | 2,175,241 | — | 575,579 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
84,393,394 | 41,313 | (17,915,686) | 2,533,990 | 69,053,011 | — | 17,819,635 | — | 779,116 | |
Columbia Variable Portfolio – Dividend Opportunity Fund, Class 1 Shares | |||||||||
19,987,818 | — | (12,616,722) | (7,371,096) | — | — | 7,848,294 | — | — | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
131,126,676 | 20,448,978 | (12,588,008) | (13,594,715) | 125,392,931 | 9,186,692 | (126,537) | 4,236,600 | 12,162,263 | |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | |||||||||
26,952,413 | 4,084,093 | (5,486,839) | 5,095,556 | 30,645,223 | — | 3,026,005 | — | 807,516 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
38,984,592 | 642,890 | (2,988,737) | (730,149) | 35,908,596 | — | (73,515) | 587,734 | 3,649,248 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
69,122,727 | 15,882,856 | (6,261,907) | (6,585,546) | 72,158,130 | 3,492,668 | (366,681) | 1,514,403 | 6,448,448 | |
Columbia Variable Portfolio – Mid Cap Growth Fund, Class 1 Shares | |||||||||
7,851,769 | 61,677 | (1,281,998) | (705,478) | 5,925,970 | — | 1,793,139 | — | 113,070 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
41,714,461 | 25,183,141 | (755,038) | 3,039,931 | 69,182,495 | 1,404,706 | (2,317) | 866,822 | 4,587,699 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
26,132,805 | 34,941,901 | (6,854,705) | 14,262,527 | 68,482,528 | — | 520,459 | — | 3,719,855 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
20,372,381 | 11,013,092 | (6,685,844) | 6,086,193 | 30,785,822 | — | 609,587 | — | 822,710 |
10 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
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 – Select Mid Cap Value Fund, Class 1 Shares | |||||||||
7,888,286 | 4,224 | (2,006,089) | 425,673 | 6,312,094 | — | 1,508,863 | — | 171,152 | |
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | |||||||||
8,851,360 | 71,078 | (3,865,380) | 966,439 | 6,023,497 | — | 1,145,191 | 39,915 | 290,289 | |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | |||||||||
9,007,664 | 1,608,158 | (1,931,413) | (2,700,237) | 5,984,172 | 1,064,366 | 1,857,351 | — | 245,353 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
37,627,673 | 1,449,125 | (1,822,045) | (1,655,807) | 35,598,946 | 573,378 | 18,744 | 738,894 | 3,442,838 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
12,875,115 | 6,368,499 | (495,540) | (868,814) | 17,879,260 | 324,283 | (11,077) | 286,091 | 1,820,699 | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
89,661,832 | 11,592,796 | — | (3,606,767) | 97,647,861 | 1,945,888 | — | 2,129,641 | 8,672,101 | |
CTIVP® – Lazard International Equity Advantage Fund, Class 1 Shares | |||||||||
23,875,219 | 2,174,558 | (21,872,032) | (4,177,745) | — | 1,098,401 | 3,562,595 | 462,771 | — | |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares | |||||||||
24,006,462 | 3,014,528 | (3,860,105) | 2,923,127 | 26,084,012 | — | 1,840,759 | — | 444,059 | |
CTIVP® – Los Angeles Capital Large Cap Growth Fund, Class 1 Shares | |||||||||
20,118,050 | — | (7,350,236) | (12,767,814) | — | — | 13,158,577 | — | — | |
CTIVP® – MFS® Value Fund, Class 1 Shares | |||||||||
16,589,460 | 10,250,895 | (5,424,331) | 5,278,692 | 26,694,716 | — | 681,182 | — | 704,718 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
25,008,664 | 3,545,289 | (3,428,413) | (1,725,348) | 23,400,192 | — | 1,116,021 | — | 390,003 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
18,315,755 | 8,229,047 | (5,431,516) | 5,333,966 | 26,447,252 | — | 745,363 | — | 785,018 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
129,999,568 | 10,433,618 | (12,379,040) | (8,353,193) | 119,700,953 | 5,350,292 | (185,699) | 1,694,676 | 11,145,340 | |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | |||||||||
11,657,979 | 7,778 | (4,358,012) | (1,115,925) | 6,191,820 | — | 3,442,504 | — | 143,296 | |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | |||||||||
11,833,914 | 58,562 | (2,999,223) | (2,797,841) | 6,095,412 | — | 3,905,096 | — | 127,279 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
150,313,857 | 13,919,618 | (6,674,527) | (7,716,692) | 149,842,256 | 3,882,148 | (161,646) | 2,178,119 | 13,475,023 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
30,179,412 | 132,383 | (8,931,462) | (3,992,460) | 17,387,873 | — | 8,964,211 | — | 481,259 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
50,013,509 | 7,193,810 | (27,800,908) | (1,562,556) | 27,843,855 | — | 5,353,178 | 517,293 | 2,051,868 | |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares | |||||||||
19,301,384 | 839,594 | (3,976,290) | 72,492 | 16,237,180 | 759,050 | 1,014,760 | 11,319 | 1,109,097 | |
Variable Portfolio – Partners International Value Fund, Class 1 Shares | |||||||||
18,567,243 | 1,468,686 | (4,896,732) | 1,043,909 | 16,183,106 | — | 272,431 | 337,121 | 1,599,121 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
18,954,360 | 3,611,673 | (3,680,829) | 1,541,801 | 20,427,005 | — | 121,540 | — | 535,580 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 11 |
December 31, 2021
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 Small Cap Value Fund, Class 1 Shares | |||||||||
17,277,912 | 3,018,300 | (3,162,161) | 4,027,741 | 21,161,792 | — | 412,825 | — | 563,563 | |
Total | 1,508,238,172 | (26,582,782) | 1,498,141,696 | 29,081,872 | 81,982,720 | 15,788,625 |
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
AUD | Australian Dollar |
CAD | Canada Dollar |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
12 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 549,969,349 | 549,969,349 |
Exchange-Traded Equity Funds | 47,420,427 | — | — | — | 47,420,427 |
Exchange-Traded Fixed Income Funds | 71,825,020 | — | — | — | 71,825,020 |
Fixed Income Funds | — | — | — | 654,128,933 | 654,128,933 |
Residential Mortgage-Backed Securities - Agency | — | 154,795,315 | — | — | 154,795,315 |
Options Purchased Puts | 9,489,725 | — | — | — | 9,489,725 |
Money Market Funds | 294,043,414 | — | — | — | 294,043,414 |
Total Investments in Securities | 422,778,586 | 154,795,315 | — | 1,204,098,282 | 1,781,672,183 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 3,054,551 | — | — | — | 3,054,551 |
Liability | |||||
Futures Contracts | (441,617) | — | — | — | (441,617) |
Total | 425,391,520 | 154,795,315 | — | 1,204,098,282 | 1,784,285,117 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 13 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $250,202,878) | $274,040,762 |
Affiliated issuers (cost $1,241,189,096) | 1,498,141,696 |
Options purchased (cost $14,708,281) | 9,489,725 |
Cash collateral held at broker for: | |
TBA | 478,000 |
Margin deposits on: | |
Futures contracts | 8,494,800 |
Receivable for: | |
Investments sold | 736,761 |
Dividends | 154,285 |
Interest | 147,223 |
Variation margin for futures contracts | 420,781 |
Prepaid expenses | 17,556 |
Trustees’ deferred compensation plan | 124,259 |
Total assets | 1,792,245,848 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 154,951,206 |
Capital shares purchased | 1,052,515 |
Variation margin for futures contracts | 239,414 |
Management services fees | 9,171 |
Distribution and/or service fees | 11,206 |
Service fees | 83,175 |
Compensation of board members | 14,792 |
Compensation of chief compliance officer | 105 |
Other expenses | 30,716 |
Trustees’ deferred compensation plan | 124,259 |
Total liabilities | 156,516,559 |
Net assets applicable to outstanding capital stock | $1,635,729,289 |
Represented by | |
Trust capital | $1,635,729,289 |
Total - representing net assets applicable to outstanding capital stock | $1,635,729,289 |
Class 1 | |
Net assets | $1,017,114 |
Shares outstanding | 65,287 |
Net asset value per share | $15.58 |
Class 2 | |
Net assets | $1,634,712,175 |
Shares outstanding | 105,649,457 |
Net asset value per share | $15.47 |
14 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $3,233,236 |
Dividends — affiliated issuers | 15,788,625 |
Interest | 5,845 |
Total income | 19,027,706 |
Expenses: | |
Management services fees | 3,438,029 |
Distribution and/or service fees | |
Class 2 | 4,158,594 |
Service fees | 998,793 |
Compensation of board members | 34,714 |
Custodian fees | 31,686 |
Printing and postage fees | 24,028 |
Audit fees | 29,500 |
Legal fees | 27,031 |
Interest on collateral | 31,168 |
Compensation of chief compliance officer | 433 |
Other | 8,575 |
Total expenses | 8,782,551 |
Net investment income | 10,245,155 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 14,675,141 |
Investments — affiliated issuers | 81,982,720 |
Capital gain distributions from underlying affiliated funds | 29,081,872 |
Foreign currency translations | (94,638) |
Futures contracts | 4,626,734 |
Options purchased | (15,492,897) |
Net realized gain | 114,778,932 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (7,915,662) |
Investments — affiliated issuers | (26,582,782) |
Foreign currency translations | (96,071) |
Futures contracts | 1,660,410 |
Options purchased | (2,539,820) |
Net change in unrealized appreciation (depreciation) | (35,473,925) |
Net realized and unrealized gain | 79,305,007 |
Net increase in net assets resulting from operations | $89,550,162 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 15 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $10,245,155 | $12,185,768 |
Net realized gain | 114,778,932 | 19,519,005 |
Net change in unrealized appreciation (depreciation) | (35,473,925) | 109,621,655 |
Net increase in net assets resulting from operations | 89,550,162 | 141,326,428 |
Increase (decrease) in net assets from capital stock activity | (148,956,033) | 32,876,907 |
Total increase (decrease) in net assets | (59,405,871) | 174,203,335 |
Net assets at beginning of year | 1,695,135,160 | 1,520,931,825 |
Net assets at end of year | $1,635,729,289 | $1,695,135,160 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 38,073 | 582,714 | 27,854 | 382,942 |
Redemptions | (9,693) | (147,942) | (6,327) | (83,224) |
Net increase | 28,380 | 434,772 | 21,527 | 299,718 |
Class 2 | ||||
Subscriptions | 2,448,261 | 36,745,727 | 9,339,157 | 126,651,731 |
Redemptions | (12,349,068) | (186,136,532) | (6,903,807) | (94,074,542) |
Net increase (decrease) | (9,900,807) | (149,390,805) | 2,435,350 | 32,577,189 |
Total net increase (decrease) | (9,872,427) | (148,956,033) | 2,456,877 | 32,876,907 |
16 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $14.73 | 0.13 | 0.72 | 0.85 |
Year Ended 12/31/2020 | $13.47 | 0.14 | 1.12 | 1.26 |
Year Ended 12/31/2019(d) | $12.36 | 0.16 | 0.95 | 1.11 |
Class 2 | ||||
Year Ended 12/31/2021 | $14.67 | 0.09 | 0.71 | 0.80 |
Year Ended 12/31/2020 | $13.44 | 0.11 | 1.12 | 1.23 |
Year Ended 12/31/2019 | $11.79 | 0.20 | 1.45 | 1.65 |
Year Ended 12/31/2018 | $12.32 | 0.15 | (0.68) | (0.53) |
Year Ended 12/31/2017 | $11.08 | 0.11 | 1.13 | 1.24 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
18 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $15.58 | 5.77% | 0.28%(c) | 0.28%(c) | 0.85% | 180% | $1,017 |
Year Ended 12/31/2020 | $14.73 | 9.35% | 0.29% | 0.29% | 1.06% | 152% | $544 |
Year Ended 12/31/2019(d) | $13.47 | 8.98% | 0.29%(e) | 0.29%(e) | 1.46%(e) | 137% | $207 |
Class 2 | |||||||
Year Ended 12/31/2021 | $15.47 | 5.45% | 0.53%(c) | 0.53%(c) | 0.62% | 180% | $1,634,712 |
Year Ended 12/31/2020 | $14.67 | 9.15% | 0.54% | 0.54% | 0.78% | 152% | $1,694,592 |
Year Ended 12/31/2019 | $13.44 | 14.00% | 0.54% | 0.54% | 1.58% | 137% | $1,520,725 |
Year Ended 12/31/2018 | $11.79 | (4.30%) | 0.54% | 0.54% | 1.21% | 101% | $1,300,981 |
Year Ended 12/31/2017 | $12.32 | 11.19% | 0.53% | 0.53% | 0.95% | 100% | $1,425,498 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 21 |
December 31, 2021
22 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 23 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 2,007,848* |
Equity risk | Investments, at value — Options Purchased | 9,489,725 |
Foreign exchange risk | Component of trust capital — unrealized appreciation on futures contracts | 317,244* |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 729,459* |
Total | 12,544,276 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 361,608* |
Foreign exchange risk | Component of trust capital - unrealized depreciation on futures contracts | 54,889* |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 25,120* |
Total | 441,617 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 16,693,067 | (15,492,897) | 1,200,170 |
Foreign exchange risk | (2,598,674) | — | (2,598,674) |
Interest rate risk | (9,467,659) | — | (9,467,659) |
Total | 4,626,734 | (15,492,897) | (10,866,163) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 809,527 | (2,539,820) | (1,730,293) |
Foreign exchange risk | (155,673) | — | (155,673) |
Interest rate risk | 1,006,556 | — | 1,006,556 |
Total | 1,660,410 | (2,539,820) | (879,410) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 296,770,775 |
Futures contracts — short | 20,587,492 |
24 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Derivative instrument | Average value ($)* |
Options contracts — purchased | 13,158,865 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 25 |
December 31, 2021
JPMorgan ($) | |
Assets | |
Options purchased puts | 9,489,725 |
Total financial and derivative net assets | 9,489,725 |
Total collateral received (pledged) (a) | - |
Net amount (b) | 9,489,725 |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
26 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 27 |
December 31, 2021
Fee rate(s) contractual through Apr 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
28 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
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December 31, 2021
30 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
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Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 31 |
32 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
34 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
36 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 | 37 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
38 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
14 | |
15 | |
16 | |
18 | |
20 | |
34 | |
35 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | 12.22 | 9.97 | 7.49 | |
Class 2 | 04/12/13 | 11.89 | 9.81 | 7.40 | |
Blended Benchmark | 12.95 | 11.50 | 9.36 | ||
Russell 3000 Index | 25.66 | 17.97 | 15.32 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 57.5 |
International | 14.4 |
U.S. Large Cap | 35.7 |
U.S. Mid Cap | 2.8 |
U.S. Small Cap | 4.6 |
Exchange-Traded Equity Funds | 2.9 |
International Mid Large Cap | 1.6 |
U.S. Large Cap | 1.3 |
Exchange-Traded Fixed Income Funds | 6.0 |
Investment Grade | 6.0 |
Fixed Income Funds | 9.8 |
Investment Grade | 9.8 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 15.4 |
Options Purchased Puts | 1.1 |
Residential Mortgage-Backed Securities - Agency | 7.3 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
• | Underperformance during the period came primarily from underlying strategic equity fund managers and the dynamic algorithm which assists in helping direct overall levels of equity allocation. |
• | Underlying fund manager performance in U.S. large-cap, and international equity strategies also weighed on relative performance results. |
• | Several large growth-oriented managers faced significant headwinds during the period. Earnings yield figures dropped for some of their larger holdings and perceived risks from longer dated cash flows for significant growers in the large-cap universe were cause for some market participants to reduce exposure to this cohort during the second half of the period. |
• | The managers’ tactical discretion applied versus the dynamic algorithm’s suggested equity allocations proved to be the largest contributor to relative performance in the period. |
○ | The managers’ tactically adjusted actual equity exposure throughout the period, erring on the side of a constructive view toward equities, which lent itself to an overweight equity allocation versus the suggested dynamic algorithm equity weighting. Given the positive return environment for global equities, this tactical preference to maintain overweight equity allocations proved beneficial to relative performance. In addition, this tactical positioning helped dampen overall portfolio volatility. |
• | Underlying fund manager performance in fixed income also contributed to Fund performance during the period. Core fixed-income managers with exposure to lower quality corporate debt helped boost relative performance over the period. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 5 |
6 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,039.40 | 1,023.95 | 1.29 | 1.28 | 0.25 | 3.91 | 3.88 | 0.76 |
Class 2 | 1,000.00 | 1,000.00 | 1,037.30 | 1,022.68 | 2.57 | 2.55 | 0.50 | 5.19 | 5.15 | 1.01 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 7 |
December 31, 2021
Equity Funds 61.5% | ||
Shares | Value ($) | |
International 15.4% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 57,316,795 | 864,337,263 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 46,560,601 | 631,827,354 |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a) | 22,651,870 | 331,623,385 |
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) | 32,893,625 | 332,883,489 |
Total | 2,160,671,491 | |
U.S. Large Cap 38.2% | ||
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) | 8,445,877 | 343,662,751 |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 9,555,953 | 846,944,157 |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) | 13,461,974 | 510,881,900 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 45,512,146 | 837,878,607 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 13,891,650 | 519,825,531 |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) | 7,835,666 | 460,267,017 |
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) | 12,677,911 | 480,239,279 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 6,969,605 | 418,176,308 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 14,119,667 | 475,691,565 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 12,661,746 | 457,468,887 |
Total | 5,351,036,002 | |
U.S. Mid Cap 3.0% | ||
Columbia Variable Portfolio – Mid Cap Growth Fund, Class 1 Shares(a),(b) | 1,892,623 | 99,192,366 |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares(a),(b) | 2,926,565 | 107,931,731 |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) | 2,424,276 | 104,752,975 |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) | 2,127,643 | 101,892,807 |
Total | 413,769,879 |
Equity Funds (continued) | ||
Shares | Value ($) | |
U.S. Small Cap 4.9% | ||
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) | 4,869,075 | 101,033,306 |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) | 3,886,961 | 94,802,986 |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 6,243,201 | 238,115,678 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 6,855,381 | 257,419,545 |
Total | 691,371,515 | |
Total Equity Funds (Cost $5,064,534,833) | 8,616,848,887 | |
Exchange-Traded Equity Funds 3.1% | ||
International Mid Large Cap 1.7% | ||
iShares MSCI EAFE ETF | 3,000,000 | 236,040,000 |
U.S. Large Cap 1.4% | ||
SPDR S&P 500 ETF Trust | 413,300 | 196,300,968 |
Total Exchange-Traded Equity Funds (Cost $308,508,293) | 432,340,968 | |
Exchange-Traded Fixed Income Funds 6.5% | ||
Investment Grade 6.5% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 4,003,500 | 530,543,820 |
Vanguard Intermediate-Term Corporate Bond ETF | 4,035,000 | 374,286,600 |
Total | 904,830,420 | |
Total Exchange-Traded Fixed Income Funds (Cost $888,378,567) | 904,830,420 | |
Fixed Income Funds 10.5% | ||
Investment Grade 10.5% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 18,818,140 | 194,015,020 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 9,899,715 | 97,413,191 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 17,839,413 | 199,623,026 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 9,297,927 | 96,140,569 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 17,527,811 | 197,363,156 |
8 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 22,853,947 | 245,451,388 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 40,093,456 | 445,839,235 |
Total | 1,475,845,585 | |
Total Fixed Income Funds (Cost $1,448,641,294) | 1,475,845,585 |
Residential Mortgage-Backed Securities - Agency 7.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 95,000,000 | 97,315,625 | |
01/18/2037- 01/13/2052 | 2.500% | 458,200,000 | 469,792,805 | |
01/13/2052 | 3.000% | 508,132,000 | 526,651,028 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $1,093,861,470) | 1,093,759,458 |
Options Purchased Puts 1.1% | ||||
Value ($) | ||||
(Cost $242,366,585) | 160,316,975 |
Money Market Funds 16.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 2,314,514,138 | 2,314,051,236 |
Total Money Market Funds (Cost $2,314,103,882) | 2,314,051,236 | |
Total Investments in Securities (Cost: $11,360,394,924) | 14,997,993,529 | |
Other Assets & Liabilities, Net | (975,685,309) | |
Net Assets | 14,022,308,220 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Australian Dollar | 378 | 03/2022 | USD | 27,510,840 | 875,939 | — |
British Pound | 743 | 03/2022 | USD | 62,834,581 | 1,331,187 | — |
Canadian Dollar | 820 | 03/2022 | USD | 64,821,000 | 677,996 | — |
Euro FX | 642 | 03/2022 | USD | 91,505,063 | 976,610 | — |
EURO STOXX 50 Index | 2,569 | 03/2022 | EUR | 110,145,875 | 2,614,627 | — |
FTSE 100 Index | 425 | 03/2022 | GBP | 31,127,000 | 789,861 | — |
Japanese Yen | 409 | 03/2022 | USD | 44,468,525 | — | (632,907) |
New Zealand Dollar | 400 | 03/2022 | USD | 27,374,000 | 440,560 | — |
OMXS30 Index | 1,876 | 01/2022 | SEK | 453,851,300 | 2,772,614 | — |
Russell 2000 Index E-mini | 249 | 03/2022 | USD | 27,922,860 | 415,835 | — |
S&P 500 Index E-mini | 5,522 | 03/2022 | USD | 1,313,821,850 | 25,410,833 | — |
SPI 200 Index | 147 | 03/2022 | AUD | 27,000,225 | 245,857 | — |
TOPIX Index | 603 | 03/2022 | JPY | 12,011,760,000 | — | (150,301) |
U.S. Long Bond | 1,506 | 03/2022 | USD | 241,618,875 | 1,727,134 | — |
U.S. Treasury 10-Year Note | 1,673 | 03/2022 | USD | 218,274,219 | 1,673,540 | — |
U.S. Treasury 2-Year Note | 1,234 | 03/2022 | USD | 269,224,095 | — | (271,277) |
U.S. Treasury 5-Year Note | 2,026 | 03/2022 | USD | 245,098,517 | 751,822 | — |
U.S. Ultra Treasury Bond | 804 | 03/2022 | USD | 158,488,500 | 1,453,728 | — |
Total | 42,158,143 | (1,054,485) |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 9 |
December 31, 2021
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
MSCI Singapore Index | (214) | 01/2022 | SGD | (7,279,210) | — | (35,831) |
S&P/TSX 60 Index | (285) | 03/2022 | CAD | (73,011,300) | — | (967,542) |
Swiss Franc | (95) | 03/2022 | USD | (13,053,000) | — | (173,008) |
Total | — | (1,176,381) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 2,163,845,720 | 4,540 | 3,400.00 | 12/16/2022 | 87,985,448 | 39,566,100 |
S&P 500 Index | JPMorgan | USD | 1,763,486,600 | 3,700 | 3,500.00 | 12/16/2022 | 58,600,777 | 35,964,000 |
S&P 500 Index | JPMorgan | USD | 1,096,221,400 | 2,300 | 3,700.00 | 12/15/2023 | 57,803,649 | 52,739,000 |
S&P 500 Index | JPMorgan | USD | 726,842,450 | 1,525 | 3,600.00 | 12/15/2023 | 37,976,711 | 32,047,875 |
Total | 242,366,585 | 160,316,975 |
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America Investment Grade Index, Series 37 | Morgan Stanley | 12/20/2026 | 1.000 | Quarterly | 0.494 | USD | 150,000,000 | 341,189 | — | — | 341,189 | — |
* | 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. |
(a) | 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 year ended December 31, 2021 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, 0.085% | |||||||||
1,916,223,592 | 3,740,431,701 | (3,342,426,771) | (177,286) | 2,314,051,236 | — | (51,677) | 1,595,829 | 2,314,514,138 | |
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | |||||||||
303,650,420 | 198,778 | (12,746,429) | 52,559,982 | 343,662,751 | — | 18,318,656 | — | 8,445,877 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
1,107,726,311 | — | (259,428,825) | (1,353,329) | 846,944,157 | — | 242,095,729 | — | 9,555,953 | |
Columbia Variable Portfolio – Dividend Opportunity Fund, Class 1 Shares | |||||||||
275,798,928 | — | (167,648,217) | (108,150,711) | — | — | 114,839,086 | — | — | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
234,025,179 | 32,771,466 | (47,311,156) | (25,470,469) | 194,015,020 | 13,940,452 | 4,707,444 | 6,428,878 | 18,818,140 | |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | |||||||||
363,085,688 | 57,962,412 | (24,044,720) | 113,878,520 | 510,881,900 | — | 5,026,183 | — | 13,461,974 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
68,100,159 | 31,648,485 | (221,443) | (2,114,010) | 97,413,191 | — | (9,467) | 1,562,537 | 9,899,715 |
10 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
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 – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
129,021,902 | 93,757,052 | (7,821,666) | (15,334,262) | 199,623,026 | 9,464,769 | (485,164) | 4,103,876 | 17,839,413 | |
Columbia Variable Portfolio – Mid Cap Growth Fund, Class 1 Shares | |||||||||
105,418,743 | 596,571 | (9,837,261) | 3,014,313 | 99,192,366 | — | 12,888,694 | — | 1,892,623 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
544,202,030 | 288,926,697 | (4,445,024) | 35,653,560 | 864,337,263 | 16,937,034 | (144,658) | 10,518,756 | 57,316,795 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
311,078,779 | 392,616,867 | (34,840,224) | 169,023,185 | 837,878,607 | — | 2,357,301 | — | 45,512,146 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
289,603,280 | 191,165,564 | (58,150,264) | 97,206,951 | 519,825,531 | — | 5,786,137 | — | 13,891,650 | |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | |||||||||
106,902,559 | 4,136 | (18,800,888) | 19,825,924 | 107,931,731 | — | 9,704,639 | — | 2,926,565 | |
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | |||||||||
90,739,070 | 784,904 | (11,758,152) | 21,267,484 | 101,033,306 | — | 3,851,925 | 661,273 | 4,869,075 | |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | |||||||||
98,086,081 | 26,405,065 | (6,037,954) | (23,650,206) | 94,802,986 | 16,861,990 | 5,223,934 | — | 3,886,961 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
67,678,019 | 33,141,133 | (64,386) | (4,614,197) | 96,140,569 | 1,523,907 | (242) | 1,963,809 | 9,297,927 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
24,294,678 | — | (23,959,165) | (335,513) | — | — | 288,628 | — | — | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
163,534,496 | 42,305,185 | (1,661,215) | (6,815,310) | 197,363,156 | 4,115,906 | (40,740) | 4,504,576 | 17,527,811 | |
CTIVP® – Lazard International Equity Advantage Fund, Class 1 Shares | |||||||||
321,456,185 | 29,384,223 | (303,764,739) | (47,075,669) | — | 20,673,988 | 31,719,962 | 8,710,234 | — | |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares | |||||||||
329,106,610 | 59,546,643 | (475,153) | 72,088,917 | 460,267,017 | — | 10,857 | — | 7,835,666 | |
CTIVP® – Los Angeles Capital Large Cap Growth Fund, Class 1 Shares | |||||||||
278,885,096 | — | (101,561,951) | (177,323,145) | — | — | 194,404,298 | — | — | |
CTIVP® – MFS® Value Fund, Class 1 Shares | |||||||||
217,421,906 | 207,164,072 | (36,999,379) | 92,652,680 | 480,239,279 | — | 5,062,329 | — | 12,677,911 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
341,198,444 | 125,785,292 | (32,545,883) | (16,261,545) | 418,176,308 | — | 2,698,411 | — | 6,969,605 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
262,663,991 | 174,315,851 | (52,363,897) | 91,075,620 | 475,691,565 | — | 5,906,615 | — | 14,119,667 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
247,390,833 | 30,292,742 | (15,438,111) | (16,794,076) | 245,451,388 | 10,665,255 | 94,157 | 3,378,161 | 22,853,947 | |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | |||||||||
153,354,325 | — | (50,660,128) | 2,058,778 | 104,752,975 | — | 32,735,634 | — | 2,424,276 | |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | |||||||||
155,928,237 | 407,282 | (31,690,110) | (22,752,602) | 101,892,807 | — | 39,556,683 | — | 2,127,643 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
399,965,749 | 73,223,765 | (5,696,328) | (21,653,951) | 445,839,235 | 10,734,143 | (248,027) | 6,022,501 | 40,093,456 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
427,768,413 | 8,191,122 | (46,171,498) | 67,680,850 | 457,468,887 | — | 38,357,424 | — | 12,661,746 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 11 |
December 31, 2021
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 International Core Equity Fund, Class 1 Shares | |||||||||
787,762,864 | 164,998,887 | (381,600,480) | 60,666,083 | 631,827,354 | — | 16,864,464 | 15,454,606 | 46,560,601 | |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares | |||||||||
279,608,758 | 37,593,032 | (1,978,396) | 16,399,991 | 331,623,385 | 14,405,107 | 68,990 | 198,822 | 22,651,870 | |
Variable Portfolio – Partners International Value Fund, Class 1 Shares | |||||||||
280,897,012 | 109,942,439 | (84,233,802) | 26,277,840 | 332,883,489 | — | (7,775,787) | 5,324,228 | 32,893,625 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
235,039,270 | 22,537,536 | (34,744,934) | 15,283,806 | 238,115,678 | — | 6,412,457 | — | 6,243,201 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
195,616,323 | 42,705,421 | (27,500,871) | 46,598,672 | 257,419,545 | — | 3,987,994 | — | 6,855,381 | |
Total | 11,113,233,930 | 513,336,875 | 12,406,745,708 | 119,322,551 | 794,212,869 | 70,428,086 |
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
AUD | Australian Dollar |
CAD | Canada Dollar |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
12 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principle investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 8,616,848,887 | 8,616,848,887 |
Exchange-Traded Equity Funds | 432,340,968 | — | — | — | 432,340,968 |
Exchange-Traded Fixed Income Funds | 904,830,420 | — | — | — | 904,830,420 |
Fixed Income Funds | — | — | — | 1,475,845,585 | 1,475,845,585 |
Residential Mortgage-Backed Securities - Agency | — | 1,093,759,458 | — | — | 1,093,759,458 |
Options Purchased Puts | 160,316,975 | — | — | — | 160,316,975 |
Money Market Funds | 2,314,051,236 | — | — | — | 2,314,051,236 |
Total Investments in Securities | 3,811,539,599 | 1,093,759,458 | — | 10,092,694,472 | 14,997,993,529 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 42,158,143 | — | — | — | 42,158,143 |
Swap Contracts | — | 341,189 | — | — | 341,189 |
Liability | |||||
Futures Contracts | (2,230,866) | — | — | — | (2,230,866) |
Total | 3,851,466,876 | 1,094,100,647 | — | 10,092,694,472 | 15,038,261,995 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 13 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,290,748,330) | $2,430,930,846 |
Affiliated issuers (cost $8,827,280,009) | 12,406,745,708 |
Options purchased (cost $242,366,585) | 160,316,975 |
Cash collateral held at broker for: | |
TBA | 1,396,000 |
Margin deposits on: | |
Futures contracts | 115,027,807 |
Swap contracts | 3,725,474 |
Receivable for: | |
Investments sold | 4,841,934 |
Capital shares sold | 13,474 |
Dividends | 1,329,577 |
Interest | 1,034,618 |
Variation margin for futures contracts | 3,927,739 |
Variation margin for swap contracts | 30,340 |
Prepaid expenses | 120,806 |
Trustees’ deferred compensation plan | 591,519 |
Total assets | 15,130,032,817 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 1,094,896,088 |
Capital shares purchased | 6,930,522 |
Variation margin for futures contracts | 4,298,319 |
Management services fees | 70,503 |
Distribution and/or service fees | 96,059 |
Service fees | 707,685 |
Compensation of board members | 72,898 |
Compensation of chief compliance officer | 871 |
Other expenses | 60,133 |
Trustees’ deferred compensation plan | 591,519 |
Total liabilities | 1,107,724,597 |
Net assets applicable to outstanding capital stock | $14,022,308,220 |
Represented by | |
Trust capital | $14,022,308,220 |
Total - representing net assets applicable to outstanding capital stock | $14,022,308,220 |
Class 1 | |
Net assets | $15,036,225 |
Shares outstanding | 802,832 |
Net asset value per share | $18.73 |
Class 2 | |
Net assets | $14,007,271,995 |
Shares outstanding | 751,683,129 |
Net asset value per share | $18.63 |
14 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $26,870,247 |
Dividends — affiliated issuers | 70,428,086 |
Interest | 65,218 |
Total income | 97,363,551 |
Expenses: | |
Management services fees | 24,700,359 |
Distribution and/or service fees | |
Class 2 | 33,714,003 |
Service fees | 8,113,666 |
Compensation of board members | 176,749 |
Custodian fees | 44,981 |
Printing and postage fees | 69,040 |
Audit fees | 29,500 |
Legal fees | 145,293 |
Interest on collateral | 496,960 |
Compensation of chief compliance officer | 3,496 |
Other | 57,524 |
Total expenses | 67,551,571 |
Net investment income | 29,811,980 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (16,519,252) |
Investments — affiliated issuers | 794,212,869 |
Capital gain distributions from underlying affiliated funds | 119,322,551 |
Foreign currency translations | (1,640,629) |
Futures contracts | 325,082,864 |
Options purchased | (222,202,386) |
Swap contracts | 1,881,444 |
Net realized gain | 1,000,137,461 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (3,914,687) |
Investments — affiliated issuers | 513,336,875 |
Foreign currency translations | (1,503,235) |
Futures contracts | 10,664,725 |
Options purchased | (48,591,001) |
Swap contracts | (180,459) |
Net change in unrealized appreciation (depreciation) | 469,812,218 |
Net realized and unrealized gain | 1,469,949,679 |
Net increase in net assets resulting from operations | $1,499,761,659 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 15 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $29,811,980 | $17,996,745 |
Net realized gain | 1,000,137,461 | 452,688,875 |
Net change in unrealized appreciation (depreciation) | 469,812,218 | 786,612,622 |
Net increase in net assets resulting from operations | 1,499,761,659 | 1,257,298,242 |
Increase (decrease) in net assets from capital stock activity | 13,236,263 | (200,132,361) |
Total increase in net assets | 1,512,997,922 | 1,057,165,881 |
Net assets at beginning of year | 12,509,310,298 | 11,452,144,417 |
Net assets at end of year | $14,022,308,220 | $12,509,310,298 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 455,856 | 8,218,379 | 271,876 | 4,115,906 |
Redemptions | (17,590) | (313,724) | (39,948) | (600,344) |
Net increase | 438,266 | 7,904,655 | 231,928 | 3,515,562 |
Class 2 | ||||
Subscriptions | 17,641,224 | 310,107,565 | 12,219,780 | 184,675,627 |
Redemptions | (16,932,875) | (304,775,957) | (26,490,460) | (388,323,550) |
Net increase (decrease) | 708,349 | 5,331,608 | (14,270,680) | (203,647,923) |
Total net increase (decrease) | 1,146,615 | 13,236,263 | (14,038,752) | (200,132,361) |
16 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $16.69 | 0.08 | 1.96 | 2.04 |
Year Ended 12/31/2020 | $14.96 | 0.06 | 1.67 | 1.73 |
Year Ended 12/31/2019(d) | $13.62 | 0.11 | 1.23 | 1.34 |
Class 2 | ||||
Year Ended 12/31/2021 | $16.65 | 0.04 | 1.94 | 1.98 |
Year Ended 12/31/2020 | $14.96 | 0.02 | 1.67 | 1.69 |
Year Ended 12/31/2019 | $12.65 | 0.13 | 2.18 | 2.31 |
Year Ended 12/31/2018 | $13.71 | 0.09 | (1.15) | (1.06) |
Year Ended 12/31/2017 | $11.67 | 0.05 | 1.99 | 2.04 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
18 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $18.73 | 12.22% | 0.25%(c) | 0.25%(c) | 0.46% | 196% | $15,036 |
Year Ended 12/31/2020 | $16.69 | 11.56% | 0.25% | 0.25% | 0.42% | 184% | $6,085 |
Year Ended 12/31/2019(d) | $14.96 | 9.84% | 0.25%(e) | 0.25%(e) | 0.88%(e) | 128% | $1,985 |
Class 2 | |||||||
Year Ended 12/31/2021 | $18.63 | 11.89% | 0.50%(c) | 0.50%(c) | 0.22% | 196% | $14,007,272 |
Year Ended 12/31/2020 | $16.65 | 11.30% | 0.50% | 0.50% | 0.16% | 184% | $12,503,225 |
Year Ended 12/31/2019 | $14.96 | 18.26% | 0.49% | 0.49% | 0.91% | 128% | $11,450,160 |
Year Ended 12/31/2018 | $12.65 | (7.73%) | 0.49% | 0.49% | 0.65% | 74% | $9,820,308 |
Year Ended 12/31/2017 | $13.71 | 17.48% | 0.48% | 0.48% | 0.42% | 83% | $10,121,668 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 21 |
December 31, 2021
22 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 23 |
December 31, 2021
24 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of trust capital — unrealized appreciation on swap contracts | 341,189* |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 32,249,627* |
Equity risk | Investments, at value — Options Purchased | 160,316,975 |
Foreign exchange risk | Component of trust capital — unrealized appreciation on futures contracts | 4,302,292* |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 5,606,224* |
Total | 202,816,307 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 1,153,674* |
Foreign exchange risk | Component of trust capital - unrealized depreciation on futures contracts | 805,915* |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 271,277* |
Total | 2,230,866 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 25 |
December 31, 2021
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 1,881,444 | 1,881,444 |
Equity risk | 444,979,986 | (222,202,386) | — | 222,777,600 |
Foreign exchange risk | (46,074,010) | — | — | (46,074,010) |
Interest rate risk | (73,823,112) | — | — | (73,823,112) |
Total | 325,082,864 | (222,202,386) | 1,881,444 | 104,761,922 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | (180,459) | (180,459) |
Equity risk | 5,860,645 | (48,591,001) | — | (42,730,356) |
Foreign exchange risk | (3,533,604) | — | — | (3,533,604) |
Interest rate risk | 8,337,684 | — | — | 8,337,684 |
Total | 10,664,725 | (48,591,001) | (180,459) | (38,106,735) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 4,018,871,419 |
Futures contracts — short | 154,533,189 |
Credit default swap contracts — sell protection | 150,000,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 206,998,708 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
26 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
JPMorgan ($) | Morgan Stanley ($) | Total ($) | |
Assets | |||
Centrally cleared credit default swap contracts (a) | - | 30,340 | 30,340 |
Options purchased puts | 160,316,975 | - | 160,316,975 |
Total assets | 160,316,975 | 30,340 | 160,347,315 |
Total financial and derivative net assets | 160,316,975 | 30,340 | 160,347,315 |
Total collateral received (pledged) (b) | - | - | - |
Net amount (c) | 160,316,975 | 30,340 | 160,347,315 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(b) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(c) | Represents the net amount due from/(to) counterparties in the event of default. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 29 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
30 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 31 |
December 31, 2021
32 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 33 |
34 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
36 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 37 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
38 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 | 39 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
40 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
14 | |
15 | |
16 | |
18 | |
20 | |
32 | |
33 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | 2.91 | 5.62 | 4.08 | |
Class 2 | 04/12/13 | 2.63 | 5.47 | 3.99 | |
Blended Benchmark | 2.75 | 6.05 | 4.83 | ||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.77 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 16.6 |
International | 4.7 |
U.S. Large Cap | 9.3 |
U.S. Mid Cap | 0.3 |
U.S. Small Cap | 2.3 |
Exchange-Traded Equity Funds | 3.4 |
International Mid Large Cap | 1.5 |
U.S. Large Cap | 1.9 |
Exchange-Traded Fixed Income Funds | 4.9 |
Investment Grade | 4.9 |
Fixed Income Funds | 49.8 |
Investment Grade | 49.8 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 15.6 |
Options Purchased Puts | 0.3 |
Residential Mortgage-Backed Securities - Agency | 9.4 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
• | Underperformance during the period came primarily from underlying strategic equity fund managers and the dynamic algorithm which assists in helping direct overall levels of equity allocation. |
• | Underlying fund manager performance in U.S. large-cap, and international equity strategies also weighed on relative performance results. |
• | Several large growth-oriented managers faced significant headwinds during the period. Earnings yield figures dropped for some of their larger holdings and perceived risks from longer dated cash flows for significant growers in the large-cap universe were cause for some market participants to reduce exposure to this cohort during the second half of the period. |
• | The managers’ tactical discretion applied versus the dynamic algorithm’s suggested equity allocations proved to be the largest contributor to relative performance in the period. |
○ | The managers’ tactically adjusted actual equity exposure throughout the period, erring on the side of a constructive view toward equities, which lent itself to an overweight equity allocation versus the suggested dynamic algorithm equity weighting. Given the positive return environment for global equities, this tactical preference to maintain overweight equity allocations proved beneficial to relative performance. In addition, this tactical positioning helped dampen overall portfolio volatility. |
• | Underlying fund manager performance in fixed income also contributed to Fund performance during the period. Core fixed-income managers with exposure to lower quality corporate debt helped boost relative performance over the period. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 5 |
6 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,012.20 | 1,023.74 | 1.47 | 1.48 | 0.29 | 3.55 | 3.57 | 0.70 |
Class 2 | 1,000.00 | 1,000.00 | 1,011.50 | 1,022.48 | 2.74 | 2.75 | 0.54 | 4.82 | 4.84 | 0.95 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 7 |
December 31, 2021
Equity Funds 18.3% | ||
Shares | Value ($) | |
International 5.1% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 1,662,769 | 25,074,560 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 321,711 | 4,365,620 |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a) | 297,716 | 4,358,562 |
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) | 431,982 | 4,371,651 |
Total | 38,170,393 | |
U.S. Large Cap 10.3% | ||
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) | 181,439 | 7,382,751 |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 204,103 | 18,089,688 |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) | 179,385 | 6,807,672 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 1,069,933 | 19,697,458 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 182,810 | 6,840,751 |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) | 55,313 | 3,249,110 |
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) | 86,873 | 3,290,742 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 48,885 | 2,933,080 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 97,500 | 3,284,787 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 128,665 | 4,648,668 |
Total | 76,224,707 | |
U.S. Mid Cap 0.4% | ||
Columbia Variable Portfolio – Mid Cap Growth Fund, Class 1 Shares(a),(b) | 25,050 | 1,312,885 |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares(a),(b) | 37,231 | 1,373,084 |
Total | 2,685,969 |
Equity Funds (continued) | ||
Shares | Value ($) | |
U.S. Small Cap 2.5% | ||
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) | 64,701 | 1,342,547 |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) | 59,392 | 1,448,565 |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 205,687 | 7,844,897 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 217,133 | 8,153,352 |
Total | 18,789,361 | |
Total Equity Funds (Cost $80,044,200) | 135,870,430 | |
Exchange-Traded Equity Funds 3.7% | ||
International Mid Large Cap 1.6% | ||
iShares MSCI EAFE ETF | 152,532 | 12,001,218 |
U.S. Large Cap 2.1% | ||
SPDR S&P 500 ETF Trust | 33,425 | 15,875,538 |
Total Exchange-Traded Equity Funds (Cost $15,621,398) | 27,876,756 | |
Exchange-Traded Fixed Income Funds 5.4% | ||
Investment Grade 5.4% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 246,500 | 32,666,180 |
Vanguard Intermediate-Term Corporate Bond ETF | 80,000 | 7,420,800 |
Total | 40,086,980 | |
Total Exchange-Traded Fixed Income Funds (Cost $38,804,282) | 40,086,980 | |
Fixed Income Funds 54.9% | ||
Investment Grade 54.9% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 6,871,130 | 70,841,347 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 2,770,165 | 27,258,427 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 3,887,354 | 43,499,493 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 2,631,641 | 27,211,166 |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) | 1,109,078 | 10,891,147 |
8 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 6,537,567 | 73,613,000 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 6,597,779 | 70,860,144 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 7,595,448 | 84,461,385 |
Total | 408,636,109 | |
Total Fixed Income Funds (Cost $400,431,639) | 408,636,109 |
Residential Mortgage-Backed Securities - Agency 10.3% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 8,000,000 | 8,195,000 | |
01/18/2037- 01/13/2052 | 2.500% | 33,300,000 | 34,219,129 | |
01/13/2052 | 3.000% | 33,354,000 | 34,569,597 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $76,982,358) | 76,983,726 |
Options Purchased Puts 0.3% | ||||
Value ($) | ||||
(Cost $3,705,699) | 2,511,980 |
Money Market Funds 17.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 127,727,120 | 127,701,574 |
Total Money Market Funds (Cost $127,707,826) | 127,701,574 | |
Total Investments in Securities (Cost: $743,297,402) | 819,667,555 | |
Other Assets & Liabilities, Net | (74,890,472) | |
Net Assets | 744,777,083 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Canadian Dollar | 43 | 03/2022 | USD | 3,399,150 | 31,848 | — |
New Zealand Dollar | 16 | 03/2022 | USD | 1,094,960 | 17,622 | — |
S&P 500 Index E-mini | 74 | 03/2022 | USD | 17,606,450 | 493,317 | — |
U.S. Long Bond | 64 | 03/2022 | USD | 10,268,000 | 73,398 | — |
U.S. Treasury 10-Year Note | 156 | 03/2022 | USD | 20,353,125 | 156,050 | — |
U.S. Treasury 2-Year Note | 32 | 03/2022 | USD | 6,981,500 | — | (7,307) |
U.S. Treasury 5-Year Note | 222 | 03/2022 | USD | 26,856,797 | 82,381 | — |
Total | 854,616 | (7,307) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Australian Dollar | (2) | 03/2022 | USD | (145,560) | — | (4,649) |
British Pound | (3) | 03/2022 | USD | (253,706) | — | (5,374) |
Euro FX | (33) | 03/2022 | USD | (4,703,531) | — | (47,997) |
EURO STOXX 50 Index | (41) | 03/2022 | EUR | (1,757,875) | — | (38,626) |
FTSE 100 Index | (7) | 03/2022 | GBP | (512,680) | — | (12,846) |
Japanese Yen | (38) | 03/2022 | USD | (4,131,550) | 56,146 | — |
MSCI Singapore Index | (6) | 01/2022 | SGD | (204,090) | — | (1,005) |
OMXS30 Index | (43) | 01/2022 | SEK | (10,402,775) | — | (55,196) |
S&P 500 Index E-mini | (20) | 03/2022 | USD | (4,758,500) | — | (66,850) |
S&P/TSX 60 Index | (4) | 03/2022 | CAD | (1,024,720) | — | (13,579) |
SPI 200 Index | (4) | 03/2022 | AUD | (734,700) | — | (5,487) |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 9 |
December 31, 2021
Short futures contracts (continued) | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Swiss Franc | (27) | 03/2022 | USD | (3,709,800) | — | (52,147) |
TOPIX Index | (6) | 03/2022 | JPY | (119,520,000) | — | (2,703) |
Total | 56,146 | (306,459) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 60,053,868 | 126 | 3,500.00 | 12/16/2022 | 1,995,595 | 1,224,720 |
S&P 500 Index | JPMorgan | USD | 13,345,304 | 28 | 3,400.00 | 12/16/2022 | 533,026 | 244,020 |
S&P 500 Index | JPMorgan | USD | 13,821,922 | 29 | 3,700.00 | 12/15/2023 | 728,828 | 664,970 |
S&P 500 Index | JPMorgan | USD | 8,579,124 | 18 | 3,600.00 | 12/15/2023 | 448,250 | 378,270 |
Total | 3,705,699 | 2,511,980 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | 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, 0.085% | |||||||||
152,123,258 | 215,989,522 | (240,402,364) | (8,842) | 127,701,574 | — | 576,140 | 98,958 | 127,727,120 | |
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | |||||||||
8,704,041 | 3,917,475 | (5,895,810) | 657,045 | 7,382,751 | — | (714,727) | — | 181,439 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
23,814,027 | 11,894,839 | (19,075,489) | 1,456,311 | 18,089,688 | — | 547,906 | — | 204,103 | |
Columbia Variable Portfolio – Dividend Opportunity Fund, Class 1 Shares | |||||||||
5,112,825 | 2,374,331 | (5,852,006) | (1,635,150) | — | — | (434,060) | — | — | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
101,119,718 | 41,774,347 | (63,176,954) | (8,875,764) | 70,841,347 | 5,295,171 | (25,063) | 2,441,959 | 6,871,130 | |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | |||||||||
7,455,182 | 3,210,474 | (4,509,359) | 651,375 | 6,807,672 | — | 77,494 | — | 179,385 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
30,556,430 | 14,532,207 | (17,213,344) | (616,866) | 27,258,427 | — | 487,305 | 460,348 | 2,770,165 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
51,785,189 | 23,219,188 | (27,382,941) | (4,121,943) | 43,499,493 | 2,123,839 | 1,623,323 | 920,886 | 3,887,354 | |
Columbia Variable Portfolio – Mid Cap Growth Fund, Class 1 Shares | |||||||||
2,027,940 | 712,724 | (1,152,747) | (275,032) | 1,312,885 | — | (44,323) | — | 25,050 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
12,308,304 | 27,462,912 | (15,892,593) | 1,195,937 | 25,074,560 | 528,328 | (115,800) | 328,172 | 1,662,769 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
7,422,195 | 22,471,883 | (14,602,336) | 4,405,716 | 19,697,458 | — | 1,752,870 | — | 1,069,933 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
5,147,125 | 6,855,092 | (6,566,494) | 1,405,028 | 6,840,751 | — | 133,146 | — | 182,810 | |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | |||||||||
2,025,833 | 978,072 | (1,609,680) | (21,141) | 1,373,084 | — | 1,273,994 | — | 37,231 |
10 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
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 – Small Cap Value Fund, Class 1 Shares | |||||||||
3,037,319 | 1,603,866 | (3,214,314) | (84,324) | 1,342,547 | — | 711,755 | 9,625 | 64,701 | |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | |||||||||
3,079,991 | 963,893 | (1,564,413) | (1,030,906) | 1,448,565 | 257,647 | 1,152,478 | — | 59,392 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
29,791,512 | 16,084,829 | (17,445,194) | (1,219,981) | 27,211,166 | 452,957 | 221,930 | 583,711 | 2,631,641 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
12,238,978 | 6,276,826 | (7,139,772) | (484,885) | 10,891,147 | 204,789 | (4,003) | 180,670 | 1,109,078 | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
74,165,141 | 33,930,592 | (31,619,821) | (2,862,912) | 73,613,000 | 1,613,324 | 2,039,132 | 1,765,672 | 6,537,567 | |
CTIVP® – Lazard International Equity Advantage Fund, Class 1 Shares | |||||||||
5,781,275 | 6,122,187 | (10,363,057) | (1,540,405) | — | 76,935 | 2,885,199 | 32,414 | — | |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares | |||||||||
5,929,854 | 1,868,720 | (3,510,029) | (1,039,435) | 3,249,110 | — | 1,229,930 | — | 55,313 | |
CTIVP® – Los Angeles Capital Large Cap Growth Fund, Class 1 Shares | |||||||||
4,545,296 | 1,802,225 | (3,594,736) | (2,752,785) | — | — | 27,734 | — | — | |
CTIVP® – MFS® Value Fund, Class 1 Shares | |||||||||
4,050,596 | 1,843,872 | (2,934,032) | 330,306 | 3,290,742 | — | 4,382,038 | — | 86,873 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
6,035,707 | 2,368,412 | (3,333,568) | (2,137,471) | 2,933,080 | — | 957,124 | — | 48,885 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
4,032,798 | 2,031,328 | (3,060,267) | 280,928 | 3,284,787 | — | (75,508) | — | 97,500 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
100,055,333 | 40,625,924 | (64,795,945) | (5,025,168) | 70,860,144 | 3,228,345 | 513,809 | 1,022,561 | 6,597,779 | |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | |||||||||
2,571,448 | 1,159,638 | (2,706,230) | (1,024,856) | — | — | 1,727,622 | — | — | |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | |||||||||
2,607,068 | 980,601 | (2,196,342) | (1,391,327) | — | — | 232,860 | — | — | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
106,233,472 | 45,093,513 | (62,461,027) | (4,404,573) | 84,461,385 | 2,240,676 | 948,349 | 1,257,154 | 7,595,448 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
7,934,048 | 3,371,416 | (6,033,398) | (623,398) | 4,648,668 | — | 33,371 | — | 128,665 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
10,772,809 | 6,860,333 | (12,283,941) | (983,581) | 4,365,620 | — | 1,472,242 | 100,276 | 321,711 | |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares | |||||||||
4,097,925 | 3,104,591 | (3,071,974) | 228,020 | 4,358,562 | 205,858 | (516,072) | 3,273 | 297,716 | |
Variable Portfolio – Partners International Value Fund, Class 1 Shares | |||||||||
4,795,747 | 3,677,294 | (4,327,008) | 225,618 | 4,371,651 | — | 1,648,182 | 92,123 | 431,982 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
7,032,777 | 7,994,515 | (7,763,360) | 580,965 | 7,844,897 | — | 2,030,957 | — | 205,687 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
5,668,946 | 7,374,326 | (6,387,441) | 1,497,521 | 8,153,352 | — | 815,226 | — | 217,133 | |
Total | 814,060,107 | (29,245,975) | 672,208,113 | 16,227,869 | 27,572,560 | 9,297,802 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 11 |
December 31, 2021
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
AUD | Australian Dollar |
CAD | Canada Dollar |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
12 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
The following table is a summary of the inputs used to value the Fund’s investments at December 31, 2021:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 135,870,430 | 135,870,430 |
Exchange-Traded Equity Funds | 27,876,756 | — | — | — | 27,876,756 |
Exchange-Traded Fixed Income Funds | 40,086,980 | — | — | — | 40,086,980 |
Fixed Income Funds | — | — | — | 408,636,109 | 408,636,109 |
Residential Mortgage-Backed Securities - Agency | — | 76,983,726 | — | — | 76,983,726 |
Options Purchased Puts | 2,511,980 | — | — | — | 2,511,980 |
Money Market Funds | 127,701,574 | — | — | — | 127,701,574 |
Total Investments in Securities | 198,177,290 | 76,983,726 | — | 544,506,539 | 819,667,555 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 910,762 | — | — | — | 910,762 |
Liability | |||||
Futures Contracts | (313,766) | — | — | — | (313,766) |
Total | 198,774,286 | 76,983,726 | — | 544,506,539 | 820,264,551 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 13 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $131,408,038) | $144,947,462 |
Affiliated issuers (cost $608,183,665) | 672,208,113 |
Options purchased (cost $3,705,699) | 2,511,980 |
Margin deposits on: | |
Futures contracts | 2,401,480 |
Receivable for: | |
Investments sold | 817,462 |
Dividends | 88,796 |
Interest | 74,666 |
Variation margin for futures contracts | 118,554 |
Prepaid expenses | 10,145 |
Trustees’ deferred compensation plan | 75,008 |
Total assets | 823,253,666 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 77,057,024 |
Capital shares purchased | 1,167,803 |
Variation margin for futures contracts | 87,763 |
Management services fees | 4,253 |
Distribution and/or service fees | 5,106 |
Service fees | 38,233 |
Compensation of board members | 10,599 |
Compensation of chief compliance officer | 49 |
Other expenses | 30,745 |
Trustees’ deferred compensation plan | 75,008 |
Total liabilities | 78,476,583 |
Net assets applicable to outstanding capital stock | $744,777,083 |
Represented by | |
Trust capital | $744,777,083 |
Total - representing net assets applicable to outstanding capital stock | $744,777,083 |
Class 1 | |
Net assets | $421,201 |
Shares outstanding | 29,748 |
Net asset value per share | $14.16 |
Class 2 | |
Net assets | $744,355,882 |
Shares outstanding | 52,920,097 |
Net asset value per share | $14.07 |
14 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $1,663,216 |
Dividends — affiliated issuers | 9,297,802 |
Interest | 1,245 |
Total income | 10,962,263 |
Expenses: | |
Management services fees | 1,718,180 |
Distribution and/or service fees | |
Class 2 | 2,029,032 |
Service fees | 486,412 |
Compensation of board members | 24,483 |
Custodian fees | 31,388 |
Printing and postage fees | 21,398 |
Audit fees | 29,500 |
Legal fees | 18,649 |
Interest on collateral | 2,464 |
Compensation of chief compliance officer | 217 |
Other | 12,034 |
Total expenses | 4,373,757 |
Net investment income | 6,588,506 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 7,796,002 |
Investments — affiliated issuers | 27,572,560 |
Capital gain distributions from underlying affiliated funds | 16,227,869 |
Foreign currency translations | (2,692) |
Futures contracts | 48,014 |
Options purchased | (4,671,570) |
Net realized gain | 46,970,183 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (3,709,842) |
Investments — affiliated issuers | (29,245,975) |
Foreign currency translations | (21,742) |
Futures contracts | 95,370 |
Options purchased | (415,433) |
Net change in unrealized appreciation (depreciation) | (33,297,622) |
Net realized and unrealized gain | 13,672,561 |
Net increase in net assets resulting from operations | $20,261,067 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 15 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $6,588,506 | $8,598,663 |
Net realized gain | 46,970,183 | 492,061 |
Net change in unrealized appreciation (depreciation) | (33,297,622) | 60,694,629 |
Net increase in net assets resulting from operations | 20,261,067 | 69,785,353 |
Increase (decrease) in net assets from capital stock activity | (177,684,864) | 259,661,661 |
Total increase (decrease) in net assets | (157,423,797) | 329,447,014 |
Net assets at beginning of year | 902,200,880 | 572,753,866 |
Net assets at end of year | $744,777,083 | $902,200,880 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 8,437 | 117,705 | 25,282 | 332,075 |
Redemptions | (5,083) | (69,818) | (3,047) | (40,479) |
Net increase | 3,354 | 47,887 | 22,235 | 291,596 |
Class 2 | ||||
Subscriptions | 3,316,418 | 45,971,074 | 25,535,509 | 323,847,235 |
Redemptions | (16,190,063) | (223,703,825) | (4,914,529) | (64,477,170) |
Net increase (decrease) | (12,873,645) | (177,732,751) | 20,620,980 | 259,370,065 |
Total net increase (decrease) | (12,870,291) | (177,684,864) | 20,643,215 | 259,661,661 |
16 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $13.76 | 0.16 | 0.24 | 0.40 |
Year Ended 12/31/2020 | $12.70 | 0.15 | 0.91 | 1.06 |
Year Ended 12/31/2019(d) | $11.70 | 0.17 | 0.83 | 1.00 |
Class 2 | ||||
Year Ended 12/31/2021 | $13.71 | 0.11 | 0.25 | 0.36 |
Year Ended 12/31/2020 | $12.68 | 0.15 | 0.88 | 1.03 |
Year Ended 12/31/2019 | $11.33 | 0.23 | 1.12 | 1.35 |
Year Ended 12/31/2018 | $11.63 | 0.17 | (0.47) | (0.30) |
Year Ended 12/31/2017 | $10.78 | 0.13 | 0.72 | 0.85 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
18 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $14.16 | 2.91% | 0.29%(c) | 0.29%(c) | 1.18% | 195% | $421 |
Year Ended 12/31/2020 | $13.76 | 8.35% | 0.30% | 0.30% | 1.16% | 132% | $363 |
Year Ended 12/31/2019(d) | $12.70 | 8.55% | 0.31%(e) | 0.31%(e) | 1.57%(e) | 139% | $53 |
Class 2 | |||||||
Year Ended 12/31/2021 | $14.07 | 2.63% | 0.54%(c) | 0.54%(c) | 0.81% | 195% | $744,356 |
Year Ended 12/31/2020 | $13.71 | 8.12% | 0.55% | 0.55% | 1.15% | 132% | $901,838 |
Year Ended 12/31/2019 | $12.68 | 11.91% | 0.57% | 0.57% | 1.90% | 139% | $572,701 |
Year Ended 12/31/2018 | $11.33 | (2.58%) | 0.57% | 0.57% | 1.45% | 119% | $426,294 |
Year Ended 12/31/2017 | $11.63 | 7.88% | 0.55% | 0.55% | 1.17% | 103% | $462,907 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 21 |
December 31, 2021
22 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 23 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 493,317* |
Equity risk | Investments, at value — Options Purchased | 2,511,980 |
Foreign exchange risk | Component of trust capital — unrealized appreciation on futures contracts | 105,616* |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 311,829* |
Total | 3,422,742 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 196,292* |
Foreign exchange risk | Component of trust capital - unrealized depreciation on futures contracts | 110,167* |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 7,307* |
Total | 313,766 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 4,585,415 | (4,671,570) | (86,155) |
Foreign exchange risk | (20,937) | — | (20,937) |
Interest rate risk | (4,516,464) | — | (4,516,464) |
Total | 48,014 | (4,671,570) | (4,623,556) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | (87,949) | (415,433) | (503,382) |
Foreign exchange risk | (152,358) | — | (152,358) |
Interest rate risk | 335,677 | — | 335,677 |
Total | 95,370 | (415,433) | (320,063) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 108,114,934 |
Futures contracts — short | 17,195,565 |
24 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
Derivative instrument | Average value ($)* |
Options contracts — purchased | 3,560,413 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 25 |
December 31, 2021
JPMorgan ($) | |
Assets | |
Options purchased puts | 2,511,980 |
Total financial and derivative net assets | 2,511,980 |
Total collateral received (pledged) (a) | - |
Net amount (b) | 2,511,980 |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
26 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 27 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
28 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 29 |
December 31, 2021
30 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 31 |
32 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
34 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 35 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
36 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 | 37 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
38 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
30 | |
31 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | 7.76 | 7.49 | 7.39 | |
Class 2 | 11/02/16 | 7.50 | 7.33 | 7.23 | |
Blended Benchmark | 8.34 | 8.87 | 8.79 | ||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.98 | ||
S&P 500 Index | 28.71 | 18.47 | 19.44 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 31.2 |
U.S. Large Cap | 31.2 |
Exchange-Traded Fixed Income Funds | 6.7 |
Investment Grade | 6.7 |
Fixed Income Funds | 37.4 |
Investment Grade | 37.4 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 17.1 |
Options Purchased Puts | 0.5 |
Residential Mortgage-Backed Securities - Agency | 7.1 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
• | Underperformance during the period came primarily from underlying strategic equity fund managers and the dynamic algorithm which assists in helping direct overall levels of equity allocation. |
• | Underlying equity managers that focused on large growth-oriented strategies detracted the most during the period. Earnings yield figures dropped for some of their larger holdings and perceived risks from longer-dated cash flows for significant growers in the large-cap universe were cause for some market participants to reduce exposure to this cohort during the second half of the period. |
• | The managers’ tactical discretion applied to the dynamic algorithm’s suggested equity allocations proved to be the largest contributor to relative performance in the period. |
○ | The managers tactically adjusted actual equity exposure throughout the period, erring on the side of a constructive view toward equities which lent itself to an overweight equity allocation versus the suggested dynamic algorithm equity weighting. Given the positive return environment for global equities, this tactical preference to maintain overweight equity allocations proved beneficial to relative performance. In addition, this tactical positioning helped dampen overall portfolio volatility. |
• | Underlying fund manager performance in fixed income also contributed to Fund performance during the period. Core fixed-income managers with exposure to lower-quality corporate debt helped boost relative performance over the period. |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 5 |
6 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,034.40 | 1,023.69 | 1.54 | 1.53 | 0.30 | 3.54 | 3.52 | 0.69 |
Class 2 | 1,000.00 | 1,000.00 | 1,032.40 | 1,022.43 | 2.82 | 2.80 | 0.55 | 4.82 | 4.79 | 0.94 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 7 |
December 31, 2021
Equity Funds 33.4% | ||
Shares | Value ($) | |
U.S. Large Cap 33.4% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 168,747 | 14,956,062 |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares(a),(b) | 714,330 | 28,037,461 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 807,812 | 14,871,821 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 305,780 | 11,442,300 |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) | 191,466 | 11,246,714 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 180,248 | 10,814,886 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 339,559 | 11,439,731 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 619,637 | 22,387,460 |
Total | 125,196,435 | |
Total Equity Funds (Cost $67,243,921) | 125,196,435 | |
Exchange-Traded Fixed Income Funds 7.1% | ||
Investment Grade 7.1% | ||
iShares Core U.S. Aggregate Bond ETF | 22,610 | 2,579,349 |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 104,527 | 13,851,918 |
Vanguard Intermediate-Term Corporate Bond ETF | 110,000 | 10,203,600 |
Total | 26,634,867 | |
Total Exchange-Traded Fixed Income Funds (Cost $25,126,176) | 26,634,867 | |
Fixed Income Funds 40.1% | ||
Investment Grade 40.1% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 3,306,129 | 34,086,191 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 832,509 | 8,191,888 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 973,983 | 10,898,866 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 789,557 | 8,164,021 |
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) | 554,848 | 5,448,610 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 2,668,699 | 30,049,547 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 2,540,461 | 27,284,549 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 2,329,725 | 25,906,550 |
Total | 150,030,222 | |
Total Fixed Income Funds (Cost $148,986,715) | 150,030,222 |
Residential Mortgage-Backed Securities - Agency 7.6% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 3,500,000 | 3,585,313 | |
01/18/2037- 01/13/2052 | 2.500% | 13,332,500 | 13,692,654 | |
01/13/2052 | 3.000% | 10,927,500 | 11,325,756 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $28,601,215) | 28,603,723 |
Options Purchased Puts 0.6% | ||||
Value ($) | ||||
(Cost $3,809,993) | 2,151,175 |
Money Market Funds 18.3% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 68,646,748 | 68,633,018 |
Total Money Market Funds (Cost $68,636,003) | 68,633,018 | |
Total Investments in Securities (Cost: $342,404,023) | 401,249,440 | |
Other Assets & Liabilities, Net | (26,578,401) | |
Net Assets | 374,671,039 |
8 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 139 | 03/2022 | USD | 33,071,575 | 688,985 | — |
U.S. Long Bond | 41 | 03/2022 | USD | 6,577,938 | 47,020 | — |
U.S. Treasury 10-Year Note | 48 | 03/2022 | USD | 6,262,500 | 48,016 | — |
U.S. Treasury 2-Year Note | 16 | 03/2022 | USD | 3,490,750 | — | (3,654) |
U.S. Treasury 5-Year Note | 63 | 03/2022 | USD | 7,621,523 | 23,378 | — |
U.S. Ultra Treasury Bond | 14 | 03/2022 | USD | 2,759,750 | 25,314 | — |
Total | 832,713 | (3,654) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 71,492,700 | 150 | 3,400.00 | 12/16/2022 | 2,808,024 | 1,307,250 |
S&P 500 Index | JPMorgan | USD | 3,812,944 | 8 | 3,500.00 | 12/16/2022 | 126,704 | 77,760 |
S&P 500 Index | JPMorgan | USD | 9,055,742 | 19 | 3,600.00 | 12/15/2023 | 473,153 | 399,285 |
S&P 500 Index | JPMorgan | USD | 7,625,888 | 16 | 3,700.00 | 12/15/2023 | 402,112 | 366,880 |
Total | 3,809,993 | 2,151,175 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | 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, 0.085% | |||||||||
69,827,210 | 66,021,833 | (67,209,827) | (6,198) | 68,633,018 | — | (920) | 49,225 | 68,646,748 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
15,529,211 | 856,568 | (4,263,095) | 2,833,378 | 14,956,062 | — | 1,384,622 | — | 168,747 | |
Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares | |||||||||
9,359,648 | — | (8,780,271) | (579,377) | — | — | 579,641 | — | — | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
33,993,027 | 7,434,220 | (3,778,284) | (3,562,772) | 34,086,191 | 2,390,248 | (19,790) | 1,102,304 | 3,306,129 | |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | |||||||||
30,270,626 | 943,238 | (7,258,466) | 4,082,063 | 28,037,461 | — | 2,908,011 | — | 714,330 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
9,870,018 | 599,553 | (2,073,762) | (203,921) | 8,191,888 | — | 22,725 | 129,692 | 832,509 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
8,285,271 | 6,165,277 | (2,678,436) | (873,246) | 10,898,866 | 499,363 | (153,178) | 216,521 | 973,983 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
4,161,183 | 9,761,233 | (2,427,265) | 3,376,670 | 14,871,821 | — | 238,264 | — | 807,812 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
14,059,937 | 1,038,885 | (4,941,782) | 1,285,260 | 11,442,300 | — | 1,611,563 | — | 305,780 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
9,837,343 | 850,713 | (2,149,880) | (374,155) | 8,164,021 | 127,638 | 21,794 | 164,482 | 789,557 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
4,546,902 | 2,239,264 | (1,097,129) | (240,427) | 5,448,610 | 96,091 | (21,204) | 84,774 | 554,848 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 9 |
December 31, 2021
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 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
32,806,836 | 2,398,026 | (3,929,575) | (1,225,740) | 30,049,547 | 617,573 | 17,623 | 675,890 | 2,668,699 | |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares | |||||||||
14,869,806 | 629,542 | (4,210,720) | (41,914) | 11,246,714 | — | 1,963,379 | — | 191,466 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
14,679,603 | 2,776,533 | (3,897,345) | (2,743,905) | 10,814,886 | — | 2,433,101 | — | 180,248 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
14,069,968 | 654,872 | (4,785,411) | 1,500,302 | 11,439,731 | — | 1,158,819 | — | 339,559 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
31,559,799 | 2,656,144 | (5,096,294) | (1,835,100) | 27,284,549 | 1,166,674 | (78,820) | 369,538 | 2,540,461 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
29,178,706 | 2,814,419 | (4,769,092) | (1,317,483) | 25,906,550 | 644,961 | (70,223) | 361,862 | 2,329,725 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
27,352,120 | 729,058 | (8,298,036) | 2,604,318 | 22,387,460 | — | 3,188,220 | — | 619,637 | |
Total | 374,257,214 | 2,677,753 | 343,859,675 | 5,542,548 | 15,183,627 | 3,154,288 |
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
10 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 125,196,435 | 125,196,435 |
Exchange-Traded Fixed Income Funds | 26,634,867 | — | — | — | 26,634,867 |
Fixed Income Funds | — | — | — | 150,030,222 | 150,030,222 |
Residential Mortgage-Backed Securities - Agency | — | 28,603,723 | — | — | 28,603,723 |
Options Purchased Puts | 2,151,175 | — | — | — | 2,151,175 |
Money Market Funds | 68,633,018 | — | — | — | 68,633,018 |
Total Investments in Securities | 97,419,060 | 28,603,723 | — | 275,226,657 | 401,249,440 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 832,713 | — | — | — | 832,713 |
Liability | |||||
Futures Contracts | (3,654) | — | — | — | (3,654) |
Total | 98,248,119 | 28,603,723 | — | 275,226,657 | 402,078,499 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 11 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $53,727,391) | $55,238,590 |
Affiliated issuers (cost $284,866,639) | 343,859,675 |
Options purchased (cost $3,809,993) | 2,151,175 |
Cash collateral held at broker for: | |
TBA | 119,000 |
Margin deposits on: | |
Futures contracts | 1,983,975 |
Receivable for: | |
Capital shares sold | 57,316 |
Dividends | 5,015 |
Interest | 27,542 |
Variation margin for futures contracts | 54,757 |
Prepaid expenses | 5,526 |
Trustees’ deferred compensation plan | 31,091 |
Total assets | 403,533,662 |
Liabilities | |
Payable for: | |
Investments purchased | 20,529 |
Investments purchased on a delayed delivery basis | 28,628,757 |
Capital shares purchased | 27,989 |
Variation margin for futures contracts | 95,107 |
Management services fees | 2,112 |
Distribution and/or service fees | 2,568 |
Service fees | 18,962 |
Compensation of board members | 8,346 |
Compensation of chief compliance officer | 23 |
Other expenses | 27,139 |
Trustees’ deferred compensation plan | 31,091 |
Total liabilities | 28,862,623 |
Net assets applicable to outstanding capital stock | $374,671,039 |
Represented by | |
Trust capital | $374,671,039 |
Total - representing net assets applicable to outstanding capital stock | $374,671,039 |
Class 1 | |
Net assets | $144,463 |
Shares outstanding | 9,999 |
Net asset value per share | $14.45 |
Class 2 | |
Net assets | $374,526,576 |
Shares outstanding | 26,111,582 |
Net asset value per share | $14.34 |
12 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $629,240 |
Dividends — affiliated issuers | 3,154,288 |
Total income | 3,783,528 |
Expenses: | |
Management services fees | 789,757 |
Distribution and/or service fees | |
Class 2 | 943,910 |
Service fees | 226,360 |
Compensation of board members | 18,956 |
Custodian fees | 22,722 |
Printing and postage fees | 19,080 |
Audit fees | 29,500 |
Legal fees | 14,100 |
Compensation of chief compliance officer | 98 |
Other | 9,942 |
Total expenses | 2,074,425 |
Net investment income | 1,709,103 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (400,042) |
Investments — affiliated issuers | 15,183,627 |
Capital gain distributions from underlying affiliated funds | 5,542,548 |
Foreign currency translations | 753 |
Futures contracts | 7,096,639 |
Options purchased | (3,302,420) |
Net realized gain | 24,121,105 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (1,386,270) |
Investments — affiliated issuers | 2,677,753 |
Futures contracts | 547,678 |
Options purchased | (926,799) |
Net change in unrealized appreciation (depreciation) | 912,362 |
Net realized and unrealized gain | 25,033,467 |
Net increase in net assets resulting from operations | $26,742,570 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 13 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $1,709,103 | $3,101,692 |
Net realized gain (loss) | 24,121,105 | (12,865,036) |
Net change in unrealized appreciation (depreciation) | 912,362 | 36,905,860 |
Net increase in net assets resulting from operations | 26,742,570 | 27,142,516 |
Increase (decrease) in net assets from capital stock activity | (69,444,229) | 101,299,948 |
Total increase (decrease) in net assets | (42,701,659) | 128,442,464 |
Net assets at beginning of year | 417,372,698 | 288,930,234 |
Net assets at end of year | $374,671,039 | $417,372,698 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 2,882 | 41,432 | 7,001 | 88,002 |
Redemptions | (86) | (1,217) | (19) | (222) |
Net increase | 2,796 | 40,215 | 6,982 | 87,780 |
Class 2 | ||||
Subscriptions | 1,705,300 | 23,801,038 | 11,855,126 | 145,880,778 |
Redemptions | (6,862,526) | (93,285,482) | (3,510,460) | (44,668,610) |
Net increase (decrease) | (5,157,226) | (69,484,444) | 8,344,666 | 101,212,168 |
Total net increase (decrease) | (5,154,430) | (69,444,229) | 8,351,648 | 101,299,948 |
14 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $13.41 | 0.10 | 0.94 | 1.04 |
Year Ended 12/31/2020 | $12.63 | 0.09 | 0.69 | 0.78 |
Year Ended 12/31/2019(c) | $11.47 | 0.20 | 0.96 | 1.16 |
Class 2 | ||||
Year Ended 12/31/2021 | $13.34 | 0.06 | 0.94 | 1.00 |
Year Ended 12/31/2020 | $12.60 | 0.11 | 0.63 | 0.74 |
Year Ended 12/31/2019 | $10.97 | 0.17 | 1.46 | 1.63 |
Year Ended 12/31/2018 | $11.25 | 0.11 | (0.39) | (0.28) |
Year Ended 12/31/2017 | $10.07 | 0.09 | 1.09 | 1.18 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(d) | Annualized. |
16 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $14.45 | 7.76% | 0.30% | 0.30% | 0.70% | 179% | $144 |
Year Ended 12/31/2020 | $13.41 | 6.18% | 0.32% | 0.32% | 0.74% | 243% | $97 |
Year Ended 12/31/2019(c) | $12.63 | 10.11% | 0.32%(d) | 0.32%(d) | 1.98%(d) | 156% | $3 |
Class 2 | |||||||
Year Ended 12/31/2021 | $14.34 | 7.50% | 0.55% | 0.55% | 0.45% | 179% | $374,527 |
Year Ended 12/31/2020 | $13.34 | 5.87% | 0.56% | 0.56% | 0.84% | 243% | $417,276 |
Year Ended 12/31/2019 | $12.60 | 14.86% | 0.59% | 0.59% | 1.42% | 156% | $288,927 |
Year Ended 12/31/2018 | $10.97 | (2.49%) | 0.65% | 0.65% | 0.99% | 51% | $139,061 |
Year Ended 12/31/2017 | $11.25 | 11.72% | 0.74% | 0.67% | 0.80% | 49% | $82,636 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 17 |
December 31, 2021
18 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 21 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 688,985* |
Equity risk | Investments, at value — Options Purchased | 2,151,175 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 143,728* |
Total | 2,983,888 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 3,654* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 9,782,096 | (3,302,420) | 6,479,676 |
Interest rate risk | (2,685,457) | — | (2,685,457) |
Total | 7,096,639 | (3,302,420) | 3,794,219 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 250,704 | (926,799) | (676,095) |
Interest rate risk | 296,974 | — | 296,974 |
Total | 547,678 | (926,799) | (379,121) |
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 68,025,492* |
Futures contracts — short | 120,070** |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 3,105,474 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
** | Based on the ending daily outstanding amounts for the year ended December 31, 2021. |
22 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 23 |
December 31, 2021
JPMorgan ($) | |
Assets | |
Options purchased puts | 2,151,175 |
Total financial and derivative net assets | 2,151,175 |
Total collateral received (pledged) (a) | - |
Net amount (b) | 2,151,175 |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
24 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 25 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
26 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 29 |
30 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 31 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
32 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
34 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 | 35 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
36 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
30 | |
31 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | 15.76 | 10.79 | 11.17 | |
Class 2 | 11/02/16 | 15.50 | 10.61 | 11.00 | |
Blended Benchmark | 17.41 | 13.36 | 13.73 | ||
S&P 500 Index | 28.71 | 18.47 | 19.44 | ||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.98 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 58.3 |
U.S. Large Cap | 58.3 |
Exchange-Traded Fixed Income Funds | 6.0 |
Investment Grade | 6.0 |
Fixed Income Funds | 10.1 |
Investment Grade | 10.1 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 18.8 |
Options Purchased Puts | 1.0 |
Residential Mortgage-Backed Securities - Agency | 5.8 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
• | Underperformance during the period came primarily from underlying strategic equity fund managers and the dynamic algorithm which assists in helping direct overall levels of equity allocation. |
• | Underlying equity managers that focused on large growth-oriented strategies detracted the most during the period. Earnings yield figures dropped for some of their larger holdings and perceived risks from longer-dated cash flows for significant growers in the large-cap universe were cause for some market participants to reduce exposure to this cohort during the second half of the period. |
• | The managers’ tactical discretion applied to the dynamic algorithm’s suggested equity allocations proved to be the largest contributor to relative performance in the period. |
○ | The managers tactically adjusted actual equity exposure throughout the period, erring on the side of a constructive view toward equities which lent itself to an overweight equity allocation versus the suggested dynamic algorithm equity weighting. Given the positive return environment for global equities, this tactical preference to maintain overweight equity allocations proved beneficial to relative performance. In addition, this tactical positioning helped dampen overall portfolio volatility. |
• | Underlying fund manager performance in fixed income also contributed to Fund performance during the period. Core fixed-income managers with exposure to lower-quality corporate debt helped boost relative performance over the period. |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 5 |
6 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,062.10 | 1,023.84 | 1.40 | 1.38 | 0.27 | 3.53 | 3.47 | 0.68 |
Class 2 | 1,000.00 | 1,000.00 | 1,061.30 | 1,022.58 | 2.70 | 2.65 | 0.52 | 4.83 | 4.74 | 0.93 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 7 |
December 31, 2021
Equity Funds 61.3% | ||
Shares | Value ($) | |
U.S. Large Cap 61.3% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 2,884,341 | 255,639,174 |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares(a),(b) | 16,193,347 | 635,588,887 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 13,756,560 | 253,258,260 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 6,844,418 | 256,118,120 |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) | 4,294,822 | 252,277,866 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 4,014,257 | 240,855,395 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 7,589,298 | 255,683,444 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 14,452,042 | 522,152,273 |
Total | 2,671,573,419 | |
Total Equity Funds (Cost $1,502,285,582) | 2,671,573,419 | |
Exchange-Traded Fixed Income Funds 6.3% | ||
Investment Grade 6.3% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 1,217,100 | 161,290,092 |
Vanguard Intermediate-Term Corporate Bond ETF | 1,215,000 | 112,703,400 |
Total | 273,993,492 | |
Total Exchange-Traded Fixed Income Funds (Cost $273,326,417) | 273,993,492 | |
Fixed Income Funds 10.6% | ||
Investment Grade 10.6% | ||
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 4,654,823 | 45,803,464 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 4,105,110 | 45,936,176 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 2,955,614 | 30,561,046 |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) | 1,557,915 | 15,298,723 |
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 6,824,589 | 76,844,876 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 8,576,470 | 92,111,286 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 13,845,293 | 153,959,658 |
Total | 460,515,229 | |
Total Fixed Income Funds (Cost $457,055,893) | 460,515,229 |
Residential Mortgage-Backed Securities - Agency 6.0% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 22,000,000 | 22,536,250 | |
01/18/2037- 01/13/2052 | 2.500% | 115,100,000 | 118,069,683 | |
01/13/2052 | 3.000% | 118,988,000 | 123,324,555 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $263,947,201) | 263,930,488 |
Options Purchased Puts 1.1% | ||||
Value ($) | ||||
(Cost $80,962,126) | 48,004,880 |
Money Market Funds 19.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 863,648,526 | 863,475,796 |
Total Money Market Funds (Cost $863,525,465) | 863,475,796 | |
Total Investments in Securities (Cost: $3,441,102,684) | 4,581,493,304 | |
Other Assets & Liabilities, Net | (222,545,052) | |
Net Assets | 4,358,948,252 |
8 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 3,267 | 03/2022 | USD | 777,300,975 | 13,443,005 | — |
U.S. Long Bond | 476 | 03/2022 | USD | 76,368,250 | 545,893 | — |
U.S. Long Bond | 10 | 03/2022 | USD | 1,604,375 | — | (15,020) |
U.S. Treasury 10-Year Note | 546 | 03/2022 | USD | 71,235,938 | 303,933 | — |
U.S. Treasury 10-Year Note | 15 | 03/2022 | USD | 1,957,031 | — | (2,607) |
U.S. Treasury 2-Year Note | 390 | 03/2022 | USD | 85,087,032 | — | (116,900) |
U.S. Treasury 5-Year Note | 493 | 03/2022 | USD | 59,641,446 | 176,426 | — |
U.S. Ultra Treasury Bond | 191 | 03/2022 | USD | 37,650,875 | 345,351 | — |
U.S. Ultra Treasury Bond | 10 | 03/2022 | USD | 1,971,250 | — | (12,520) |
Total | 14,814,608 | (147,047) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 1,406,976,336 | 2,952 | 3,400.00 | 12/16/2022 | 54,435,912 | 25,726,680 |
S&P 500 Index | JPMorgan | USD | 109,622,140 | 230 | 3,500.00 | 12/16/2022 | 3,642,752 | 2,235,600 |
S&P 500 Index | JPMorgan | USD | 233,542,820 | 490 | 3,600.00 | 12/15/2023 | 12,202,353 | 10,297,350 |
S&P 500 Index | JPMorgan | USD | 202,562,650 | 425 | 3,700.00 | 12/15/2023 | 10,681,109 | 9,745,250 |
Total | 80,962,126 | 48,004,880 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Short-Term Cash Fund, 0.085% | |||||||||
587,336,282 | 1,270,854,290 | (994,639,837) | (74,939) | 863,475,796 | — | (11,511) | 532,726 | 863,648,526 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
240,260,436 | 925,883 | (39,294,102) | 53,746,957 | 255,639,174 | — | 12,030,055 | — | 2,884,341 | |
Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares | |||||||||
26,520,019 | — | (25,418,348) | (1,101,671) | — | — | 1,101,487 | — | — | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
89,352,453 | — | (80,468,005) | (8,884,448) | — | — | 8,694,363 | — | — | |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | |||||||||
489,081,287 | 41,469,197 | (35,457,110) | 140,495,513 | 635,588,887 | — | 4,272,421 | — | 16,193,347 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
26,313,985 | 21,495,116 | (1,192,890) | (812,747) | 45,803,464 | — | (2,969) | 560,777 | 4,654,823 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
21,689,436 | 26,776,420 | (32,338) | (2,497,342) | 45,936,176 | 1,699,596 | (3,471) | 736,936 | 4,105,110 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
49,820,436 | 151,976,037 | (1,111,733) | 52,573,520 | 253,258,260 | — | 80,282 | — | 13,756,560 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
237,845,337 | 810,668 | (30,017,637) | 47,479,752 | 256,118,120 | — | 8,342,687 | — | 6,844,418 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
25,991,990 | 5,959,360 | (66,989) | (1,323,315) | 30,561,046 | 443,132 | (372) | 571,049 | 2,955,614 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 9 |
December 31, 2021
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
11,949,435 | 4,065,404 | (25,178) | (690,938) | 15,298,723 | 250,382 | (873) | 220,893 | 1,557,915 | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
86,747,060 | 10,592,770 | (17,051,835) | (3,443,119) | 76,844,876 | 1,492,244 | 219,942 | 1,633,159 | 6,824,589 | |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares | |||||||||
238,680,307 | 1,811,289 | (19,165,515) | 30,951,785 | 252,277,866 | — | 11,665,023 | — | 4,294,822 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
245,872,426 | 29,524,504 | (15,443,699) | (19,097,836) | 240,855,395 | — | 10,356,187 | — | 4,014,257 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
240,073,980 | 17,406,677 | (44,217,230) | 42,420,017 | 255,683,444 | — | 10,389,068 | — | 7,589,298 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
83,241,934 | 18,258,620 | (3,633,586) | (5,755,682) | 92,111,286 | 3,712,200 | (21,409) | 1,175,819 | 8,576,470 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
78,026,259 | 83,014,630 | (846,759) | (6,234,472) | 153,959,658 | 3,253,081 | (45,733) | 1,825,175 | 13,845,293 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
448,193,100 | 44,397,446 | (64,753,309) | 94,315,036 | 522,152,273 | — | 20,610,716 | — | 14,452,042 | |
Total | 3,226,996,162 | 412,066,071 | 3,995,564,444 | 10,850,635 | 87,675,893 | 7,256,534 |
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
10 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principle investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 2,671,573,419 | 2,671,573,419 |
Exchange-Traded Fixed Income Funds | 273,993,492 | — | — | — | 273,993,492 |
Fixed Income Funds | — | — | — | 460,515,229 | 460,515,229 |
Residential Mortgage-Backed Securities - Agency | — | 263,930,488 | — | — | 263,930,488 |
Options Purchased Puts | 48,004,880 | — | — | — | 48,004,880 |
Money Market Funds | 863,475,796 | — | — | — | 863,475,796 |
Total Investments in Securities | 1,185,474,168 | 263,930,488 | — | 3,132,088,648 | 4,581,493,304 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 14,814,608 | — | — | — | 14,814,608 |
Liability | |||||
Futures Contracts | (147,047) | — | — | — | (147,047) |
Total | 1,200,141,729 | 263,930,488 | — | 3,132,088,648 | 4,596,160,865 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 11 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $537,273,618) | $537,923,980 |
Affiliated issuers (cost $2,822,866,940) | 3,995,564,444 |
Options purchased (cost $80,962,126) | 48,004,880 |
Cash collateral held at broker for: | |
TBA | 104,000 |
Margin deposits on: | |
Futures contracts | 43,381,525 |
Receivable for: | |
Investments sold | 700,093 |
Capital shares sold | 9,998 |
Dividends | 61,480 |
Interest | 250,995 |
Variation margin for futures contracts | 694,322 |
Prepaid expenses | 35,917 |
Trustees’ deferred compensation plan | 84,349 |
Total assets | 4,626,815,983 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 264,198,196 |
Capital shares purchased | 1,010,131 |
Variation margin for futures contracts | 2,241,325 |
Management services fees | 24,621 |
Distribution and/or service fees | 29,877 |
Service fees | 218,807 |
Compensation of board members | 25,757 |
Compensation of chief compliance officer | 257 |
Other expenses | 34,411 |
Trustees’ deferred compensation plan | 84,349 |
Total liabilities | 267,867,731 |
Net assets applicable to outstanding capital stock | $4,358,948,252 |
Represented by | |
Trust capital | $4,358,948,252 |
Total - representing net assets applicable to outstanding capital stock | $4,358,948,252 |
Class 1 | |
Net assets | $4,883,989 |
Shares outstanding | 282,919 |
Net asset value per share | $17.26 |
Class 2 | |
Net assets | $4,354,064,263 |
Shares outstanding | 254,025,351 |
Net asset value per share | $17.14 |
12 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $5,589,164 |
Dividends — affiliated issuers | 7,256,534 |
Interest | 23 |
Total income | 12,845,721 |
Expenses: | |
Management services fees | 8,167,471 |
Distribution and/or service fees | |
Class 2 | 9,905,480 |
Service fees | 2,382,758 |
Compensation of board members | 61,497 |
Custodian fees | 26,707 |
Printing and postage fees | 36,004 |
Audit fees | 29,500 |
Legal fees | 49,417 |
Interest on collateral | 2,392 |
Compensation of chief compliance officer | 1,014 |
Other | 27,434 |
Total expenses | 20,689,674 |
Net investment loss | (7,843,953) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (5,129,870) |
Investments — affiliated issuers | 87,675,893 |
Capital gain distributions from underlying affiliated funds | 10,850,635 |
Foreign currency translations | 27,226 |
Futures contracts | 154,164,312 |
Options purchased | (58,126,950) |
Net realized gain | 189,461,246 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (14,810,408) |
Investments — affiliated issuers | 412,066,071 |
Futures contracts | 8,925,929 |
Options purchased | (22,260,973) |
Net change in unrealized appreciation (depreciation) | 383,920,619 |
Net realized and unrealized gain | 573,381,865 |
Net increase in net assets resulting from operations | $565,537,912 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 13 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income (loss) | $(7,843,953) | $4,500,706 |
Net realized gain (loss) | 189,461,246 | (221,511,557) |
Net change in unrealized appreciation (depreciation) | 383,920,619 | 406,847,891 |
Net increase in net assets resulting from operations | 565,537,912 | 189,837,040 |
Increase in net assets from capital stock activity | 180,652,200 | 389,796,162 |
Total increase in net assets | 746,190,112 | 579,633,202 |
Net assets at beginning of year | 3,612,758,140 | 3,033,124,938 |
Net assets at end of year | $4,358,948,252 | $3,612,758,140 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 251,684 | 4,135,628 | 58,117 | 811,731 |
Redemptions | (31,525) | (496,660) | (4,635) | (64,487) |
Net increase | 220,159 | 3,638,968 | 53,482 | 747,244 |
Class 2 | ||||
Subscriptions | 16,030,706 | 259,886,326 | 35,856,917 | 482,687,050 |
Redemptions | (5,320,073) | (82,873,094) | (6,706,192) | (93,638,132) |
Net increase | 10,710,633 | 177,013,232 | 29,150,725 | 389,048,918 |
Total net increase | 10,930,792 | 180,652,200 | 29,204,207 | 389,796,162 |
14 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 15 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $14.91 | 0.01 | 2.34 | 2.35 |
Year Ended 12/31/2020 | $14.19 | 0.05 | 0.67 | 0.72 |
Year Ended 12/31/2019(d) | $12.62 | 0.06 | 1.51 | 1.57 |
Class 2 | ||||
Year Ended 12/31/2021 | $14.84 | (0.03) | 2.33 | 2.30 |
Year Ended 12/31/2020 | $14.16 | 0.02 | 0.66 | 0.68 |
Year Ended 12/31/2019 | $11.78 | 0.08 | 2.30 | 2.38 |
Year Ended 12/31/2018 | $12.26 | 0.05 | (0.53) | (0.48) |
Year Ended 12/31/2017 | $10.35 | 0.02 | 1.89 | 1.91 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
16 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $17.26 | 15.76% | 0.27%(c) | 0.27%(c) | 0.06% | 189% | $4,884 |
Year Ended 12/31/2020 | $14.91 | 5.07% | 0.28% | 0.28% | 0.34% | 279% | $936 |
Year Ended 12/31/2019(d) | $14.19 | 12.44% | 0.30%(e) | 0.30%(e) | 0.52%(e) | 132% | $132 |
Class 2 | |||||||
Year Ended 12/31/2021 | $17.14 | 15.50% | 0.52%(c) | 0.52%(c) | (0.20%) | 189% | $4,354,064 |
Year Ended 12/31/2020 | $14.84 | 4.80% | 0.53% | 0.53% | 0.14% | 279% | $3,611,822 |
Year Ended 12/31/2019 | $14.16 | 20.20% | 0.54% | 0.54% | 0.57% | 132% | $3,032,993 |
Year Ended 12/31/2018 | $11.78 | (3.92%) | 0.55% | 0.55% | 0.38% | 44% | $1,705,527 |
Year Ended 12/31/2017 | $12.26 | 18.45% | 0.55% | 0.55% | 0.17% | 9% | $998,296 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 17 |
December 31, 2021
18 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 21 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 13,443,005* |
Equity risk | Investments, at value — Options Purchased | 48,004,880 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 1,371,603* |
Total | 62,819,488 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 147,047* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 176,758,373 | (58,126,950) | 118,631,423 |
Interest rate risk | (22,594,061) | — | (22,594,061) |
Total | 154,164,312 | (58,126,950) | 96,037,362 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 6,639,759 | (22,260,973) | (15,621,214) |
Interest rate risk | 2,286,170 | — | 2,286,170 |
Total | 8,925,929 | (22,260,973) | (13,335,044) |
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 1,127,557,365* |
Futures contracts — short | 13,173,842** |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 63,015,572 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
** | Based on the ending daily outstanding amounts for the year ended December 31, 2021. |
22 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 23 |
December 31, 2021
JPMorgan ($) | |
Assets | |
Options purchased puts | 48,004,880 |
Total financial and derivative net assets | 48,004,880 |
Total collateral received (pledged) (a) | - |
Net amount (b) | 48,004,880 |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
24 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 25 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
26 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 29 |
30 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 31 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
32 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
34 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 | 35 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
36 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
30 | |
31 |
Average annual total returns (%) (for the period ended December 31, 2021) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | 11.71 | 9.18 | 9.32 | |
Class 2 | 11/02/16 | 11.47 | 9.04 | 9.19 | |
Blended Benchmark | 12.80 | 11.12 | 11.26 | ||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.98 | ||
S&P 500 Index | 28.71 | 18.47 | 19.44 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 44.8 |
U.S. Large Cap | 44.8 |
Exchange-Traded Fixed Income Funds | 5.3 |
Investment Grade | 5.3 |
Fixed Income Funds | 23.4 |
Investment Grade | 23.4 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 18.8 |
Options Purchased Puts | 0.8 |
Residential Mortgage-Backed Securities - Agency | 6.9 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
• | Underperformance during the period came primarily from underlying strategic equity fund managers and the dynamic algorithm which assists in helping direct overall levels of equity allocation. |
• | Underlying equity managers that focused on large growth-oriented strategies detracted the most during the period. Earnings yield figures dropped for some of their larger holdings and perceived risks from longer-dated cash flows for significant growers in the large-cap universe were cause for some market participants to reduce exposure to this cohort during the second half of the period. |
• | The managers’ tactical discretion applied to the dynamic algorithm’s suggested equity allocations proved to be the largest contributor to relative performance in the period. |
○ | The managers tactically adjusted actual equity exposure throughout the period, erring on the side of a constructive view toward equities which lent itself to an overweight equity allocation versus the suggested dynamic algorithm equity weighting. Given the positive return environment for global equities, this tactical preference to maintain overweight equity allocations proved beneficial to relative performance. In addition, this tactical positioning helped damper overall portfolio volatility. |
• | Underlying fund manager performance in fixed income also contributed to Fund performance during the period. Core fixed-income managers with exposure to lower-quality corporate debt helped boost relative performance over the period. |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 5 |
6 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,049.00 | 1,023.79 | 1.45 | 1.43 | 0.28 | 3.51 | 3.47 | 0.68 |
Class 2 | 1,000.00 | 1,000.00 | 1,047.90 | 1,022.53 | 2.74 | 2.70 | 0.53 | 4.80 | 4.74 | 0.93 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 7 |
December 31, 2021
Equity Funds 47.8% | ||
Shares | Value ($) | |
U.S. Large Cap 47.8% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 1,350,713 | 119,713,656 |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares(a),(b) | 6,668,867 | 261,753,036 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 6,450,034 | 118,745,126 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 2,822,652 | 105,623,657 |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) | 1,755,393 | 103,111,784 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 1,559,475 | 93,568,517 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 3,094,605 | 104,257,247 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 5,778,129 | 208,763,783 |
Total | 1,115,536,806 | |
Total Equity Funds (Cost $609,026,323) | 1,115,536,806 | |
Exchange-Traded Fixed Income Funds 5.7% | ||
Investment Grade 5.7% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 556,363 | 73,729,225 |
Vanguard Intermediate-Term Corporate Bond ETF | 635,000 | 58,902,600 |
Total | 132,631,825 | |
Total Exchange-Traded Fixed Income Funds (Cost $129,059,106) | 132,631,825 | |
Fixed Income Funds 24.9% | ||
Investment Grade 24.9% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 9,662,703 | 99,622,469 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 3,359,100 | 33,053,544 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 4,464,405 | 49,956,687 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 3,177,777 | 32,858,215 |
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) | 1,678,360 | 16,481,497 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 12,584,322 | 141,699,465 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 10,841,254 | 116,435,069 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 8,220,198 | 91,408,599 |
Total | 581,515,545 | |
Total Fixed Income Funds (Cost $576,018,351) | 581,515,545 |
Residential Mortgage-Backed Securities - Agency 7.4% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 16,000,000 | 16,390,000 | |
01/18/2037- 01/13/2052 | 2.500% | 65,420,000 | 67,046,561 | |
01/13/2052 | 3.000% | 85,100,000 | 88,201,496 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $171,639,373) | 171,638,057 |
Options Purchased Puts 0.8% | ||||
Value ($) | ||||
(Cost $33,609,873) | 19,391,750 |
Money Market Funds 20.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 467,656,577 | 467,563,046 |
Total Money Market Funds (Cost $467,583,815) | 467,563,046 | |
Total Investments in Securities (Cost: $1,986,936,841) | 2,488,277,029 | |
Other Assets & Liabilities, Net | (154,487,454) | |
Net Assets | 2,333,789,575 |
8 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 1,312 | 03/2022 | USD | 312,157,600 | 5,403,845 | — |
U.S. Long Bond | 334 | 03/2022 | USD | 53,586,125 | 383,043 | — |
U.S. Long Bond | 32 | 03/2022 | USD | 5,134,000 | — | (48,066) |
U.S. Treasury 10-Year Note | 180 | 03/2022 | USD | 23,484,375 | 180,058 | — |
U.S. Treasury 10-Year Note | 18 | 03/2022 | USD | 2,348,438 | — | (12,130) |
U.S. Treasury 2-Year Note | 145 | 03/2022 | USD | 31,634,922 | — | (33,012) |
U.S. Treasury 5-Year Note | 363 | 03/2022 | USD | 43,914,492 | 134,705 | — |
U.S. Treasury 5-Year Note | 35 | 03/2022 | USD | 4,234,180 | — | (12,641) |
U.S. Ultra Treasury Bond | 105 | 03/2022 | USD | 20,698,125 | 189,853 | — |
U.S. Ultra Treasury Bond | 10 | 03/2022 | USD | 1,971,250 | — | (12,520) |
Total | 6,291,504 | (118,369) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 607,687,950 | 1,275 | 3,400.00 | 12/16/2022 | 23,651,547 | 11,111,625 |
S&P 500 Index | JPMorgan | USD | 47,661,800 | 100 | 3,500.00 | 12/16/2022 | 1,583,805 | 972,000 |
S&P 500 Index | JPMorgan | USD | 92,940,510 | 195 | 3,600.00 | 12/15/2023 | 4,856,038 | 4,097,925 |
S&P 500 Index | JPMorgan | USD | 66,726,520 | 140 | 3,700.00 | 12/15/2023 | 3,518,483 | 3,210,200 |
Total | 33,609,873 | 19,391,750 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Short-Term Cash Fund, 0.085% | |||||||||
338,280,430 | 525,549,531 | (396,228,858) | (38,057) | 467,563,046 | — | (7,895) | 293,061 | 467,656,577 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
107,645,077 | 1,593,263 | (15,348,186) | 25,823,502 | 119,713,656 | — | 5,354,677 | — | 1,350,713 | |
Columbia Variable Portfolio – Income Opportunities Fund, Class 1 Shares | |||||||||
31,275,296 | — | (30,035,114) | (1,240,182) | — | — | 1,240,204 | — | — | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
106,473,502 | 24,000,989 | (19,431,863) | (11,420,159) | 99,622,469 | 6,848,627 | 1,177,276 | 3,158,360 | 9,662,703 | |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | |||||||||
217,100,469 | 10,813,029 | (20,770,252) | 54,609,790 | 261,753,036 | — | 6,405,719 | — | 6,668,867 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
30,909,559 | 3,909,382 | (1,054,469) | (710,928) | 33,053,544 | — | 7,114 | 512,875 | 3,359,100 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
25,918,522 | 28,755,813 | (1,218,847) | (3,498,801) | 49,956,687 | 2,316,713 | (106,684) | 1,004,515 | 4,464,405 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
24,488,665 | 73,791,670 | (4,004,155) | 24,468,946 | 118,745,126 | — | 220,593 | — | 6,450,034 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
105,731,495 | 8,214,330 | (24,426,547) | 16,104,379 | 105,623,657 | — | 7,830,295 | — | 2,822,652 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 9 |
December 31, 2021
Affiliated issuers | Beginning of period($) | 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 – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
30,781,117 | 4,550,107 | (992,342) | (1,480,667) | 32,858,215 | 502,420 | 2,464 | 647,452 | 3,177,777 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
13,975,730 | 3,345,651 | (62,133) | (777,751) | 16,481,497 | 283,758 | (2,580) | 250,340 | 1,678,360 | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
103,373,122 | 44,319,864 | (1,440,880) | (4,552,641) | 141,699,465 | 2,857,249 | (51,759) | 3,127,063 | 12,584,322 | |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares | |||||||||
105,213,500 | 697,009 | (12,446,364) | 9,647,639 | 103,111,784 | — | 7,416,768 | — | 1,755,393 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
108,983,049 | 14,757,164 | (16,978,419) | (13,193,277) | 93,568,517 | — | 10,548,425 | — | 1,559,475 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
107,214,832 | 4,270,014 | (23,745,970) | 16,518,371 | 104,257,247 | — | 5,631,047 | — | 3,094,605 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
98,686,087 | 26,474,091 | (1,256,799) | (7,468,310) | 116,435,069 | 4,884,738 | (74,605) | 1,547,214 | 10,841,254 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
91,018,658 | 11,147,246 | (6,199,274) | (4,558,031) | 91,408,599 | 2,238,538 | (49,075) | 1,255,955 | 8,220,198 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
199,372,893 | 4,117,433 | (32,941,851) | 38,215,308 | 208,763,783 | — | 10,692,423 | — | 5,778,129 | |
Total | 1,846,442,003 | 136,449,131 | 2,164,615,397 | 19,932,043 | 56,234,407 | 11,796,835 |
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
10 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principle investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 1,115,536,806 | 1,115,536,806 |
Exchange-Traded Fixed Income Funds | 132,631,825 | — | — | — | 132,631,825 |
Fixed Income Funds | — | — | — | 581,515,545 | 581,515,545 |
Residential Mortgage-Backed Securities - Agency | — | 171,638,057 | — | — | 171,638,057 |
Options Purchased Puts | 19,391,750 | — | — | — | 19,391,750 |
Money Market Funds | 467,563,046 | — | — | — | 467,563,046 |
Total Investments in Securities | 619,586,621 | 171,638,057 | — | 1,697,052,351 | 2,488,277,029 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 6,291,504 | — | — | — | 6,291,504 |
Liability | |||||
Futures Contracts | (118,369) | — | — | — | (118,369) |
Total | 625,759,756 | 171,638,057 | — | 1,697,052,351 | 2,494,450,164 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 11 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $300,698,479) | $304,269,882 |
Affiliated issuers (cost $1,652,628,489) | 2,164,615,397 |
Options purchased (cost $33,609,873) | 19,391,750 |
Cash collateral held at broker for: | |
TBA | 298,000 |
Margin deposits on: | |
Futures contracts | 17,834,675 |
Receivable for: | |
Investments sold | 887,467 |
Capital shares sold | 998 |
Dividends | 32,915 |
Interest | 161,818 |
Variation margin for futures contracts | 440,270 |
Prepaid expenses | 21,161 |
Trustees’ deferred compensation plan | 62,739 |
Total assets | 2,508,017,072 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 171,801,191 |
Capital shares purchased | 1,268,808 |
Variation margin for futures contracts | 900,105 |
Management services fees | 13,310 |
Distribution and/or service fees | 15,994 |
Service fees | 117,861 |
Compensation of board members | 17,251 |
Compensation of chief compliance officer | 142 |
Other expenses | 30,096 |
Trustees’ deferred compensation plan | 62,739 |
Total liabilities | 174,227,497 |
Net assets applicable to outstanding capital stock | $2,333,789,575 |
Represented by | |
Trust capital | $2,333,789,575 |
Total - representing net assets applicable to outstanding capital stock | $2,333,789,575 |
Class 1 | |
Net assets | $2,958,928 |
Shares outstanding | 186,754 |
Net asset value per share | $15.84 |
Class 2 | |
Net assets | $2,330,830,647 |
Shares outstanding | 148,093,740 |
Net asset value per share | $15.74 |
12 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $3,299,863 |
Dividends — affiliated issuers | 11,796,835 |
Interest | 5 |
Total income | 15,096,703 |
Expenses: | |
Management services fees | 4,625,437 |
Distribution and/or service fees | |
Class 2 | 5,495,710 |
Service fees | 1,322,023 |
Compensation of board members | 40,713 |
Custodian fees | 24,600 |
Printing and postage fees | 27,702 |
Audit fees | 29,500 |
Legal fees | 32,143 |
Interest on collateral | 665 |
Compensation of chief compliance officer | 566 |
Other | 13,825 |
Total expenses | 11,612,884 |
Net investment income | 3,483,819 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (295,236) |
Investments — affiliated issuers | 56,234,407 |
Capital gain distributions from underlying affiliated funds | 19,932,043 |
Foreign currency translations | 9,942 |
Futures contracts | 63,544,454 |
Options purchased | (25,283,949) |
Net realized gain | 114,141,661 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (10,335,281) |
Investments — affiliated issuers | 136,449,131 |
Futures contracts | 4,079,399 |
Options purchased | (9,231,682) |
Net change in unrealized appreciation (depreciation) | 120,961,567 |
Net realized and unrealized gain | 235,103,228 |
Net increase in net assets resulting from operations | $238,587,047 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 13 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $3,483,819 | $9,054,793 |
Net realized gain (loss) | 114,141,661 | (90,813,888) |
Net change in unrealized appreciation (depreciation) | 120,961,567 | 191,199,400 |
Net increase in net assets resulting from operations | 238,587,047 | 109,440,305 |
Increase in net assets from capital stock activity | 27,331,178 | 125,344,966 |
Total increase in net assets | 265,918,225 | 234,785,271 |
Net assets at beginning of year | 2,067,871,350 | 1,833,086,079 |
Net assets at end of year | $2,333,789,575 | $2,067,871,350 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 81,282 | 1,230,016 | 90,433 | 1,227,597 |
Redemptions | (6,183) | (92,662) | (1,102) | (14,728) |
Net increase | 75,099 | 1,137,354 | 89,331 | 1,212,869 |
Class 2 | ||||
Subscriptions | 6,918,485 | 103,394,533 | 14,968,143 | 196,630,803 |
Redemptions | (5,201,411) | (77,200,709) | (5,540,609) | (72,498,706) |
Net increase | 1,717,074 | 26,193,824 | 9,427,534 | 124,132,097 |
Total net increase | 1,792,173 | 27,331,178 | 9,516,865 | 125,344,966 |
14 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $14.18 | 0.07 | 1.59 | 1.66 |
Year Ended 12/31/2020 | $13.41 | 0.08 | 0.69 | 0.77 |
Year Ended 12/31/2019(d) | $12.05 | 0.20 | 1.16 | 1.36 |
Class 2 | ||||
Year Ended 12/31/2021 | $14.12 | 0.02 | 1.60 | 1.62 |
Year Ended 12/31/2020 | $13.38 | 0.06 | 0.68 | 0.74 |
Year Ended 12/31/2019 | $11.38 | 0.13 | 1.87 | 2.00 |
Year Ended 12/31/2018 | $11.76 | 0.09 | (0.47) | (0.38) |
Year Ended 12/31/2017 | $10.21 | 0.06 | 1.49 | 1.55 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
16 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $15.84 | 11.71% | 0.28%(c) | 0.28%(c) | 0.44% | 175% | $2,959 |
Year Ended 12/31/2020 | $14.18 | 5.74% | 0.29% | 0.29% | 0.63% | 232% | $1,583 |
Year Ended 12/31/2019(d) | $13.41 | 11.29% | 0.30%(e) | 0.30%(e) | 1.84%(e) | 125% | $299 |
Class 2 | |||||||
Year Ended 12/31/2021 | $15.74 | 11.47% | 0.53%(c) | 0.53%(c) | 0.16% | 175% | $2,330,831 |
Year Ended 12/31/2020 | $14.12 | 5.53% | 0.54% | 0.54% | 0.48% | 232% | $2,066,289 |
Year Ended 12/31/2019 | $13.38 | 17.57% | 0.55% | 0.55% | 1.05% | 125% | $1,832,787 |
Year Ended 12/31/2018 | $11.38 | (3.23%) | 0.56% | 0.56% | 0.74% | 42% | $1,142,028 |
Year Ended 12/31/2017 | $11.76 | 15.18% | 0.56% | 0.56% | 0.56% | 9% | $715,814 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 17 |
December 31, 2021
18 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 21 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 5,403,845* |
Equity risk | Investments, at value — Options Purchased | 19,391,750 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 887,659* |
Total | 25,683,254 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 118,369* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 77,385,393 | (25,283,949) | 52,101,444 |
Interest rate risk | (13,840,939) | — | (13,840,939) |
Total | 63,544,454 | (25,283,949) | 38,260,505 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 2,608,101 | (9,231,682) | (6,623,581) |
Interest rate risk | 1,471,298 | — | 1,471,298 |
Total | 4,079,399 | (9,231,682) | (5,152,283) |
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 509,747,083* |
Futures contracts — short | 5,555,935** |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 26,641,370 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
** | Based on the ending daily outstanding amounts for the year ended December 31, 2021. |
22 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 23 |
December 31, 2021
JPMorgan ($) | |
Assets | |
Options purchased puts | 19,391,750 |
Total financial and derivative net assets | 19,391,750 |
Total collateral received (pledged) (a) | - |
Net amount (b) | 19,391,750 |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
24 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 25 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
26 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 29 |
30 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 31 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
32 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
34 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 | 35 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
36 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2021 |
December 31, 2021
3 | |
5 | |
6 | |
7 | |
12 | |
13 | |
14 | |
16 | |
18 | |
31 | |
32 |
Average annual total returns (%) (for the period ended December 31, 2021) | ||||
Inception | 1 Year | Life | ||
Class 1* | 02/20/19 | 10.99 | 7.67 | |
Class 2 | 09/12/17 | 10.72 | 7.47 | |
Blended Benchmark | 9.43 | 9.17 | ||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.34 | ||
Russell 3000 Index | 25.66 | 17.93 | ||
MSCI EAFE Index (Net) | 11.26 | 6.67 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 52.0 |
International | 16.5 |
U.S. Large Cap | 30.8 |
U.S. Small Cap | 4.7 |
Exchange-Traded Equity Funds | 2.3 |
International Mid Large Cap | 1.1 |
U.S. Mid Cap | 1.2 |
Exchange-Traded Fixed Income Funds | 5.0 |
Investment Grade | 5.0 |
Fixed Income Funds | 27.4 |
Investment Grade | 27.4 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 7.4 |
Options Purchased Puts | 0.7 |
Residential Mortgage-Backed Securities - Agency | 5.2 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
• | The dynamic algorithm, which is a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to maintain an overweight equity exposure versus static benchmark equity weights throughout the period. The positioning called for by the dynamic algorithm served as a meaningful contributor to relative performance for the Fund during the period. |
• | Underlying fund manager performance from U.S. large-cap core managers and U.S core bond strategies served as two of the largest contributors to relative performance from underlying managers within the Fund. |
• | Mixed results from some of the underlying strategic managers held within the portfolio and detraction from holding protective put options weighed on Fund performance during the period. |
• | The Fund experienced detraction from one manager with a focus centered on a small-cap growth investing style and another manager with an international core focus. These two strategies were the largest underlying fund detractors for the Fund. |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 5 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,041.70 | 1,024.00 | 1.24 | 1.22 | 0.24 | 4.01 | 3.98 | 0.78 |
Class 2 | 1,000.00 | 1,000.00 | 1,040.50 | 1,022.68 | 2.57 | 2.55 | 0.50 | 5.35 | 5.30 | 1.04 |
6 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
Equity Funds 54.4% | ||
Shares | Value ($) | |
International 17.3% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 1,514,126 | 22,833,024 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 1,857,665 | 25,208,512 |
Total | 48,041,536 | |
U.S. Large Cap 32.2% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 191,327 | 16,957,287 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 907,473 | 16,706,580 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 1,540,857 | 55,671,187 |
Total | 89,335,054 | |
U.S. Small Cap 4.9% | ||
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 177,017 | 6,751,432 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 184,714 | 6,935,989 |
Total | 13,687,421 | |
Total Equity Funds (Cost $112,640,656) | 151,064,011 | |
Exchange-Traded Equity Funds 2.4% | ||
International Mid Large Cap 1.1% | ||
iShares MSCI EAFE ETF | 40,000 | 3,147,200 |
U.S. Mid Cap 1.3% | ||
iShares Core S&P Mid-Cap ETF | 12,500 | 3,538,500 |
Total Exchange-Traded Equity Funds (Cost $6,045,800) | 6,685,700 | |
Exchange-Traded Fixed Income Funds 5.2% | ||
Investment Grade 5.2% | ||
iShares Core U.S. Aggregate Bond ETF | 5,750 | 655,960 |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 74,220 | 9,835,634 |
Vanguard Intermediate-Term Corporate Bond ETF | 39,000 | 3,617,640 |
Vanguard Total Bond Market ETF | 5,000 | 423,750 |
Total | 14,532,984 | |
Total Exchange-Traded Fixed Income Funds (Cost $13,768,538) | 14,532,984 | |
Fixed Income Funds 28.7% | ||
Shares | Value ($) | |
Investment Grade 28.7% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 3,202,365 | 33,016,381 |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) | 1,156,488 | 11,356,709 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 3,174,714 | 35,302,819 |
Total | 79,675,909 | |
Total Fixed Income Funds (Cost $80,206,698) | 79,675,909 |
Residential Mortgage-Backed Securities - Agency 5.4% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 1,400,000 | 1,434,125 | |
01/18/2037- 01/13/2052 | 2.500% | 7,125,000 | 7,295,563 | |
01/13/2052 | 3.000% | 6,000,000 | 6,218,672 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $14,949,325) | 14,948,360 |
Options Purchased Puts 0.8% | ||||
Value ($) | ||||
(Cost $3,450,948) | 2,156,170 |
Money Market Funds 7.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 21,611,412 | 21,607,090 |
Total Money Market Funds (Cost $21,608,655) | 21,607,090 | |
Total Investments in Securities (Cost: $252,670,620) | 290,670,224 | |
Other Assets & Liabilities, Net | (12,958,745) | |
Net Assets | 277,711,479 |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 7 |
December 31, 2021
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Canadian Dollar | 18 | 03/2022 | USD | 1,422,900 | 12,965 | — |
New Zealand Dollar | 6 | 03/2022 | USD | 410,610 | 6,608 | — |
S&P 500 Index E-mini | 67 | 03/2022 | USD | 15,940,975 | 461,859 | — |
U.S. Long Bond | 13 | 03/2022 | USD | 2,085,688 | 14,909 | — |
U.S. Treasury 10-Year Note | 38 | 03/2022 | USD | 4,957,813 | 38,012 | — |
U.S. Treasury 2-Year Note | 4 | 03/2022 | USD | 872,688 | — | (913) |
U.S. Treasury 5-Year Note | 50 | 03/2022 | USD | 6,048,828 | 18,554 | — |
U.S. Ultra Treasury Bond | 12 | 03/2022 | USD | 2,365,500 | 21,698 | — |
Total | 574,605 | (913) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Australian Dollar | (8) | 03/2022 | USD | (582,240) | — | (18,598) |
British Pound | (8) | 03/2022 | USD | (676,550) | — | (14,330) |
Euro FX | (21) | 03/2022 | USD | (2,993,156) | — | (32,858) |
EURO STOXX 50 Index | (63) | 03/2022 | EUR | (2,701,125) | — | (59,353) |
FTSE 100 Index | (10) | 03/2022 | GBP | (732,400) | — | (18,351) |
Hang Seng Index | (1) | 01/2022 | HKD | (1,172,550) | — | (1,273) |
Japanese Yen | (22) | 03/2022 | USD | (2,391,950) | 33,881 | — |
MSCI Singapore Index | (10) | 01/2022 | SGD | (340,150) | — | (1,674) |
OMXS30 Index | (49) | 01/2022 | SEK | (11,854,325) | — | (62,514) |
Russell 2000 Index E-mini | (4) | 03/2022 | USD | (448,560) | — | (6,814) |
S&P 500 Index E-mini | (12) | 03/2022 | USD | (2,855,100) | — | (58,230) |
SPI 200 Index | (5) | 03/2022 | AUD | (918,375) | — | (6,858) |
Swiss Franc | (14) | 03/2022 | USD | (1,923,600) | — | (27,877) |
TOPIX Index | (8) | 03/2022 | JPY | (159,360,000) | 866 | — |
Total | 34,747 | (308,730) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 65,773,284 | 138 | 3,500.00 | 12/16/2022 | 2,185,652 | 1,341,360 |
S&P 500 Index | JPMorgan | USD | 19,064,720 | 40 | 3,400.00 | 12/16/2022 | 739,358 | 348,600 |
S&P 500 Index | JPMorgan | USD | 6,196,034 | 13 | 3,700.00 | 12/15/2023 | 326,716 | 298,090 |
S&P 500 Index | JPMorgan | USD | 3,812,944 | 8 | 3,600.00 | 12/15/2023 | 199,222 | 168,120 |
Total | 3,450,948 | 2,156,170 |
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America Investment Grade Index, Series 37 | Morgan Stanley | 12/20/2026 | 1.000 | Quarterly | 0.494 | USD | 6,000,000 | 13,648 | — | — | 13,648 | — |
* | 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. |
8 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
(a) | 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 year ended December 31, 2021 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, 0.085% | |||||||||
17,852,696 | 40,558,459 | (36,802,452) | (1,613) | 21,607,090 | — | (489) | 14,389 | 21,611,412 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
34,031,933 | 477,281 | (16,818,269) | (733,658) | 16,957,287 | — | 6,309,763 | — | 191,327 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
28,524,734 | 9,301,174 | (1,470,867) | (3,338,660) | 33,016,381 | 2,243,889 | (3,140) | 1,034,808 | 3,202,365 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
3,131,655 | 19,244,144 | (71,195) | 528,420 | 22,833,024 | 432,715 | (435) | 269,827 | 1,514,126 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
2,902,322 | 11,120,337 | (779,857) | 3,463,778 | 16,706,580 | — | 51,538 | — | 907,473 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
9,443,932 | 2,546,729 | (108,903) | (525,049) | 11,356,709 | 193,484 | (7,180) | 170,697 | 1,156,488 | |
CTIVP® – Lazard International Equity Advantage Fund, Class 1 Shares | |||||||||
31,136,165 | — | (27,564,517) | (3,571,648) | — | — | 4,783,100 | — | — | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
28,434,985 | 8,699,231 | (192,332) | (1,639,065) | 35,302,819 | 851,118 | (11,804) | 477,529 | 3,174,714 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
34,454,395 | 17,650,837 | (6,920,505) | 10,486,460 | 55,671,187 | — | 1,691,722 | — | 1,540,857 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
9,015,731 | 21,078,224 | (6,768,459) | 1,883,016 | 25,208,512 | — | 21,434 | 481,347 | 1,857,665 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
5,472,822 | 1,123,476 | (307,970) | 463,104 | 6,751,432 | — | 31,878 | — | 177,017 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
5,013,166 | 1,527,515 | (767,006) | 1,162,314 | 6,935,989 | — | 112,032 | — | 184,714 | |
Total | 209,414,536 | 8,177,399 | 252,347,010 | 3,721,206 | 12,978,419 | 2,448,597 |
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
AUD | Australian Dollar |
EUR | Euro |
GBP | British Pound |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | US Dollar |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 9 |
December 31, 2021
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 151,064,011 | 151,064,011 |
Exchange-Traded Equity Funds | 6,685,700 | — | — | — | 6,685,700 |
Exchange-Traded Fixed Income Funds | 14,532,984 | — | — | — | 14,532,984 |
Fixed Income Funds | — | — | — | 79,675,909 | 79,675,909 |
Residential Mortgage-Backed Securities - Agency | — | 14,948,360 | — | — | 14,948,360 |
Options Purchased Puts | 2,156,170 | — | — | — | 2,156,170 |
Money Market Funds | 21,607,090 | — | — | — | 21,607,090 |
Total Investments in Securities | 44,981,944 | 14,948,360 | — | 230,739,920 | 290,670,224 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 609,352 | — | — | — | 609,352 |
Swap Contracts | — | 13,648 | — | — | 13,648 |
Liability | |||||
Futures Contracts | (309,643) | — | — | — | (309,643) |
Total | 45,281,653 | 14,962,008 | — | 230,739,920 | 290,983,581 |
10 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 11 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $34,763,663) | $36,167,044 |
Affiliated issuers (cost $214,456,009) | 252,347,010 |
Options purchased (cost $3,450,948) | 2,156,170 |
Margin deposits on: | |
Futures contracts | 1,920,619 |
Swap contracts | 149,019 |
Receivable for: | |
Investments sold | 181,423 |
Dividends | 8,040 |
Interest | 13,859 |
Variation margin for futures contracts | 65,900 |
Variation margin for swap contracts | 1,214 |
Prepaid expenses | 3,846 |
Trustees’ deferred compensation plan | 24,950 |
Total assets | 293,039,094 |
Liabilities | |
Payable for: | |
Investments purchased | 13,859 |
Investments purchased on a delayed delivery basis | 14,949,325 |
Capital shares purchased | 213,439 |
Variation margin for futures contracts | 74,046 |
Management services fees | 1,049 |
Distribution and/or service fees | 1,896 |
Service fees | 13,949 |
Compensation of board members | 7,684 |
Compensation of chief compliance officer | 17 |
Other expenses | 27,401 |
Trustees’ deferred compensation plan | 24,950 |
Total liabilities | 15,327,615 |
Net assets applicable to outstanding capital stock | $277,711,479 |
Represented by | |
Trust capital | $277,711,479 |
Total - representing net assets applicable to outstanding capital stock | $277,711,479 |
Class 1 | |
Net assets | $3,275 |
Shares outstanding | 239 |
Net asset value per share(a) | $13.73 |
Class 2 | |
Net assets | $277,708,204 |
Shares outstanding | 20,367,623 |
Net asset value per share | $13.63 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
12 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $462,307 |
Dividends — affiliated issuers | 2,448,597 |
Total income | 2,910,904 |
Expenses: | |
Management services fees | 362,726 |
Distribution and/or service fees | |
Class 2 | 645,980 |
Service fees | 155,344 |
Compensation of board members | 17,335 |
Custodian fees | 23,682 |
Printing and postage fees | 18,944 |
Audit fees | 29,500 |
Legal fees | 12,877 |
Interest on collateral | 19,668 |
Compensation of chief compliance officer | 67 |
Other | 8,300 |
Total expenses | 1,294,423 |
Net investment income | 1,616,481 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (101,060) |
Investments — affiliated issuers | 12,978,419 |
Capital gain distributions from underlying affiliated funds | 3,721,206 |
Foreign currency translations | 243,158 |
Futures contracts | 3,784,735 |
Options purchased | (3,954,505) |
Swap contracts | 75,258 |
Net realized gain | 16,747,211 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (265,653) |
Investments — affiliated issuers | 8,177,399 |
Foreign currency translations | (22,577) |
Futures contracts | (93,011) |
Options purchased | (181,446) |
Swap contracts | (7,218) |
Net change in unrealized appreciation (depreciation) | 7,607,494 |
Net realized and unrealized gain | 24,354,705 |
Net increase in net assets resulting from operations | $25,971,186 |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 13 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $1,616,481 | $965,171 |
Net realized gain (loss) | 16,747,211 | (3,262,288) |
Net change in unrealized appreciation (depreciation) | 7,607,494 | 19,056,421 |
Net increase in net assets resulting from operations | 25,971,186 | 16,759,304 |
Increase in net assets from capital stock activity | 21,175,850 | 27,052,222 |
Total increase in net assets | 47,147,036 | 43,811,526 |
Net assets at beginning of year | 230,564,443 | 186,752,917 |
Net assets at end of year | $277,711,479 | $230,564,443 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 2 | ||||
Subscriptions | 2,210,573 | 28,772,763 | 3,077,116 | 34,821,098 |
Redemptions | (574,500) | (7,596,913) | (698,848) | (7,768,876) |
Net increase | 1,636,073 | 21,175,850 | 2,378,268 | 27,052,222 |
Total net increase | 1,636,073 | 21,175,850 | 2,378,268 | 27,052,222 |
14 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $12.37 | 0.12 | 1.24 | 1.36 |
Year Ended 12/31/2020 | $11.44 | 0.09 | 0.84 | 0.93 |
Year Ended 12/31/2019(d) | $10.48 | 0.15 | 0.81 | 0.96 |
Class 2 | ||||
Year Ended 12/31/2021 | $12.31 | 0.08 | 1.24 | 1.32 |
Year Ended 12/31/2020 | $11.42 | 0.06 | 0.83 | 0.89 |
Year Ended 12/31/2019 | $9.84 | 0.12 | 1.46 | 1.58 |
Year Ended 12/31/2018 | $10.39 | 0.09 | (0.64) | (0.55) |
Year Ended 12/31/2017(f) | $10.00 | (0.00)(g) | 0.39 | 0.39 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense. If interest on collateral expense had been excluded, expenses would have been lower by 0.01%. |
(d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
(f) | The Fund commenced operations on September 12, 2017. Per share data and total return reflect activity from that date. |
(g) | Rounds to zero. |
16 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $13.73 | 10.99% | 0.25%(c) | 0.25%(c) | 0.88% | 116% | $3 |
Year Ended 12/31/2020 | $12.37 | 8.13% | 0.25%(c) | 0.25%(c) | 0.75% | 89% | $3 |
Year Ended 12/31/2019(d) | $11.44 | 9.16% | 0.25%(e) | 0.25%(e) | 1.57%(e) | 37% | $3 |
Class 2 | |||||||
Year Ended 12/31/2021 | $13.63 | 10.72% | 0.50%(c) | 0.50%(c) | 0.63% | 116% | $277,708 |
Year Ended 12/31/2020 | $12.31 | 7.79% | 0.50%(c) | 0.50%(c) | 0.49% | 89% | $230,561 |
Year Ended 12/31/2019 | $11.42 | 16.06% | 0.51% | 0.51% | 1.12% | 37% | $186,750 |
Year Ended 12/31/2018 | $9.84 | (5.29%) | 0.61% | 0.55% | 0.85% | 47% | $97,370 |
Year Ended 12/31/2017(f) | $10.39 | 3.90% | 1.17%(e) | 0.49%(e) | (0.01%)(e) | 75% | $17,803 |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 17 |
December 31, 2021
18 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 21 |
December 31, 2021
22 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of trust capital — unrealized appreciation on swap contracts | 13,648* |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 462,725* |
Equity risk | Investments, at value — Options Purchased | 2,156,170 |
Foreign exchange risk | Component of trust capital — unrealized appreciation on futures contracts | 53,454* |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 93,173* |
Total | 2,779,170 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 215,067* |
Foreign exchange risk | Component of trust capital - unrealized depreciation on futures contracts | 93,663* |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 913* |
Total | 309,643 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 23 |
December 31, 2021
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 75,258 | 75,258 |
Equity risk | 4,345,927 | (3,954,505) | — | 391,422 |
Foreign exchange risk | 219,002 | — | — | 219,002 |
Interest rate risk | (780,194) | — | — | (780,194) |
Total | 3,784,735 | (3,954,505) | 75,258 | (94,512) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | (7,218) | (7,218) |
Equity risk | (223,374) | (181,446) | — | (404,820) |
Foreign exchange risk | (2,786) | — | — | (2,786) |
Interest rate risk | 133,149 | — | — | 133,149 |
Total | (93,011) | (181,446) | (7,218) | (281,675) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 43,042,012 |
Futures contracts — short | 15,744,159 |
Credit default swap contracts — sell protection | 6,000,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 2,894,344 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
24 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
JPMorgan ($) | Morgan Stanley ($) | Total ($) | |
Assets | |||
Centrally cleared credit default swap contracts (a) | - | 1,214 | 1,214 |
Options purchased puts | 2,156,170 | - | 2,156,170 |
Total assets | 2,156,170 | 1,214 | 2,157,384 |
Total financial and derivative net assets | 2,156,170 | 1,214 | 2,157,384 |
Total collateral received (pledged) (b) | - | - | - |
Net amount (c) | 2,156,170 | 1,214 | 2,157,384 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(b) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(c) | Represents the net amount due from/(to) counterparties in the event of default. |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 25 |
December 31, 2021
26 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 27 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
28 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 29 |
December 31, 2021
30 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 31 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
32 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 33 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
34 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 35 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
36 | Variable Portfolio – Managed Risk Fund | Annual Report 2021 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Variable Portfolio – Managed Risk Fund | Annual Report 2021 | 37 |
December 31, 2021
3 | |
5 | |
6 | |
7 | |
11 | |
12 | |
13 | |
14 | |
16 | |
29 | |
30 |
Average annual total returns (%) (for the period ended December 31, 2021) | ||||
Inception | 1 Year | Life | ||
Class 1* | 02/20/19 | 13.51 | 9.84 | |
Class 2 | 09/12/17 | 13.34 | 9.66 | |
Blended Benchmark | 12.80 | 10.99 | ||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.34 | ||
S&P 500 Index | 28.71 | 18.34 |
* | The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share class, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/variable-products/appended-performance for more information. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 3 |
Portfolio Allocation (%) (at December 31, 2021) | |
Allocations to Underlying Funds | |
Equity Funds | 52.2 |
U.S. Large Cap | 52.2 |
Exchange-Traded Fixed Income Funds | 5.0 |
Investment Grade | 5.0 |
Fixed Income Funds | 27.4 |
Investment Grade | 27.4 |
Allocations to Tactical Assets | |
Money Market Fund Shares Held to Cover Open Derivatives Instruments(a) | 9.2 |
Options Purchased Puts | 0.8 |
Residential Mortgage-Backed Securities - Agency | 5.4 |
Total | 100.0 |
(a) | Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund’s investment in derivatives as part of its tactical allocation strategy. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
• | The dynamic algorithm, which is a quantitative tool used by the portfolio managers to help direct equity exposure, steered the managers to maintain an overweight equity exposure versus static benchmark equity weights throughout the period. The positioning called for by the dynamic algorithm served as a meaningful contributor to relative performance for the Fund during the period. |
• | Underlying fund manager performance from U.S. large-cap core managers and U.S core bond strategies served as two of the largest contributors to relative performance from underlying managers within the Fund. |
• | Mixed results from some of the underlying strategic managers held within the portfolio and detraction from holding protective put options weighed on Fund returns during the period. |
• | The Fund experienced a detraction from several underlying large cap growth-oriented managers. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 5 |
(Unaudited)
July 1, 2021 — December 31, 2021 | ||||||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,052.80 | 1,024.10 | 1.14 | 1.12 | 0.22 | 3.78 | 3.72 | 0.73 |
Class 2 | 1,000.00 | 1,000.00 | 1,051.60 | 1,022.79 | 2.48 | 2.45 | 0.48 | 5.12 | 5.05 | 0.99 |
6 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
Equity Funds 55.0% | ||
Shares | Value ($) | |
U.S. Large Cap 55.0% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 448,441 | 39,745,297 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 2,142,701 | 39,447,129 |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) | 550,737 | 32,350,303 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 971,937 | 32,744,558 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 1,904,579 | 68,812,441 |
Total | 213,099,728 | |
Total Equity Funds (Cost $147,233,059) | 213,099,728 | |
Exchange-Traded Fixed Income Funds 5.2% | ||
Investment Grade 5.2% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 81,685 | 10,824,896 |
Vanguard Intermediate-Term Corporate Bond ETF | 101,000 | 9,368,760 |
Total | 20,193,656 | |
Total Exchange-Traded Fixed Income Funds (Cost $19,814,204) | 20,193,656 | |
Fixed Income Funds 28.8% | ||
Investment Grade 28.8% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 4,485,835 | 46,248,954 |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) | 1,623,844 | 15,946,150 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 4,446,321 | 49,443,093 |
Total | 111,638,197 | |
Total Fixed Income Funds (Cost $113,934,129) | 111,638,197 |
Residential Mortgage-Backed Securities - Agency 5.7% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/18/2037 | 2.000% | 1,800,000 | 1,843,875 | |
01/18/2037- 01/13/2052 | 2.500% | 10,225,000 | 10,469,106 | |
01/13/2052 | 3.000% | 9,500,000 | 9,846,231 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $22,160,615) | 22,159,212 |
Options Purchased Puts 0.8% | ||||
Value ($) | ||||
(Cost $4,847,059) | 3,180,645 |
Money Market Funds 9.7% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.085%(a),(d) | 37,666,405 | 37,658,872 |
Total Money Market Funds (Cost $37,662,314) | 37,658,872 | |
Total Investments in Securities (Cost: $345,651,380) | 407,930,310 | |
Other Assets & Liabilities, Net | (20,106,061) | |
Net Assets | 387,824,249 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 7 |
December 31, 2021
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 98 | 03/2022 | USD | 23,316,650 | 576,172 | — |
U.S. Long Bond | 25 | 03/2022 | USD | 4,010,938 | 28,671 | — |
U.S. Treasury 10-Year Note | 47 | 03/2022 | USD | 6,132,031 | 47,015 | — |
U.S. Treasury 2-Year Note | 4 | 03/2022 | USD | 872,688 | — | (913) |
U.S. Treasury 5-Year Note | 68 | 03/2022 | USD | 8,226,406 | 25,234 | — |
U.S. Ultra Treasury Bond | 17 | 03/2022 | USD | 3,351,125 | 30,738 | — |
Total | 707,830 | (913) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | (22) | 03/2022 | USD | (5,234,350) | — | (109,905) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 79,118,588 | 166 | 3,500.00 | 12/16/2022 | 2,629,117 | 1,613,520 |
S&P 500 Index | JPMorgan | USD | 24,784,136 | 52 | 3,400.00 | 12/16/2022 | 965,238 | 453,180 |
S&P 500 Index | JPMorgan | USD | 15,728,394 | 33 | 3,700.00 | 12/15/2023 | 829,357 | 756,690 |
S&P 500 Index | JPMorgan | USD | 8,102,506 | 17 | 3,600.00 | 12/15/2023 | 423,347 | 357,255 |
Total | 4,847,059 | 3,180,645 |
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America Investment Grade Index, Series 37 | Morgan Stanley | 12/20/2026 | 1.000 | Quarterly | 0.494 | USD | 11,000,000 | 25,021 | — | — | 25,021 | — |
* | 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. |
(a) | 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 year ended December 31, 2021 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, 0.085% | |||||||||
27,377,686 | 45,400,075 | (35,115,981) | (2,908) | 37,658,872 | — | (814) | 24,352 | 37,666,405 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
46,350,701 | 1,322,362 | (15,036,000) | 7,108,234 | 39,745,297 | — | 3,330,497 | — | 448,441 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
34,792,541 | 17,313,771 | (1,291,409) | (4,565,949) | 46,248,954 | 3,076,614 | (29,208) | 1,418,833 | 4,485,835 |
8 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
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 – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
7,488,076 | 24,484,433 | (710,916) | 8,185,536 | 39,447,129 | — | 30,338 | — | 2,142,701 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
11,548,504 | 5,467,166 | (350,652) | (718,868) | 15,946,150 | 266,766 | (13,225) | 235,349 | 1,623,844 | |
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares | |||||||||
1,157,073 | 26,933,892 | (648,283) | 4,907,621 | 32,350,303 | — | 29,546 | — | 550,737 | |
CTIVP® – Los Angeles Capital Large Cap Growth Fund, Class 1 Shares | |||||||||
26,054,438 | — | (15,956,658) | (10,097,780) | — | — | 10,551,707 | — | — | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
28,622,786 | 3,197,758 | (4,736,386) | 5,660,400 | 32,744,558 | — | 680,012 | — | 971,937 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
34,799,019 | 17,198,675 | (390,237) | (2,164,364) | 49,443,093 | 1,166,807 | (22,139) | 654,649 | 4,446,321 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
45,223,526 | 20,903,902 | (11,005,771) | 13,690,784 | 68,812,441 | — | 1,342,147 | — | 1,904,579 | |
Total | 263,414,350 | 22,002,706 | 362,396,797 | 4,510,187 | 15,898,861 | 2,333,183 |
(b) | Non-income producing investment. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | The rate shown is the seven-day current annualized yield at December 31, 2021. |
TBA | To Be Announced |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 9 |
December 31, 2021
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 213,099,728 | 213,099,728 |
Exchange-Traded Fixed Income Funds | 20,193,656 | — | — | — | 20,193,656 |
Fixed Income Funds | — | — | — | 111,638,197 | 111,638,197 |
Residential Mortgage-Backed Securities - Agency | — | 22,159,212 | — | — | 22,159,212 |
Options Purchased Puts | 3,180,645 | — | — | — | 3,180,645 |
Money Market Funds | 37,658,872 | — | — | — | 37,658,872 |
Total Investments in Securities | 61,033,173 | 22,159,212 | — | 324,737,925 | 407,930,310 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 707,830 | — | — | — | 707,830 |
Swap Contracts | — | 25,021 | — | — | 25,021 |
Liability | |||||
Futures Contracts | (110,818) | — | — | — | (110,818) |
Total | 61,630,185 | 22,184,233 | — | 324,737,925 | 408,552,343 |
10 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $41,974,819) | $42,352,868 |
Affiliated issuers (cost $298,829,502) | 362,396,797 |
Options purchased (cost $4,847,059) | 3,180,645 |
Margin deposits on: | |
Futures contracts | 1,805,700 |
Swap contracts | 273,202 |
Receivable for: | |
Capital shares sold | 210,047 |
Dividends | 2,655 |
Interest | 20,563 |
Variation margin for futures contracts | 65,296 |
Variation margin for swap contracts | 2,225 |
Prepaid expenses | 4,378 |
Trustees’ deferred compensation plan | 24,754 |
Total assets | 410,339,130 |
Liabilities | |
Payable for: | |
Investments purchased | 152,662 |
Investments purchased on a delayed delivery basis | 22,181,178 |
Capital shares purchased | 30,444 |
Variation margin for futures contracts | 66,920 |
Management services fees | 1,421 |
Distribution and/or service fees | 2,659 |
Service fees | 19,519 |
Compensation of board members | 8,074 |
Compensation of chief compliance officer | 23 |
Other expenses | 27,227 |
Trustees’ deferred compensation plan | 24,754 |
Total liabilities | 22,514,881 |
Net assets applicable to outstanding capital stock | $387,824,249 |
Represented by | |
Trust capital | $387,824,249 |
Total - representing net assets applicable to outstanding capital stock | $387,824,249 |
Class 1 | |
Net assets | $3,480 |
Shares outstanding | 233 |
Net asset value per share(a) | $14.96 |
Class 2 | |
Net assets | $387,820,769 |
Shares outstanding | 26,086,021 |
Net asset value per share | $14.87 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 11 |
Year Ended December 31, 2021
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $433,801 |
Dividends — affiliated issuers | 2,333,183 |
Interest | 141 |
Total income | 2,767,125 |
Expenses: | |
Management services fees | 471,351 |
Distribution and/or service fees | |
Class 2 | 860,685 |
Service fees | 207,182 |
Compensation of board members | 18,290 |
Custodian fees | 22,288 |
Printing and postage fees | 19,522 |
Audit fees | 29,500 |
Legal fees | 13,740 |
Interest on collateral | 1,473 |
Compensation of chief compliance officer | 90 |
Other | 9,564 |
Total expenses | 1,653,685 |
Net investment income | 1,113,440 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (177,320) |
Investments — affiliated issuers | 15,898,861 |
Capital gain distributions from underlying affiliated funds | 4,510,187 |
Foreign currency translations | 12,958 |
Futures contracts | 4,594,942 |
Options purchased | (4,759,695) |
Swap contracts | 137,972 |
Net realized gain | 20,217,905 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (750,642) |
Investments — affiliated issuers | 22,002,706 |
Futures contracts | 245,509 |
Options purchased | (501,266) |
Swap contracts | (13,233) |
Net change in unrealized appreciation (depreciation) | 20,983,074 |
Net realized and unrealized gain | 41,200,979 |
Net increase in net assets resulting from operations | $42,314,419 |
12 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |
Operations | ||
Net investment income | $1,113,440 | $1,005,925 |
Net realized gain (loss) | 20,217,905 | (2,925,610) |
Net change in unrealized appreciation (depreciation) | 20,983,074 | 26,178,710 |
Net increase in net assets resulting from operations | 42,314,419 | 24,259,025 |
Increase in net assets from capital stock activity | 61,469,870 | 73,577,005 |
Total increase in net assets | 103,784,289 | 97,836,030 |
Net assets at beginning of year | 284,039,960 | 186,203,930 |
Net assets at end of year | $387,824,249 | $284,039,960 |
Year Ended | Year Ended | |||
December 31, 2021 | December 31, 2020 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 2 | ||||
Subscriptions | 4,866,878 | 67,596,025 | 6,496,681 | 78,688,976 |
Redemptions | (427,993) | (6,126,155) | (430,306) | (5,111,971) |
Net increase | 4,438,885 | 61,469,870 | 6,066,375 | 73,577,005 |
Total net increase | 4,438,885 | 61,469,870 | 6,066,375 | 73,577,005 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 13 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2021 | $13.18 | 0.08 | 1.70 | 1.78 |
Year Ended 12/31/2020 | $11.97 | 0.09 | 1.12 | 1.21 |
Year Ended 12/31/2019(d) | $10.75 | 0.10 | 1.12 | 1.22 |
Class 2 | ||||
Year Ended 12/31/2021 | $13.12 | 0.05 | 1.70 | 1.75 |
Year Ended 12/31/2020 | $11.95 | 0.06 | 1.11 | 1.17 |
Year Ended 12/31/2019 | $10.10 | 0.07 | 1.78 | 1.85 |
Year Ended 12/31/2018 | $10.47 | 0.04 | (0.41) | (0.37) |
Year Ended 12/31/2017(f) | $10.00 | (0.01) | 0.48 | 0.47 |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interest on collateral expense which is less than 0.01%. |
(d) | Class 1 shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Annualized. |
(f) | The Fund commenced operations on September 12, 2017. Per share data and total return reflect activity from that date. |
14 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class 1 | |||||||
Year Ended 12/31/2021 | $14.96 | 13.51% | 0.23%(c) | 0.23%(c) | 0.57% | 113% | $3 |
Year Ended 12/31/2020 | $13.18 | 10.11% | 0.24% | 0.24% | 0.75% | 94% | $3 |
Year Ended 12/31/2019(d) | $11.97 | 11.35% | 0.25%(e) | 0.25%(e) | 1.02%(e) | 24% | $3 |
Class 2 | |||||||
Year Ended 12/31/2021 | $14.87 | 13.34% | 0.48%(c) | 0.48%(c) | 0.32% | 113% | $387,821 |
Year Ended 12/31/2020 | $13.12 | 9.79% | 0.49% | 0.49% | 0.46% | 94% | $284,037 |
Year Ended 12/31/2019 | $11.95 | 18.32% | 0.52% | 0.52% | 0.61% | 24% | $186,201 |
Year Ended 12/31/2018 | $10.10 | (3.53%) | 0.67% | 0.58% | 0.41% | 45% | $80,119 |
Year Ended 12/31/2017(f) | $10.47 | 4.70% | 1.19%(e) | 0.52%(e) | (0.26%)(e) | 109% | $12,190 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 15 |
December 31, 2021
16 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 17 |
December 31, 2021
18 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 19 |
December 31, 2021
20 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of trust capital — unrealized appreciation on swap contracts | 25,021* |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 576,172* |
Equity risk | Investments, at value — Options Purchased | 3,180,645 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 131,658* |
Total | 3,913,496 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 109,905* |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 913* |
Total | 110,818 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 137,972 | 137,972 |
Equity risk | 5,667,100 | (4,759,695) | — | 907,405 |
Interest rate risk | (1,072,158) | — | — | (1,072,158) |
Total | 4,594,942 | (4,759,695) | 137,972 | (26,781) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | (13,233) | (13,233) |
Equity risk | 62,709 | (501,266) | — | (438,557) |
Interest rate risk | 182,800 | — | — | 182,800 |
Total | 245,509 | (501,266) | (13,233) | (268,990) |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 21 |
December 31, 2021
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 51,794,827 |
Futures contracts — short | 4,007,666 |
Credit default swap contracts — sell protection | 11,000,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 3,885,593 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2021. |
22 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
JPMorgan ($) | Morgan Stanley ($) | Total ($) | |
Assets | |||
Centrally cleared credit default swap contracts (a) | - | 2,225 | 2,225 |
Options purchased puts | 3,180,645 | - | 3,180,645 |
Total assets | 3,180,645 | 2,225 | 3,182,870 |
Total financial and derivative net assets | 3,180,645 | 2,225 | 3,182,870 |
Total collateral received (pledged) (b) | - | - | - |
Net amount (c) | 3,180,645 | 2,225 | 3,182,870 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities. |
(b) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(c) | Represents the net amount due from/(to) counterparties in the event of default. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 23 |
December 31, 2021
24 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 25 |
December 31, 2021
Fee rate(s) contractual through April 30, 2022 | |
Class 1 | 0.80% |
Class 2 | 1.05 |
26 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
December 31, 2021
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 27 |
December 31, 2021
28 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 29 |
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953 | Trustee since 2017 | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 176 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 |
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2006 | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2007 | President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee); Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021 |
30 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957 | Trustee since 1996 | Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 | 174 | Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 | 174 | Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017 |
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since 2020 | Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 2001-2004 | 174 | Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation |
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950 | Trustee since 2004 | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019 |
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Trustee since 2017 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 176 | Trustee, Catholic Schools Foundation since 2004 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 31 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955 | Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 | Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 | 176 | Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019 |
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956 | Trustee since 2011 | Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 | 174 | None |
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2011 | Retired; Consultant to Bridgewater and Associates | 174 | Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 176 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) |
32 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
Independent trustees (continued)
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex* overseen | Other directorships held by Trustee during the past five years |
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947 | Trustee since 2003 | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 176 | Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998 |
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967 | Trustee since 2020 | Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 | 174 | Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019 |
Sandra Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2017 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 176 | Former Director, NAPE Education Foundation, October 2016-October 2020 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 33 |
Interested trustee affiliated with Investment Manager*
Name, address, year of birth | Position held with the Columbia Funds and length of service | Principal occupation(s) during the past five years and other relevant professional experience | Number of Funds in the Columbia Funds Complex overseen | Other directorships held by Trustee during the past five years |
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962 | Trustee since November 2021(a) | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); officer of Columbia Funds and affiliated funds since 2020. | 176 | Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022 |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
(a) | Mr. Beckman serves as the President and Principal Executive Officer of the Columbia Funds (since 2021). |
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969 | Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) | Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002. |
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II | Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017). |
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968 | Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II | Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015. |
34 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 |
Fund officers (continued)
Name, address and year of birth | Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof | Principal occupation(s) during past five years |
William F. Truscott 290 Congress Street Boston, MA 02210 1960 | Senior Vice President (2001) | Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle. |
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970 | Senior Vice President and Assistant Secretary | Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007. |
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972 | Senior Vice President and Chief Compliance Officer (2012) | Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020. |
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970 | Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005. |
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968 | Vice President (2011) and Assistant Secretary (2010) | Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021). |
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960 | Vice President (2015) | President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2021 | 35 |
Item 2. Code of Ethics.
(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the thirteen series of the registrant whose reports to stockholders are included in this annual filing. Fiscal year 2020 includes fees from three funds that liquidated during the period. Fiscal year 2021 includes fees from one fund that liquidated during the period.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2021 and December 31,
2020 are approximately as follows:
20212020
$423,300 $536,300
Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$5,000 $8,400
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
During the fiscal years ended December 31, 2021 and December 31, 2020, there were no Audit-Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$5,600 $5,200
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended December 31, 2021 and December 31, 2020, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended December 31,
2021 and December 31, 2020 are approximately as follows:
2021 | 2020 |
$0 | $0 |
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$520,000 $520,000
In fiscal years 2021 and 2020, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee is required to pre-approve the engagement of the
registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit
Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
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(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2021 and December 31, 2020 are approximately as follows:
20212020
$530,600 $533,600
(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b)Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. |
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(registrant) |
| Columbia Funds Variable Insurance Trust | |
By (Signature and Title) | /s/ Daniel J. Beckman | ||
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| Daniel J. Beckman, President and Principal Executive Officer |
Date |
| February 22, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman | ||
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| Daniel J. Beckman, President and Principal Executive Officer | |
Date |
| February 22, 2022 |
|
By (Signature and Title) | /s/ Michael G. Clarke | ||
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| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer | |
|
| and Senior Vice President | |
Date |
| February 22, 2022 |
|
By (Signature and Title) | /s/ Joseph Beranek | ||
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| Joseph Beranek, Treasurer, Chief Accounting Officer and Principal | |
|
| Financial Officer | |
Date |
| February 22, 2022 |
|