UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05199
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
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, 2022
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, 2022
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32 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1 | 04/30/13 | -27.55 | -1.35 | 0.86 | |
Class 2 | 04/30/13 | -27.70 | -1.58 | 0.61 | |
Bloomberg U.S. Long Government/Credit Bond Index | -27.09 | -1.21 | 1.43 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at December 31, 2022) | |
Asset-Backed Securities — Agency | 0.8 |
Corporate Bonds & Notes | 51.6 |
Foreign Government Obligations | 0.9 |
Money Market Funds | 4.8 |
U.S. Treasury Obligations | 41.9 |
Total | 100.0 |
Quality breakdown (%) (at December 31, 2022) | |
AAA rating | 44.2 |
AA rating | 3.4 |
A rating | 14.9 |
BBB rating | 34.7 |
BB rating | 2.3 |
Not rated | 0.5 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s positioning along the yield curve and stance with respect to duration and corresponding interest rate sensitivity added to relative performance, as interest rates finished the period sharply higher. We generally seek to keep the Fund positioned relatively neutrally with respect to the yield curve and duration rather than actively manage this exposure. |
• | While overall security selection detracted slightly, positive contributions were led by overweights to utility Southern Company, managed care provider UnitedHealth Group and energy exploration and production company Occidental Petroleum. |
• | The Fund’s slightly overweight stance with respect to credit risk detracted from performance as credit spreads widened over the 12-month period. The Fund was underweight credit risk at period-end. |
• | The Fund’s overall sector allocation detracted from performance – in particular, overweight positioning in life insurance and media and entertainment. At period end, leading industry overweights included banking, aerospace and defense and life insurance, while the biggest underweights were to pharmaceuticals, technology and railroads. |
• | The Fund’s overall security selection detracted modestly from performance relative to the benchmark, with bank holdings weighing most heavily on return, most notably Bank of America Corp., Citigroup Inc. and HSBC Bank PLC. |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 929.70 | 1,022.56 | 2.42 | 2.54 | 0.50 |
Class 2 | 1,000.00 | 1,000.00 | 928.80 | 1,021.31 | 3.63 | 3.80 | 0.75 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 7 |
December 31, 2022
Asset-Backed Securities — Agency 0.7% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
United States Small Business Administration | ||||
Series 2016-20L Class 1 | ||||
12/01/2036 | 2.810% | 2,822,922 | 2,583,066 | |
Series 2017-20E Class 1 | ||||
05/01/2037 | 2.880% | 257,640 | 237,989 | |
Series 2017-20F Class 1 | ||||
06/01/2037 | 2.810% | 2,142,947 | 1,960,504 | |
Series 2017-20G Class 1 | ||||
07/01/2037 | 2.980% | 2,013,829 | 1,869,090 | |
Series 2017-20H Class 1 | ||||
08/01/2037 | 2.750% | 1,876,165 | 1,712,187 | |
Series 2017-20I Class 1 | ||||
09/01/2037 | 2.590% | 2,808,436 | 2,583,865 | |
Total Asset-Backed Securities — Agency (Cost $11,921,939) | 10,946,701 | |||
Corporate Bonds & Notes 51.1% | ||||
Aerospace & Defense 3.4% | ||||
Arconic, Inc. | ||||
02/01/2037 | 5.950% | 4,695,000 | 4,559,531 | |
BAE Systems PLC(a) | ||||
02/15/2031 | 1.900% | 14,330,000 | 11,095,572 | |
Boeing Co. (The) | ||||
05/01/2034 | 3.600% | 7,597,000 | 6,062,294 | |
08/01/2059 | 3.950% | 12,580,000 | 8,444,373 | |
Northrop Grumman Corp. | ||||
06/01/2043 | 4.750% | 735,000 | 679,428 | |
10/15/2047 | 4.030% | 6,765,000 | 5,607,038 | |
United Technologies Corp. | ||||
07/15/2038 | 6.125% | 5,900,000 | 6,294,155 | |
11/01/2046 | 3.750% | 8,648,000 | 6,734,011 | |
Total | 49,476,402 | |||
Automotive 0.2% | ||||
General Motors Co. | ||||
04/01/2048 | 5.400% | 2,835,000 | 2,332,041 | |
Banking 9.8% | ||||
Bank of America Corp.(b) | ||||
07/23/2031 | 1.898% | 7,890,000 | 6,066,191 | |
10/24/2031 | 1.922% | 15,105,000 | 11,529,764 | |
02/04/2033 | 2.972% | 23,022,000 | 18,562,984 | |
Subordinated | ||||
09/21/2036 | 2.482% | 4,255,000 | 3,136,847 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Citigroup, Inc.(b) | ||||
06/03/2031 | 2.572% | 15,573,000 | 12,596,403 | |
01/25/2033 | 3.057% | 10,172,000 | 8,213,409 | |
Goldman Sachs Group, Inc. (The)(b) | ||||
07/21/2032 | 2.383% | 28,960,000 | 22,449,639 | |
HSBC Holdings PLC(b) | ||||
05/24/2032 | 2.804% | 11,582,000 | 8,940,421 | |
11/22/2032 | 2.871% | 9,308,000 | 7,127,832 | |
JPMorgan Chase & Co.(b) | ||||
04/22/2032 | 2.580% | 6,505,000 | 5,204,260 | |
11/15/2048 | 3.964% | 12,044,000 | 9,428,839 | |
Morgan Stanley(b) | ||||
07/21/2032 | 2.239% | 11,094,000 | 8,499,898 | |
10/20/2032 | 2.511% | 24,000 | 18,758 | |
Subordinated | ||||
09/16/2036 | 2.484% | 1,390,000 | 1,013,913 | |
04/20/2037 | 5.297% | 5,960,000 | 5,453,423 | |
Wells Fargo & Co.(b) | ||||
04/25/2053 | 4.611% | 18,481,000 | 15,715,197 | |
Total | 143,957,778 | |||
Cable and Satellite 2.2% | ||||
Charter Communications Operating LLC/Capital | ||||
05/01/2047 | 5.375% | 17,780,000 | 14,009,725 | |
12/01/2061 | 4.400% | 858,000 | 551,277 | |
06/30/2062 | 3.950% | 6,723,000 | 3,971,889 | |
Comcast Corp. | ||||
11/01/2056 | 2.937% | 11,385,000 | 7,140,965 | |
NBCUniversal Media LLC | ||||
01/15/2043 | 4.450% | 7,282,000 | 6,387,515 | |
Total | 32,061,371 | |||
Construction Machinery 0.4% | ||||
Caterpillar, Inc. | ||||
09/19/2049 | 3.250% | 2,755,000 | 2,090,252 | |
United Rentals North America, Inc. | ||||
02/15/2031 | 3.875% | 4,075,000 | 3,429,515 | |
Total | 5,519,767 | |||
Diversified Manufacturing 0.6% | ||||
Carrier Global Corp. | ||||
04/05/2050 | 3.577% | 9,245,000 | 6,621,806 | |
General Electric Co.(c) | ||||
Junior Subordinated | ||||
3-month USD LIBOR + 3.330% 12/31/2049 | 8.099% | 2,185,000 | 2,163,704 | |
Total | 8,785,510 |
8 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Electric 6.9% | ||||
AEP Texas, Inc. | ||||
01/15/2050 | 3.450% | 13,470,000 | 9,538,185 | |
AES Corp. (The) | ||||
01/15/2031 | 2.450% | 4,330,000 | 3,432,114 | |
Berkshire Hathaway Energy Co.(a) | ||||
05/01/2053 | 4.600% | 4,670,000 | 4,106,352 | |
CenterPoint Energy, Inc. | ||||
09/01/2049 | 3.700% | 4,290,000 | 3,213,805 | |
Dominion Energy, Inc. | ||||
08/15/2052 | 4.850% | 215,000 | 186,726 | |
Dominion Resources, Inc. | ||||
12/01/2044 | 4.700% | 5,510,000 | 4,692,057 | |
DTE Energy Co. | ||||
06/15/2029 | 3.400% | 4,952,000 | 4,404,349 | |
Duke Energy Corp. | ||||
08/15/2052 | 5.000% | 18,820,000 | 16,884,249 | |
Emera US Finance LP | ||||
06/15/2046 | 4.750% | 6,725,000 | 5,232,052 | |
Eversource Energy | ||||
08/15/2030 | 1.650% | 6,764,000 | 5,261,252 | |
01/15/2050 | 3.450% | 4,737,000 | 3,464,487 | |
Exelon Corp.(a) | ||||
03/15/2052 | 4.100% | 8,365,000 | 6,727,705 | |
Georgia Power Co. | ||||
03/15/2042 | 4.300% | 12,195,000 | 10,453,325 | |
Jersey Central Power & Light Co.(a) | ||||
03/01/2032 | 2.750% | 1,380,000 | 1,108,245 | |
Pacific Gas and Electric Co. | ||||
07/01/2050 | 4.950% | 8,200,000 | 6,424,337 | |
Southern California Edison Co. | ||||
04/01/2047 | 4.000% | 5,095,000 | 4,000,459 | |
03/01/2048 | 4.125% | 2,200,000 | 1,757,568 | |
1st Refunding Mortgage | ||||
03/15/2043 | 3.900% | 1,252,000 | 967,222 | |
Southern Co. (The) | ||||
07/01/2046 | 4.400% | 1,640,000 | 1,371,642 | |
Xcel Energy, Inc. | ||||
12/01/2049 | 3.500% | 11,550,000 | 8,443,843 | |
Total | 101,669,974 | |||
Environmental 0.3% | ||||
GFL Environmental, Inc.(a) | ||||
09/01/2028 | 3.500% | 5,905,000 | 5,195,360 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Food and Beverage 2.2% | ||||
Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | ||||
02/01/2046 | 4.900% | 16,535,000 | 15,131,165 | |
Bacardi Ltd.(a) | ||||
05/15/2038 | 5.150% | 9,541,000 | 8,651,356 | |
05/15/2048 | 5.300% | 2,402,000 | 2,154,260 | |
Kraft Heinz Foods Co. | ||||
06/01/2046 | 4.375% | 7,731,000 | 6,315,000 | |
Total | 32,251,781 | |||
Health Care 2.2% | ||||
Becton Dickinson and Co. | ||||
05/20/2050 | 3.794% | 1,353,000 | 1,040,360 | |
Cigna Corp. | ||||
03/15/2050 | 3.400% | 7,765,000 | 5,509,670 | |
CVS Health Corp. | ||||
07/20/2045 | 5.125% | 10,305,000 | 9,389,687 | |
03/25/2048 | 5.050% | 490,000 | 442,308 | |
GE Healthcare Holding LLC(a) | ||||
11/22/2052 | 6.377% | 3,984,000 | 4,271,691 | |
HCA, Inc.(a) | ||||
03/15/2052 | 4.625% | 11,934,000 | 9,346,024 | |
New York and Presbyterian Hospital (The) | ||||
08/01/2036 | 3.563% | 3,425,000 | 2,871,712 | |
Total | 32,871,452 | |||
Healthcare Insurance 2.6% | ||||
Aetna, Inc. | ||||
11/15/2042 | 4.125% | 4,360,000 | 3,579,452 | |
Anthem, Inc. | ||||
08/15/2044 | 4.650% | 3,500,000 | 3,122,522 | |
Centene Corp. | ||||
02/15/2030 | 3.375% | 5,874,000 | 4,971,431 | |
03/01/2031 | 2.500% | 9,425,000 | 7,373,871 | |
UnitedHealth Group, Inc. | ||||
08/15/2039 | 3.500% | 3,760,000 | 3,083,470 | |
02/15/2063 | 6.050% | 14,223,000 | 15,661,634 | |
Total | 37,792,380 | |||
Independent Energy 0.2% | ||||
Canadian Natural Resources Ltd. | ||||
02/15/2037 | 6.500% | 2,580,000 | 2,570,201 | |
Integrated Energy 0.4% | ||||
BP Capital Markets America, Inc. | ||||
03/17/2052 | 3.001% | 1,780,000 | 1,185,287 | |
Cenovus Energy, Inc. | ||||
02/15/2052 | 3.750% | 6,384,000 | 4,502,334 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 9 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Total Capital International SA | ||||
06/29/2060 | 3.386% | 1,315,000 | 923,894 | |
Total | 6,611,515 | |||
Life Insurance 1.7% | ||||
MetLife, Inc. | ||||
07/15/2052 | 5.000% | 5,302,000 | 5,087,614 | |
New York Life Insurance Co.(a) | ||||
Subordinated | ||||
05/15/2050 | 3.750% | 5,359,000 | 4,100,987 | |
Northwestern Mutual Life Insurance Co. (The)(a) | ||||
Subordinated | ||||
09/30/2059 | 3.625% | 9,583,000 | 6,638,429 | |
Teachers Insurance & Annuity Association of America(a) | ||||
Subordinated | ||||
09/15/2044 | 4.900% | 710,000 | 649,546 | |
05/15/2050 | 3.300% | 8,870,000 | 6,224,196 | |
Voya Financial, Inc. | ||||
06/15/2046 | 4.800% | 2,005,000 | 1,635,072 | |
Total | 24,335,844 | |||
Media and Entertainment 1.9% | ||||
Magallanes, Inc.(a) | ||||
03/15/2042 | 5.050% | 10,148,000 | 7,803,823 | |
03/15/2062 | 5.391% | 13,536,000 | 9,915,877 | |
Netflix, Inc.(a) | ||||
11/15/2029 | 5.375% | 10,080,000 | 9,868,831 | |
Total | 27,588,531 | |||
Midstream 2.7% | ||||
Enterprise Products Operating LLC | ||||
03/15/2044 | 4.850% | 2,314,000 | 2,032,234 | |
01/31/2060 | 3.950% | 5,523,000 | 4,016,219 | |
Kinder Morgan Energy Partners LP | ||||
03/01/2043 | 5.000% | 1,345,000 | 1,151,444 | |
Kinder Morgan, Inc. | ||||
02/15/2046 | 5.050% | 10,245,000 | 8,732,629 | |
MPLX LP | ||||
04/15/2048 | 4.700% | 1,427,000 | 1,138,434 | |
03/14/2052 | 4.950% | 5,551,000 | 4,558,292 | |
Plains All American Pipeline LP/Finance Corp. | ||||
06/15/2044 | 4.700% | 8,350,000 | 6,319,456 | |
Western Gas Partners LP | ||||
03/01/2048 | 5.300% | 402,000 | 332,848 | |
08/15/2048 | 5.500% | 3,730,000 | 3,097,895 | |
Williams Companies, Inc. (The) | ||||
06/24/2044 | 5.750% | 7,165,000 | 6,827,668 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Williams Cos, Inc. (The) | ||||
08/15/2052 | 5.300% | 1,864,000 | 1,679,145 | |
Total | 39,886,264 | |||
Natural Gas 0.9% | ||||
NiSource, Inc. | ||||
02/15/2043 | 5.250% | 1,575,000 | 1,490,944 | |
02/15/2044 | 4.800% | 7,017,000 | 6,195,496 | |
05/15/2047 | 4.375% | 3,294,000 | 2,770,907 | |
Sempra Energy | ||||
02/01/2048 | 4.000% | 3,650,000 | 2,869,699 | |
Total | 13,327,046 | |||
Pharmaceuticals 1.6% | ||||
AbbVie, Inc. | ||||
06/15/2044 | 4.850% | 8,176,000 | 7,488,148 | |
Amgen, Inc. | ||||
03/01/2053 | 4.875% | 7,891,000 | 7,026,842 | |
02/22/2062 | 4.400% | 5,776,000 | 4,633,614 | |
Bristol-Myers Squibb Co. | ||||
03/15/2062 | 3.900% | 5,117,000 | 3,996,050 | |
Total | 23,144,654 | |||
Property & Casualty 1.0% | ||||
Berkshire Hathaway Finance Corp. | ||||
03/15/2052 | 3.850% | 13,820,000 | 11,153,986 | |
Liberty Mutual Group, Inc.(a) | ||||
10/15/2050 | 3.951% | 4,435,000 | 3,123,643 | |
Total | 14,277,629 | |||
Railroads 1.1% | ||||
CSX Corp. | ||||
11/01/2046 | 3.800% | 8,888,000 | 7,002,039 | |
Norfolk Southern Corp. | ||||
08/15/2052 | 4.050% | 3,285,000 | 2,645,167 | |
Union Pacific Corp. | ||||
01/20/2063 | 5.150% | 6,353,000 | 6,164,683 | |
Total | 15,811,889 | |||
Retailers 1.4% | ||||
Amazon.com, Inc. | ||||
04/13/2062 | 4.100% | 9,325,000 | 7,707,577 | |
Lowe’s Companies, Inc. | ||||
04/01/2062 | 4.450% | 11,366,000 | 8,899,534 | |
09/15/2062 | 5.800% | 4,805,000 | 4,633,232 | |
Total | 21,240,343 |
10 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Technology 3.8% | ||||
Apple, Inc. | ||||
08/08/2062 | 4.100% | 8,395,000 | 7,087,521 | |
Broadcom, Inc.(a) | ||||
11/15/2036 | 3.187% | 13,567,000 | 9,791,837 | |
Fidelity National Information Services, Inc. | ||||
03/01/2041 | 3.100% | 1,670,000 | 1,156,527 | |
07/15/2052 | 5.625% | 1,672,000 | 1,548,161 | |
Intel Corp. | ||||
08/12/2051 | 3.050% | 8,795,000 | 5,716,359 | |
International Business Machines Corp. | ||||
07/27/2052 | 4.900% | 3,420,000 | 3,127,142 | |
MSCI, Inc.(a) | ||||
11/01/2031 | 3.625% | 5,850,000 | 4,867,671 | |
NXP BV/Funding LLC/USA, Inc. | ||||
05/01/2030 | 3.400% | 1,255,000 | 1,083,012 | |
01/15/2033 | 5.000% | 4,846,000 | 4,572,537 | |
02/15/2042 | 3.125% | 3,530,000 | 2,379,071 | |
Oracle Corp. | ||||
07/08/2034 | 4.300% | 8,105,000 | 7,141,159 | |
07/15/2046 | 4.000% | 2,500,000 | 1,835,987 | |
04/01/2050 | 3.600% | 2,661,000 | 1,815,371 | |
03/25/2061 | 4.100% | 1,518,000 | 1,059,968 | |
VeriSign, Inc. | ||||
06/15/2031 | 2.700% | 3,740,000 | 3,059,711 | |
Total | 56,242,034 | |||
Tobacco 0.2% | ||||
Reynolds American, Inc. | ||||
08/15/2035 | 5.700% | 4,100,000 | 3,709,311 | |
Wireless 1.0% | ||||
American Tower Corp. | ||||
06/15/2030 | 2.100% | 7,470,000 | 5,921,934 | |
Crown Castle International Corp. | ||||
01/15/2051 | 3.250% | 1,340,000 | 875,345 | |
T-Mobile US, Inc. | ||||
04/15/2050 | 4.500% | 1,670,000 | 1,378,917 | |
11/15/2060 | 3.600% | 6,515,000 | 4,286,119 | |
Vodafone Group PLC | ||||
02/19/2043 | 4.375% | 3,205,000 | 2,557,243 | |
Total | 15,019,558 | |||
Wirelines 2.4% | ||||
AT&T, Inc. | ||||
12/01/2057 | 3.800% | 26,408,000 | 18,303,068 | |
Telefonica Emisiones SAU | ||||
03/06/2048 | 4.895% | 6,755,000 | 5,211,207 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Verizon Communications, Inc. | ||||
03/22/2041 | 3.400% | 10,830,000 | 8,155,604 | |
03/22/2051 | 3.550% | 5,830,000 | 4,173,417 | |
Total | 35,843,296 | |||
Total Corporate Bonds & Notes (Cost $912,354,086) | 751,521,931 | |||
Foreign Government Obligations(d) 0.9% | ||||
Mexico 0.9% | ||||
Mexico Government International Bond | ||||
08/14/2041 | 4.280% | 16,440,000 | 12,711,175 | |
Total Foreign Government Obligations (Cost $16,500,544) | 12,711,175 | |||
U.S. Treasury Obligations 41.5% | ||||
U.S. Treasury | ||||
07/31/2024 | 3.000% | 8,113,800 | 7,912,223 | |
02/15/2036 | 4.500% | 37,500,000 | 40,031,250 | |
05/15/2038 | 4.500% | 30,000,000 | 31,903,125 | |
02/15/2039 | 3.500% | 49,000,000 | 46,090,625 | |
08/15/2040 | 3.875% | 10,000,000 | 9,762,500 | |
02/15/2041 | 4.750% | 8,000,000 | 8,711,250 | |
05/15/2041 | 4.375% | 25,383,000 | 26,330,896 | |
05/15/2042 | 3.250% | 22,558,700 | 19,802,309 | |
05/15/2043 | 2.875% | 17,600,000 | 14,396,250 | |
08/15/2044 | 3.125% | 16,500,000 | 13,965,703 | |
11/15/2044 | 3.000% | 10,000,000 | 8,276,563 | |
11/15/2045 | 3.000% | 12,000,000 | 9,900,000 | |
11/15/2047 | 2.750% | 20,750,000 | 16,279,023 | |
02/15/2048 | 3.000% | 101,200,000 | 83,363,500 | |
08/15/2049 | 2.250% | 495,000 | 349,980 | |
02/15/2050 | 2.000% | 2,900,000 | 1,925,328 | |
05/15/2050 | 1.250% | 22,250,000 | 12,035,859 | |
08/15/2050 | 1.375% | 19,610,000 | 10,969,344 | |
11/15/2050 | 1.625% | 24,800,000 | 14,845,125 | |
02/15/2051 | 1.875% | 22,000,000 | 14,055,937 | |
05/15/2051 | 2.375% | 2,600,000 | 1,874,438 | |
05/15/2052 | 2.875% | 102,497,900 | 82,542,840 | |
U.S. Treasury(e) | ||||
05/15/2047 | 3.000% | 122,157,900 | 100,360,350 | |
U.S. Treasury(f) | ||||
STRIPS | ||||
02/15/2040 | 0.000% | 38,410,800 | 19,754,555 | |
11/15/2041 | 0.000% | 13,661,000 | 6,285,661 | |
05/15/2043 | 0.000% | 19,069,000 | 8,162,426 | |
Total U.S. Treasury Obligations (Cost $737,064,552) | 609,887,060 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 11 |
December 31, 2022
Money Market Funds 4.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(g),(h) | 70,199,930 | 70,178,871 |
Total Money Market Funds (Cost $70,165,891) | 70,178,871 | |
Total Investments in Securities (Cost: $1,748,007,012) | 1,455,245,738 | |
Other Assets & Liabilities, Net | 14,939,487 | |
Net Assets | 1,470,185,225 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Long Bond | 1,797 | 03/2023 | USD | 225,242,719 | 31,160 | — |
U.S. Long Bond | 93 | 03/2023 | USD | 11,656,969 | — | (327,314) |
U.S. Treasury Ultra Bond | 357 | 03/2023 | USD | 47,949,563 | — | (997,688) |
Total | 31,160 | (1,325,002) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 10-Year Note | (1,172) | 03/2023 | USD | (131,611,938) | 511,371 | — |
U.S. Treasury 2-Year Note | (35) | 03/2023 | USD | (7,177,734) | — | (8,259) |
U.S. Treasury 5-Year Note | (4) | 03/2023 | USD | (431,719) | 361 | — |
U.S. Treasury Ultra 10-Year Note | (483) | 03/2023 | USD | (57,129,844) | 78,339 | — |
Total | 590,071 | (8,259) |
(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, 2022, the total value of these securities amounted to $115,641,405, which represents 7.87% of total net assets. |
(b) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2022. |
(c) | Variable rate security. The interest rate shown was the current rate as of December 31, 2022. |
(d) | Principal and interest may not be guaranteed by a governmental entity. |
(e) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(f) | Zero coupon bond. |
(g) | The rate shown is the seven-day current annualized yield at December 31, 2022. |
(h) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 4.318% | ||||||||
40,772,963 | 432,991,205 | (403,601,473) | 16,176 | 70,178,871 | (16,188) | 787,567 | 70,199,930 |
12 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
LIBOR | London Interbank Offered Rate |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Agency | — | 10,946,701 | — | 10,946,701 |
Corporate Bonds & Notes | — | 751,521,931 | — | 751,521,931 |
Foreign Government Obligations | — | 12,711,175 | — | 12,711,175 |
U.S. Treasury Obligations | — | 609,887,060 | — | 609,887,060 |
Money Market Funds | 70,178,871 | — | — | 70,178,871 |
Total Investments in Securities | 70,178,871 | 1,385,066,867 | — | 1,455,245,738 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 621,231 | — | — | 621,231 |
Liability | ||||
Futures Contracts | (1,333,261) | — | — | (1,333,261) |
Total | 69,466,841 | 1,385,066,867 | — | 1,454,533,708 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 13 |
December 31, 2022
See the Portfolio of Investments for all investment classifications not indicated in the table.
14 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,677,841,121) | $1,385,066,867 |
Affiliated issuers (cost $70,165,891) | 70,178,871 |
Receivable for: | |
Dividends | 253,695 |
Interest | 15,107,157 |
Foreign tax reclaims | 20,069 |
Variation margin for futures contracts | 200,813 |
Prepaid expenses | 15,762 |
Trustees’ deferred compensation plan | 123,819 |
Total assets | 1,470,967,053 |
Liabilities | |
Payable for: | |
Capital shares purchased | 103,792 |
Variation margin for futures contracts | 473,812 |
Management services fees | 19,951 |
Distribution and/or service fees | 84 |
Service fees | 603 |
Compensation of board members | 28,057 |
Compensation of chief compliance officer | 282 |
Other expenses | 31,428 |
Trustees’ deferred compensation plan | 123,819 |
Total liabilities | 781,828 |
Net assets applicable to outstanding capital stock | $1,470,185,225 |
Represented by | |
Paid in capital | 1,896,298,544 |
Total distributable earnings (loss) | (426,113,319) |
Total - representing net assets applicable to outstanding capital stock | $1,470,185,225 |
Class 1 | |
Net assets | $1,458,010,549 |
Shares outstanding | 190,814,753 |
Net asset value per share | $7.64 |
Class 2 | |
Net assets | $12,174,676 |
Shares outstanding | 1,598,207 |
Net asset value per share | $7.62 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 15 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — affiliated issuers | $787,567 |
Interest | 57,675,507 |
Interfund lending | 280 |
Total income | 58,463,354 |
Expenses: | |
Management services fees | 7,908,703 |
Distribution and/or service fees | |
Class 2 | 34,459 |
Service fees | 8,288 |
Compensation of board members | 36,743 |
Custodian fees | 13,439 |
Printing and postage fees | 8,126 |
Audit fees | 39,500 |
Legal fees | 32,500 |
Interest on collateral | 1,562 |
Compensation of chief compliance officer | 585 |
Other | 27,880 |
Total expenses | 8,111,785 |
Net investment income | 50,351,569 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (116,436,979) |
Investments — affiliated issuers | (16,188) |
Foreign currency translations | (197) |
Futures contracts | (39,133,482) |
Net realized loss | (155,586,846) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (439,430,011) |
Investments — affiliated issuers | 16,176 |
Futures contracts | (1,632,075) |
Net change in unrealized appreciation (depreciation) | (441,045,910) |
Net realized and unrealized loss | (596,632,756) |
Net decrease in net assets resulting from operations | $(546,281,187) |
16 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $50,351,569 | $44,988,577 |
Net realized gain (loss) | (155,586,846) | 41,755,636 |
Net change in unrealized appreciation (depreciation) | (441,045,910) | (129,601,629) |
Net decrease in net assets resulting from operations | (546,281,187) | (42,857,416) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (93,715,132) | (135,589,361) |
Class 2 | (721,980) | (1,313,978) |
Total distributions to shareholders | (94,437,112) | (136,903,339) |
Increase in net assets from capital stock activity | 131,127,680 | 382,998,483 |
Total increase (decrease) in net assets | (509,590,619) | 203,237,728 |
Net assets at beginning of year | 1,979,775,844 | 1,776,538,116 |
Net assets at end of year | $1,470,185,225 | $1,979,775,844 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 5,886,038 | 49,880,640 | 35,337,035 | 407,096,137 |
Distributions reinvested | 10,948,029 | 93,715,132 | 12,041,684 | 135,589,361 |
Redemptions | (1,214,162) | (11,077,426) | (13,308,181) | (152,760,735) |
Net increase | 15,619,905 | 132,518,346 | 34,070,538 | 389,924,763 |
Class 2 | ||||
Subscriptions | 257,108 | 2,160,410 | 164,343 | 1,884,931 |
Distributions reinvested | 84,541 | 721,980 | 117,006 | 1,313,978 |
Redemptions | (463,734) | (4,273,056) | (890,100) | (10,125,189) |
Net decrease | (122,085) | (1,390,666) | (608,751) | (6,926,280) |
Total net increase | 15,497,820 | 131,127,680 | 33,461,787 | 382,998,483 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 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 12/31/2022 | $11.19 | 0.27 | (3.30) | (3.03) | (0.25) | (0.27) | (0.52) |
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) |
Class 2 | |||||||
Year Ended 12/31/2022 | $11.15 | 0.25 | (3.28) | (3.03) | (0.23) | (0.27) | (0.50) |
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) |
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 2022 |
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 12/31/2022 | $7.64 | (27.55%) | 0.50%(c) | 0.50%(c) | 3.13% | 53% | $1,458,011 |
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 |
Class 2 | |||||||
Year Ended 12/31/2022 | $7.62 | (27.70%) | 0.75%(c) | 0.75%(c) | 2.85% | 53% | $12,175 |
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% | $12,261 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 621,231* |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 1,333,261* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (39,133,482) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (1,632,075) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 257,393,243 |
Futures contracts — short | 185,562,800 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 23 |
December 31, 2022
24 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 25 |
December 31, 2022
Fee rate(s) contractual through April 30, 2023 | |
Class 1 | 0.54% |
Class 2 | 0.79 |
26 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(149,260) | 149,260 | — |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
54,924,506 | 39,512,606 | 94,437,112 | 88,307,395 | 48,595,944 | 136,903,339 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
49,913,515 | — | (180,850,403) | (295,035,357) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
1,749,569,065 | 1,183,815 | (296,219,172) | (295,035,357) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(75,161,506) | (105,688,897) | (180,850,403) | — |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 27 |
December 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 2,800,000 | 3.60 | 1 |
28 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 29 |
December 31, 2022
30 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
32 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 33 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
34 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 35 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
36 | Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Columbia Variable Portfolio – Long Government/Credit Bond Fund | Annual Report 2022 | 37 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
27 | |
28 | |
28 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class 1 | 01/01/89 | -35.77 | 8.09 | 11.57 | |
Class 2 | 06/01/00 | -35.96 | 7.82 | 11.29 | |
Russell 2000 Growth Index | -26.36 | 3.51 | 9.20 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at December 31, 2022) | |
Common Stocks | 95.8 |
Money Market Funds | 4.2 |
Total | 100.0 |
Equity sector breakdown (%) (at December 31, 2022) | |
Communication Services | 2.8 |
Consumer Discretionary | 12.9 |
Consumer Staples | 2.4 |
Energy | 5.6 |
Financials | 2.5 |
Health Care | 28.1 |
Industrials | 22.7 |
Information Technology | 20.0 |
Materials | 3.0 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
(Unaudited)
• | Kornit Digital Ltd. is an Israeli-American international company that manufactures, markets and services a range of digital printing applications for the textile industry. Prior to 2022, Kornit benefited from several years of robust demand for their equipment as customers scrambled to meet sky-rocketing demand from end-customers. However, the re-calibration of e-commerce growth in a post-COVID-19 scenario, coupled with macroeconomic headwinds, resulted in a greater-than-expected pause in demand. |
• | Caesars Entertainment, Inc. engages in the management of casinos and resorts under the Caesars, Harrah’s, Horseshoe and Eldorado brands. The company had earnings misses in the year, driven by a wider-than-expected loss in the company’s digital segment. Despite taking steps to rein in spending, its large debt load in a rising rate environment has resulted in investors shying away. |
• | Heska Corp. discovers, develops, manufactures and markets companion animal health products. The company benefited from the surge in demand for veterinary medicine and companion animal purchases during the COVID-19 pandemic. However, during the year, that trend abated and affected profitability. |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
• | In the industrials sector, Axon Enterprise, Inc., the manufacturer of Tasers and market leading provider of law enforcement technology including body and vehicle cameras, utilized their monopolistic position to make market expansions into judiciary, corrections, federal agency and other governmental affairs. During the year, revenue along with international contract wins and strong revenue forecasts helped to separate them from an uncertain and challenging macroeconomic environment. |
• | Axonics, Inc. is a medical technology company that focuses on the design, development and commercialization of sacral neuromodulation solutions. The company has a unique product called Bulkamid, which is a minimally-invasive, cost-effective treatment for women suffering from stress urinary incontinence. This product has been in high demand and generating revenues above expectations. In addition, Axonics has been taking market share from Medtronic, another big player in the sacral neuromodulation space. |
• | Aerojet Rocketdyne Holdings, Inc. is a diversified technology-based company that provides innovative solutions to its customers in the aerospace, defense and real estate markets. During the period, the stock was boosted on news of its proposed expansion in manufacturing capacity through a new 379,000-square foot facility in Huntsville, Alabama as well as the announcement of its acquisition by L3Harris in an all-cash transaction valued at $4.7 billion. |
6 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | |||||||
Account value at the beginning of the period ($) | 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 | 1,050.80 | 1,020.71 | 4.47 | 4.41 | 0.87 |
Class 2 | 1,000.00 | 1,000.00 | 1,049.00 | 1,019.45 | 5.75 | 5.67 | 1.12 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 7 |
December 31, 2022
Common Stocks 95.9% | ||
Issuer | Shares | Value ($) |
Communication Services 2.7% | ||
Entertainment 2.7% | ||
World Wrestling Entertainment, Inc., Class A | 99,614 | 6,825,551 |
Total Communication Services | 6,825,551 | |
Consumer Discretionary 12.3% | ||
Hotels, Restaurants & Leisure 7.6% | ||
Bowlero Corp.(a) | 132,673 | 1,788,432 |
Churchill Downs, Inc. | 13,558 | 2,866,568 |
Kura Sushi USA, Inc., Class A(a) | 28,647 | 1,365,889 |
Planet Fitness, Inc., Class A(a) | 103,461 | 8,152,727 |
Wingstop, Inc. | 37,270 | 5,129,097 |
Total | 19,302,713 | |
Internet & Direct Marketing Retail 0.9% | ||
Xometry, Inc., Class A(a) | 69,873 | 2,252,007 |
Specialty Retail 2.8% | ||
Five Below, Inc.(a) | 17,963 | 3,177,116 |
Floor & Decor Holdings, Inc., Class A(a) | 20,985 | 1,461,186 |
Lithia Motors, Inc., Class A | 12,872 | 2,635,413 |
Total | 7,273,715 | |
Textiles, Apparel & Luxury Goods 1.0% | ||
Crocs, Inc.(a) | 23,389 | 2,536,069 |
Total Consumer Discretionary | 31,364,504 | |
Consumer Staples 2.4% | ||
Beverages 2.4% | ||
Celsius Holdings, Inc.(a) | 57,402 | 5,972,104 |
Total Consumer Staples | 5,972,104 | |
Energy 5.3% | ||
Oil, Gas & Consumable Fuels 5.3% | ||
Antero Resources Corp.(a) | 120,910 | 3,747,001 |
Matador Resources Co. | 43,738 | 2,503,563 |
Northern Oil and Gas, Inc. | 238,659 | 7,355,470 |
Total | 13,606,034 | |
Total Energy | 13,606,034 | |
Financials 2.4% | ||
Banks 1.5% | ||
Live Oak Bancshares, Inc. | 123,424 | 3,727,405 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Insurance 0.9% | ||
Ryan Specialty Holdings, Inc., Class A(a) | 57,037 | 2,367,606 |
Total Financials | 6,095,011 | |
Health Care 26.9% | ||
Biotechnology 4.0% | ||
Arrowhead Pharmaceuticals, Inc.(a) | 24,772 | 1,004,752 |
Intellia Therapeutics, Inc.(a) | 20,968 | 731,574 |
IVERIC bio, Inc.(a) | 49,813 | 1,066,496 |
Natera, Inc.(a) | 127,691 | 5,129,347 |
Revolution Medicines, Inc.(a) | 37,924 | 903,350 |
Viridian Therapeutics, Inc.(a) | 42,218 | 1,233,188 |
Total | 10,068,707 | |
Health Care Equipment & Supplies 6.4% | ||
Axonics, Inc.(a) | 39,336 | 2,459,680 |
Heska Corp.(a) | 65,227 | 4,054,510 |
ICU Medical, Inc.(a) | 24,721 | 3,893,063 |
Inspire Medical Systems, Inc.(a) | 23,627 | 5,951,169 |
Total | 16,358,422 | |
Health Care Providers & Services 7.2% | ||
Addus HomeCare Corp.(a) | 53,442 | 5,316,945 |
Amedisys, Inc.(a) | 41,391 | 3,457,804 |
Chemed Corp. | 18,531 | 9,458,778 |
Total | 18,233,527 | |
Health Care Technology 0.5% | ||
Doximity, Inc., Class A(a) | 41,451 | 1,391,096 |
Life Sciences Tools & Services 8.8% | ||
BioLife Solutions, Inc.(a) | 124,373 | 2,263,589 |
Bio-Techne Corp. | 91,188 | 7,557,661 |
Caris Life Sciences, Inc.(a),(b),(c),(d) | 308,642 | 981,482 |
DNA Script(a),(b),(c),(d) | 1,585 | 493,407 |
Olink Holding AB ADR(a) | 110,461 | 2,803,500 |
Pacific Biosciences of California, Inc.(a) | 224,740 | 1,838,373 |
Repligen Corp.(a) | 38,398 | 6,501,165 |
Total | 22,439,177 | |
Total Health Care | 68,490,929 |
8 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
December 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Industrials 21.8% | ||
Aerospace & Defense 4.9% | ||
Aerovironment, Inc.(a) | 57,039 | 4,885,961 |
Axon Enterprise, Inc.(a) | 22,194 | 3,682,650 |
Curtiss-Wright Corp. | 23,018 | 3,843,776 |
Total | 12,412,387 | |
Building Products 2.9% | ||
Advanced Drainage Systems, Inc. | 44,612 | 3,656,845 |
Simpson Manufacturing Co., Inc. | 43,188 | 3,829,048 |
Total | 7,485,893 | |
Commercial Services & Supplies 1.2% | ||
Casella Waste Systems, Inc., Class A(a) | 36,687 | 2,909,646 |
Machinery 7.4% | ||
Evoqua Water Technologies Corp.(a) | 179,902 | 7,124,119 |
Helios Technologies, Inc. | 60,289 | 3,282,133 |
Hillman Solutions Corp.(a) | 557,393 | 4,018,804 |
Kornit Digital Ltd.(a) | 65,429 | 1,502,904 |
RBC Bearings, Inc.(a) | 14,259 | 2,985,122 |
Total | 18,913,082 | |
Professional Services 1.6% | ||
FTI Consulting, Inc.(a) | 24,819 | 3,941,257 |
Trading Companies & Distributors 3.8% | ||
FTAI Aviation Ltd. | 164,877 | 2,822,694 |
SiteOne Landscape Supply, Inc.(a) | 58,858 | 6,905,221 |
Total | 9,727,915 | |
Total Industrials | 55,390,180 | |
Information Technology 19.2% | ||
Communications Equipment 1.1% | ||
Calix, Inc.(a) | 40,815 | 2,792,970 |
Electronic Equipment, Instruments & Components 0.6% | ||
908 Devices, Inc.(a) | 193,651 | 1,475,621 |
IT Services 1.9% | ||
Flywire Corp.(a) | 136,457 | 3,339,103 |
Globant SA(a) | 9,179 | 1,543,540 |
Total | 4,882,643 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Semiconductors & Semiconductor Equipment 3.9% | ||
Lattice Semiconductor Corp.(a) | 56,615 | 3,673,181 |
Onto Innovation, Inc.(a) | 72,506 | 4,936,934 |
SiTime Corp.(a) | 12,802 | 1,300,939 |
Total | 9,911,054 | |
Software 11.7% | ||
Bill.com Holdings, Inc.(a) | 21,127 | 2,301,998 |
Five9, Inc.(a) | 95,626 | 6,489,180 |
Gitlab, Inc., Class A(a) | 82,405 | 3,744,483 |
LiveVox Holdings, Inc.(a) | 405,245 | 1,203,578 |
Paylocity Holding Corp.(a) | 40,253 | 7,819,548 |
Sprout Social, Inc., Class A(a) | 57,850 | 3,266,211 |
Workiva, Inc., Class A(a) | 59,371 | 4,985,383 |
Total | 29,810,381 | |
Total Information Technology | 48,872,669 | |
Materials 2.9% | ||
Chemicals 1.5% | ||
Livent Corp.(a) | 123,110 | 2,446,196 |
Valvoline, Inc. | 40,711 | 1,329,214 |
Total | 3,775,410 | |
Construction Materials 1.4% | ||
Summit Materials, Inc., Class A(a) | 127,537 | 3,620,772 |
Total Materials | 7,396,182 | |
Total Common Stocks (Cost $270,805,793) | 244,013,164 | |
Money Market Funds 4.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(e),(f) | 10,576,964 | 10,573,791 |
Total Money Market Funds (Cost $10,573,791) | 10,573,791 | |
Total Investments in Securities (Cost: $281,379,584) | 254,586,955 | |
Other Assets & Liabilities, Net | (72,580) | |
Net Assets | 254,514,375 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 9 |
December 31, 2022
(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, 2022, the total value of these securities amounted to $1,474,889, which represents 0.58% 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, 2022, the total market value of these securities amounted to $1,474,889, which represents 0.58% of total net assets. Additional information on these securities is as follows: |
Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
Caris Life Sciences, Inc. | 05/11/2021 | 308,642 | 2,502,312 | 981,482 |
DNA Script | 10/01/2021 | 1,585 | 1,382,080 | 493,407 |
3,884,392 | 1,474,889 |
(d) | Valuation based on significant unobservable inputs. |
(e) | The rate shown is the seven-day current annualized yield at December 31, 2022. |
(f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 4.318% | ||||||||
12,081,400 | 123,126,022 | (124,634,262) | 631 | 10,573,791 | (2,218) | 173,610 | 10,576,964 |
ADR | American Depositary Receipt |
■ | 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 – Small Company Growth Fund | Annual Report 2022 |
December 31, 2022
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 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. Representatives of Columbia Management Investment Advisers, LLC report to 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 | ||||
Common Stocks | ||||
Communication Services | 6,825,551 | — | — | 6,825,551 |
Consumer Discretionary | 31,364,504 | — | — | 31,364,504 |
Consumer Staples | 5,972,104 | — | — | 5,972,104 |
Energy | 13,606,034 | — | — | 13,606,034 |
Financials | 6,095,011 | — | — | 6,095,011 |
Health Care | 67,016,040 | — | 1,474,889 | 68,490,929 |
Industrials | 55,390,180 | — | — | 55,390,180 |
Information Technology | 48,872,669 | — | — | 48,872,669 |
Materials | 7,396,182 | — | — | 7,396,182 |
Total Common Stocks | 242,538,275 | — | 1,474,889 | 244,013,164 |
Money Market Funds | 10,573,791 | — | — | 10,573,791 |
Total Investments in Securities | 253,112,066 | — | 1,474,889 | 254,586,955 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 11 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $270,805,793) | $244,013,164 |
Affiliated issuers (cost $10,573,791) | 10,573,791 |
Receivable for: | |
Dividends | 117,190 |
Expense reimbursement due from Investment Manager | 291 |
Prepaid expenses | 6,185 |
Trustees’ deferred compensation plan | 66,371 |
Total assets | 254,776,992 |
Liabilities | |
Payable for: | |
Investments purchased | 121,891 |
Capital shares purchased | 4,705 |
Management services fees | 6,095 |
Distribution and/or service fees | 1 |
Service fees | 3,420 |
Compensation of board members | 37,981 |
Compensation of chief compliance officer | 50 |
Audit fees | 14,750 |
Other expenses | 7,353 |
Trustees’ deferred compensation plan | 66,371 |
Total liabilities | 262,617 |
Net assets applicable to outstanding capital stock | $254,514,375 |
Represented by | |
Paid in capital | 326,879,593 |
Total distributable earnings (loss) | (72,365,218) |
Total - representing net assets applicable to outstanding capital stock | $254,514,375 |
Class 1 | |
Net assets | $254,385,161 |
Shares outstanding | 27,655,416 |
Net asset value per share | $9.20 |
Class 2 | |
Net assets | $129,214 |
Shares outstanding | 15,893 |
Net asset value per share | $8.13 |
12 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $577,143 |
Dividends — affiliated issuers | 173,610 |
Interfund lending | 1,955 |
Total income | 752,708 |
Expenses: | |
Management services fees | 2,476,869 |
Distribution and/or service fees | |
Class 2 | 768 |
Service fees | 36,695 |
Compensation of board members | 16,320 |
Custodian fees | 13,899 |
Printing and postage fees | 11,919 |
Audit fees | 29,500 |
Legal fees | 15,729 |
Compensation of chief compliance officer | 110 |
Other | 11,662 |
Total expenses | 2,613,471 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (114,124) |
Total net expenses | 2,499,347 |
Net investment loss | (1,746,639) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (44,656,876) |
Investments — affiliated issuers | (2,218) |
Foreign currency translations | 132 |
Net realized loss | (44,658,962) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (97,473,086) |
Investments — affiliated issuers | 631 |
Net change in unrealized appreciation (depreciation) | (97,472,455) |
Net realized and unrealized loss | (142,131,417) |
Net decrease in net assets resulting from operations | $(143,878,056) |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 13 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment loss | $(1,746,639) | $(3,543,735) |
Net realized gain (loss) | (44,658,962) | 117,963,677 |
Net change in unrealized appreciation (depreciation) | (97,472,455) | (113,263,649) |
Net increase (decrease) in net assets resulting from operations | (143,878,056) | 1,156,293 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (112,900,711) | (72,117,821) |
Class 2 | (65,674) | (179,545) |
Total distributions to shareholders | (112,966,385) | (72,297,366) |
Increase (decrease) in net assets from capital stock activity | 107,492,039 | (95,624,356) |
Total decrease in net assets | (149,352,402) | (166,765,429) |
Net assets at beginning of year | 403,866,777 | 570,632,206 |
Net assets at end of year | $254,514,375 | $403,866,777 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 25 | 356 | 841,588 | 25,713,118 |
Distributions reinvested | 11,485,321 | 112,900,711 | 2,690,963 | 72,117,821 |
Redemptions | (356,728) | (5,050,130) | (5,986,616) | (192,536,188) |
Net increase (decrease) | 11,128,618 | 107,850,937 | (2,454,065) | (94,705,249) |
Class 2 | ||||
Subscriptions | — | — | 5,273 | 153,257 |
Distributions reinvested | 7,549 | 65,674 | 7,202 | 179,545 |
Redemptions | (26,973) | (424,572) | (42,389) | (1,251,909) |
Net decrease | (19,424) | (358,898) | (29,914) | (919,107) |
Total net increase (decrease) | 11,109,194 | 107,492,039 | (2,483,979) | (95,624,356) |
14 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 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 12/31/2022 | $24.39 | (0.08) | (8.20) | (8.28) | (6.91) | (6.91) |
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) |
Class 2 | ||||||
Year Ended 12/31/2022 | $22.67 | (0.14) | (7.56) | (7.70) | (6.84) | (6.84) |
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) |
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 2022 |
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 12/31/2022 | $9.20 | (35.77%) | 0.92% | 0.88% | (0.61%) | 76% | $254,385 |
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 |
Class 2 | |||||||
Year Ended 12/31/2022 | $8.13 | (35.96%) | 1.15% | 1.13% | (0.93%) | 76% | $129 |
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% | $499 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 17 |
December 31, 2022
18 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.87% | 0.89% |
Class 2 | 1.12 | 1.14 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 21 |
December 31, 2022
Excess of distributions over net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
1,756,208 | 80,640 | (1,836,848) |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
36,518,384 | 76,448,001 | 112,966,385 | 50,473,122 | 21,824,244 | 72,297,366 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
— | — | (45,184,356) | (27,082,533) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
281,669,488 | 14,511,423 | (41,593,956) | (27,082,533) |
22 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
December 31, 2022
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(31,840,944) | (13,343,412) | (45,184,356) | — |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 2,822,222 | 2.36 | 9 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 23 |
December 31, 2022
24 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 25 |
December 31, 2022
26 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 27 |
Dividends received deduction | |
1.31% |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
28 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
(Unaudited)
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 2022 | 29 |
(Unaudited)
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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; 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 | Trustee since 1996 | 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 (Chair of the Board) (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 2022 |
(Unaudited)
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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 31 |
(Unaudited)
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia 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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
32 | Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Columbia Variable Portfolio – Small Company Growth Fund | Annual Report 2022 | 33 |
December 31, 2022
3 | |
6 | |
8 | |
9 | |
31 | |
33 | |
34 | |
36 | |
38 | |
56 | |
57 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class 1 | 07/05/94 | -11.37 | 1.22 | 2.36 | |
Class 2 | 06/01/00 | -11.52 | 0.98 | 2.10 | |
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 1.06 | ||
ICE BofA US Cash Pay High Yield Constrained Index | -11.10 | 2.12 | 3.93 | ||
FTSE Non-U.S. World Government Bond (All Maturities) Index - Unhedged | -22.07 | -4.21 | -2.27 | ||
JPMorgan Emerging Markets Bond Index - Global | -16.45 | -1.00 | 1.35 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at December 31, 2022) | |
Asset-Backed Securities — Non-Agency | 2.3 |
Commercial Mortgage-Backed Securities - Non-Agency | 2.2 |
Common Stocks | 0.0(a) |
Convertible Bonds | 0.1 |
Corporate Bonds & Notes | 30.5 |
Foreign Government Obligations | 4.6 |
Money Market Funds | 8.5 |
Options Purchased Calls | 0.2 |
Residential Mortgage-Backed Securities - Agency | 29.7 |
Residential Mortgage-Backed Securities - Non-Agency | 13.6 |
Senior Loans | 5.7 |
U.S. Treasury Obligations | 2.6 |
Total | 100.0 |
(a) | Rounds to zero. |
Quality breakdown (%) (at December 31, 2022) | |
AAA rating | 35.4 |
AA rating | 1.1 |
A rating | 6.0 |
BBB rating | 19.2 |
BB rating | 17.3 |
B rating | 14.3 |
CCC rating | 2.4 |
Not rated | 4.3 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
(Unaudited)
Market exposure through derivatives investments (% of notional exposure) (at December 31, 2022)(a) | |||
Long | Short | Net | |
Fixed Income Derivative Contracts | 502.1 | (392.0) | 110.1 |
Foreign Currency Derivative Contracts | — | (10.1) | (10.1) |
Total Notional Market Value of Derivative Contracts | 502.1 | (402.1) | 100.0 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 5 |
(Unaudited)
• | The Fund’s duration positioning overall contributed significantly to relative performance. The Fund held a shorter duration than the benchmark throughout the annual period, which helped as interest rates rose. A shorter duration means that a fund is less sensitive to changes in interest rates. |
• | Having an underweight to U.S. Treasuries boosted relative results, as yields moved dramatically higher across the maturity spectrum during the annual period. |
• | Having an underweighted allocation to investment-grade corporate bonds added value, as the sector was among the weakest within the benchmark during the annual period, as risk appetites waned on recession fears amid rising interest rates and inflation. |
• | Positioning within the agency mortgage-backed securities (MBS) sector contributed positively to the Fund’s relative results. |
○ | The Fund maintained an underweight allocation in agency MBS through much of the annual period, as the Fed reduced the pace of its asset purchases and eventually began to unwind its balance sheet. |
○ | Subsequently, significantly wider valuations provided the opportunity, in our view, to increase exposure, implementation of which resulted in a Fund overweight to the agency MBS sector by the end of the annual period. |
• | The Fund’s exposure to select out-of-benchmark sectors detracted from relative results. |
6 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
(Unaudited)
○ | The largest detractor was high-yield corporate bonds, because the sector was among the best performers within the fixed-income market during the annual period on an absolute basis, but we had reduced the Fund’s exposure materially over the course of the year as the Fed executed an aggressive interest rate hiking cycle designed to slow economic growth to bring down inflation. |
○ | Exposure to non-agency MBS also detracted from relative results, as the sector underperformed the benchmark during the annual period. |
• | Having an overweight to commercial MBS detracted from relative results, but, notably, we reduced the Fund’s exposure mid-year as part of a broader effort to upgrade the credit quality of the Fund’s portfolio. |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 7 |
(Unaudited)
July 1, 2022 — December 31, 2022 | |||||||
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 | 988.70 | 1,021.66 | 3.39 | 3.45 | 0.68 |
Class 2 | 1,000.00 | 1,000.00 | 988.40 | 1,020.41 | 4.64 | 4.71 | 0.93 |
8 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Asset-Backed Securities — Non-Agency 2.7% | ||||
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 | 10.949% | 500,000 | 447,446 | |
Bain Capital Credit CLO Ltd.(a),(b) | ||||
Series 2021-5A Class E | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 10/23/2034 | 9.283% | 280,000 | 233,332 | |
Series 2021-6A Class E | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 10/21/2034 | 10.778% | 250,000 | 209,743 | |
Series 2021-7A Class E | ||||
3-month USD LIBOR + 6.750% Floor 6.750% 01/22/2035 | 11.075% | 250,000 | 216,453 | |
Ballyrock CLO Ltd.(a),(b) | ||||
Series 2021-18A Class D | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 01/15/2035 | 10.579% | 250,000 | 219,712 | |
Barings CLO Ltd.(a),(b) | ||||
Series 2021-2A Class E | ||||
3-month USD LIBOR + 6.250% Floor 6.250% 07/15/2034 | 10.329% | 250,000 | 217,285 | |
Carlyle Global Market Strategies CLO Ltd.(a),(b) | ||||
Series 2016-3A Class ERR | ||||
3-month USD LIBOR + 7.000% Floor 7.000% 07/20/2034 | 11.243% | 250,000 | 200,552 | |
FREED ABS Trust(a) | ||||
Subordinated Series 2019-2 Class C | ||||
11/18/2026 | 4.860% | 206,167 | 206,167 | |
Subordinated Series 2021-1CP Class B | ||||
03/20/2028 | 1.410% | 264,584 | 263,134 | |
LendingPoint Asset Securitization Trust(a),(c),(d) | ||||
Subordinated Series 2021-1 Class B | ||||
04/15/2027 | 2.853% | 25,864 | 25,751 | |
Madison Park Funding XXII Ltd.(a),(b) | ||||
Series 2016-22A Class DR | ||||
3-month USD LIBOR + 3.500% Floor 3.500% 01/15/2033 | 7.579% | 400,000 | 368,758 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Octagon 55 Ltd.(a),(b) | ||||
Series 2021-1A Class E | ||||
3-month USD LIBOR + 6.500% Floor 6.500% 07/20/2034 | 9.210% | 300,000 | 267,421 | |
Octagon Investment Partners 48 Ltd.(a),(b) | ||||
Series 2020-3A Class ER | ||||
3-month USD LIBOR + 6.700% Floor 6.700% 10/20/2034 | 10.943% | 250,000 | 226,993 | |
PAGAYA AI Debt Trust(a) | ||||
Subordinated Series 2022-3 Class B | ||||
03/15/2030 | 8.050% | 350,000 | 346,772 | |
Voya CLO Ltd.(a),(b) | ||||
Series 2021-1A Class E | ||||
3-month USD LIBOR + 6.350% Floor 6.350% 07/15/2034 | 8.862% | 250,000 | 220,738 | |
Total Asset-Backed Securities — Non-Agency (Cost $4,073,619) | 3,670,257 | |||
Commercial Mortgage-Backed Securities - Non-Agency 2.6% | ||||
Braemar Hotels & Resorts Trust(a),(b) | ||||
Series 2018-PRME Class E | ||||
1-month USD LIBOR + 2.400% Floor 2.400% 06/15/2035 | 6.718% | 300,000 | 277,896 | |
Subordinated Series 2018-PRME Class D | ||||
1-month USD LIBOR + 1.800% Floor 1.925% 06/15/2035 | 6.118% | 300,000 | 287,292 | |
CLNY Trust(a),(b) | ||||
Subordinated Series 2019-IKPR Class E | ||||
1-month USD LIBOR + 2.721% Floor 2.721% 11/15/2038 | 7.039% | 300,000 | 275,657 | |
Subordinated Series 2019-IKPR Class F | ||||
1-month USD LIBOR + 3.417% Floor 3.417% 11/15/2038 | 7.735% | 650,000 | 582,352 | |
COMM Mortgage Trust(a),(e) | ||||
Subordinated Series 2020-CBM Class F | ||||
02/10/2037 | 3.633% | 150,000 | 129,078 | |
Credit Suisse Mortgage Capital Certificates OA LLC(a) | ||||
Subordinated Series 2014-USA Class E | ||||
09/15/2037 | 4.373% | 500,000 | 277,151 | |
Subordinated Series 2014-USA Class F | ||||
09/15/2037 | 4.373% | 400,000 | 201,152 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 9 |
December 31, 2022
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CSMC Trust(a),(e) | ||||
Subordinated Series 2019-UVIL Class E | ||||
12/15/2041 | 3.283% | 600,000 | 424,300 | |
Extended Stay America Trust(a),(b) | ||||
Series 2021-ESH Class D | ||||
1-month USD LIBOR + 2.250% Floor 2.250% 07/15/2038 | 6.568% | 195,238 | 186,952 | |
Morgan Stanley Capital I Trust(a),(e) | ||||
Series 2019-MEAD Class E | ||||
11/10/2036 | 3.177% | 600,000 | 513,894 | |
Progress Residential Trust(a) | ||||
Subordinated Series 2020-SFR2 Class F | ||||
06/17/2037 | 6.152% | 500,000 | 478,189 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $4,239,749) | 3,633,913 |
Common Stocks —% | ||
Issuer | Shares | Value ($) |
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% | 158,000 | 98,987 | |
Total Convertible Bonds (Cost $149,884) | 98,987 | |||
Corporate Bonds & Notes 36.2% | ||||
Aerospace & Defense 1.3% | ||||
BAE Systems PLC(a) | ||||
02/15/2031 | 1.900% | 460,000 | 356,173 | |
Boeing Co. (The) | ||||
03/01/2029 | 3.200% | 263,000 | 231,389 | |
08/01/2059 | 3.950% | 531,000 | 356,436 | |
05/01/2060 | 5.930% | 159,000 | 146,005 | |
Bombardier, Inc.(a) | ||||
04/15/2027 | 7.875% | 42,000 | 40,890 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Howmet Aerospace, Inc. | ||||
01/15/2029 | 3.000% | 107,000 | 90,434 | |
Spirit AeroSystems, Inc.(a) | ||||
11/30/2029 | 9.375% | 30,000 | 31,615 | |
TransDigm, Inc.(a) | ||||
12/15/2025 | 8.000% | 70,000 | 70,910 | |
03/15/2026 | 6.250% | 256,000 | 253,011 | |
TransDigm, Inc. | ||||
06/15/2026 | 6.375% | 11,000 | 10,720 | |
11/15/2027 | 5.500% | 161,000 | 151,188 | |
05/01/2029 | 4.875% | 23,000 | 20,053 | |
Total | 1,758,824 | |||
Airlines 0.3% | ||||
Air Canada(a) | ||||
08/15/2026 | 3.875% | 43,000 | 38,201 | |
American Airlines, Inc.(a) | ||||
07/15/2025 | 11.750% | 41,000 | 44,109 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | ||||
04/20/2026 | 5.500% | 96,012 | 92,331 | |
04/20/2029 | 5.750% | 107,995 | 98,800 | |
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a) | ||||
01/20/2026 | 5.750% | 95,208 | 86,144 | |
Spirit Loyalty Cayman Ltd.(a) | ||||
09/20/2025 | 8.000% | 55,000 | 54,806 | |
United Airlines, Inc.(a) | ||||
04/15/2026 | 4.375% | 33,000 | 30,735 | |
Total | 445,126 | |||
Automotive 0.5% | ||||
American Axle & Manufacturing, Inc. | ||||
04/01/2027 | 6.500% | 8,000 | 7,253 | |
Ford Motor Co. | ||||
02/12/2032 | 3.250% | 85,000 | 63,958 | |
01/15/2043 | 4.750% | 105,000 | 75,966 | |
Ford Motor Credit Co. LLC | ||||
09/08/2024 | 3.664% | 47,000 | 44,895 | |
06/16/2025 | 5.125% | 72,000 | 69,411 | |
11/13/2025 | 3.375% | 40,000 | 36,231 | |
08/17/2027 | 4.125% | 74,000 | 66,127 | |
11/04/2027 | 7.350% | 45,000 | 46,111 | |
02/16/2028 | 2.900% | 22,000 | 18,179 | |
11/13/2030 | 4.000% | 19,000 | 15,605 | |
Goodyear Tire & Rubber Co. (The) | ||||
07/15/2029 | 5.000% | 84,000 | 70,069 | |
IAA Spinco, Inc.(a) | ||||
06/15/2027 | 5.500% | 57,000 | 55,394 | |
IHO Verwaltungs GmbH(a),(g) | ||||
09/15/2026 | 4.750% | 15,000 | 13,001 |
10 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
KAR Auction Services, Inc.(a) | ||||
06/01/2025 | 5.125% | 29,000 | 28,349 | |
Panther BF Aggregator 2 LP/Finance Co., Inc.(a) | ||||
05/15/2027 | 8.500% | 67,000 | 65,547 | |
Total | 676,096 | |||
Banking 6.4% | ||||
Bank of America Corp.(h) | ||||
10/22/2030 | 2.884% | 1,010,000 | 848,407 | |
07/23/2031 | 1.898% | 1,000,000 | 768,846 | |
10/20/2032 | 2.572% | 646,000 | 506,758 | |
02/04/2033 | 2.972% | 710,000 | 572,484 | |
Citigroup, Inc.(h) | ||||
01/25/2033 | 3.057% | 785,000 | 633,850 | |
Goldman Sachs Group, Inc. (The)(h) | ||||
07/21/2032 | 2.383% | 1,310,000 | 1,015,505 | |
10/21/2032 | 2.650% | 3,000 | 2,368 | |
HSBC Holdings PLC(h) | ||||
05/24/2032 | 2.804% | 270,000 | 208,420 | |
11/22/2032 | 2.871% | 954,000 | 730,549 | |
JPMorgan Chase & Co.(h) | ||||
04/22/2032 | 2.580% | 828,000 | 662,433 | |
11/08/2032 | 2.545% | 1,340,000 | 1,058,899 | |
Morgan Stanley(h) | ||||
07/21/2032 | 2.239% | 182,000 | 139,443 | |
Subordinated | ||||
09/16/2036 | 2.484% | 70,000 | 51,060 | |
04/20/2037 | 5.297% | 360,000 | 329,401 | |
Wells Fargo & Co.(h) | ||||
02/11/2031 | 2.572% | 1,060,000 | 876,711 | |
03/02/2033 | 3.350% | 387,000 | 325,436 | |
Total | 8,730,570 | |||
Brokerage/Asset Managers/Exchanges 0.3% | ||||
AG Issuer LLC(a) | ||||
03/01/2028 | 6.250% | 2,000 | 1,843 | |
AG TTMT Escrow Issuer LLC(a) | ||||
09/30/2027 | 8.625% | 80,000 | 80,748 | |
Hightower Holding LLC(a) | ||||
04/15/2029 | 6.750% | 42,000 | 35,158 | |
NFP Corp(a) | ||||
10/01/2030 | 7.500% | 66,000 | 62,040 | |
NFP Corp.(a) | ||||
08/15/2028 | 4.875% | 131,000 | 111,533 | |
08/15/2028 | 6.875% | 156,000 | 129,166 | |
Total | 420,488 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Building Materials 0.3% | ||||
American Builders & Contractors Supply Co., Inc.(a) | ||||
01/15/2028 | 4.000% | 163,000 | 145,314 | |
Beacon Roofing Supply, Inc.(a) | ||||
11/15/2026 | 4.500% | 45,000 | 42,179 | |
05/15/2029 | 4.125% | 26,000 | 21,703 | |
James Hardie International Finance DAC(a) | ||||
01/15/2028 | 5.000% | 66,000 | 61,336 | |
SRS Distribution, Inc.(a) | ||||
07/01/2028 | 4.625% | 75,000 | 66,993 | |
07/01/2029 | 6.125% | 40,000 | 32,466 | |
12/01/2029 | 6.000% | 49,000 | 39,189 | |
White Cap Buyer LLC(a) | ||||
10/15/2028 | 6.875% | 38,000 | 33,112 | |
Total | 442,292 | |||
Cable and Satellite 1.8% | ||||
CCO Holdings LLC/Capital Corp.(a) | ||||
06/01/2029 | 5.375% | 60,000 | 54,236 | |
03/01/2030 | 4.750% | 58,000 | 50,094 | |
08/15/2030 | 4.500% | 59,000 | 48,853 | |
02/01/2031 | 4.250% | 30,000 | 24,086 | |
02/01/2032 | 4.750% | 55,000 | 44,589 | |
CCO Holdings LLC/Capital Corp. | ||||
05/01/2032 | 4.500% | 206,000 | 163,976 | |
Charter Communications Operating LLC/Capital | ||||
05/01/2047 | 5.375% | 140,000 | 110,313 | |
12/01/2061 | 4.400% | 55,000 | 35,338 | |
06/30/2062 | 3.950% | 134,000 | 79,166 | |
04/01/2063 | 5.500% | 540,000 | 415,782 | |
CSC Holdings LLC(a) | ||||
01/15/2030 | 5.750% | 75,000 | 42,407 | |
12/01/2030 | 4.125% | 154,000 | 108,698 | |
12/01/2030 | 4.625% | 69,000 | 37,970 | |
02/15/2031 | 3.375% | 132,000 | 86,110 | |
DIRECTV Holdings LLC/Financing Co., Inc.(a) | ||||
08/15/2027 | 5.875% | 43,000 | 38,561 | |
DISH DBS Corp.(a) | ||||
12/01/2028 | 5.750% | 65,000 | 51,920 | |
DISH DBS Corp. | ||||
06/01/2029 | 5.125% | 197,000 | 127,087 | |
DISH Network Corp.(a) | ||||
11/15/2027 | 11.750% | 50,000 | 51,417 | |
Radiate Holdco LLC/Finance, Inc.(a) | ||||
09/15/2026 | 4.500% | 73,000 | 53,651 | |
09/15/2028 | 6.500% | 110,000 | 46,103 | |
Sirius XM Radio, Inc.(a) | ||||
09/01/2026 | 3.125% | 37,000 | 32,851 | |
07/01/2030 | 4.125% | 78,000 | 64,439 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 11 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Videotron Ltd.(a) | ||||
06/15/2029 | 3.625% | 388,000 | 328,046 | |
Virgin Media Finance PLC(a) | ||||
07/15/2030 | 5.000% | 81,000 | 65,077 | |
VZ Secured Financing BV(a) | ||||
01/15/2032 | 5.000% | 101,000 | 82,348 | |
Ziggo Bond Co. BV(a) | ||||
02/28/2030 | 5.125% | 118,000 | 95,728 | |
Ziggo BV(a) | ||||
01/15/2030 | 4.875% | 102,000 | 85,288 | |
Total | 2,424,134 | |||
Chemicals 0.6% | ||||
Avient Corp.(a) | ||||
08/01/2030 | 7.125% | 55,000 | 54,099 | |
Axalta Coating Systems LLC(a) | ||||
02/15/2029 | 3.375% | 56,000 | 46,472 | |
Cheever Escrow Issuer LLC(a) | ||||
10/01/2027 | 7.125% | 65,000 | 61,983 | |
Element Solutions, Inc.(a) | ||||
09/01/2028 | 3.875% | 70,000 | 59,751 | |
HB Fuller Co. | ||||
10/15/2028 | 4.250% | 86,000 | 75,709 | |
Herens Holdco Sarl(a) | ||||
05/15/2028 | 4.750% | 42,000 | 33,589 | |
Illuminate Buyer LLC/Holdings IV, Inc.(a) | ||||
07/01/2028 | 9.000% | 39,000 | 32,822 | |
INEOS Quattro Finance 2 Plc(a) | ||||
01/15/2026 | 3.375% | 22,000 | 19,899 | |
Ingevity Corp.(a) | ||||
11/01/2028 | 3.875% | 46,000 | 39,682 | |
Innophos Holdings, Inc.(a) | ||||
02/15/2028 | 9.375% | 69,000 | 67,650 | |
Iris Holdings, Inc.(a),(g) | ||||
02/15/2026 | 8.750% | 19,000 | 16,544 | |
Olympus Water US Holding Corp.(a) | ||||
10/01/2028 | 4.250% | 63,000 | 51,620 | |
SPCM SA(a) | ||||
03/15/2027 | 3.125% | 4,000 | 3,461 | |
Unifrax Escrow Issuer Corp.(a) | ||||
09/30/2028 | 5.250% | 32,000 | 25,769 | |
WR Grace Holdings LLC(a) | ||||
06/15/2027 | 4.875% | 99,000 | 87,704 | |
08/15/2029 | 5.625% | 119,000 | 96,273 | |
Total | 773,027 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Construction Machinery 0.1% | ||||
H&E Equipment Services, Inc.(a) | ||||
12/15/2028 | 3.875% | 136,000 | 115,782 | |
Herc Holdings, Inc.(a) | ||||
07/15/2027 | 5.500% | 50,000 | 46,615 | |
Ritchie Bros. Auctioneers, Inc.(a) | ||||
01/15/2025 | 5.375% | 24,000 | 23,665 | |
United Rentals North America, Inc. | ||||
01/15/2032 | 3.750% | 19,000 | 15,520 | |
Total | 201,582 | |||
Consumer Cyclical Services 0.4% | ||||
APX Group, Inc.(a) | ||||
07/15/2029 | 5.750% | 14,000 | 11,607 | |
Arches Buyer, Inc.(a) | ||||
06/01/2028 | 4.250% | 72,000 | 56,471 | |
12/01/2028 | 6.125% | 73,000 | 58,579 | |
ASGN, Inc.(a) | ||||
05/15/2028 | 4.625% | 77,000 | 69,796 | |
Staples, Inc.(a) | ||||
04/15/2026 | 7.500% | 52,000 | 44,763 | |
Uber Technologies, Inc.(a) | ||||
05/15/2025 | 7.500% | 40,000 | 40,057 | |
01/15/2028 | 6.250% | 97,000 | 93,453 | |
08/15/2029 | 4.500% | 164,000 | 142,979 | |
Total | 517,705 | |||
Consumer Products 0.3% | ||||
CD&R Smokey Buyer, Inc.(a) | ||||
07/15/2025 | 6.750% | 110,000 | 94,872 | |
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 40,000 | 34,561 | |
Newell Brands, Inc. | ||||
09/15/2027 | 6.375% | 20,000 | 19,857 | |
09/15/2029 | 6.625% | 29,000 | 28,623 | |
04/01/2046 | 5.750% | 192,000 | 150,961 | |
Scotts Miracle-Gro Co. (The) | ||||
04/01/2031 | 4.000% | 35,000 | 26,877 | |
Spectrum Brands, Inc. | ||||
07/15/2025 | 5.750% | 38,000 | 37,607 | |
Spectrum Brands, Inc.(a) | ||||
10/01/2029 | 5.000% | 48,000 | 41,987 | |
07/15/2030 | 5.500% | 4,000 | 3,550 | |
Tempur Sealy International, Inc.(a) | ||||
10/15/2031 | 3.875% | 40,000 | 31,314 | |
Total | 470,209 |
12 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Diversified Manufacturing 1.2% | ||||
Carrier Global Corp. | ||||
02/15/2030 | 2.722% | 1,330,000 | 1,120,839 | |
Chart Industries, Inc.(a) | ||||
01/01/2030 | 7.500% | 37,000 | 37,154 | |
01/01/2031 | 9.500% | 12,000 | 12,307 | |
General Electric Co.(b) | ||||
Junior Subordinated | ||||
3-month USD LIBOR + 3.330% 12/31/2049 | 8.099% | 290,000 | 287,174 | |
Madison IAQ LLC(a) | ||||
06/30/2028 | 4.125% | 24,000 | 19,986 | |
06/30/2029 | 5.875% | 49,000 | 33,704 | |
Resideo Funding, Inc.(a) | ||||
09/01/2029 | 4.000% | 34,000 | 27,431 | |
Vertical US Newco, Inc.(a) | ||||
07/15/2027 | 5.250% | 24,000 | 21,349 | |
WESCO Distribution, Inc.(a) | ||||
06/15/2025 | 7.125% | 61,000 | 61,834 | |
06/15/2028 | 7.250% | 55,000 | 55,762 | |
Total | 1,677,540 | |||
Electric 2.0% | ||||
AEP Texas, Inc. | ||||
01/15/2050 | 3.450% | 435,000 | 308,026 | |
Calpine Corp.(a) | ||||
02/15/2028 | 4.500% | 44,000 | 39,325 | |
Clearway Energy Operating LLC(a) | ||||
02/15/2031 | 3.750% | 224,000 | 186,971 | |
01/15/2032 | 3.750% | 96,000 | 77,576 | |
Duke Energy Corp. | ||||
06/15/2031 | 2.550% | 510,000 | 416,201 | |
08/15/2052 | 5.000% | 306,000 | 274,526 | |
Emera US Finance LP | ||||
06/15/2046 | 4.750% | 365,000 | 283,970 | |
Georgia Power Co. | ||||
03/15/2042 | 4.300% | 200,000 | 171,436 | |
Leeward Renewable Energy Operations LLC(a) | ||||
07/01/2029 | 4.250% | 56,000 | 48,499 | |
NextEra Energy Operating Partners LP(a) | ||||
07/15/2024 | 4.250% | 24,000 | 23,324 | |
09/15/2027 | 4.500% | 142,000 | 130,716 | |
NRG Energy, Inc.(a) | ||||
06/15/2029 | 5.250% | 29,000 | 25,621 | |
02/15/2032 | 3.875% | 262,000 | 197,534 | |
Pacific Gas and Electric Co. | ||||
07/01/2050 | 4.950% | 315,000 | 246,789 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pattern Energy Operations LP/Inc.(a) | ||||
08/15/2028 | 4.500% | 41,000 | 36,798 | |
PG&E Corp. | ||||
07/01/2028 | 5.000% | 35,000 | 32,028 | |
TerraForm Power Operating LLC(a) | ||||
01/31/2028 | 5.000% | 69,000 | 62,099 | |
01/15/2030 | 4.750% | 89,000 | 77,811 | |
Vistra Operations Co. LLC(a) | ||||
07/31/2027 | 5.000% | 24,000 | 22,335 | |
05/01/2029 | 4.375% | 81,000 | 69,888 | |
Total | 2,731,473 | |||
Environmental 0.2% | ||||
GFL Environmental, Inc.(a) | ||||
06/01/2025 | 4.250% | 68,000 | 65,386 | |
08/01/2025 | 3.750% | 19,000 | 17,943 | |
08/01/2028 | 4.000% | 56,000 | 48,719 | |
Waste Pro USA, Inc.(a) | ||||
02/15/2026 | 5.500% | 107,000 | 94,817 | |
Total | 226,865 | |||
Finance Companies 0.5% | ||||
Navient Corp. | ||||
06/25/2025 | 6.750% | 58,000 | 55,755 | |
OneMain Finance Corp. | ||||
09/15/2030 | 4.000% | 4,000 | 2,990 | |
Provident Funding Associates LP/Finance Corp.(a) | ||||
06/15/2025 | 6.375% | 67,000 | 59,187 | |
Quicken Loans LLC/Co-Issuer, Inc.(a) | ||||
03/01/2029 | 3.625% | 111,000 | 88,075 | |
03/01/2031 | 3.875% | 82,000 | 63,328 | |
Rocket Mortgage LLC/Co-Issuer, Inc.(a) | ||||
10/15/2033 | 4.000% | 425,000 | 317,901 | |
Springleaf Finance Corp. | ||||
03/15/2024 | 6.125% | 80,000 | 77,381 | |
Total | 664,617 | |||
Food and Beverage 1.6% | ||||
Anheuser-Busch Companies LLC/InBev Worldwide, Inc. | ||||
02/01/2046 | 4.900% | 340,000 | 311,134 | |
Bacardi Ltd.(a) | ||||
05/15/2048 | 5.300% | 520,000 | 466,368 | |
Darling Ingredients, Inc.(a) | ||||
04/15/2027 | 5.250% | 70,000 | 68,277 | |
FAGE International SA/USA Dairy Industry, Inc.(a) | ||||
08/15/2026 | 5.625% | 229,000 | 214,888 | |
Kraft Heinz Foods Co. | ||||
06/01/2046 | 4.375% | 299,000 | 244,236 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 13 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Lamb Weston Holdings, Inc.(a) | ||||
05/15/2028 | 4.875% | 36,000 | 34,128 | |
01/31/2030 | 4.125% | 45,000 | 39,816 | |
01/31/2032 | 4.375% | 45,000 | 39,303 | |
Pilgrim’s Pride Corp.(a) | ||||
04/15/2031 | 4.250% | 112,000 | 95,332 | |
03/01/2032 | 3.500% | 562,000 | 439,291 | |
Post Holdings, Inc.(a) | ||||
03/01/2027 | 5.750% | 12,000 | 11,620 | |
04/15/2030 | 4.625% | 28,000 | 24,157 | |
09/15/2031 | 4.500% | 53,000 | 44,767 | |
Primo Water Holdings, Inc.(a) | ||||
04/30/2029 | 4.375% | 43,000 | 37,136 | |
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a) | ||||
03/01/2029 | 4.625% | 56,000 | 45,821 | |
US Foods, Inc.(a) | ||||
04/15/2025 | 6.250% | 4,000 | 3,968 | |
02/15/2029 | 4.750% | 17,000 | 15,096 | |
06/01/2030 | 4.625% | 35,000 | 30,927 | |
Total | 2,166,265 | |||
Gaming 0.5% | ||||
Boyd Gaming Corp.(a) | ||||
06/15/2031 | 4.750% | 53,000 | 46,130 | |
Caesars Entertainment, Inc.(a) | ||||
10/15/2029 | 4.625% | 127,000 | 103,276 | |
Colt Merger Sub, Inc.(a) | ||||
07/01/2025 | 5.750% | 109,000 | 106,820 | |
07/01/2025 | 6.250% | 28,000 | 27,242 | |
07/01/2027 | 8.125% | 83,000 | 81,627 | |
International Game Technology PLC(a) | ||||
02/15/2025 | 6.500% | 55,000 | 55,420 | |
Midwest Gaming Borrower LLC(a) | ||||
05/01/2029 | 4.875% | 107,000 | 91,428 | |
Penn National Gaming, Inc.(a) | ||||
07/01/2029 | 4.125% | 35,000 | 27,689 | |
Scientific Games Holdings LP/US FinCo, Inc.(a) | ||||
03/01/2030 | 6.625% | 61,000 | 51,509 | |
Scientific Games International, Inc.(a) | ||||
07/01/2025 | 8.625% | 20,000 | 20,423 | |
05/15/2028 | 7.000% | 45,000 | 43,028 | |
11/15/2029 | 7.250% | 28,000 | 26,867 | |
Wynn Las Vegas LLC/Capital Corp.(a) | ||||
03/01/2025 | 5.500% | 47,000 | 44,784 | |
Total | 726,243 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Health Care 2.5% | ||||
Acadia Healthcare Co., Inc.(a) | ||||
07/01/2028 | 5.500% | 12,000 | 11,392 | |
04/15/2029 | 5.000% | 29,000 | 26,747 | |
AdaptHealth LLC(a) | ||||
08/01/2029 | 4.625% | 19,000 | 15,926 | |
03/01/2030 | 5.125% | 61,000 | 51,918 | |
Avantor Funding, Inc.(a) | ||||
07/15/2028 | 4.625% | 29,000 | 26,333 | |
11/01/2029 | 3.875% | 164,000 | 137,807 | |
Becton Dickinson Euro Finance SARL | ||||
08/13/2041 | 1.336% | EUR | 227,000 | 149,739 |
Catalent Pharma Solutions, Inc.(a) | ||||
02/15/2029 | 3.125% | 10,000 | 7,966 | |
04/01/2030 | 3.500% | 42,000 | 33,127 | |
Charles River Laboratories International, Inc.(a) | ||||
05/01/2028 | 4.250% | 17,000 | 15,643 | |
03/15/2029 | 3.750% | 21,000 | 18,567 | |
03/15/2031 | 4.000% | 19,000 | 16,441 | |
CHS/Community Health Systems, Inc.(a) | ||||
04/15/2029 | 6.875% | 44,000 | 22,814 | |
05/15/2030 | 5.250% | 101,000 | 76,284 | |
02/15/2031 | 4.750% | 39,000 | 28,385 | |
CVS Health Corp. | ||||
03/25/2048 | 5.050% | 396,000 | 357,457 | |
GE Healthcare Holding LLC(a) | ||||
11/15/2027 | 5.650% | 1,175,000 | 1,192,236 | |
HCA, Inc.(a) | ||||
03/15/2052 | 4.625% | 705,000 | 552,116 | |
IQVIA, Inc.(a) | ||||
10/15/2026 | 5.000% | 16,000 | 15,335 | |
05/15/2027 | 5.000% | 61,000 | 58,206 | |
Mozart Debt Merger Sub, Inc.(a) | ||||
10/01/2029 | 5.250% | 65,000 | 51,661 | |
Owens & Minor, Inc.(a) | ||||
04/01/2030 | 6.625% | 43,000 | 36,975 | |
RP Escrow Issuer LLC(a) | ||||
12/15/2025 | 5.250% | 176,000 | 134,600 | |
Select Medical Corp.(a) | ||||
08/15/2026 | 6.250% | 116,000 | 110,553 | |
Surgery Center Holdings, Inc.(a) | ||||
04/15/2027 | 10.000% | 38,000 | 38,625 | |
Tenet Healthcare Corp. | ||||
07/15/2024 | 4.625% | 6,000 | 5,864 |
14 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Tenet Healthcare Corp.(a) | ||||
02/01/2027 | 6.250% | 51,000 | 48,986 | |
11/01/2027 | 5.125% | 89,000 | 83,049 | |
10/01/2028 | 6.125% | 77,000 | 69,097 | |
01/15/2030 | 4.375% | 37,000 | 32,056 | |
US Acute Care Solutions LLC(a) | ||||
03/01/2026 | 6.375% | 49,000 | 43,488 | |
Total | 3,469,393 | |||
Healthcare Insurance 0.2% | ||||
Aetna, Inc. | ||||
11/15/2042 | 4.125% | 54,000 | 44,333 | |
Centene Corp. | ||||
10/15/2030 | 3.000% | 52,000 | 42,601 | |
08/01/2031 | 2.625% | 217,000 | 170,443 | |
Total | 257,377 | |||
Home Construction 0.2% | ||||
Meritage Homes Corp. | ||||
06/06/2027 | 5.125% | 44,000 | 41,662 | |
Meritage Homes Corp.(a) | ||||
04/15/2029 | 3.875% | 195,000 | 165,488 | |
Shea Homes LP/Funding Corp. | ||||
02/15/2028 | 4.750% | 47,000 | 41,070 | |
Taylor Morrison Communities, Inc.(a) | ||||
01/15/2028 | 5.750% | 52,000 | 48,860 | |
Total | 297,080 | |||
Independent Energy 1.3% | ||||
Apache Corp. | ||||
02/01/2042 | 5.250% | 16,000 | 13,120 | |
04/15/2043 | 4.750% | 176,000 | 132,746 | |
Callon Petroleum Co. | ||||
07/01/2026 | 6.375% | 136,000 | 127,923 | |
Callon Petroleum Co.(a) | ||||
08/01/2028 | 8.000% | 129,000 | 122,438 | |
CNX Resources Corp.(a) | ||||
03/14/2027 | 7.250% | 3,000 | 2,991 | |
01/15/2029 | 6.000% | 41,000 | 37,842 | |
Colgate Energy Partners III LLC(a) | ||||
07/01/2029 | 5.875% | 98,000 | 84,379 | |
Comstock Resources, Inc.(a) | ||||
03/01/2029 | 6.750% | 19,000 | 17,154 | |
01/15/2030 | 5.875% | 27,000 | 23,349 | |
CrownRock LP/Finance, Inc.(a) | ||||
05/01/2029 | 5.000% | 22,000 | 19,721 | |
Hilcorp Energy I LP/Finance Co.(a) | ||||
02/01/2029 | 5.750% | 85,000 | 75,953 | |
04/15/2030 | 6.000% | 34,000 | 30,427 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Matador Resources Co. | ||||
09/15/2026 | 5.875% | 48,000 | 46,325 | |
Occidental Petroleum Corp. | ||||
09/01/2030 | 6.625% | 117,000 | 120,894 | |
01/01/2031 | 6.125% | 170,000 | 172,039 | |
09/15/2036 | 6.450% | 449,000 | 458,068 | |
03/15/2040 | 6.200% | 31,000 | 30,345 | |
03/15/2046 | 6.600% | 114,000 | 117,323 | |
Southwestern Energy Co. | ||||
02/01/2029 | 5.375% | 17,000 | 15,746 | |
02/01/2032 | 4.750% | 158,000 | 134,906 | |
Total | 1,783,689 | |||
Integrated Energy 0.0% | ||||
Cenovus Energy, Inc. | ||||
02/15/2052 | 3.750% | 105,000 | 74,052 | |
Leisure 0.5% | ||||
Carnival Corp.(a) | ||||
03/01/2026 | 7.625% | 64,000 | 51,116 | |
03/01/2027 | 5.750% | 61,000 | 43,523 | |
Carnival Holdings Bermuda Ltd.(a) | ||||
05/01/2028 | 10.375% | 54,000 | 55,430 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(a) | ||||
05/01/2025 | 5.500% | 15,000 | 14,822 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC | ||||
10/01/2028 | 6.500% | 29,000 | 28,210 | |
Cinemark USA, Inc.(a) | ||||
03/15/2026 | 5.875% | 145,000 | 120,630 | |
NCL Corp., Ltd.(a) | ||||
03/15/2026 | 5.875% | 31,000 | 24,399 | |
02/15/2027 | 5.875% | 23,000 | 19,908 | |
Royal Caribbean Cruises Ltd.(a) | ||||
07/01/2026 | 4.250% | 31,000 | 25,100 | |
08/31/2026 | 5.500% | 198,000 | 166,585 | |
07/15/2027 | 5.375% | 23,000 | 18,710 | |
Six Flags Entertainment Corp.(a) | ||||
07/31/2024 | 4.875% | 75,000 | 72,279 | |
Total | 640,712 | |||
Life Insurance 0.2% | ||||
Peachtree Corners Funding Trust(a) | ||||
02/15/2025 | 3.976% | 300,000 | 289,954 | |
Media and Entertainment 2.0% | ||||
Cengage Learning, Inc.(a) | ||||
06/15/2024 | 9.500% | 208,000 | 198,109 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 15 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Clear Channel International BV(a) | ||||
08/01/2025 | 6.625% | 68,000 | 64,895 | |
Clear Channel Outdoor Holdings, Inc.(a) | ||||
04/15/2028 | 7.750% | 90,000 | 66,054 | |
06/01/2029 | 7.500% | 66,000 | 48,006 | |
Clear Channel Worldwide Holdings, Inc.(a) | ||||
08/15/2027 | 5.125% | 73,000 | 63,254 | |
iHeartCommunications, Inc. | ||||
05/01/2026 | 6.375% | 28,159 | 25,902 | |
iHeartCommunications, Inc.(a) | ||||
08/15/2027 | 5.250% | 78,000 | 66,025 | |
Magallanes, Inc.(a) | ||||
03/15/2062 | 5.391% | 1,370,000 | 1,003,602 | |
Netflix, Inc. | ||||
04/15/2028 | 4.875% | 54,000 | 52,469 | |
11/15/2028 | 5.875% | 77,000 | 78,132 | |
05/15/2029 | 4.625% | EUR | 210,000 | 219,596 |
05/15/2029 | 6.375% | 17,000 | 17,575 | |
Netflix, Inc.(a) | ||||
11/15/2029 | 3.875% | EUR | 100,000 | 99,991 |
11/15/2029 | 5.375% | 53,000 | 51,890 | |
06/15/2030 | 3.625% | EUR | 100,000 | 97,795 |
06/15/2030 | 4.875% | 308,000 | 288,038 | |
Outfront Media Capital LLC/Corp.(a) | ||||
01/15/2029 | 4.250% | 15,000 | 12,442 | |
03/15/2030 | 4.625% | 78,000 | 64,685 | |
Playtika Holding Corp.(a) | ||||
03/15/2029 | 4.250% | 134,000 | 105,155 | |
Roblox Corp.(a) | ||||
05/01/2030 | 3.875% | 72,000 | 56,715 | |
Univision Communications, Inc.(a) | ||||
05/01/2029 | 4.500% | 22,000 | 18,387 | |
06/30/2030 | 7.375% | 35,000 | 33,492 | |
Total | 2,732,209 | |||
Metals and Mining 0.4% | ||||
Allegheny Technologies, Inc. | ||||
10/01/2029 | 4.875% | 16,000 | 14,133 | |
10/01/2031 | 5.125% | 63,000 | 55,277 | |
Constellium SE(a) | ||||
06/15/2028 | 5.625% | 69,000 | 63,803 | |
04/15/2029 | 3.750% | 291,000 | 236,946 | |
Hudbay Minerals, Inc.(a) | ||||
04/01/2029 | 6.125% | 143,000 | 130,330 | |
Kaiser Aluminum Corp.(a) | ||||
03/01/2028 | 4.625% | 13,000 | 11,397 | |
06/01/2031 | 4.500% | 48,000 | 38,564 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Novelis Corp.(a) | ||||
11/15/2026 | 3.250% | 28,000 | 25,095 | |
08/15/2031 | 3.875% | 33,000 | 27,003 | |
Total | 602,548 | |||
Midstream 2.2% | ||||
Cheniere Energy Partners LP | ||||
01/31/2032 | 3.250% | 25,000 | 19,913 | |
CNX Midstream Partners LP(a) | ||||
04/15/2030 | 4.750% | 40,000 | 33,019 | |
DCP Midstream Operating LP | ||||
04/01/2044 | 5.600% | 32,000 | 29,752 | |
Delek Logistics Partners LP/Finance Corp. | ||||
05/15/2025 | 6.750% | 32,000 | 30,959 | |
DT Midstream, Inc.(a) | ||||
06/15/2029 | 4.125% | 33,000 | 28,311 | |
06/15/2031 | 4.375% | 42,000 | 35,127 | |
Enterprise Products Operating LLC | ||||
01/31/2060 | 3.950% | 116,000 | 84,353 | |
EQM Midstream Partners LP(a) | ||||
07/01/2027 | 6.500% | 22,000 | 21,033 | |
01/15/2029 | 4.500% | 73,000 | 61,759 | |
01/15/2031 | 4.750% | 257,000 | 211,776 | |
EQM Midstream Partners LP | ||||
07/15/2048 | 6.500% | 223,000 | 167,253 | |
Galaxy Pipeline Assets Bidco Ltd.(a) | ||||
03/31/2036 | 2.625% | 400,000 | 321,889 | |
09/30/2040 | 3.250% | 200,000 | 154,613 | |
Holly Energy Partners LP/Finance Corp.(a) | ||||
04/15/2027 | 6.375% | 26,000 | 25,659 | |
02/01/2028 | 5.000% | 38,000 | 34,823 | |
Kinder Morgan, Inc. | ||||
02/15/2046 | 5.050% | 170,000 | 144,905 | |
08/01/2052 | 5.450% | 137,000 | 123,730 | |
NuStar Logistics LP | ||||
10/01/2025 | 5.750% | 87,000 | 84,044 | |
06/01/2026 | 6.000% | 93,000 | 89,822 | |
Plains All American Pipeline LP/Finance Corp. | ||||
06/15/2044 | 4.700% | 702,000 | 531,289 | |
Rockies Express Pipeline LLC(a) | ||||
05/15/2025 | 3.600% | 26,000 | 24,540 | |
Superior Plus LP/General Partner, Inc.(a) | ||||
03/15/2029 | 4.500% | 21,000 | 18,034 | |
TransMontaigne Partners LP/TLP Finance Corp. | ||||
02/15/2026 | 6.125% | 96,000 | 83,498 | |
Venture Global Calcasieu Pass LLC(a) | ||||
08/15/2029 | 3.875% | 81,000 | 70,918 | |
08/15/2031 | 4.125% | 170,000 | 144,927 | |
11/01/2033 | 3.875% | 264,000 | 215,532 |
16 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Williams Companies, Inc. (The) | ||||
09/15/2045 | 5.100% | 220,000 | 192,430 | |
Total | 2,983,908 | |||
Natural Gas 0.3% | ||||
NiSource, Inc. | ||||
05/15/2047 | 4.375% | 465,000 | 391,157 | |
Oil Field Services 0.2% | ||||
Nabors Industries, Inc.(a) | ||||
05/15/2027 | 7.375% | 29,000 | 28,415 | |
Transocean Sentry Ltd.(a) | ||||
05/15/2023 | 5.375% | 262,628 | 260,542 | |
Total | 288,957 | |||
Other Industry 0.0% | ||||
Hillenbrand, Inc. | ||||
03/01/2031 | 3.750% | 21,000 | 17,316 | |
Other REIT 0.5% | ||||
Blackstone Mortgage Trust, Inc.(a) | ||||
01/15/2027 | 3.750% | 60,000 | 51,163 | |
Digital Dutch Finco BV(a) | ||||
03/15/2030 | 1.500% | EUR | 116,000 | 96,871 |
Digital Intrepid Holding BV(a) | ||||
07/18/2032 | 1.375% | EUR | 201,000 | 152,752 |
Ladder Capital Finance Holdings LLLP/Corp.(a) | ||||
10/01/2025 | 5.250% | 42,000 | 39,561 | |
02/01/2027 | 4.250% | 102,000 | 85,889 | |
06/15/2029 | 4.750% | 115,000 | 92,852 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a) | ||||
05/15/2029 | 4.875% | 97,000 | 82,108 | |
RHP Hotel Properties LP/Finance Corp.(a) | ||||
02/15/2029 | 4.500% | 15,000 | 12,986 | |
RLJ Lodging Trust LP(a) | ||||
07/01/2026 | 3.750% | 20,000 | 17,801 | |
Total | 631,983 | |||
Packaging 0.2% | ||||
Ardagh Metal Packaging Finance USA LLC/PLC(a) | ||||
06/15/2027 | 6.000% | 26,000 | 25,474 | |
09/01/2029 | 4.000% | 135,000 | 107,086 | |
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a) | ||||
08/15/2026 | 4.125% | 18,000 | 15,604 | |
BWAY Holding Co.(a) | ||||
04/15/2024 | 5.500% | 22,000 | 21,405 | |
CANPACK SA/Eastern PA Land Investment Holding LLC(a) | ||||
11/01/2025 | 3.125% | 38,000 | 33,248 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Canpack SA/US LLC(a) | ||||
11/15/2029 | 3.875% | 84,000 | 66,510 | |
Trivium Packaging Finance BV(a) | ||||
08/15/2026 | 5.500% | 19,000 | 17,760 | |
08/15/2027 | 8.500% | 39,000 | 35,860 | |
Total | 322,947 | |||
Pharmaceuticals 0.6% | ||||
1375209 BC Ltd.(a) | ||||
01/30/2028 | 9.000% | 11,000 | 10,716 | |
Amgen, Inc. | ||||
03/01/2053 | 4.875% | 444,000 | 395,377 | |
02/22/2062 | 4.400% | 151,000 | 121,135 | |
Bausch Health Companies, Inc.(a) | ||||
02/01/2027 | 6.125% | 41,000 | 28,205 | |
06/01/2028 | 4.875% | 73,000 | 46,703 | |
09/30/2028 | 11.000% | 19,000 | 14,900 | |
10/15/2030 | 14.000% | 3,000 | 1,782 | |
Endo Dac/Finance LLC/Finco, Inc.(a),(i) | ||||
06/30/2028 | 0.000% | 17,000 | 969 | |
Grifols Escrow Issuer SA(a) | ||||
10/15/2028 | 4.750% | 19,000 | 16,439 | |
Organon Finance 1 LLC(a) | ||||
04/30/2028 | 4.125% | 207,000 | 183,282 | |
04/30/2031 | 5.125% | 82,000 | 71,030 | |
Total | 890,538 | |||
Property & Casualty 0.7% | ||||
Alliant Holdings Intermediate LLC/Co-Issuer(a) | ||||
10/15/2027 | 4.250% | 129,000 | 116,198 | |
10/15/2027 | 6.750% | 79,000 | 71,182 | |
11/01/2029 | 5.875% | 50,000 | 41,169 | |
AssuredPartners, Inc.(a) | ||||
08/15/2025 | 7.000% | 26,000 | 25,277 | |
01/15/2029 | 5.625% | 51,000 | 42,369 | |
Berkshire Hathaway Finance Corp. | ||||
03/15/2052 | 3.850% | 337,000 | 271,989 | |
BroadStreet Partners, Inc.(a) | ||||
04/15/2029 | 5.875% | 67,000 | 57,595 | |
GTCR AP Finance, Inc.(a) | ||||
05/15/2027 | 8.000% | 11,000 | 10,546 | |
HUB International Ltd.(a) | ||||
05/01/2026 | 7.000% | 193,000 | 189,452 | |
12/01/2029 | 5.625% | 62,000 | 54,372 | |
Ryan Specialty Group LLC(a) | ||||
02/01/2030 | 4.375% | 7,000 | 6,118 | |
USI, Inc.(a) | ||||
05/01/2025 | 6.875% | 39,000 | 37,435 | |
Total | 923,702 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 17 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Restaurants 0.2% | ||||
1011778 BC ULC/New Red Finance, Inc.(a) | ||||
04/15/2025 | 5.750% | 18,000 | 17,910 | |
01/15/2028 | 3.875% | 66,000 | 59,445 | |
Fertitta Entertainment LLC/Finance Co., Inc.(a) | ||||
01/15/2029 | 4.625% | 20,000 | 16,930 | |
01/15/2030 | 6.750% | 47,000 | 37,940 | |
IRB Holding Corp.(a) | ||||
06/15/2025 | 7.000% | 124,000 | 123,663 | |
Yum! Brands, Inc. | ||||
04/01/2032 | 5.375% | 53,000 | 49,103 | |
Total | 304,991 | |||
Retailers 1.0% | ||||
Asbury Automotive Group, Inc.(a) | ||||
11/15/2029 | 4.625% | 14,000 | 11,812 | |
02/15/2032 | 5.000% | 14,000 | 11,549 | |
Group 1 Automotive, Inc.(a) | ||||
08/15/2028 | 4.000% | 21,000 | 17,854 | |
L Brands, Inc.(a) | ||||
07/01/2025 | 9.375% | 180,000 | 192,896 | |
L Brands, Inc. | ||||
11/01/2035 | 6.875% | 60,000 | 53,338 | |
LCM Investments Holdings II LLC(a) | ||||
05/01/2029 | 4.875% | 67,000 | 54,117 | |
Lithia Motors, Inc.(a) | ||||
01/15/2031 | 4.375% | 30,000 | 24,619 | |
Lowe’s Companies, Inc. | ||||
04/01/2062 | 4.450% | 224,000 | 175,391 | |
09/15/2062 | 5.800% | 700,000 | 674,977 | |
PetSmart, Inc./Finance Corp.(a) | ||||
02/15/2028 | 4.750% | 37,000 | 33,529 | |
02/15/2029 | 7.750% | 47,000 | 43,846 | |
Wolverine World Wide, Inc.(a) | ||||
08/15/2029 | 4.000% | 37,000 | 28,017 | |
Total | 1,321,945 | |||
Supermarkets 0.0% | ||||
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a) | ||||
03/15/2026 | 3.250% | 19,000 | 17,344 | |
Technology 1.6% | ||||
Black Knight InfoServ LLC(a) | ||||
09/01/2028 | 3.625% | 16,000 | 13,952 | |
Block, Inc. | ||||
06/01/2031 | 3.500% | 31,000 | 24,744 | |
Boxer Parent Co., Inc.(a) | ||||
10/02/2025 | 7.125% | 17,000 | 16,673 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Broadcom, Inc.(a) | ||||
04/15/2034 | 3.469% | 102,000 | 80,871 | |
11/15/2036 | 3.187% | 219,000 | 158,061 | |
Camelot Finance SA(a) | ||||
11/01/2026 | 4.500% | 35,000 | 32,905 | |
Clarivate Science Holdings Corp.(a) | ||||
07/01/2028 | 3.875% | 26,000 | 22,555 | |
07/01/2029 | 4.875% | 64,000 | 54,418 | |
Condor Merger Sub, Inc.(a) | ||||
02/15/2030 | 7.375% | 54,000 | 43,610 | |
Entegris Escrow Corp.(a) | ||||
04/15/2029 | 4.750% | 46,000 | 42,073 | |
06/15/2030 | 5.950% | 81,000 | 74,727 | |
Gartner, Inc.(a) | ||||
06/15/2029 | 3.625% | 126,000 | 110,450 | |
10/01/2030 | 3.750% | 353,000 | 306,074 | |
HealthEquity, Inc.(a) | ||||
10/01/2029 | 4.500% | 58,000 | 51,529 | |
Helios Software Holdings, Inc.(a) | ||||
05/01/2028 | 4.625% | 44,000 | 33,490 | |
ION Trading Technologies Sarl(a) | ||||
05/15/2028 | 5.750% | 38,000 | 31,719 | |
Logan Merger Sub, Inc.(a) | ||||
09/01/2027 | 5.500% | 109,000 | 58,833 | |
Minerva Merger Sub, Inc.(a) | ||||
02/15/2030 | 6.500% | 88,000 | 65,193 | |
NCR Corp.(a) | ||||
10/01/2028 | 5.000% | 100,000 | 85,804 | |
04/15/2029 | 5.125% | 66,000 | 55,195 | |
10/01/2030 | 5.250% | 4,000 | 3,298 | |
Neptune Bidco US, Inc.(a) | ||||
04/15/2029 | 9.290% | 43,000 | 40,516 | |
NXP BV/Funding LLC/USA, Inc. | ||||
01/15/2033 | 5.000% | 194,000 | 183,052 | |
02/15/2042 | 3.125% | 149,000 | 100,420 | |
Picard Midco, Inc.(a) | ||||
03/31/2029 | 6.500% | 81,000 | 68,587 | |
PTC, Inc.(a) | ||||
02/15/2028 | 4.000% | 40,000 | 36,203 | |
Sabre GLBL, Inc.(a) | ||||
12/15/2027 | 11.250% | 10,000 | 10,292 | |
Sensata Technologies BV(a) | ||||
09/01/2030 | 5.875% | 50,000 | 47,361 | |
Shift4 Payments LLC/Finance Sub, Inc.(a) | ||||
11/01/2026 | 4.625% | 97,000 | 91,502 | |
Synaptics, Inc.(a) | ||||
06/15/2029 | 4.000% | 60,000 | 50,212 |
18 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Tempo Acquisition LLC/Finance Corp.(a) | ||||
06/01/2025 | 5.750% | 28,000 | 28,090 | |
Verscend Escrow Corp.(a) | ||||
08/15/2026 | 9.750% | 97,000 | 95,017 | |
ZoomInfo Technologies LLC/Finance Corp.(a) | ||||
02/01/2029 | 3.875% | 152,000 | 128,087 | |
Total | 2,245,513 | |||
Transportation Services 0.1% | ||||
Adani Ports & Special Economic Zone Ltd.(a) | ||||
07/03/2029 | 4.375% | 200,000 | 168,023 | |
Wireless 1.6% | ||||
Altice France Holding SA(a) | ||||
02/15/2028 | 6.000% | 75,000 | 44,283 | |
Altice France SA(a) | ||||
02/01/2027 | 8.125% | 28,000 | 25,561 | |
07/15/2029 | 5.125% | 64,000 | 47,868 | |
10/15/2029 | 5.500% | 35,000 | 26,797 | |
American Tower Corp. | ||||
08/15/2029 | 3.800% | 268,000 | 243,712 | |
06/15/2030 | 2.100% | 75,000 | 59,457 | |
SBA Communications Corp. | ||||
02/15/2027 | 3.875% | 44,000 | 39,831 | |
02/01/2029 | 3.125% | 112,000 | 93,269 | |
Sprint Capital Corp. | ||||
11/15/2028 | 6.875% | 178,000 | 185,110 | |
03/15/2032 | 8.750% | 56,000 | 66,616 | |
Sprint Corp. | ||||
06/15/2024 | 7.125% | 17,000 | 17,345 | |
T-Mobile US, Inc. | ||||
02/15/2031 | 2.875% | 685,000 | 565,534 | |
04/15/2031 | 3.500% | 557,000 | 482,398 | |
Vmed O2 UK Financing I PLC(a) | ||||
01/31/2031 | 4.250% | 51,000 | 41,313 | |
07/15/2031 | 4.750% | 247,000 | 201,136 | |
Total | 2,140,230 | |||
Wirelines 1.4% | ||||
AT&T, Inc. | ||||
03/01/2029 | 4.350% | 400,000 | 380,673 | |
12/01/2057 | 3.800% | 362,000 | 250,898 | |
CenturyLink, Inc.(a) | ||||
02/15/2027 | 4.000% | 28,000 | 23,853 | |
Front Range BidCo, Inc.(a) | ||||
03/01/2027 | 4.000% | 47,000 | 34,832 | |
03/01/2028 | 6.125% | 29,000 | 16,538 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Frontier Communications Holdings LLC(a) | ||||
10/15/2027 | 5.875% | 45,000 | 41,882 | |
05/15/2030 | 8.750% | 19,000 | 19,399 | |
Iliad Holding SAS(a) | ||||
10/15/2026 | 6.500% | 128,000 | 118,883 | |
10/15/2028 | 7.000% | 94,000 | 85,256 | |
Network i2i Ltd.(a),(h) | ||||
12/31/2049 | 5.650% | 200,000 | 190,508 | |
Verizon Communications, Inc. | ||||
03/21/2031 | 2.550% | 860,000 | 707,778 | |
Total | 1,870,500 | |||
Total Corporate Bonds & Notes (Cost $56,748,023) | 49,719,124 | |||
Foreign Government Obligations(j),(k) 5.5% | ||||
Angola 0.1% | ||||
Angolan Government International Bond(a) | ||||
11/26/2029 | 8.000% | 200,000 | 175,961 | |
Azerbaijan 0.1% | ||||
Republic of Azerbaijan International Bond(a) | ||||
09/01/2032 | 3.500% | 165,000 | 137,656 | |
Brazil 0.1% | ||||
Brazilian Government International Bond | ||||
06/12/2030 | 3.875% | 202,000 | 175,470 | |
Canada 0.2% | ||||
MEGlobal Canada ULC(a) | ||||
05/18/2025 | 5.000% | 200,000 | 196,457 | |
NOVA Chemicals Corp.(a) | ||||
06/01/2027 | 5.250% | 70,000 | 62,884 | |
05/15/2029 | 4.250% | 45,000 | 36,755 | |
Total | 296,096 | |||
Colombia 0.6% | ||||
Colombia Government International Bond | ||||
06/15/2045 | 5.000% | 300,000 | 205,748 | |
05/15/2049 | 5.200% | 273,000 | 186,687 | |
Ecopetrol SA | ||||
04/29/2030 | 6.875% | 446,000 | 404,882 | |
Total | 797,317 | |||
Dominican Republic 0.4% | ||||
Dominican Republic International Bond(a) | ||||
01/25/2027 | 5.950% | 218,000 | 213,504 | |
04/30/2044 | 7.450% | 200,000 | 186,553 | |
01/27/2045 | 6.850% | 200,000 | 173,817 | |
Total | 573,874 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 19 |
December 31, 2022
Foreign Government Obligations(j),(k) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Egypt 0.3% | ||||
Egypt Government International Bond(a) | ||||
04/11/2031 | 6.375% | EUR | 100,000 | 74,321 |
05/29/2032 | 7.625% | 200,000 | 148,093 | |
01/31/2047 | 8.500% | 250,000 | 166,238 | |
Total | 388,652 | |||
Guatemala 0.2% | ||||
Guatemala Government Bond(a) | ||||
06/01/2050 | 6.125% | 200,000 | 188,409 | |
Hungary 0.5% | ||||
Hungary Government Bond | ||||
10/27/2038 | 3.000% | HUF | 178,140,000 | 252,440 |
Hungary Government International Bond(a) | ||||
09/22/2031 | 2.125% | 530,000 | 391,990 | |
Total | 644,430 | |||
Indonesia 0.4% | ||||
Indonesia Government International Bond | ||||
10/30/2049 | 3.700% | 200,000 | 154,745 | |
PT Pertamina Persero(a) | ||||
05/30/2044 | 6.450% | 400,000 | 399,219 | |
Total | 553,964 | |||
Ivory Coast 0.1% | ||||
Ivory Coast Government International Bond(a) | ||||
10/17/2031 | 5.875% | EUR | 200,000 | 179,480 |
Mexico 0.8% | ||||
Mexico Government International Bond | ||||
04/16/2030 | 3.250% | 200,000 | 174,416 | |
05/29/2031 | 7.750% | MXN | 9,400,000 | 445,261 |
Petroleos Mexicanos | ||||
01/28/2031 | 5.950% | 22,000 | 16,694 | |
02/16/2032 | 6.700% | 175,000 | 137,777 | |
09/21/2047 | 6.750% | 183,000 | 117,126 | |
01/23/2050 | 7.690% | 300,000 | 207,863 | |
Total | 1,099,137 | |||
Oman 0.1% | ||||
Oman Government International Bond(a) | ||||
01/17/2048 | 6.750% | 200,000 | 187,178 | |
Panama 0.1% | ||||
Panama Government International Bond | ||||
01/19/2033 | 3.298% | 200,000 | 162,633 | |
Paraguay 0.2% | ||||
Paraguay Government International Bond(a) | ||||
08/11/2044 | 6.100% | 200,000 | 192,176 |
Foreign Government Obligations(j),(k) (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Qatar 0.3% | ||||
Qatar Government International Bond(a) | ||||
03/14/2049 | 4.817% | 200,000 | 194,348 | |
Qatar Petroleum(a) | ||||
07/12/2031 | 2.250% | 200,000 | 165,809 | |
Total | 360,157 | |||
Romania 0.1% | ||||
Romanian Government International Bond(a) | ||||
04/03/2049 | 4.625% | EUR | 150,000 | 116,035 |
Saudi Arabia 0.4% | ||||
Saudi Arabian Oil Co.(a) | ||||
11/24/2030 | 2.250% | 453,000 | 373,127 | |
Saudi Government International Bond(a) | ||||
10/22/2030 | 3.250% | 200,000 | 182,554 | |
Total | 555,681 | |||
South Africa 0.1% | ||||
Republic of South Africa Government International Bond | ||||
09/30/2029 | 4.850% | 200,000 | 178,116 | |
Ukraine 0.1% | ||||
Ukraine Government International Bond(a) | ||||
09/01/2028 | 7.750% | 200,000 | 42,512 | |
09/25/2034 | 7.375% | 420,000 | 78,269 | |
03/15/2035 | 7.253% | 200,000 | 38,562 | |
Total | 159,343 | |||
United Arab Emirates 0.3% | ||||
DP World Crescent Ltd.(a) | ||||
07/18/2029 | 3.875% | 200,000 | 187,064 | |
DP World Ltd.(a) | ||||
09/25/2048 | 5.625% | 200,000 | 187,732 | |
Total | 374,796 | |||
United Kingdom 0.0% | ||||
NAK Naftogaz Ukraine via Kondor Finance PLC(a) | ||||
07/19/2024 | 7.125% | EUR | 200,000 | 36,090 |
Total Foreign Government Obligations (Cost $9,023,766) | 7,532,651 | |||
Residential Mortgage-Backed Securities - Agency 35.2% | ||||
Federal Home Loan Mortgage Corp. | ||||
05/01/2052 | 3.000% | 1,450,029 | 1,279,028 | |
07/01/2052- 08/01/2052 | 4.000% | 2,933,505 | 2,772,016 |
20 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal Home Loan Mortgage Corp.(e),(l) | ||||
CMO Series 4620 Class AS | ||||
11/15/2042 | 0.000% | 557,023 | 25,319 | |
Federal National Mortgage Association | ||||
11/01/2051- 05/01/2052 | 3.000% | 10,584,066 | 9,339,622 | |
05/01/2052 | 3.500% | 4,847,369 | 4,458,579 | |
Federal National Mortgage Association(e),(l) | ||||
CMO Series 2006-5 Class N1 | ||||
08/25/2034 | 0.000% | 1,273,959 | 13 | |
Federal National Mortgage Association(l) | ||||
CMO Series 2012-133 Class EI | ||||
07/25/2031 | 3.500% | 145,532 | 3,015 | |
CMO Series 2013-1 Class AI | ||||
02/25/2043 | 3.500% | 675,152 | 94,224 | |
CMO Series 2021-3 Class TI | ||||
02/25/2051 | 2.500% | 2,253,535 | 367,911 | |
Federal National Mortgage Association(b),(l) | ||||
CMO Series 2014-93 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/25/2045 | 1.761% | 249,525 | 28,204 | |
CMO Series 2016-31 Class VS | ||||
-1.0 x 1-month USD LIBOR + 6.000% Cap 6.000% 06/25/2046 | 1.611% | 458,533 | 43,931 | |
CMO Series 2017-47 Class SE | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 06/25/2047 | 1.711% | 354,197 | 52,935 | |
CMO Series 2017-56 Class SB | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 07/25/2047 | 1.761% | 723,629 | 90,965 | |
CMO Series 2018-76 Class SN | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 10/25/2048 | 1.761% | 315,737 | 37,046 | |
Government National Mortgage Association(l) | ||||
CMO Series 2014-190 Class AI | ||||
12/20/2038 | 3.500% | 779,448 | 69,869 | |
CMO Series 2020-138 Class GI | ||||
09/20/2050 | 3.000% | 800,324 | 120,318 | |
CMO Series 2021-140 Class IW | ||||
08/20/2051 | 3.500% | 1,073,558 | 176,882 |
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2021-16 Class KI | ||||
01/20/2051 | 2.500% | 1,298,763 | 186,511 | |
CMO Series 2021-57 Class KI | ||||
03/20/2051 | 3.500% | 1,546,181 | 259,533 | |
CMO Series 2021-89 Class IO | ||||
05/20/2051 | 3.000% | 1,120,023 | 167,213 | |
Government National Mortgage Association(b),(l) | ||||
CMO Series 2016-20 Class SQ | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 02/20/2046 | 1.747% | 407,673 | 36,905 | |
CMO Series 2017-129 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 08/20/2047 | 1.847% | 331,658 | 31,945 | |
CMO Series 2017-133 Class SM | ||||
-1.0 x 1-month USD LIBOR + 6.250% Cap 6.250% 09/20/2047 | 1.897% | 364,711 | 32,158 | |
CMO Series 2018-124 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 09/20/2048 | 1.847% | 606,784 | 52,740 | |
CMO Series 2018-155 Class ES | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 11/20/2048 | 1.747% | 474,544 | 39,082 | |
CMO Series 2018-168 Class SA | ||||
-1.0 x 1-month USD LIBOR + 6.100% Cap 6.100% 12/20/2048 | 1.747% | 424,922 | 45,007 | |
CMO Series 2018-67 Class SP | ||||
-1.0 x 1-month USD LIBOR + 6.200% Cap 6.200% 05/20/2048 | 1.847% | 783,463 | 68,606 | |
CMO Series 2019-152 Class BS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 12/20/2049 | 1.697% | 855,137 | 75,482 | |
CMO Series 2019-23 Class LS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 02/20/2049 | 1.697% | 291,017 | 28,914 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 21 |
December 31, 2022
Residential Mortgage-Backed Securities - Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
CMO Series 2019-29 Class DS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 03/20/2049 | 1.697% | 679,030 | 50,679 | |
CMO Series 2019-41 Class AS | ||||
-1.0 x 1-month USD LIBOR + 6.050% Cap 6.050% 03/20/2049 | 1.697% | 559,756 | 54,906 | |
CMO Series 2019-5 Class SH | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 01/20/2049 | 1.797% | 446,714 | 45,824 | |
CMO Series 2019-59 Class JS | ||||
-1.0 x 1-month USD LIBOR + 6.150% Cap 6.150% 05/20/2049 | 1.797% | 429,010 | 43,333 | |
CMO Series 2021-155 Class SG | ||||
-1.0 x 1-month USD LIBOR + 6.300% Cap 6.300% 09/20/2051 | 1.947% | 1,208,065 | 153,448 | |
Government National Mortgage Association TBA(m) | ||||
01/23/2053 | 3.000% | 2,000,000 | 1,780,364 | |
Uniform Mortgage-Backed Security TBA(m) | ||||
01/17/2038 | 3.000% | 1,000,000 | 936,544 | |
01/12/2053 | 3.500% | 2,500,000 | 2,270,757 | |
01/12/2053 | 4.000% | 8,500,000 | 7,970,110 | |
01/12/2053 | 4.500% | 8,500,000 | 8,179,179 | |
01/12/2053 | 5.000% | 7,000,000 | 6,896,550 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $51,084,434) | 48,365,667 | |||
Residential Mortgage-Backed Securities - Non-Agency 16.1% | ||||
510 Asset Backed Trust(a),(e) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
06/25/2061 | 2.116% | 377,988 | 350,156 | |
Bellemeade Re Ltd.(a),(b) | ||||
CMO Series 2020-3A Class M2 | ||||
1-month USD LIBOR + 4.850% Floor 4.850% 10/25/2030 | 9.239% | 550,000 | 552,217 | |
CMO Series 2021-1A Class M1C | ||||
30-day Average SOFR + 2.950% Floor 2.950% 03/25/2031 | 6.497% | 300,000 | 286,877 | |
BRAVO Residential Funding Trust(a),(e) | ||||
CMO Series 2021-B Class A1 | ||||
04/01/2069 | 2.115% | 306,305 | 285,975 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
BVRT Financing Trust(a),(b),(d) | ||||
CMO Series 2021-2F Class M2 | ||||
30-day Average SOFR + 2.500% Floor 2.500% 01/10/2032 | 3.761% | 121,002 | 121,186 | |
CMO Series 2021-3F Class M2 | ||||
30-day Average SOFR + 2.900% Floor 2.900% 07/12/2033 | 4.187% | 500,000 | 500,000 | |
BVRT Financing Trust(a),(b),(c),(d) | ||||
CMO Series 2021-CRT1 Class M4 | ||||
1-month USD LIBOR + 3.500% Floor 3.500% 07/10/2032 | 3.589% | 875,000 | 837,528 | |
CIM Trust(a),(e) | ||||
CMO Series 2021-NR4 Class A1 | ||||
10/25/2061 | 2.816% | 231,075 | 213,589 | |
Connecticut Avenue Securities Trust(a),(b) | ||||
Subordinated CMO Series 2022-R01 Class 1B2 | ||||
30-day Average SOFR + 6.000% 12/25/2041 | 9.928% | 750,000 | 641,678 | |
Subordinated CMO Series 2022-R02 Class 2B1 | ||||
30-day Average SOFR + 4.500% 01/25/2042 | 8.428% | 400,000 | 376,200 | |
Subordinated CMO Series 2022-R07 Class 1B2 | ||||
30-day Average SOFR + 12.000% 06/25/2042 | 15.928% | 300,000 | 313,368 | |
CTS Corp.(a) | ||||
CMO Series 2015-6R Class 3A2 | ||||
02/27/2036 | 3.750% | 241,983 | 232,060 | |
Eagle Re Ltd.(a),(b) | ||||
CMO Series 2019-1 Class M2 | ||||
1-month USD LIBOR + 3.300% 04/25/2029 | 7.689% | 350,000 | 334,470 | |
CMO Series 2021-1 Class M1C | ||||
30-day Average SOFR + 2.700% Floor 2.700% 10/25/2033 | 6.247% | 275,000 | 268,553 | |
Fannie Mae Connecticut Avenue Securities(a),(b) | ||||
Subordinated CMO Series 2021-R02 Class 2B1 | ||||
30-day Average SOFR + 3.300% 11/25/2041 | 10.128% | 200,000 | 184,564 | |
Freddie Mac STACR REMIC Trust(a),(b) | ||||
CMO Series 2021-HQA1 Class M2 | ||||
30-day Average SOFR + 2.250% 08/25/2033 | 6.178% | 200,000 | 185,067 | |
CMO Series 2022-HQA1 Class M2 | ||||
30-day Average SOFR + 5.250% 03/25/2042 | 9.178% | 400,000 | 388,025 |
22 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated CMO Series 2020-DNA4 Class B1 | ||||
1-month USD LIBOR + 6.000% 08/25/2050 | 10.389% | 681,538 | 720,468 | |
Subordinated CMO Series 2020-DNA6 Class B1 | ||||
30-day Average SOFR + 3.000% 12/25/2050 | 6.928% | 600,000 | 563,101 | |
Subordinated CMO Series 2021-DNA5 Class B1 | ||||
30-day Average SOFR + 3.050% 01/25/2034 | 6.978% | 500,000 | 456,574 | |
Subordinated CMO Series 2021-HQA1 Class B2 | ||||
30-day Average SOFR + 5.000% 08/25/2033 | 8.928% | 250,000 | 190,245 | |
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 | 7.928% | 750,000 | 715,341 | |
Subordinated CMO Series 2022-DNA2 Class B1 | ||||
30-day Average SOFR + 4.750% 02/25/2042 | 8.678% | 450,000 | 410,714 | |
Subordinated CMO Series 2022-DNA2 Class B2 | ||||
30-day Average SOFR + 8.500% 02/25/2042 | 12.428% | 350,000 | 288,599 | |
Loan Revolving Advance Investment Trust(a),(b),(d) | ||||
CMO Series 2021-2 Class A1X | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 06/30/2023 | 7.042% | 29,018 | 29,018 | |
New York Mortgage Trust(a),(e) | ||||
CMO Series 2021-BPL1 Class A1 | ||||
05/25/2026 | 2.239% | 400,000 | 373,894 | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
Series 2020-PLS1 Class A | ||||
12/25/2025 | 3.844% | 253,465 | 230,992 | |
Oaktown Re VI Ltd.(a),(b) | ||||
CMO Series 2021-1A Class M1C | ||||
30-day Average SOFR + 3.000% Floor 3.000% 10/25/2033 | 6.928% | 200,000 | 186,495 | |
PMT Credit Risk Transfer Trust(a),(b) | ||||
Series 2019-2R Class A | ||||
1-month USD LIBOR + 2.750% Floor 2.750% 05/27/2023 | 6.805% | 283,594 | 269,132 | |
PNMAC GMSR Issuer Trust(a),(b) | ||||
CMO Series 2018-GT1 Class A | ||||
1-month USD LIBOR + 2.850% Floor 2.850% 02/25/2023 | 7.239% | 2,350,000 | 2,296,748 | |
CMO Series 2018-GT2 Class A | ||||
1-month USD LIBOR + 2.650% 08/25/2025 | 6.694% | 3,450,000 | 3,386,233 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Point Securitization Trust(a),(e) | ||||
CMO Series 2021-1 Class A1 | ||||
02/25/2052 | 3.228% | 417,419 | 399,233 | |
Preston Ridge Partners Mortgage(a),(e) | ||||
CMO Series 2021-4 Class A1 | ||||
04/25/2026 | 1.867% | 287,091 | 257,071 | |
Preston Ridge Partners Mortgage Trust(a),(e) | ||||
CMO Series 2021-1 Class A1 | ||||
01/25/2026 | 2.115% | 280,260 | 254,583 | |
CMO Series 2021-2 Class A1 | ||||
03/25/2026 | 2.115% | 248,392 | 225,302 | |
CMO Series 2021-3 Class A1 | ||||
04/25/2026 | 1.867% | 279,062 | 252,080 | |
Pretium Mortgage Credit Partners(a),(e) | ||||
CMO Series 2022-NPL1 Class A1 | ||||
01/25/2052 | 2.981% | 407,765 | 364,133 | |
Pretium Mortgage Credit Partners I LLC(a),(e) | ||||
CMO Series 2021-NPL1 Class A1 | ||||
09/27/2060 | 2.240% | 180,887 | 164,749 | |
Pretium Mortgage Credit Partners LLC(a),(e) | ||||
CMO Series 2021-RN2 Class A1 | ||||
07/25/2051 | 1.744% | 186,811 | 168,588 | |
Radnor Re Ltd.(a),(b) | ||||
CMO Series 2021-1 Class M2 | ||||
30-day Average SOFR + 3.150% 12/27/2033 | 6.697% | 400,000 | 346,155 | |
Stonnington Mortgage Trust(a),(d),(e) | ||||
CMO Series 2020-1 Class A | ||||
07/28/2024 | 3.500% | 90,426 | 90,426 | |
Toorak Mortgage Corp., Ltd.(a),(e) | ||||
CMO Series 2021-1 Class A1 | ||||
06/25/2024 | 2.240% | 400,000 | 382,963 | |
Triangle Re Ltd.(a),(b) | ||||
CMO Series 2021-1 Class M1C | ||||
1-month USD LIBOR + 3.400% Floor 3.400% 08/25/2033 | 7.789% | 53,799 | 53,734 | |
CMO Series 2021-2 Class M1C | ||||
1-month USD LIBOR + 4.500% Floor 4.500% 10/25/2033 | 8.889% | 500,000 | 492,640 | |
CMO Series 2021-2 Class M2 | ||||
1-month USD LIBOR + 5.500% Floor 5.500% 10/25/2033 | 9.889% | 250,000 | 239,193 | |
VCAT Asset Securitization LLC(a),(e) | ||||
CMO Series 2021-NPL6 Class A1 | ||||
09/25/2051 | 1.917% | 392,674 | 341,849 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 23 |
December 31, 2022
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
VCAT LLC(a),(e) | ||||
CMO Series 2021-NPL5 Class A1 | ||||
08/25/2051 | 1.868% | 497,614 | 438,423 | |
Vericrest Opportunity Loan Transferee(a),(e) | ||||
CMO Series 2021-NPL4 Class A1 | ||||
03/27/2051 | 2.240% | 475,921 | 439,126 | |
Vericrest Opportunity Loan Transferee XCIII LLC(a),(e) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
02/27/2051 | 1.893% | 341,641 | 305,188 | |
Verus Securitization Trust(a),(e) | ||||
CMO Series 2020-1 Class M1 | ||||
01/25/2060 | 3.021% | 400,000 | 295,154 | |
Subordinated CMO Series 2019-INV3 Class B1 | ||||
11/25/2059 | 3.731% | 300,000 | 227,943 | |
Visio Trust(a),(e) | ||||
CMO Series 2019-2 Class M1 | ||||
11/25/2054 | 3.260% | 200,000 | 168,148 | |
Subordinated CMO Series 2019-2 Class B1 | ||||
11/25/2054 | 3.910% | 100,000 | 80,711 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $23,316,263) | 22,176,459 | |||
Senior Loans 6.8% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Airlines 0.3% | ||||
American Airlines, Inc.(b),(n) | ||||
Term Loan | ||||
1-month USD LIBOR + 1.750% 01/29/2027 | 6.137% | 484,896 | 458,920 | |
Automotive 0.3% | ||||
Clarios Global LP(b),(n) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 3.250% 04/30/2026 | 7.634% | 422,604 | 413,273 | |
Cable and Satellite 0.5% | ||||
Cogeco Communications Finance LP(b),(n) | ||||
Tranche B Term Loan | ||||
3-month USD LIBOR + 2.000% 01/03/2025 | 6.384% | 47,718 | 46,963 | |
Virgin Media Bristol LLC(b),(n) | ||||
Tranche Q Term Loan | ||||
1-month USD LIBOR + 3.250% 01/31/2029 | 7.568% | 600,000 | 593,550 | |
Total | 640,513 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Chemicals 0.8% | ||||
ColourOz Investment 1 GmbH(b),(n) | ||||
Tranche C 1st Lien Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023 | 8.575% | 46,475 | 33,617 | |
ColourOz Investment 2 LLC(b),(n) | ||||
Tranche B2 1st Lien Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023 | 8.575% | 281,893 | 203,902 | |
Ineos US Finance LLC(b),(n) | ||||
Term Loan | ||||
1-month Term SOFR + 3.750% 11/08/2027 | 8.173% | 484,733 | 476,424 | |
Nouryon Finance BV(b),(n) | ||||
Term Loan | ||||
1-month USD LIBOR + 2.750% 10/01/2025 | 7.165% | 369,880 | 364,147 | |
Total | 1,078,090 | |||
Consumer Cyclical Services 0.9% | ||||
8th Avenue Food & Provisions, Inc.(b),(n) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 3.750% 10/01/2025 | 8.134% | 33,222 | 27,532 | |
2nd Lien Term Loan | ||||
1-month USD LIBOR + 7.750% 10/01/2026 | 12.134% | 63,566 | 34,453 | |
Arches Buyer, Inc.(b),(n) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.250% Floor 0.500% 12/06/2027 | 7.634% | 490,000 | 452,231 | |
Uber Technologies, Inc.(b),(n) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.500% 02/25/2027 | 8.235% | 694,125 | 692,265 | |
Total | 1,206,481 | |||
Diversified Manufacturing 0.3% | ||||
TK Elevator Midco GmbH(b),(n) | ||||
Tranche B1 Term Loan | ||||
1-month USD LIBOR + 3.500% Floor 0.500% 07/30/2027 | 6.871% | 490,087 | 470,792 |
24 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Electric 0.3% | ||||
Constellation Renewables LLC(b),(n) | ||||
Term Loan | ||||
1-month USD LIBOR + 2.500% Floor 1.000% 12/15/2027 | 7.240% | 461,237 | 456,242 | |
Gaming 0.2% | ||||
Caesars Resort Collection LLC(b),(n) | ||||
Tranche B1 Term Loan | ||||
1-month USD LIBOR + 3.500% 07/21/2025 | 7.884% | 279,028 | 278,076 | |
Health Care 0.3% | ||||
Medline Borrower LP(b),(n) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.250% Floor 0.500% 10/23/2028 | 7.634% | 463,167 | 439,536 | |
Media and Entertainment 0.3% | ||||
Gray Television, Inc.(b),(n) | ||||
Tranche C Term Loan | ||||
3-month USD LIBOR + 2.500% 01/02/2026 | 6.620% | 425,886 | 413,761 | |
Property & Casualty 0.3% | ||||
Asurion LLC(b),(n) | ||||
Tranche B8 Term Loan | ||||
1-month USD LIBOR + 3.250% 12/23/2026 | 7.634% | 438,303 | 389,818 | |
Technology 1.9% | ||||
Avaya, Inc.(b),(n) | ||||
Tranche B1 Term Loan | ||||
1-month USD LIBOR + 4.250% 12/15/2027 | 8.568% | 277,009 | 92,302 | |
Endurance International Group Holdings, Inc.(b),(n) | ||||
Term Loan | ||||
1-month USD LIBOR + 3.500% Floor 0.750% 02/10/2028 | 7.717% | 874,235 | 783,533 | |
GoTo Group, Inc.(b),(n) | ||||
1st Lien Term Loan | ||||
1-month USD LIBOR + 4.750% 08/31/2027 | 9.139% | 492,462 | 314,807 | |
MA FinanceCo LLC(b),(n) | ||||
Tranche B4 Term Loan | ||||
1-month USD LIBOR + 4.250% Floor 1.000% 06/05/2025 | 8.973% | 474,563 | 472,490 |
Senior Loans (continued) | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Misys Ltd.(b),(n) | ||||
1st Lien Term Loan | ||||
3-month USD LIBOR + 3.500% Floor 1.000% 06/13/2024 | 6.871% | 491,790 | 433,798 | |
Peraton Corp.(b),(n) | ||||
Tranche B 1st Lien Term Loan | ||||
3-month USD LIBOR + 3.750% Floor 0.750% 02/01/2028 | 8.134% | 562,691 | 548,505 | |
Total | 2,645,435 | |||
Wireless 0.4% | ||||
SBA Senior Finance II LLC(b),(n) | ||||
Term Loan | ||||
3-month USD LIBOR + 1.750% 04/11/2025 | 6.140% | 486,005 | 483,847 | |
Total Senior Loans (Cost $10,176,137) | 9,374,784 | |||
U.S. Treasury Obligations 3.1% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
U.S. Treasury | ||||
04/30/2024 | 2.500% | 1,635,000 | 1,587,866 | |
05/15/2032 | 2.875% | 2,905,000 | 2,678,047 | |
Total U.S. Treasury Obligations (Cost $4,555,517) | 4,265,913 |
Options Purchased Calls 0.3% | ||||
Value ($) | ||||
(Cost $1,117,465) | 360,215 |
Money Market Funds 10.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(o),(p) | 13,815,503 | 13,811,358 |
Total Money Market Funds (Cost $13,809,472) | 13,811,358 | |
Total Investments in Securities (Cost: $178,294,329) | 163,009,328 | |
Other Assets & Liabilities, Net | (25,721,805) | |
Net Assets | 137,287,523 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 25 |
December 31, 2022
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
99,900,000 HUF | 257,408 USD | HSBC | 01/18/2023 | — | (9,244) |
1,089,000 EUR | 1,162,518 USD | UBS | 01/18/2023 | — | (4,391) |
Total | — | (13,635) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Long Bond | 19 | 03/2023 | USD | 2,381,531 | 289 | — |
U.S. Treasury 10-Year Note | 91 | 03/2023 | USD | 10,219,016 | — | (219,306) |
U.S. Treasury 5-Year Note | 25 | 03/2023 | USD | 2,698,242 | 333 | — |
U.S. Treasury 5-Year Note | 55 | 03/2023 | USD | 5,936,133 | — | (59,583) |
Total | 622 | (278,889) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro-Bobl | (29) | 03/2023 | EUR | (3,356,750) | 110,859 | — |
Euro-Bund | (26) | 03/2023 | EUR | (3,456,180) | 229,756 | — |
Japanese 10-Year Government Bond | (9) | 03/2023 | JPY | (1,309,140,000) | 164,371 | — |
U.S. Treasury 2-Year Note | (106) | 03/2023 | USD | (21,738,281) | — | (28,397) |
U.S. Treasury Ultra Bond | (8) | 03/2023 | USD | (1,074,500) | 23,287 | — |
Total | 528,273 | (28,397) |
Call option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 3,730,000 | 3,730,000 | 2.25 | 04/27/2023 | 89,520 | 5,361 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 7,640,000 | 7,640,000 | 2.50 | 05/12/2023 | 228,436 | 27,037 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 5,230,000 | 5,230,000 | 2.25 | 05/26/2023 | 107,215 | 12,624 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 8,000,000 | 8,000,000 | 2.75 | 06/26/2023 | 259,800 | 73,033 |
10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | USD | 6,150,000 | 6,150,000 | 3.30 | 11/14/2023 | 196,800 | 215,123 |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | 7,640,000 | 7,640,000 | 2.50 | 05/12/2023 | 235,694 | 27,037 |
Total | 1,117,465 | 360,215 |
Put option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | USD | (5,400,000) | (5,400,000) | 3.90 | 01/27/2023 | (101,250) | (13,664) |
26 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Cleared interest rate swap contracts | |||||||||||
Fund receives | Fund pays | Payment frequency | Counterparty | Maturity date | Notional currency | Notional amount | Value ($) | 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 | (63,774) | — | — | — | (63,774) |
Fixed rate of 5.985% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 01/21/2026 | MXN | 8,000,000 | (34,928) | — | — | — | (34,928) |
Fixed rate of 5.960% | 28-Day MXN TIIE-Banxico | Receives Monthly, Pays Monthly | Morgan Stanley | 02/02/2026 | MXN | 20,000,000 | (90,352) | — | — | — | (90,352) |
3-Month USD LIBOR | Fixed rate of 1.781% | Receives Quarterly, Pays SemiAnnually | Morgan Stanley | 08/09/2049 | USD | 2,100,000 | 639,014 | — | — | 639,014 | — |
Total | 449,960 | — | — | 639,014 | (189,054) |
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- | Goldman Sachs International | 11/18/2054 | 3.000 | Monthly | USD | 200,000 | 30,312 | (99) | 30,741 | — | — | (528) |
Markit CMBX North America Index, Series 11 BBB- | JPMorgan | 11/18/2054 | 3.000 | Monthly | USD | 200,000 | 30,312 | (100) | 6,796 | — | 23,416 | — |
Total | 60,624 | (199) | 37,537 | — | 23,416 | (528) |
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 ($) |
Markit CDX North America High Yield Index, Series 39 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | USD | 12,626,000 | (609,483) | — | — | — | (609,483) |
Credit default swap contracts - sell protection | |||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | 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 | 8.792 | USD | 500,000 | (86,484) | 249 | — | (109,091) | 22,856 | — |
Markit CMBX North America Index, Series 10 BBB- | Goldman Sachs International | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 125,000 | (21,621) | 63 | — | (14,087) | — | (7,471) |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500,000 | (86,484) | 250 | — | (108,033) | 21,799 | — |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500,000 | (86,484) | 250 | — | (83,686) | — | (2,548) |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 250,000 | (43,242) | 125 | — | (38,991) | — | (4,126) |
Markit CMBX North America Index, Series 10 BBB- | JPMorgan | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500,000 | (86,484) | 249 | — | (80,585) | — | (5,650) |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500,000 | (86,485) | 251 | — | (97,773) | 11,539 | — |
Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.792 | USD | 500,000 | (86,484) | 249 | — | (80,585) | — | (5,650) |
Total | (583,768) | 1,686 | — | (612,831) | 56,194 | (25,445) |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 27 |
December 31, 2022
* | 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 | 10.770% |
3-Month USD LIBOR | London Interbank Offered Rate | 4.767% |
(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, 2022, the total value of these securities amounted to $58,587,566, which represents 42.68% of total net assets. |
(b) | Variable rate security. The interest rate shown was the current rate as of December 31, 2022. |
(c) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At December 31, 2022, the total value of these securities amounted to $863,279, which represents 0.63% 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, 2022. |
(f) | Non-income producing investment. |
(g) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(h) | 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, 2022. |
(i) | Represents a security in default. |
(j) | Principal amounts are denominated in United States Dollars unless otherwise noted. |
(k) | Principal and interest may not be guaranteed by a governmental entity. |
(l) | Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans. |
(m) | Represents a security purchased on a when-issued basis. |
(n) | The stated interest rate represents the weighted average interest rate at December 31, 2022 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. |
(o) | The rate shown is the seven-day current annualized yield at December 31, 2022. |
(p) | 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, 2022 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, 4.318% | ||||||||
8,799,251 | 87,455,273 | (82,445,257) | 2,091 | 13,811,358 | (4,076) | 157,786 | 13,815,503 |
CMO | Collateralized Mortgage Obligation |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced |
28 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
EUR | Euro |
HUF | Hungarian Forint |
JPY | Japanese Yen |
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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 3,644,506 | 25,751 | 3,670,257 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 3,633,913 | — | 3,633,913 |
Common Stocks | ||||
Financials | — | — | — | — |
Total Common Stocks | — | — | — | — |
Convertible Bonds | — | 98,987 | — | 98,987 |
Corporate Bonds & Notes | — | 49,719,124 | — | 49,719,124 |
Foreign Government Obligations | — | 7,532,651 | — | 7,532,651 |
Residential Mortgage-Backed Securities - Agency | — | 48,365,667 | — | 48,365,667 |
Residential Mortgage-Backed Securities - Non-Agency | — | 20,598,301 | 1,578,158 | 22,176,459 |
Senior Loans | — | 9,374,784 | — | 9,374,784 |
U.S. Treasury Obligations | — | 4,265,913 | — | 4,265,913 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 29 |
December 31, 2022
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Options Purchased Calls | — | 360,215 | — | 360,215 |
Money Market Funds | 13,811,358 | — | — | 13,811,358 |
Total Investments in Securities | 13,811,358 | 147,594,061 | 1,603,909 | 163,009,328 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 528,895 | — | — | 528,895 |
Swap Contracts | — | 718,624 | — | 718,624 |
Liability | ||||
Forward Foreign Currency Exchange Contracts | — | (13,635) | — | (13,635) |
Futures Contracts | (307,286) | — | — | (307,286) |
Options Contracts Written | — | (13,664) | — | (13,664) |
Swap Contracts | — | (824,510) | — | (824,510) |
Total | 14,032,967 | 147,460,876 | 1,603,909 | 163,097,752 |
Balance as of 12/31/2021 ($) | Increase (decrease) in accrued discounts/ premiums ($) | Realized gain (loss) ($) | Change in unrealized appreciation (depreciation)(a) ($) | Purchases ($) | Sales ($) | Transfers into Level 3 ($) | Transfers out of Level 3 ($) | Balance as of 12/31/2022 ($) | |
Asset-Backed Securities — Non-Agency | 399,800 | — | 7 | 80 | — | (374,136) | — | — | 25,751 |
Residential Mortgage-Backed Securities — Non-Agency | 3,875,627 | 20,089 | — | (70,130) | — | (1,956,668) | — | (290,760) | 1,578,158 |
Senior Loans | 60,388 | — | — | — | — | — | — | (60,388) | — |
Total | 4,335,815 | 20,089 | 7 | (70,050) | — | (2,330,804) | — | (351,148) | 1,603,909 |
30 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $163,367,392) | $148,837,755 |
Affiliated issuers (cost $13,809,472) | 13,811,358 |
Options purchased (cost $1,117,465) | 360,215 |
Cash | 27,975 |
Foreign currency (cost $40,453) | 40,690 |
Cash collateral held at broker for: | |
Swap contracts | 450,000 |
TBA | 29,000 |
Other(a) | 132,000 |
Margin deposits on: | |
Futures contracts | 536,995 |
Swap contracts | 1,001,574 |
Unrealized appreciation on swap contracts | 79,610 |
Upfront payments on swap contracts | 37,537 |
Receivable for: | |
Capital shares sold | 116,051 |
Dividends | 43,079 |
Interest | 1,177,629 |
Foreign tax reclaims | 482 |
Variation margin for futures contracts | 68,213 |
Variation margin for swap contracts | 9,735 |
Expense reimbursement due from Investment Manager | 585 |
Prepaid expenses | 2,882 |
Trustees’ deferred compensation plan | 98,831 |
Total assets | 166,862,196 |
Liabilities | |
Option contracts written, at value (premiums received $101,250) | 13,664 |
Unrealized depreciation on forward foreign currency exchange contracts | 13,635 |
Unrealized depreciation on swap contracts | 25,973 |
Upfront receipts on swap contracts | 612,831 |
Payable for: | |
Investments purchased | 2,372 |
Investments purchased on a delayed delivery basis | 28,565,191 |
Capital shares purchased | 140,421 |
Variation margin for futures contracts | 22,641 |
Variation margin for swap contracts | 6,778 |
Management services fees | 2,262 |
Distribution and/or service fees | 812 |
Service fees | 19,611 |
Compensation of board members | 12,384 |
Compensation of chief compliance officer | 26 |
Other expenses | 37,241 |
Trustees’ deferred compensation plan | 98,831 |
Total liabilities | 29,574,673 |
Net assets applicable to outstanding capital stock | $137,287,523 |
Represented by | |
Paid in capital | 153,431,014 |
Total distributable earnings (loss) | (16,143,491) |
Total - representing net assets applicable to outstanding capital stock | $137,287,523 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 31 |
December 31, 2022
Class 1 | |
Net assets | $19,019,258 |
Shares outstanding | 5,434,896 |
Net asset value per share | $3.50 |
Class 2 | |
Net assets | $118,268,265 |
Shares outstanding | 34,208,774 |
Net asset value per share | $3.46 |
(a) | Includes collateral related to options purchased and swap contracts. |
32 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $161 |
Dividends — affiliated issuers | 157,786 |
Interest | 6,496,761 |
Interfund lending | 50 |
Total income | 6,654,758 |
Expenses: | |
Management services fees | 849,303 |
Distribution and/or service fees | |
Class 2 | 309,761 |
Service fees | 167,994 |
Compensation of board members | 15,765 |
Custodian fees | 43,188 |
Printing and postage fees | 10,402 |
Audit fees | 55,963 |
Legal fees | 13,925 |
Interest on collateral | 17,617 |
Compensation of chief compliance officer | 48 |
Other | 6,843 |
Total expenses | 1,490,809 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (205,369) |
Total net expenses | 1,285,440 |
Net investment income | 5,369,318 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (7,135,354) |
Investments — affiliated issuers | (4,076) |
Foreign currency translations | 43,246 |
Forward foreign currency exchange contracts | (10,866) |
Futures contracts | 1,396,183 |
Options purchased | 1,212,210 |
Options contracts written | (1,455,735) |
Swap contracts | 118,065 |
Net realized loss | (5,836,327) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (16,733,197) |
Investments — affiliated issuers | 2,091 |
Foreign currency translations | 699 |
Forward foreign currency exchange contracts | (4,964) |
Futures contracts | 235,936 |
Options purchased | (611,768) |
Options contracts written | (24,981) |
Swap contracts | (159,963) |
Net change in unrealized appreciation (depreciation) | (17,296,147) |
Net realized and unrealized loss | (23,132,474) |
Net decrease in net assets resulting from operations | $(17,763,156) |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 33 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $5,369,318 | $4,264,258 |
Net realized gain (loss) | (5,836,327) | 6,933,454 |
Net change in unrealized appreciation (depreciation) | (17,296,147) | (8,634,602) |
Net increase (decrease) in net assets resulting from operations | (17,763,156) | 2,563,110 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (1,229,058) | (952,850) |
Class 2 | (8,819,259) | (6,233,060) |
Total distributions to shareholders | (10,048,317) | (7,185,910) |
Increase (decrease) in net assets from capital stock activity | 18,332,155 | (72,845,490) |
Total decrease in net assets | (9,479,318) | (77,468,290) |
Net assets at beginning of year | 146,766,841 | 224,235,131 |
Net assets at end of year | $137,287,523 | $146,766,841 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 1,348,582 | 4,852,596 | 1,070,904 | 4,682,876 |
Distributions reinvested | 337,653 | 1,229,058 | 223,150 | 952,850 |
Redemptions | (731,953) | (2,812,156) | (23,791,166) | (105,162,096) |
Net increase (decrease) | 954,282 | 3,269,498 | (22,497,112) | (99,526,370) |
Class 2 | ||||
Subscriptions | 12,016,613 | 44,656,341 | 8,039,184 | 34,765,188 |
Distributions reinvested | 2,449,794 | 8,819,259 | 1,473,537 | 6,233,060 |
Redemptions | (10,652,434) | (38,412,943) | (3,311,883) | (14,317,368) |
Net increase | 3,813,973 | 15,062,657 | 6,200,838 | 26,680,880 |
Total net increase (decrease) | 4,768,255 | 18,332,155 | (16,296,274) | (72,845,490) |
34 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 35 |
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 12/31/2022 | $4.25 | 0.15 | (0.62) | (0.47) | (0.12) | (0.16) | (0.28) |
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) |
Class 2 | |||||||
Year Ended 12/31/2022 | $4.20 | 0.14 | (0.61) | (0.47) | (0.11) | (0.16) | (0.27) |
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) |
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 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 |
Class 1 | 0.01% | 0.01% | less than 0.01% | less than 0.01% | less than 0.01% |
Class 2 | 0.01% | 0.01% | less than 0.01% | less than 0.01% | less than 0.01% |
36 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
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 12/31/2022 | $3.50 | (11.37%) | 0.83%(c) | 0.69%(c) | 4.03% | 182% | $19,019 |
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 |
Class 2 | |||||||
Year Ended 12/31/2022 | $3.46 | (11.52%) | 1.08%(c) | 0.94%(c) | 3.76% | 182% | $118,268 |
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% | $68,554 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 37 |
December 31, 2022
38 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 39 |
December 31, 2022
40 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 41 |
December 31, 2022
42 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 43 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 79,610* |
Credit risk | Upfront payments on swap contracts | 37,537 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 528,895* |
Interest rate risk | Investments, at value — Options purchased | 360,215 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | 639,014* |
Total | 1,645,271 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 635,456* |
Credit risk | Upfront receipts on swap contracts | 612,831 |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 13,635 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 307,286* |
Interest rate risk | Options contracts written, at value | 13,664 |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | 189,054* |
Total | 1,771,926 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
44 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | — | 389,275 | 389,275 |
Foreign exchange risk | (10,866) | — | — | — | — | (10,866) |
Interest rate risk | — | 1,396,183 | (1,455,735) | 1,212,210 | (271,210) | 881,448 |
Total | (10,866) | 1,396,183 | (1,455,735) | 1,212,210 | 118,065 | 1,259,857 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts written ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | — | (1,047,190) | (1,047,190) |
Foreign exchange risk | (4,964) | — | — | — | — | (4,964) |
Interest rate risk | — | 235,936 | (24,981) | (611,768) | 887,227 | 486,414 |
Total | (4,964) | 235,936 | (24,981) | (611,768) | (159,963) | (565,740) |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 21,019,169 |
Futures contracts — short | 47,620,147 |
Credit default swap contracts — buy protection | 12,405,645 |
Credit default swap contracts — sell protection | 5,031,250 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 700,705 |
Options contracts — written | (731,510) |
Derivative instrument | Average unrealized appreciation ($)* | Average unrealized depreciation ($)* |
Forward foreign currency exchange contracts | 7,873 | (10,849) |
Interest rate swap contracts | 482,225 | (194,242) |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 45 |
December 31, 2022
46 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Citi ($)(a) | Citi ($)(a) | Goldman Sachs International ($) | HSBC ($) | JPMorgan ($) | Morgan Stanley ($)(a) | Morgan Stanley ($)(a) | UBS ($) | Total ($) | |
Assets | |||||||||
Centrally cleared credit default swap contracts (b) | - | - | - | - | - | - | 9,735 | - | 9,735 |
Options purchased calls | 333,178 | - | - | - | - | 27,037 | - | - | 360,215 |
OTC credit default swap contracts (c) | - | 22,856 | 30,741 | - | 52,011 | 11,539 | - | - | 117,147 |
Total assets | 333,178 | 22,856 | 30,741 | - | 52,011 | 38,576 | 9,735 | - | 487,097 |
Liabilities | |||||||||
Centrally cleared interest rate swap contracts (b) | - | - | - | - | - | - | 6,778 | - | 6,778 |
Forward foreign currency exchange contracts | - | - | - | 9,244 | - | - | - | 4,391 | 13,635 |
Options contracts written | - | - | - | - | - | 13,664 | - | - | 13,664 |
OTC credit default swap contracts (c) | - | 109,091 | 22,086 | - | 323,619 | 184,008 | - | - | 638,804 |
Total liabilities | - | 109,091 | 22,086 | 9,244 | 323,619 | 197,672 | 6,778 | 4,391 | 672,881 |
Total financial and derivative net assets | 333,178 | (86,235) | 8,655 | (9,244) | (271,608) | (159,096) | 2,957 | (4,391) | (185,784) |
Total collateral received (pledged) (d) | 333,178 | - | - | - | (271,608) | (132,000) | - | - | (70,430) |
Net amount (e) | - | (86,235) | 8,655 | (9,244) | - | (27,096) | 2,957 | (4,391) | (115,354) |
(a) | Exposure can only be netted across transactions governed under the same master agreement with the same legal entity. |
(b) | Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities. |
(c) | 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. |
(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. |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 47 |
December 31, 2022
48 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 49 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.67% | 0.69% |
Class 2 | 0.92 | 0.94 |
50 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Undistributed net investment income ($) | Accumulated net realized (loss) ($) | Paid in capital ($) |
(356,337) | 356,337 | — |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
6,412,812 | 3,635,505 | 10,048,317 | 7,185,910 | — | 7,185,910 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
4,914,437 | — | (5,636,915) | (15,319,664) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
177,842,122 | 1,205,429 | (16,525,093) | (15,319,664) |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 51 |
December 31, 2022
No expiration short-term ($) | No expiration long-term ($) | Total ($) | Utilized ($) |
(1,831,592) | (3,805,323) | (5,636,915) | — |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 500,000 | 3.60 | 1 |
52 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 53 |
December 31, 2022
54 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 55 |
56 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 57 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
58 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 59 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
60 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 | 61 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
62 | Columbia Variable Portfolio – Strategic Income Fund | Annual Report 2022 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
15 | |
16 | |
17 | |
18 | |
20 | |
29 | |
30 | |
30 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class 1 | 05/19/98 | -8.69 | 5.01 | 9.71 | |
Class 2 | 06/01/00 | -8.97 | 4.74 | 9.45 | |
Russell 2000 Value Index | -14.48 | 4.13 | 8.48 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at December 31, 2022) | |
Common Stocks | 100.0 |
Money Market Funds | 0.0(a) |
Total | 100.0 |
(a) | Rounds to zero. |
Equity sector breakdown (%) (at December 31, 2022) | |
Communication Services | 1.4 |
Consumer Discretionary | 12.4 |
Consumer Staples | 2.1 |
Energy | 4.9 |
Financials | 23.8 |
Health Care | 10.0 |
Industrials | 15.9 |
Information Technology | 13.7 |
Materials | 8.0 |
Real Estate | 6.8 |
Utilities | 1.0 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
• | The Fund benefitted from significant outperformance in the industrials, health care, materials, technology and financials sectors during the period. |
• | In industrials, two aerospace and defense holdings were acquired by other companies at substantial premiums, which benefited the Fund. |
• | In health care, health care providers were trading at a substantial discount, and the market has begun to recognize the stability in their earnings and strength of their cash flow, which is particularly appealing with general concerns about the overall economic landscape. |
• | In materials, exposure to metals and mining stocks proved beneficial, particularly gold and copper companies. Steel equities continued to perform well as there is an expectation for increased infrastructure spending. |
• | In technology, microcap exposure in the electronic equipment industry helped relative results. |
• | In financials, banks and insurance, the largest sub-groups within the sector, helped results as well. |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 5 |
(Unaudited)
• | Stock selection within the consumer discretionary sector detracted from relative results as concerns about recession and future consumer spending created an uncertain near-term outlook. A key exception to the sector-wide trend was the Fund’s exposure to two auto component makers that posted strong positive returns for the year. |
• | The Fund’s overweight to information technology also detracted. Although the Fund benefitted from strong overall selection within the technology sector as noted above, its greater exposure to IT service providers proved to be a negative. |
• | An underweight to the utilities sector also was a notable detractor given that the sector was the only positive performer for the year (other than energy) as recession fears enhanced its perceived stability and relative certainty of earnings. The Fund’s management believed, however, that utilities were trading above intrinsic value and therefore were relatively unattractive in comparison to other opportunities in the portfolio. |
6 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 1,088.90 | 1,020.66 | 4.61 | 4.46 | 0.88 |
Class 2 | 1,000.00 | 1,000.00 | 1,086.60 | 1,019.40 | 5.91 | 5.72 | 1.13 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 7 |
December 31, 2022
Common Stocks 99.6% | ||
Issuer | Shares | Value ($) |
Communication Services 1.5% | ||
Entertainment 0.4% | ||
Gaia, Inc.(a) | 328,813 | 782,575 |
Playstudios, Inc.(a) | 280,096 | 1,086,772 |
Total | 1,869,347 | |
Media 1.1% | ||
Criteo SA, ADR(a) | 97,508 | 2,541,059 |
Innovid Corp.(a) | 403,199 | 689,470 |
Integral Ad Science Holding Corp.(a) | 268,785 | 2,362,620 |
Total | 5,593,149 | |
Total Communication Services | 7,462,496 | |
Consumer Discretionary 12.3% | ||
Auto Components 1.6% | ||
Gentherm, Inc.(a) | 38,262 | 2,498,126 |
Modine Manufacturing Co.(a) | 138,389 | 2,748,405 |
Visteon Corp.(a) | 22,195 | 2,903,772 |
Total | 8,150,303 | |
Distributors 0.1% | ||
Educational Development Corp. | 158,545 | 501,002 |
Diversified Consumer Services 0.6% | ||
American Public Education, Inc.(a) | 75,247 | 924,786 |
Stride, Inc.(a) | 64,623 | 2,021,407 |
Total | 2,946,193 | |
Hotels, Restaurants & Leisure 0.3% | ||
PlayAGS, Inc.(a) | 345,030 | 1,759,653 |
Household Durables 4.0% | ||
Cavco Industries, Inc.(a) | 10,027 | 2,268,609 |
Century Communities, Inc. | 51,430 | 2,572,014 |
Ethan Allen Interiors, Inc. | 63,459 | 1,676,587 |
Hamilton Beach Brands Holding Co. | 124,492 | 1,542,456 |
Legacy Housing Corp.(a) | 97,115 | 1,841,300 |
Lifetime Brands, Inc. | 104,850 | 795,811 |
Lovesac Co. (The)(a) | 35,104 | 772,639 |
Meritage Homes Corp.(a) | 49,424 | 4,556,893 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Tri Pointe Homes, Inc.(a) | 157,175 | 2,921,883 |
Universal Electronics, Inc.(a) | 68,149 | 1,418,181 |
Total | 20,366,373 | |
Internet & Direct Marketing Retail 0.9% | ||
1-800-Flowers.com, Inc., Class A(a) | 138,779 | 1,326,727 |
Overstock.com, Inc.(a) | 89,450 | 1,731,752 |
Redbubble Ltd.(a) | 2,141,110 | 752,248 |
ThredUp, Inc., Class A(a) | 812,308 | 1,064,124 |
Total | 4,874,851 | |
Leisure Products 0.6% | ||
Latham Group, Inc.(a) | 332,910 | 1,071,970 |
Malibu Boats, Inc., Class A(a) | 41,263 | 2,199,318 |
Total | 3,271,288 | |
Multiline Retail 0.2% | ||
Big Lots, Inc. | 55,987 | 823,009 |
Specialty Retail 1.3% | ||
American Eagle Outfitters, Inc. | 175,770 | 2,453,749 |
Brilliant Earth Group, Inc., Class A(a) | 169,902 | 732,278 |
Urban Outfitters, Inc.(a) | 139,388 | 3,324,404 |
Total | 6,510,431 | |
Textiles, Apparel & Luxury Goods 2.7% | ||
Allbirds, Inc., Class A(a) | 416,243 | 1,007,308 |
Canada Goose Holdings, Inc.(a) | 146,970 | 2,617,536 |
Culp, Inc. | 129,297 | 593,473 |
Fossil Group, Inc.(a) | 354,829 | 1,529,313 |
Kontoor Brands, Inc. | 66,060 | 2,641,739 |
Movado Group, Inc. | 67,395 | 2,173,489 |
Steven Madden Ltd. | 110,564 | 3,533,626 |
Total | 14,096,484 | |
Total Consumer Discretionary | 63,299,587 | |
Consumer Staples 2.1% | ||
Food & Staples Retailing 0.6% | ||
Andersons, Inc. (The) | 82,432 | 2,884,296 |
Food Products 0.5% | ||
Fresh Del Monte Produce, Inc. | 96,043 | 2,515,366 |
8 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Household Products 0.2% | ||
Oil-Dri Corp of America | 38,846 | 1,302,895 |
Personal Products 0.8% | ||
Honest Co., Inc. (The)(a) | 607,487 | 1,828,536 |
Olaplex Holdings, Inc.(a) | 418,230 | 2,178,978 |
Total | 4,007,514 | |
Total Consumer Staples | 10,710,071 | |
Energy 4.9% | ||
Energy Equipment & Services 2.6% | ||
ChampionX Corp. | 132,260 | 3,834,217 |
Expro Group Holdings NV(a) | 161,223 | 2,922,973 |
Natural Gas Services Group, Inc.(a) | 142,604 | 1,634,242 |
Newpark Resources, Inc.(a) | 509,013 | 2,112,404 |
Pason Systems, Inc. | 178,759 | 2,104,445 |
Profire Energy, Inc.(a) | 559,741 | 587,728 |
Total | 13,196,009 | |
Oil, Gas & Consumable Fuels 2.3% | ||
CVR Energy, Inc. | 110,700 | 3,469,338 |
Equitrans Midstream Corp. | 592,610 | 3,970,487 |
Talos Energy, Inc.(a) | 133,720 | 2,524,634 |
W&T Offshore, Inc.(a) | 313,242 | 1,747,890 |
Total | 11,712,349 | |
Total Energy | 24,908,358 | |
Financials 23.7% | ||
Banks 14.6% | ||
Ameris Bancorp | 88,706 | 4,181,601 |
Bank of Marin Bancorp | 48,709 | 1,601,552 |
BankUnited, Inc. | 135,312 | 4,596,549 |
Banner Corp. | 60,414 | 3,818,165 |
Brookline Bancorp, Inc. | 194,345 | 2,749,982 |
Capital Bancorp, Inc. | 83,248 | 1,959,658 |
Capital City Bank Group, Inc. | 41,134 | 1,336,855 |
Central Pacific Financial Corp. | 78,678 | 1,595,590 |
Central Valley Community Bancorp | 67,861 | 1,437,296 |
Community Trust Bancorp, Inc. | 46,886 | 2,153,474 |
First BanCorp | 283,473 | 3,605,776 |
First BanCorp | 66,546 | 2,850,831 |
First Community Corp. | 84,008 | 1,838,935 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
First Financial Corp. | 37,263 | 1,717,079 |
Hilltop Holdings, Inc. | 135,950 | 4,079,859 |
HomeStreet, Inc. | 51,019 | 1,407,104 |
Northrim BanCorp, Inc. | 59,620 | 3,253,463 |
OFG Bancorp | 115,319 | 3,178,192 |
Plumas Bancorp | 42,132 | 1,560,991 |
Popular, Inc. | 75,998 | 5,040,187 |
Riverview Bancorp, Inc. | 175,856 | 1,350,574 |
Sierra Bancorp | 71,624 | 1,521,294 |
Silvergate Capital Corp., Class A(a) | 156,625 | 2,725,275 |
Southern First Bancshares, Inc.(a) | 49,824 | 2,279,448 |
Towne Bank | 117,100 | 3,611,364 |
UMB Financial Corp. | 66,251 | 5,533,283 |
Washington Federal, Inc. | 109,046 | 3,658,493 |
Total | 74,642,870 | |
Capital Markets 0.7% | ||
StoneX Group, Inc.(a) | 38,076 | 3,628,643 |
Consumer Finance 0.6% | ||
Ezcorp, Inc., Class A(a) | 194,017 | 1,581,239 |
PROG Holdings, Inc.(a) | 98,109 | 1,657,061 |
Total | 3,238,300 | |
Diversified Financial Services 0.3% | ||
Alerus Financial Corp. | 63,163 | 1,474,856 |
Insurance 3.3% | ||
Argo Group International Holdings Ltd. | 96,890 | 2,504,607 |
Employers Holdings, Inc. | 50,434 | 2,175,218 |
Global Indemnity Group LLC | 87,311 | 2,035,219 |
Horace Mann Educators Corp. | 52,782 | 1,972,463 |
Mercury General Corp. | 79,718 | 2,726,356 |
National Western Life Group, Inc., Class A | 11,437 | 3,213,797 |
ProAssurance Corp. | 123,546 | 2,158,349 |
Total | 16,786,009 | |
Thrifts & Mortgage Finance 4.2% | ||
Essent Group Ltd. | 122,597 | 4,766,571 |
MGIC Investment Corp. | 316,126 | 4,109,638 |
NMI Holdings, Inc., Class A(a) | 153,649 | 3,211,264 |
Provident Financial Holdings, Inc. | 80,537 | 1,108,995 |
Radian Group, Inc. | 245,220 | 4,676,345 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 9 |
December 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Territorial Bancorp, Inc. | 68,547 | 1,645,814 |
Western New England Bancorp, Inc. | 212,629 | 2,011,470 |
Total | 21,530,097 | |
Total Financials | 121,300,775 | |
Health Care 10.0% | ||
Biotechnology 4.6% | ||
Arcutis Biotherapeutics, Inc.(a) | 60,850 | 900,580 |
Arrowhead Pharmaceuticals, Inc.(a) | 26,420 | 1,071,595 |
Atara Biotherapeutics, Inc.(a) | 280,470 | 919,942 |
BioCryst Pharmaceuticals, Inc.(a) | 138,330 | 1,588,028 |
Coherus Biosciences, Inc.(a) | 129,311 | 1,024,143 |
Insmed, Inc.(a) | 131,320 | 2,623,773 |
Iovance Biotherapeutics, Inc.(a) | 320,615 | 2,048,730 |
IVERIC bio, Inc.(a) | 55,020 | 1,177,978 |
Natera, Inc.(a) | 68,300 | 2,743,611 |
Replimune Group, Inc.(a) | 53,693 | 1,460,450 |
Sage Therapeutics, Inc.(a) | 90,559 | 3,453,920 |
SpringWorks Therapeutics, Inc.(a) | 45,276 | 1,177,629 |
Travere Therapeutics, Inc.(a) | 44,010 | 925,530 |
uniQure NV(a) | 71,380 | 1,618,185 |
Zentalis Pharmaceuticals, Inc.(a) | 54,120 | 1,089,977 |
Total | 23,824,071 | |
Health Care Equipment & Supplies 0.6% | ||
Inogen, Inc.(a) | 90,714 | 1,787,973 |
Zimvie, Inc.(a) | 137,980 | 1,288,733 |
Total | 3,076,706 | |
Health Care Providers & Services 2.2% | ||
Community Health Systems, Inc.(a) | 330,206 | 1,426,490 |
Encompass Health Corp. | 90,070 | 5,387,087 |
Enhabit, Inc.(a) | 148,590 | 1,955,444 |
R1 RCM, Inc.(a) | 229,640 | 2,514,558 |
Total | 11,283,579 | |
Health Care Technology 0.2% | ||
Sharecare, Inc.(a) | 567,586 | 908,138 |
Life Sciences Tools & Services 0.2% | ||
Codexis, Inc.(a) | 203,724 | 949,354 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Pharmaceuticals 2.2% | ||
ANI Pharmaceuticals, Inc.(a) | 50,342 | 2,025,259 |
Perrigo Co. PLC | 126,170 | 4,301,135 |
Supernus Pharmaceuticals, Inc.(a) | 81,907 | 2,921,623 |
Taro Pharmaceutical Industries Ltd.(a) | 61,265 | 1,779,135 |
Total | 11,027,152 | |
Total Health Care | 51,069,000 | |
Industrials 15.8% | ||
Aerospace & Defense 2.0% | ||
Curtiss-Wright Corp. | 6,029 | 1,006,782 |
Maxar Technologies, Inc. | 101,778 | 5,265,994 |
Moog, Inc., Class A | 45,859 | 4,024,586 |
Total | 10,297,362 | |
Air Freight & Logistics 0.2% | ||
Radiant Logistics, Inc.(a) | 227,303 | 1,156,972 |
Airlines 0.5% | ||
JetBlue Airways Corp.(a) | 430,520 | 2,789,770 |
Building Products 1.5% | ||
AZEK Co., Inc. (The)(a) | 54,927 | 1,116,117 |
Caesarstone Ltd. | 148,614 | 848,586 |
Resideo Technologies, Inc.(a) | 142,390 | 2,342,315 |
UFP Industries, Inc. | 43,816 | 3,472,418 |
Total | 7,779,436 | |
Commercial Services & Supplies 0.8% | ||
Healthcare Services Group, Inc. | 145,417 | 1,745,004 |
HNI Corp. | 75,423 | 2,144,276 |
Total | 3,889,280 | |
Construction & Engineering 0.7% | ||
MDU Resources Group, Inc. | 115,560 | 3,506,090 |
Electrical Equipment 1.9% | ||
AZZ, Inc. | 66,452 | 2,671,371 |
Encore Wire Corp. | 30,242 | 4,160,090 |
Shoals Technologies Group, Inc., Class A(a) | 30,196 | 744,935 |
Thermon(a) | 101,904 | 2,046,232 |
Total | 9,622,628 |
10 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Machinery 3.9% | ||
CIRCOR International, Inc.(a) | 63,424 | 1,519,639 |
Gorman-Rupp Co. | 55,358 | 1,418,272 |
Greenbrier Companies, Inc. (The) | 67,328 | 2,257,508 |
Hurco Companies, Inc. | 61,220 | 1,599,679 |
John Bean Technologies Corp. | 40,820 | 3,728,091 |
LB Foster Co., Class A(a) | 76,412 | 739,668 |
Manitex International, Inc.(a) | 243,804 | 975,216 |
Miller Industries, Inc. | 33,219 | 885,618 |
Mueller Industries, Inc. | 66,522 | 3,924,798 |
Standex International Corp. | 28,869 | 2,956,474 |
Total | 20,004,963 | |
Marine 1.0% | ||
Costamare, Inc. | 249,135 | 2,311,973 |
Kirby Corp.(a) | 40,207 | 2,587,320 |
Total | 4,899,293 | |
Professional Services 1.0% | ||
Korn/Ferry International | 61,555 | 3,115,914 |
Red Violet, Inc.(a) | 81,376 | 1,873,276 |
Total | 4,989,190 | |
Road & Rail 1.2% | ||
Marten Transport Ltd. | 136,500 | 2,699,970 |
Schneider National, Inc., Class B | 152,990 | 3,579,966 |
Total | 6,279,936 | |
Trading Companies & Distributors 1.1% | ||
H&E Equipment Services, Inc. | 64,740 | 2,939,196 |
Textainer Group Holdings Ltd. | 93,891 | 2,911,560 |
Total | 5,850,756 | |
Total Industrials | 81,065,676 | |
Information Technology 13.6% | ||
Communications Equipment 1.7% | ||
Applied Optoelectronics, Inc.(a) | 345,650 | 653,278 |
Casa Systems, Inc.(a) | 360,567 | 984,348 |
KVH Industries, Inc.(a) | 87,042 | 889,569 |
Lumentum Holdings, Inc.(a) | 53,280 | 2,779,618 |
Netscout Systems, Inc.(a) | 98,100 | 3,189,231 |
Total | 8,496,044 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Electronic Equipment, Instruments & Components 4.8% | ||
Airgain, Inc.(a) | 140,575 | 915,143 |
Bel Fuse, Inc., Class B | 66,569 | 2,191,452 |
ePlus, Inc.(a) | 51,951 | 2,300,390 |
FARO Technologies, Inc.(a) | 59,407 | 1,747,160 |
IPG Photonics Corp.(a) | 22,000 | 2,082,740 |
Knowles Corp.(a) | 189,940 | 3,118,815 |
Luna Innovations, Inc.(a) | 227,742 | 2,001,852 |
OSI Systems, Inc.(a) | 37,257 | 2,962,677 |
Powerfleet, Inc.(a) | 421,776 | 1,134,577 |
Vishay Intertechnology, Inc. | 202,861 | 4,375,712 |
Vishay Precision Group, Inc.(a) | 45,706 | 1,766,537 |
Total | 24,597,055 | |
IT Services 4.2% | ||
Cass Information Systems, Inc. | 51,452 | 2,357,531 |
DigitalOcean Holdings, Inc.(a) | 107,780 | 2,745,156 |
EVERTEC, Inc. | 87,360 | 2,828,717 |
IBEX Holdings Ltd.(a) | 127,349 | 3,164,623 |
International Money Express, Inc.(a) | 71,726 | 1,747,963 |
Kyndryl Holdings, Inc.(a) | 263,667 | 2,931,977 |
Payoneer Global, Inc.(a) | 487,267 | 2,665,350 |
Shift4 Payments, Inc., Class A(a) | 57,361 | 3,208,201 |
Total | 21,649,518 | |
Semiconductors & Semiconductor Equipment 1.8% | ||
Cohu, Inc.(a) | 91,991 | 2,948,311 |
MagnaChip Semiconductor Corp.(a) | 99,060 | 930,173 |
SMART Global Holdings, Inc.(a) | 131,370 | 1,954,786 |
Synaptics, Inc.(a) | 21,180 | 2,015,489 |
Valens Semiconductor Ltd.(a) | 246,022 | 1,321,138 |
Total | 9,169,897 | |
Software 0.9% | ||
Cerence, Inc.(a) | 90,185 | 1,671,128 |
Cognyte Software Ltd.(a) | 191,173 | 594,548 |
Mitek Systems, Inc.(a) | 117,728 | 1,140,784 |
Upland Software, Inc.(a) | 203,212 | 1,448,902 |
Total | 4,855,362 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 11 |
December 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Technology Hardware, Storage & Peripherals 0.2% | ||
Nano Dimension Ltd., ADR(a) | 445,730 | 1,025,179 |
Total Information Technology | 69,793,055 | |
Materials 7.9% | ||
Chemicals 1.0% | ||
Aspen Aerogels, Inc.(a) | 142,270 | 1,677,363 |
Tronox Holdings PLC, Class A | 251,343 | 3,445,913 |
Total | 5,123,276 | |
Construction Materials 1.7% | ||
Eagle Materials, Inc. | 35,469 | 4,712,056 |
Summit Materials, Inc., Class A(a) | 151,988 | 4,314,957 |
Total | 9,027,013 | |
Containers & Packaging 0.6% | ||
Greif, Inc., Class A | 45,879 | 3,076,646 |
Metals & Mining 3.4% | ||
Ampco-Pittsburgh Corp.(a) | 257,712 | 646,857 |
Capstone Copper Corp.(a) | 832,765 | 3,038,301 |
Centerra Gold, Inc. | 445,980 | 2,308,951 |
Copper Mountain Mining Corp.(a) | 866,079 | 1,093,793 |
ERO Copper Corp.(a) | 135,171 | 1,860,847 |
Ferroglobe PLC(a) | 256,603 | 987,922 |
Olympic Steel, Inc. | 58,048 | 1,949,252 |
Pan American Silver Corp. | 144,460 | 2,360,476 |
Torex Gold Resources, Inc.(a) | 179,967 | 2,066,829 |
Universal Stainless & Alloy Products, Inc.(a) | 127,029 | 910,798 |
Total | 17,224,026 | |
Paper & Forest Products 1.2% | ||
Clearwater Paper Corp.(a) | 38,694 | 1,463,020 |
Glatfelter Corp. | 226,173 | 628,761 |
Louisiana-Pacific Corp. | 69,441 | 4,110,907 |
Total | 6,202,688 | |
Total Materials | 40,653,649 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Real Estate 6.8% | ||
Equity Real Estate Investment Trusts (REITS) 6.4% | ||
American Assets Trust, Inc. | 107,532 | 2,849,598 |
Highwoods Properties, Inc. | 123,070 | 3,443,499 |
Hudson Pacific Properties, Inc. | 228,550 | 2,223,792 |
Macerich Co. (The) | 336,940 | 3,793,944 |
Outfront Media, Inc. | 202,400 | 3,355,792 |
Park Hotels & Resorts, Inc. | 209,350 | 2,468,236 |
Pebblebrook Hotel Trust | 220,464 | 2,952,013 |
PotlatchDeltic Corp. | 97,702 | 4,297,911 |
RLJ Lodging Trust | 329,845 | 3,493,059 |
Sunstone Hotel Investors, Inc. | 382,379 | 3,693,781 |
Total | 32,571,625 | |
Real Estate Management & Development 0.4% | ||
Forestar Group, Inc.(a) | 143,951 | 2,218,285 |
Total Real Estate | 34,789,910 | |
Utilities 1.0% | ||
Gas Utilities 1.0% | ||
National Fuel Gas Co. | 55,845 | 3,534,988 |
RGC Resources, Inc. | 72,094 | 1,589,673 |
Total | 5,124,661 | |
Total Utilities | 5,124,661 | |
Total Common Stocks (Cost $545,448,967) | 510,177,238 | |
Money Market Funds 0.0% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(b),(c) | 17,356 | 17,351 |
Total Money Market Funds (Cost $17,351) | 17,351 | |
Total Investments in Securities (Cost: $545,466,318) | 510,194,589 | |
Other Assets & Liabilities, Net | 2,085,548 | |
Net Assets | 512,280,137 |
12 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at December 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 4.318% | ||||||||
3,423,863 | 105,291,294 | (108,697,923) | 117 | 17,351 | 849 | 22,874 | 17,356 |
ADR | American Depositary Receipt |
■ | 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 – Small Cap Value Fund | Annual Report 2022 | 13 |
December 31, 2022
The following table is a summary of the inputs used to value the Fund’s investments at December 31, 2022:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 7,462,496 | — | — | 7,462,496 |
Consumer Discretionary | 62,547,339 | 752,248 | — | 63,299,587 |
Consumer Staples | 10,710,071 | — | — | 10,710,071 |
Energy | 24,908,358 | — | — | 24,908,358 |
Financials | 121,300,775 | — | — | 121,300,775 |
Health Care | 51,069,000 | — | — | 51,069,000 |
Industrials | 81,065,676 | — | — | 81,065,676 |
Information Technology | 69,793,055 | — | — | 69,793,055 |
Materials | 40,653,649 | — | — | 40,653,649 |
Real Estate | 34,789,910 | — | — | 34,789,910 |
Utilities | 5,124,661 | — | — | 5,124,661 |
Total Common Stocks | 509,424,990 | 752,248 | — | 510,177,238 |
Money Market Funds | 17,351 | — | — | 17,351 |
Total Investments in Securities | 509,442,341 | 752,248 | — | 510,194,589 |
14 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $545,448,967) | $510,177,238 |
Affiliated issuers (cost $17,351) | 17,351 |
Cash | 588 |
Receivable for: | |
Investments sold | 2,949,182 |
Capital shares sold | 13,805 |
Dividends | 436,969 |
Expense reimbursement due from Investment Manager | 874 |
Prepaid expenses | 7,501 |
Trustees’ deferred compensation plan | 99,274 |
Total assets | 513,702,782 |
Liabilities | |
Payable for: | |
Investments purchased | 375,856 |
Capital shares purchased | 554,562 |
Management services fees | 12,228 |
Distribution and/or service fees | 1,326 |
Service fees | 36,570 |
Compensation of board members | 17,369 |
Compensation of chief compliance officer | 100 |
Interfund lending | 300,000 |
Other expenses | 25,360 |
Trustees’ deferred compensation plan | 99,274 |
Total liabilities | 1,422,645 |
Net assets applicable to outstanding capital stock | $512,280,137 |
Represented by | |
Paid in capital | 508,325,088 |
Total distributable earnings (loss) | 3,955,049 |
Total - representing net assets applicable to outstanding capital stock | $512,280,137 |
Class 1 | |
Net assets | $319,024,499 |
Shares outstanding | 27,746,337 |
Net asset value per share | $11.50 |
Class 2 | |
Net assets | $193,255,638 |
Shares outstanding | 17,020,332 |
Net asset value per share | $11.35 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 15 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $8,658,294 |
Dividends — affiliated issuers | 22,874 |
Foreign taxes withheld | (68,207) |
Total income | 8,612,961 |
Expenses: | |
Management services fees | 4,786,986 |
Distribution and/or service fees | |
Class 2 | 516,479 |
Service fees | 397,163 |
Compensation of board members | 21,536 |
Custodian fees | 11,905 |
Audit fees | 29,500 |
Interest on interfund lending | 863 |
Compensation of chief compliance officer | 192 |
Total expenses | 5,764,624 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (375,594) |
Total net expenses | 5,389,030 |
Net investment income | 3,223,931 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 36,995,679 |
Investments — affiliated issuers | 849 |
Foreign currency translations | 4,071 |
Net realized gain | 37,000,599 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (95,438,441) |
Investments — affiliated issuers | 117 |
Foreign currency translations | 5 |
Net change in unrealized appreciation (depreciation) | (95,438,319) |
Net realized and unrealized loss | (58,437,720) |
Net decrease in net assets resulting from operations | $(55,213,789) |
16 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $3,223,931 | $3,562,012 |
Net realized gain | 37,000,599 | 212,210,544 |
Net change in unrealized appreciation (depreciation) | (95,438,319) | (22,992,144) |
Net increase (decrease) in net assets resulting from operations | (55,213,789) | 192,780,412 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class 1 | (134,518,457) | (2,870,583) |
Class 2 | (79,388,766) | (1,737,204) |
Total distributions to shareholders | (213,907,223) | (4,607,787) |
Increase (decrease) in net assets from capital stock activity | 139,563,102 | (241,924,101) |
Total decrease in net assets | (129,557,910) | (53,751,476) |
Net assets at beginning of year | 641,838,047 | 695,589,523 |
Net assets at end of year | $512,280,137 | $641,838,047 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 223,773 | 3,532,153 | 7,596,548 | 153,876,536 |
Distributions reinvested | 11,738,085 | 134,518,457 | 143,817 | 2,870,583 |
Redemptions | (3,664,462) | (54,106,164) | (11,367,420) | (229,015,939) |
Net increase (decrease) | 8,297,396 | 83,944,446 | (3,627,055) | (72,268,820) |
Class 2 | ||||
Subscriptions | 807,729 | 13,543,027 | 1,822,750 | 36,327,358 |
Distributions reinvested | 7,006,952 | 79,388,766 | 87,649 | 1,737,204 |
Redemptions | (2,371,837) | (37,313,137) | (10,412,308) | (207,719,843) |
Net increase (decrease) | 5,442,844 | 55,618,656 | (8,501,909) | (169,655,281) |
Total net increase (decrease) | 13,740,240 | 139,563,102 | (12,128,964) | (241,924,101) |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 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 12/31/2022 | $20.75 | 0.10 | (1.93) | (1.83) | (0.14) | (7.28) | (7.42) |
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) |
Class 2 | |||||||
Year Ended 12/31/2022 | $20.58 | 0.06 | (1.92) | (1.86) | (0.09) | (7.28) | (7.37) |
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) |
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%. |
18 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
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 12/31/2022 | $11.50 | (8.69%) | 0.95%(c) | 0.88%(c) | 0.67% | 52% | $319,024 |
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 |
Class 2 | |||||||
Year Ended 12/31/2022 | $11.35 | (8.97%) | 1.20%(c) | 1.13%(c) | 0.43% | 52% | $193,256 |
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% | $284,756 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
Purchases ($) | Sales ($) | Net realized gain (loss) ($) |
— | 4,285,176 | 386,249 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 23 |
December 31, 2022
Contractual expense cap July 1, 2022 through April 30, 2023 | Voluntary expense cap May 1, 2022 through June 30, 2022 | Contractual expense cap prior to May 1, 2022 | |
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 ($) |
(36,617) | 36,617 | — |
24 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Ordinary income ($) | Long-term capital gains ($) | Total ($) | Ordinary income ($) | Long-term capital gains ($) | Total ($) |
64,453,867 | 149,453,356 | 213,907,223 | 4,607,787 | — | 4,607,787 |
Undistributed ordinary income ($) | Undistributed long-term capital gains ($) | Capital loss carryforwards ($) | Net unrealized (depreciation) ($) |
7,880,063 | 32,216,962 | — | (36,033,682) |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
546,228,271 | 55,348,672 | (91,382,354) | (36,033,682) |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 25 |
December 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 633,333 | 3.05 | 27 |
26 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 27 |
December 31, 2022
28 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 29 |
Dividends received deduction | Capital gain dividend |
12.52% | $34,352,822 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
30 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 2022 | 31 |
(Unaudited)
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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; 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 | Trustee since 1996 | 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 (Chair of the Board) (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 2022 |
(Unaudited)
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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 33 |
(Unaudited)
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia 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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
34 | Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Columbia Variable Portfolio – Small Cap Value Fund | Annual Report 2022 | 35 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
26 | |
27 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | 10 Years | ||
Class 1 | 04/30/12 | -18.65 | 8.44 | 12.12 | |
Class 2 | 04/30/12 | -18.85 | 8.17 | 11.84 | |
Russell 1000 Index | -19.13 | 9.13 | 12.37 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio breakdown (%) (at December 31, 2022) | |
Common Stocks | 97.1 |
Money Market Funds | 2.9 |
Total | 100.0 |
Equity sector breakdown (%) (at December 31, 2022) | |
Communication Services | 11.7 |
Consumer Discretionary | 6.7 |
Consumer Staples | 7.5 |
Energy | 5.5 |
Financials | 10.7 |
Health Care | 15.8 |
Industrials | 8.3 |
Information Technology | 26.7 |
Materials | 2.6 |
Real Estate | 1.6 |
Utilities | 2.9 |
Total | 100.0 |
4 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
(Unaudited)
• | The Fund’s outperformance of the benchmark was driven primarily by stock selection, particularly within the health care, consumer staples and communication services sectors. |
• | Allocations were also positive for the Fund versus the benchmark during the period, with contributions coming from the Fund’s cash position and an underweight to the poor performing consumer discretionary sector. |
• | Top individual contributors to Fund performance, relative to the benchmark, included Raytheon Technologies Corp., Chevron Corp., Eli Lily & Co., EOG Resources, Inc. and Tesla, Inc. |
• | Stock selections within the consumer discretionary and energy sectors detracted most from Fund performance relative to the benchmark during the period. |
• | Overweighted allocations to the communication services and information technology (a modest overweight) sectors were the top detracting allocations for the Fund versus the benchmark. |
• | Top individual detractors versus the benchmark during the period included Amazon.com, Inc., Snap, Inc., Take-Two Interactive Software, Inc., Lam Research Corp. and Uber Technologies, Inc. We sold the Fund’s position in Snap during the second half of the period. |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | |||||||
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 | 1,003.00 | 1,021.66 | 3.41 | 3.45 | 0.68 |
Class 2 | 1,000.00 | 1,000.00 | 1,001.60 | 1,020.41 | 4.67 | 4.71 | 0.93 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 7 |
December 31, 2022
Common Stocks 97.5% | ||
Issuer | Shares | Value ($) |
Communication Services 11.4% | ||
Entertainment 3.0% | ||
Endeavor Group Holdings, Inc., Class A(a) | 298,760 | 6,734,050 |
Take-Two Interactive Software, Inc.(a) | 186,458 | 19,415,872 |
Walt Disney Co. (The)(a) | 145,595 | 12,649,294 |
Total | 38,799,216 | |
Interactive Media & Services 5.6% | ||
Alphabet, Inc., Class A(a) | 229,183 | 20,220,816 |
Alphabet, Inc., Class C(a) | 230,020 | 20,409,674 |
Match Group, Inc.(a) | 233,514 | 9,688,496 |
Meta Platforms, Inc., Class A(a) | 119,264 | 14,352,230 |
ZoomInfo Technologies, Inc.(a) | 237,271 | 7,144,230 |
Total | 71,815,446 | |
Media 1.3% | ||
Comcast Corp., Class A | 478,067 | 16,718,003 |
Wireless Telecommunication Services 1.5% | ||
T-Mobile US, Inc.(a) | 136,135 | 19,058,900 |
Total Communication Services | 146,391,565 | |
Consumer Discretionary 6.6% | ||
Automobiles 0.5% | ||
Tesla, Inc.(a) | 54,391 | 6,699,883 |
Hotels, Restaurants & Leisure 1.0% | ||
McDonald’s Corp. | 48,328 | 12,735,878 |
Internet & Direct Marketing Retail 2.9% | ||
Amazon.com, Inc.(a) | 445,192 | 37,396,128 |
Specialty Retail 1.4% | ||
Lowe’s Companies, Inc. | 30,342 | 6,045,340 |
TJX Companies, Inc. (The) | 139,840 | 11,131,264 |
Total | 17,176,604 | |
Textiles, Apparel & Luxury Goods 0.8% | ||
Tapestry, Inc. | 276,907 | 10,544,619 |
Total Consumer Discretionary | 84,553,112 | |
Consumer Staples 7.3% | ||
Beverages 0.3% | ||
Monster Beverage Corp.(a) | 42,871 | 4,352,693 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Food & Staples Retailing 2.1% | ||
Sysco Corp. | 131,431 | 10,047,900 |
Walmart, Inc. | 121,279 | 17,196,149 |
Total | 27,244,049 | |
Food Products 1.8% | ||
Mondelez International, Inc., Class A | 335,469 | 22,359,009 |
Household Products 2.7% | ||
Procter & Gamble Co. (The) | 227,027 | 34,408,212 |
Personal Products 0.4% | ||
Coty, Inc., Class A(a) | 637,698 | 5,458,695 |
Total Consumer Staples | 93,822,658 | |
Energy 5.3% | ||
Oil, Gas & Consumable Fuels 5.3% | ||
Canadian Natural Resources Ltd. | 270,060 | 14,996,432 |
Chevron Corp. | 191,901 | 34,444,310 |
EOG Resources, Inc. | 146,310 | 18,950,071 |
Total | 68,390,813 | |
Total Energy | 68,390,813 | |
Financials 10.5% | ||
Banks 3.7% | ||
Bank of America Corp. | 341,703 | 11,317,203 |
JPMorgan Chase & Co. | 85,914 | 11,521,068 |
Wells Fargo & Co. | 598,368 | 24,706,615 |
Total | 47,544,886 | |
Capital Markets 2.6% | ||
BlackRock, Inc. | 12,793 | 9,065,503 |
MSCI, Inc. | 13,498 | 6,278,865 |
State Street Corp. | 230,558 | 17,884,384 |
Total | 33,228,752 | |
Consumer Finance 0.1% | ||
American Express Co. | 9,412 | 1,390,623 |
Diversified Financial Services 3.2% | ||
Berkshire Hathaway, Inc., Class B(a) | 133,503 | 41,239,077 |
8 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
December 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Insurance 0.9% | ||
Aon PLC, Class A | 36,752 | 11,030,745 |
Total Financials | 134,434,083 | |
Health Care 15.4% | ||
Biotechnology 2.4% | ||
BioMarin Pharmaceutical, Inc.(a) | 118,293 | 12,242,142 |
Vertex Pharmaceuticals, Inc.(a) | 66,473 | 19,196,073 |
Total | 31,438,215 | |
Health Care Equipment & Supplies 2.7% | ||
Abbott Laboratories | 182,387 | 20,024,269 |
Boston Scientific Corp.(a) | 303,085 | 14,023,743 |
Total | 34,048,012 | |
Health Care Providers & Services 3.0% | ||
CVS Health Corp. | 195,127 | 18,183,885 |
Elevance Health, Inc. | 40,334 | 20,690,132 |
Total | 38,874,017 | |
Life Sciences Tools & Services 1.4% | ||
IQVIA Holdings, Inc.(a) | 31,765 | 6,508,331 |
Thermo Fisher Scientific, Inc. | 20,846 | 11,479,684 |
Total | 17,988,015 | |
Pharmaceuticals 5.9% | ||
Eli Lilly & Co. | 81,251 | 29,724,866 |
Johnson & Johnson | 260,743 | 46,060,251 |
Total | 75,785,117 | |
Total Health Care | 198,133,376 | |
Industrials 8.1% | ||
Aerospace & Defense 2.2% | ||
Raytheon Technologies Corp. | 274,665 | 27,719,192 |
Airlines 0.4% | ||
Southwest Airlines Co.(a) | 173,156 | 5,830,162 |
Industrial Conglomerates 2.1% | ||
General Electric Co. | 182,325 | 15,277,011 |
Honeywell International, Inc. | 52,516 | 11,254,179 |
Total | 26,531,190 | |
Machinery 1.2% | ||
Parker-Hannifin Corp. | 52,091 | 15,158,481 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Road & Rail 2.2% | ||
Uber Technologies, Inc.(a) | 666,119 | 16,473,123 |
Union Pacific Corp. | 56,854 | 11,772,758 |
Total | 28,245,881 | |
Total Industrials | 103,484,906 | |
Information Technology 26.0% | ||
Electronic Equipment, Instruments & Components 1.3% | ||
TE Connectivity Ltd. | 110,135 | 12,643,498 |
Zebra Technologies Corp., Class A(a) | 14,975 | 3,839,740 |
Total | 16,483,238 | |
IT Services 5.0% | ||
Accenture PLC, Class A | 35,865 | 9,570,217 |
Fidelity National Information Services, Inc. | 86,777 | 5,887,819 |
International Business Machines Corp. | 41,161 | 5,799,173 |
MasterCard, Inc., Class A | 61,498 | 21,384,699 |
Visa, Inc., Class A | 104,401 | 21,690,352 |
Total | 64,332,260 | |
Semiconductors & Semiconductor Equipment 4.3% | ||
Advanced Micro Devices, Inc.(a) | 126,082 | 8,166,331 |
Lam Research Corp. | 28,664 | 12,047,479 |
Marvell Technology, Inc. | 108,691 | 4,025,915 |
Microchip Technology, Inc. | 94,963 | 6,671,151 |
NVIDIA Corp. | 127,538 | 18,638,403 |
QUALCOMM, Inc. | 49,840 | 5,479,410 |
Total | 55,028,689 | |
Software 10.2% | ||
Adobe, Inc.(a) | 64,728 | 21,782,914 |
Intuit, Inc. | 54,694 | 21,287,999 |
Microsoft Corp. | 344,566 | 82,633,818 |
Palo Alto Networks, Inc.(a) | 41,816 | 5,835,004 |
Total | 131,539,735 | |
Technology Hardware, Storage & Peripherals 5.2% | ||
Apple, Inc. | 515,432 | 66,970,080 |
Total Information Technology | 334,354,002 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 9 |
December 31, 2022
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Materials 2.5% | ||
Chemicals 2.5% | ||
Corteva, Inc. | 106,385 | 6,253,310 |
International Flavors & Fragrances, Inc. | 127,916 | 13,410,713 |
Sherwin-Williams Co. (The) | 52,229 | 12,395,509 |
Total | 32,059,532 | |
Total Materials | 32,059,532 | |
Real Estate 1.6% | ||
Equity Real Estate Investment Trusts (REITS) 1.6% | ||
American Tower Corp. | 94,381 | 19,995,559 |
Total Real Estate | 19,995,559 | |
Utilities 2.8% | ||
Electric Utilities 1.6% | ||
American Electric Power Co., Inc. | 219,001 | 20,794,145 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Multi-Utilities 1.2% | ||
Public Service Enterprise Group, Inc. | 247,474 | 15,162,732 |
Total Utilities | 35,956,877 | |
Total Common Stocks (Cost $1,121,347,828) | 1,251,576,483 | |
Money Market Funds 2.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(b),(c) | 37,696,099 | 37,684,790 |
Total Money Market Funds (Cost $37,681,869) | 37,684,790 | |
Total Investments in Securities (Cost: $1,159,029,697) | 1,289,261,273 | |
Other Assets & Liabilities, Net | (5,298,799) | |
Net Assets | 1,283,962,474 |
(a) | Non-income producing investment. |
(b) | The rate shown is the seven-day current annualized yield at December 31, 2022. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 4.318% | ||||||||
12,885,067 | 283,717,978 | (258,921,176) | 2,921 | 37,684,790 | (9,000) | 478,597 | 37,696,099 |
■ | 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 2022 |
December 31, 2022
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 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 146,391,565 | — | — | 146,391,565 |
Consumer Discretionary | 84,553,112 | — | — | 84,553,112 |
Consumer Staples | 93,822,658 | — | — | 93,822,658 |
Energy | 68,390,813 | — | — | 68,390,813 |
Financials | 134,434,083 | — | — | 134,434,083 |
Health Care | 198,133,376 | — | — | 198,133,376 |
Industrials | 103,484,906 | — | — | 103,484,906 |
Information Technology | 334,354,002 | — | — | 334,354,002 |
Materials | 32,059,532 | — | — | 32,059,532 |
Real Estate | 19,995,559 | — | — | 19,995,559 |
Utilities | 35,956,877 | — | — | 35,956,877 |
Total Common Stocks | 1,251,576,483 | — | — | 1,251,576,483 |
Money Market Funds | 37,684,790 | — | — | 37,684,790 |
Total Investments in Securities | 1,289,261,273 | — | — | 1,289,261,273 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 11 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,121,347,828) | $1,251,576,483 |
Affiliated issuers (cost $37,681,869) | 37,684,790 |
Receivable for: | |
Capital shares sold | 11,876 |
Dividends | 932,327 |
Foreign tax reclaims | 16,954 |
Expense reimbursement due from Investment Manager | 2,390 |
Prepaid expenses | 14,500 |
Trustees’ deferred compensation plan | 156,640 |
Total assets | 1,290,395,960 |
Liabilities | |
Payable for: | |
Investments purchased | 5,979,423 |
Capital shares purchased | 209,044 |
Management services fees | 25,669 |
Distribution and/or service fees | 893 |
Service fees | 9,658 |
Compensation of board members | 25,787 |
Compensation of chief compliance officer | 253 |
Other expenses | 26,119 |
Trustees’ deferred compensation plan | 156,640 |
Total liabilities | 6,433,486 |
Net assets applicable to outstanding capital stock | $1,283,962,474 |
Represented by | |
Trust capital | $1,283,962,474 |
Total - representing net assets applicable to outstanding capital stock | $1,283,962,474 |
Class 1 | |
Net assets | $1,153,825,076 |
Shares outstanding | 34,859,419 |
Net asset value per share | $33.10 |
Class 2 | |
Net assets | $130,137,398 |
Shares outstanding | 4,036,082 |
Net asset value per share | $32.24 |
12 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $19,155,596 |
Dividends — affiliated issuers | 478,597 |
Interfund lending | 1,087 |
Foreign taxes withheld | (147,501) |
Total income | 19,487,779 |
Expenses: | |
Management services fees | 10,191,515 |
Distribution and/or service fees | |
Class 2 | 352,479 |
Service fees | 96,903 |
Compensation of board members | 33,850 |
Custodian fees | 18,043 |
Printing and postage fees | 10,575 |
Audit fees | 29,500 |
Legal fees | 30,040 |
Compensation of chief compliance officer | 506 |
Other | 25,162 |
Total expenses | 10,788,573 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (685,687) |
Total net expenses | 10,102,886 |
Net investment income | 9,384,893 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 83,133,888 |
Investments — affiliated issuers | (9,000) |
Foreign currency translations | (5,235) |
Net realized gain | 83,119,653 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (394,769,600) |
Investments — affiliated issuers | 2,921 |
Foreign currency translations | 572 |
Net change in unrealized appreciation (depreciation) | (394,766,107) |
Net realized and unrealized loss | (311,646,454) |
Net decrease in net assets resulting from operations | $(302,261,561) |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 13 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $9,384,893 | $8,577,104 |
Net realized gain | 83,119,653 | 335,524,121 |
Net change in unrealized appreciation (depreciation) | (394,766,107) | 15,420,836 |
Net increase (decrease) in net assets resulting from operations | (302,261,561) | 359,522,061 |
Decrease in net assets from capital stock activity | (89,032,389) | (266,081,388) |
Total increase (decrease) in net assets | (391,293,950) | 93,440,673 |
Net assets at beginning of year | 1,675,256,424 | 1,581,815,751 |
Net assets at end of year | $1,283,962,474 | $1,675,256,424 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 146,080 | 5,048,992 | 81,946 | 3,067,204 |
Redemptions | (2,457,534) | (91,794,593) | (7,176,586) | (267,772,669) |
Net decrease | (2,311,454) | (86,745,601) | (7,094,640) | (264,705,465) |
Class 2 | ||||
Subscriptions | 293,304 | 10,284,646 | 300,120 | 10,926,608 |
Redemptions | (358,478) | (12,571,434) | (340,477) | (12,302,531) |
Net decrease | (65,174) | (2,286,788) | (40,357) | (1,375,923) |
Total net decrease | (2,376,628) | (89,032,389) | (7,134,997) | (266,081,388) |
14 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $40.69 | 0.25 | (7.84) | (7.59) |
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) |
Class 2 | ||||
Year Ended 12/31/2022 | $39.73 | 0.15 | (7.64) | (7.49) |
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) |
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 2022 |
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 12/31/2022 | $33.10 | (18.65%) | 0.74% | 0.69% | 0.69% | 48% | $1,153,825 |
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 |
Class 2 | |||||||
Year Ended 12/31/2022 | $32.24 | (18.85%) | 0.99% | 0.94% | 0.44% | 48% | $130,137 |
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% | $91,923 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 17 |
December 31, 2022
18 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 21 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.68% | 0.71% |
Class 2 | 0.93 | 0.96 |
22 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
December 31, 2022
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 2,233,333 | 1.68 | 9 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 23 |
December 31, 2022
24 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
December 31, 2022
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 25 |
26 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 27 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
28 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 29 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
30 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 | 31 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
32 | Columbia Variable Portfolio – Contrarian Core Fund | Annual Report 2022 |
December 31, 2022
3 | |
6 | |
8 | |
9 | |
15 | |
16 | |
17 | |
18 | |
20 | |
33 | |
34 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -16.88 | 1.02 | 2.70 | |
Class 2 | 04/12/13 | -17.07 | 0.81 | 2.60 | |
Blended Benchmark | -14.40 | 2.60 | 3.97 | ||
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 1.02 |
* | 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 2022 | 3 |
(Unaudited)
4 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
Allocations to Underlying Funds | |
Equity Funds | 30.0 |
International | 7.4 |
U.S. Large Cap | 18.4 |
U.S. Mid Cap | 1.3 |
U.S. Small Cap | 2.9 |
Exchange-Traded Equity Funds | 2.2 |
International Mid Large Cap | 1.1 |
U.S. Large Cap | 1.1 |
Exchange-Traded Fixed Income Funds | 5.4 |
Investment Grade | 5.4 |
Fixed Income Funds | 36.7 |
Investment Grade | 36.7 |
Allocations to Tactical Assets | |
Money Market Funds(a) | 16.1 |
Options Purchased Puts | 0.5 |
Residential Mortgage-Backed Securities - Agency | 9.1 |
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 principal investment strategies. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial Statements. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
• | The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical discretion detracted from relative performance during the period. |
• | Overall, underlying fixed-income fund manager performance results detracted from relative performance during the period as rising interest rates challenged bond managers’ positioning. Core-oriented fixed-income managers struggled the most during the 12-month period. |
• | Underlying U.S. equity fund managers that utilize a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period. |
6 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 7 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 | 981.10 | 1,023.61 | 1.44 | 1.47 | 0.29 | 3.63 | 3.70 | 0.73 |
Class 2 | 1,000.00 | 1,000.00 | 980.10 | 1,022.36 | 2.68 | 2.74 | 0.54 | 4.86 | 4.97 | 0.98 |
8 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Equity Funds 32.8% | ||
Shares | Value ($) | |
International 8.0% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 4,465,468 | 52,558,558 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 2,339,705 | 20,589,405 |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) | 1,189,393 | 11,965,295 |
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) | 1,395,778 | 12,227,016 |
Total | 97,340,274 | |
U.S. Large Cap 20.1% | ||
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) | 575,579 | 19,051,676 |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 664,905 | 47,899,780 |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) | 814,993 | 21,222,410 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 3,248,743 | 48,113,883 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 609,766 | 22,396,696 |
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) | 554,116 | 19,709,907 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 422,732 | 14,947,792 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(a),(b) | 437,454 | 18,499,920 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 599,871 | 19,207,880 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 412,089 | 12,309,096 |
Total | 243,359,040 | |
U.S. Mid Cap 1.5% | ||
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares(a),(b) | 118,799 | 4,306,450 |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares(a),(b) | 133,276 | 4,451,436 |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) | 106,416 | 4,471,600 |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) | 122,569 | 4,367,122 |
Total | 17,596,608 |
Equity Funds (continued) | ||
Shares | Value ($) | |
U.S. Small Cap 3.2% | ||
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) | 387,834 | 4,460,089 |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) | 417,814 | 3,843,889 |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 559,864 | 15,166,728 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 469,687 | 15,354,062 |
Total | 38,824,768 | |
Total Equity Funds (Cost $276,247,444) | 397,120,690 | |
Exchange-Traded Equity Funds 2.4% | ||
International Mid Large Cap 1.2% | ||
iShares MSCI EAFE ETF | 218,987 | 14,374,306 |
U.S. Large Cap 1.2% | ||
SPDR S&P 500 ETF Trust | 38,625 | 14,771,359 |
Total Exchange-Traded Equity Funds (Cost $19,661,157) | 29,145,665 | |
Exchange-Traded Fixed Income Funds 5.9% | ||
Investment Grade 5.9% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 359,150 | 37,865,185 |
Vanguard Intermediate-Term Corporate Bond ETF | 426,500 | 33,058,015 |
Total | 70,923,200 | |
Total Exchange-Traded Fixed Income Funds (Cost $79,694,962) | 70,923,200 | |
Fixed Income Funds 40.1% | ||
Investment Grade 40.1% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 11,577,702 | 95,747,596 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 2,924,341 | 26,816,211 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 6,952,696 | 53,118,597 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 3,062,551 | 26,613,565 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 8,574,910 | 77,088,441 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 9 |
December 31, 2022
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 10,049,148 | 91,547,737 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 12,193,003 | 114,736,163 |
Total | 485,668,310 | |
Total Fixed Income Funds (Cost $577,693,994) | 485,668,310 |
Residential Mortgage-Backed Securities - Agency 9.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 62,893,000 | 55,979,238 | |
01/17/2038- 01/12/2053 | 3.500% | 37,500,000 | 34,495,903 | |
01/12/2053 | 4.000% | 14,546,000 | 13,639,201 | |
01/12/2053 | 4.500% | 17,000,000 | 16,358,358 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $122,319,762) | 120,472,700 |
Options Purchased Puts 0.5% | ||||
Value ($) | ||||
(Cost $6,793,211) | 6,508,975 |
Money Market Funds 17.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 213,852,620 | 213,788,464 |
Total Money Market Funds (Cost $213,759,254) | 213,788,464 | |
Total Investments in Securities (Cost: $1,296,169,784) | 1,323,628,004 | |
Other Assets & Liabilities, Net | (111,291,229) | |
Net Assets | 1,212,336,775 |
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
4,000,000 CAD | 2,943,250 USD | Barclays | 02/03/2023 | — | (11,397) |
2,000,000 EUR | 2,113,150 USD | Barclays | 02/03/2023 | — | (32,430) |
2,936,642 USD | 4,000,000 CAD | Barclays | 02/03/2023 | 18,004 | — |
535,123 USD | 500,000 EUR | Barclays | 02/03/2023 | 1,272 | — |
7,000,000 CHF | 7,504,610 USD | Citi | 02/03/2023 | — | (92,607) |
1,000,000,000 JPY | 7,381,790 USD | Citi | 02/03/2023 | — | (269,741) |
2,726,638 USD | 2,500,000 CHF | Citi | 02/03/2023 | — | (13,346) |
7,576,160 USD | 1,000,000,000 JPY | Citi | 02/03/2023 | 75,371 | — |
6,344,850 USD | 10,000,000 NZD | Goldman Sachs International | 02/03/2023 | 7,150 | — |
5,855,066 USD | 60,000,000 SEK | Goldman Sachs International | 02/03/2023 | — | (94,471) |
1,000,000 AUD | 673,505 USD | UBS | 02/03/2023 | — | (8,245) |
344,075 USD | 500,000 AUD | UBS | 02/03/2023 | — | (3,200) |
Total | 101,797 | (525,437) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 144 | 03/2023 | USD | 27,799,200 | — | (487,996) |
U.S. Long Bond | 81 | 03/2023 | USD | 10,152,844 | — | (79,671) |
U.S. Treasury 10-Year Note | 229 | 03/2023 | USD | 25,715,984 | — | (124,166) |
U.S. Treasury 2-Year Note | 274 | 03/2023 | USD | 56,191,407 | 78,714 | — |
U.S. Treasury 5-Year Note | 534 | 03/2023 | USD | 57,634,453 | — | (13,259) |
U.S. Treasury Ultra Bond | 10 | 03/2023 | USD | 1,343,125 | — | (8,948) |
Total | 78,714 | (714,040) |
10 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro STOXX 50 Index | (152) | 03/2023 | EUR | (5,753,200) | 239,614 | — |
FTSE 100 Index | (5) | 03/2023 | GBP | (373,300) | 746 | — |
FTSE 100 Index | (10) | 03/2023 | GBP | (746,600) | — | (2,596) |
OMXS30 Index | (80) | 01/2023 | SEK | (16,336,000) | 71,346 | — |
Russell 2000 Index E-mini | (183) | 03/2023 | USD | (16,203,735) | 575,228 | — |
S&P 500 Index E-mini | (295) | 03/2023 | USD | (56,949,750) | 2,014,648 | — |
SPI 200 Index | (7) | 03/2023 | AUD | (1,223,600) | 13,100 | — |
TOPIX Index | (19) | 03/2023 | JPY | (359,385,000) | 76,395 | — |
Total | 2,991,077 | (2,596) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 67,191,250 | 175 | 3,200.00 | 06/21/2024 | 3,166,634 | 2,726,500 |
S&P 500 Index | JPMorgan | USD | 44,154,250 | 115 | 3,300.00 | 12/20/2024 | 2,254,924 | 2,453,525 |
S&P 500 Index | JPMorgan | USD | 26,876,500 | 70 | 3,200.00 | 12/20/2024 | 1,371,653 | 1,328,950 |
Total | 6,793,211 | 6,508,975 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | 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, 4.318% | |||||||||
294,043,414 | 249,320,906 | (329,622,409) | 46,553 | 213,788,464 | — | (81,016) | 3,870,645 | 213,852,620 | |
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | |||||||||
23,420,322 | — | — | (4,368,646) | 19,051,676 | — | — | — | 575,579 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
69,053,011 | 483,014 | (4,656,978) | (16,979,267) | 47,899,780 | — | 5,063,704 | — | 664,905 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
125,392,931 | 3,534,238 | (10,387,772) | (22,791,801) | 95,747,596 | 70,059 | (1,452,792) | 3,393,596 | 11,577,702 | |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | |||||||||
30,645,223 | 947,982 | (711,584) | (9,659,211) | 21,222,410 | — | 109,907 | — | 814,993 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
35,908,596 | 229,186 | (7,681,160) | (1,640,411) | 26,816,211 | — | (731,185) | 229,186 | 2,924,341 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
72,158,130 | 4,590,512 | (344,414) | (23,285,631) | 53,118,597 | 1,792,468 | (71,726) | 1,636,046 | 6,952,696 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
69,182,495 | 5,111,471 | (8,710,398) | (13,025,010) | 52,558,558 | 4,227,722 | (1,595,174) | 477,773 | 4,465,468 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
68,482,528 | 468,924 | (8,146,260) | (12,691,309) | 48,113,883 | — | 205,048 | — | 3,248,743 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
30,785,822 | 168,680 | (6,749,804) | (1,808,002) | 22,396,696 | — | 1,379,452 | — | 609,766 | |
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | |||||||||
5,925,970 | 415,506 | (228,803) | (1,806,223) | 4,306,450 | — | (16,415) | — | 118,799 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 11 |
December 31, 2022
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 | |||||||||
6,312,094 | 40,475 | (709,359) | (1,191,774) | 4,451,436 | — | 659,337 | — | 133,276 | |
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | |||||||||
6,023,497 | 1,983,713 | (1,107,381) | (2,439,740) | 4,460,089 | 1,903,136 | 18,450 | 37,243 | 387,834 | |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | |||||||||
5,984,172 | 1,695,287 | — | (3,835,570) | 3,843,889 | 1,695,287 | — | — | 417,814 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
35,598,946 | 648,558 | (4,748,805) | (4,885,134) | 26,613,565 | — | (512,795) | 629,128 | 3,062,551 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
17,879,260 | 126,270 | (18,719,630) | 714,100 | — | 88,047 | (1,423,882) | 38,223 | — | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
97,647,861 | 5,350,277 | (7,491,098) | (18,418,599) | 77,088,441 | 2,223,052 | (1,240,522) | 2,651,781 | 8,574,910 | |
CTIVP® – MFS® Value Fund, Class 1 Shares | |||||||||
26,694,716 | 84,854 | (4,763,946) | (2,305,717) | 19,709,907 | — | 703,163 | — | 554,116 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
23,400,192 | 1,518,404 | — | (9,970,804) | 14,947,792 | — | — | — | 422,732 | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
26,084,012 | 754,586 | (888,484) | (7,450,194) | 18,499,920 | — | 305,691 | — | 437,454 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
26,447,252 | 58,043 | (4,993,031) | (2,304,384) | 19,207,880 | — | 1,197,272 | — | 599,871 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
119,700,953 | 1,187,608 | (13,140,804) | (16,200,020) | 91,547,737 | — | (1,335,824) | 1,165,050 | 10,049,148 | |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | |||||||||
6,191,820 | 21,948 | (740,902) | (1,001,266) | 4,471,600 | — | 843,216 | — | 106,416 | |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | |||||||||
6,095,412 | 215,333 | (300,833) | (1,642,790) | 4,367,122 | — | 124,326 | — | 122,569 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
149,842,256 | 3,060,406 | (18,113,593) | (20,052,906) | 114,736,163 | 923,475 | (2,230,940) | 2,112,379 | 12,193,003 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
17,387,873 | 104,299 | (1,052,596) | (4,130,480) | 12,309,096 | — | 1,315,063 | — | 412,089 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
27,843,855 | 4,545,668 | (2,959,117) | (8,841,001) | 20,589,405 | 3,828,773 | (791,801) | 470,485 | 2,339,705 | |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares | |||||||||
16,237,180 | 1,352,604 | (594,862) | (5,029,627) | 11,965,295 | 754,231 | (74,915) | — | 1,189,393 | |
Variable Portfolio – Partners International Value Fund, Class 1 Shares | |||||||||
16,183,106 | 427,929 | (2,395,951) | (1,988,068) | 12,227,016 | — | (89,528) | 333,600 | 1,395,778 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
20,427,005 | 1,278,595 | (689,814) | (5,849,058) | 15,166,728 | — | (107,181) | — | 559,864 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
21,161,792 | 137,352 | (2,701,244) | (3,243,838) | 15,354,062 | — | 707,355 | — | 469,687 | |
Total | 1,498,141,696 | (228,075,828) | 1,096,577,464 | 17,506,250 | 876,288 | 17,045,135 |
(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, 2022. |
12 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
TBA | To Be Announced |
AUD | Australian Dollar |
CAD | Canada Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
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 Volatility Conservative Growth Fund | Annual Report 2022 | 13 |
December 31, 2022
The following table is a summary of the inputs used to value the Fund’s investments at December 31, 2022:
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 397,120,690 | 397,120,690 |
Exchange-Traded Equity Funds | 29,145,665 | — | — | — | 29,145,665 |
Exchange-Traded Fixed Income Funds | 70,923,200 | — | — | — | 70,923,200 |
Fixed Income Funds | — | — | — | 485,668,310 | 485,668,310 |
Residential Mortgage-Backed Securities - Agency | — | 120,472,700 | — | — | 120,472,700 |
Options Purchased Puts | 6,508,975 | — | — | — | 6,508,975 |
Money Market Funds | 213,788,464 | — | — | — | 213,788,464 |
Total Investments in Securities | 320,366,304 | 120,472,700 | — | 882,789,000 | 1,323,628,004 |
Investments in Derivatives | |||||
Asset | |||||
Forward Foreign Currency Exchange Contracts | — | 101,797 | — | — | 101,797 |
Futures Contracts | 3,069,791 | — | — | — | 3,069,791 |
Liability | |||||
Forward Foreign Currency Exchange Contracts | — | (525,437) | — | — | (525,437) |
Futures Contracts | (716,636) | — | — | — | (716,636) |
Total | 322,719,459 | 120,049,060 | — | 882,789,000 | 1,325,557,519 |
14 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $221,675,881) | $220,541,565 |
Affiliated issuers (cost $1,067,700,692) | 1,096,577,464 |
Options purchased (cost $6,793,211) | 6,508,975 |
Cash collateral held at broker for: | |
TBA | 1,354,000 |
Margin deposits on: | |
Futures contracts | 9,652,701 |
Unrealized appreciation on forward foreign currency exchange contracts | 101,797 |
Receivable for: | |
Investments sold | 838,383 |
Investments sold on a delayed delivery basis | 19,057,947 |
Capital shares sold | 39 |
Dividends | 809,046 |
Interest | 148,910 |
Variation margin for futures contracts | 365,725 |
Prepaid expenses | 15,047 |
Trustees’ deferred compensation plan | 98,076 |
Total assets | 1,356,069,675 |
Liabilities | |
Unrealized depreciation on forward foreign currency exchange contracts | 525,437 |
Payable for: | |
Investments purchased on a delayed delivery basis | 141,548,401 |
Capital shares purchased | 1,197,729 |
Variation margin for futures contracts | 229,799 |
Management services fees | 7,009 |
Distribution and/or service fees | 8,338 |
Service fees | 60,507 |
Compensation of board members | 25,659 |
Compensation of chief compliance officer | 240 |
Other expenses | 31,705 |
Trustees’ deferred compensation plan | 98,076 |
Total liabilities | 143,732,900 |
Net assets applicable to outstanding capital stock | $1,212,336,775 |
Represented by | |
Trust capital | $1,212,336,775 |
Total - representing net assets applicable to outstanding capital stock | $1,212,336,775 |
Class 1 | |
Net assets | $1,016,453 |
Shares outstanding | 78,511 |
Net asset value per share | $12.95 |
Class 2 | |
Net assets | $1,211,320,322 |
Shares outstanding | 94,442,047 |
Net asset value per share | $12.83 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 15 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $2,716,851 |
Dividends — affiliated issuers | 17,045,135 |
Interest | 98,030 |
Total income | 19,860,016 |
Expenses: | |
Management services fees | 2,848,485 |
Distribution and/or service fees | |
Class 2 | 3,388,693 |
Service fees | 812,106 |
Compensation of board members | 33,116 |
Custodian fees | 31,614 |
Printing and postage fees | 17,841 |
Audit fees | 32,000 |
Legal fees | 29,340 |
Interest on collateral | 5,481 |
Compensation of chief compliance officer | 489 |
Other | 22,315 |
Total expenses | 7,221,480 |
Net investment income | 12,638,536 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (18,273,312) |
Investments — affiliated issuers | 876,288 |
Capital gain distributions from underlying affiliated funds | 17,506,250 |
Foreign currency translations | (296,703) |
Forward foreign currency exchange contracts | (2,251,656) |
Futures contracts | (30,341,128) |
Options purchased | (2,297,416) |
Net realized loss | (35,077,677) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (24,972,200) |
Investments — affiliated issuers | (228,075,828) |
Forward foreign currency exchange contracts | (423,640) |
Futures contracts | (259,779) |
Options purchased | 4,934,320 |
Net change in unrealized appreciation (depreciation) | (248,797,127) |
Net realized and unrealized loss | (283,874,804) |
Net decrease in net assets resulting from operations | $(271,236,268) |
16 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $12,638,536 | $10,245,155 |
Net realized gain (loss) | (35,077,677) | 114,778,932 |
Net change in unrealized appreciation (depreciation) | (248,797,127) | (35,473,925) |
Net increase (decrease) in net assets resulting from operations | (271,236,268) | 89,550,162 |
Decrease in net assets from capital stock activity | (152,156,246) | (148,956,033) |
Total decrease in net assets | (423,392,514) | (59,405,871) |
Net assets at beginning of year | 1,635,729,289 | 1,695,135,160 |
Net assets at end of year | $1,212,336,775 | $1,635,729,289 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 22,089 | 300,328 | 38,073 | 582,714 |
Redemptions | (8,865) | (127,334) | (9,693) | (147,942) |
Net increase | 13,224 | 172,994 | 28,380 | 434,772 |
Class 2 | ||||
Subscriptions | 1,076,283 | 14,934,932 | 2,448,261 | 36,745,727 |
Redemptions | (12,283,693) | (167,264,172) | (12,349,068) | (186,136,532) |
Net decrease | (11,207,410) | (152,329,240) | (9,900,807) | (149,390,805) |
Total net decrease | (11,194,186) | (152,156,246) | (9,872,427) | (148,956,033) |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $15.58 | 0.17 | (2.80) | (2.63) |
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 12/31/2022 | $15.47 | 0.13 | (2.77) | (2.64) |
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) |
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 2022 |
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 12/31/2022 | $12.95 | (16.88%) | 0.28%(c) | 0.28%(c) | 1.23% | 138% | $1,016 |
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 12/31/2022 | $12.83 | (17.07%) | 0.53%(c) | 0.53%(c) | 0.93% | 138% | $1,211,320 |
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% | $1,300,981 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 23 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 2,991,077* |
Equity risk | Investments, at value — Options Purchased | 6,508,975 |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 101,797 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 78,714* |
Total | 9,680,563 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 490,592* |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 525,437 |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 226,044* |
Total | 1,242,073 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
24 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Total ($) | ||
Equity risk | — | (10,448,640) | (2,297,416) | (12,746,056) | ||
Foreign exchange risk | (2,251,656) | (109,429) | — | (2,361,085) | ||
Interest rate risk | — | (19,783,059) | — | (19,783,059) | ||
Total | (2,251,656) | (30,341,128) | (2,297,416) | (34,890,200) | ||
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Total ($) | ||
Equity risk | — | 854,245 | 4,934,320 | 5,788,565 | ||
Foreign exchange risk | (423,640) | (262,355) | — | (685,995) | ||
Interest rate risk | — | (851,669) | — | (851,669) | ||
Total | (423,640) | (259,779) | 4,934,320 | 4,250,901 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 210,134,438 |
Futures contracts — short | 63,719,505 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 9,881,296 |
Derivative instrument | Average unrealized appreciation ($)* | Average unrealized depreciation ($)* |
Forward foreign currency exchange contracts | 621,332 | (664,145) |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 25 |
December 31, 2022
Barclays ($) | Citi ($) | Goldman Sachs International ($) | JPMorgan ($) | UBS ($) | Total ($) | ||||
Assets | |||||||||
Forward foreign currency exchange contracts | 19,276 | 75,371 | 7,150 | - | - | 101,797 | |||
Options purchased puts | - | - | - | 6,508,975 | - | 6,508,975 | |||
Total assets | 19,276 | 75,371 | 7,150 | 6,508,975 | - | 6,610,772 | |||
Liabilities | |||||||||
Forward foreign currency exchange contracts | 43,827 | 375,694 | 94,471 | - | 11,445 | 525,437 | |||
Total financial and derivative net assets | (24,551) | (300,323) | (87,321) | 6,508,975 | (11,445) | 6,085,335 | |||
Total collateral received (pledged) (a) | - | - | - | - | - | - | |||
Net amount (b) | (24,551) | (300,323) | (87,321) | 6,508,975 | (11,445) | 6,085,335 |
(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 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 27 |
December 31, 2022
28 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 29 |
December 31, 2022
30 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 31 |
December 31, 2022
32 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 33 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
34 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 35 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
36 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 37 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
38 | Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Variable Portfolio – Managed Volatility Conservative Growth Fund | Annual Report 2022 | 39 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
14 | |
15 | |
16 | |
18 | |
20 | |
35 | |
36 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -19.22 | 2.04 | 4.38 | |
Class 2 | 04/12/13 | -19.43 | 1.83 | 4.27 | |
Blended Benchmark | -15.86 | 4.67 | 6.45 | ||
Russell 3000 Index | -19.21 | 8.79 | 11.18 |
* | 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 2022 | 3 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
Allocations to Underlying Funds | |
Equity Funds | 57.2 |
International | 15.1 |
U.S. Large Cap | 34.9 |
U.S. Mid Cap | 2.7 |
U.S. Small Cap | 4.5 |
Exchange-Traded Equity Funds | 1.3 |
International Mid Large Cap | 1.3 |
Exchange-Traded Fixed Income Funds | 7.3 |
Investment Grade | 7.3 |
Fixed Income Funds | 10.1 |
Investment Grade | 10.1 |
Allocations to Tactical Assets | |
Money Market Funds(a) | 13.3 |
Options Purchased Puts | 0.9 |
Residential Mortgage-Backed Securities - Agency | 9.9 |
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 principal investment strategies. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
(Unaudited)
• | The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical discretion detracted from relative performance during the period. |
• | Overall, underlying fixed-income fund manager performance results detracted from relative performance during the period as rising interest rates challenged bond managers’ positioning. Core-oriented fixed-income managers struggled the most during the 12-month period. |
• | Underlying U.S. equity fund managers that utilize a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 998.00 | 1,023.82 | 1.25 | 1.27 | 0.25 | 3.86 | 3.91 | 0.77 |
Class 2 | 1,000.00 | 1,000.00 | 996.00 | 1,022.56 | 2.50 | 2.54 | 0.50 | 5.10 | 5.17 | 1.02 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 7 |
December 31, 2022
Equity Funds 62.7% | ||
Shares | Value ($) | |
International 16.6% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 60,573,160 | 712,946,095 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 57,033,644 | 501,896,065 |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) | 25,630,433 | 257,842,160 |
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) | 31,237,714 | 273,642,375 |
Total | 1,746,326,695 | |
U.S. Large Cap 38.2% | ||
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) | 8,445,877 | 279,558,542 |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 9,555,954 | 688,410,889 |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) | 14,035,345 | 365,480,375 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 41,890,947 | 620,404,929 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 11,012,137 | 404,475,800 |
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) | 10,426,795 | 370,881,091 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 6,969,605 | 246,445,238 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(a),(b) | 8,123,423 | 343,539,561 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 11,490,103 | 367,913,102 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 11,505,316 | 343,663,784 |
Total | 4,030,773,311 | |
U.S. Mid Cap 3.0% | ||
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares(a),(b) | 2,075,601 | 75,240,537 |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares(a),(b) | 2,386,242 | 79,700,465 |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) | 1,914,177 | 80,433,712 |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) | 2,166,103 | 77,178,263 |
Total | 312,552,977 |
Equity Funds (continued) | ||
Shares | Value ($) | |
U.S. Small Cap 4.9% | ||
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) | 6,936,772 | 79,772,875 |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) | 6,619,131 | 60,896,008 |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 6,857,536 | 185,770,658 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 6,015,869 | 196,658,758 |
Total | 523,098,299 | |
Total Equity Funds (Cost $4,928,921,468) | 6,612,751,282 | |
Exchange-Traded Equity Funds 1.4% | ||
International Mid Large Cap 1.4% | ||
iShares MSCI EAFE ETF | 2,300,000 | 150,972,000 |
Total Exchange-Traded Equity Funds (Cost $180,452,200) | 150,972,000 | |
Exchange-Traded Fixed Income Funds 8.0% | ||
Investment Grade 8.0% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 3,956,500 | 417,133,795 |
Vanguard Intermediate-Term Corporate Bond ETF | 5,507,000 | 426,847,570 |
Total | 843,981,365 | |
Total Exchange-Traded Fixed Income Funds (Cost $948,015,550) | 843,981,365 | |
Fixed Income Funds 11.1% | ||
Investment Grade 11.1% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 19,457,236 | 160,911,341 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 8,652,760 | 79,345,806 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 19,083,177 | 145,795,471 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 8,882,361 | 77,187,720 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 17,222,274 | 154,828,244 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 21,352,288 | 194,519,340 |
8 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 37,351,226 | 351,475,038 |
Total | 1,164,062,960 | |
Total Fixed Income Funds (Cost $1,391,340,750) | 1,164,062,960 |
Residential Mortgage-Backed Securities - Agency 10.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 573,182,000 | 509,993,187 | |
01/17/2038- 01/12/2053 | 3.500% | 370,000,000 | 340,417,511 | |
01/12/2053 | 4.000% | 155,550,000 | 145,853,004 | |
01/12/2053 | 4.500% | 150,000,000 | 144,338,443 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $1,158,223,489) | 1,140,602,145 |
Options Purchased Puts 1.0% | ||||
Value ($) | ||||
(Cost $109,549,652) | 104,979,250 |
Money Market Funds 14.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 1,531,982,822 | 1,531,523,227 |
Total Money Market Funds (Cost $1,531,227,567) | 1,531,523,227 | |
Total Investments in Securities (Cost: $10,247,730,676) | 11,548,872,229 | |
Other Assets & Liabilities, Net | (1,004,105,810) | |
Net Assets | 10,544,766,419 |
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
40,000,000 CAD | 29,432,497 USD | Barclays | 02/03/2023 | — | (113,964) |
50,000,000 EUR | 52,828,750 USD | Barclays | 02/03/2023 | — | (810,750) |
29,366,420 USD | 40,000,000 CAD | Barclays | 02/03/2023 | 180,042 | — |
5,351,227 USD | 5,000,000 EUR | Barclays | 02/03/2023 | 12,724 | — |
70,000,000 CHF | 75,046,100 USD | Citi | 02/03/2023 | — | (926,073) |
12,000,000,000 JPY | 88,581,478 USD | Citi | 02/03/2023 | — | (3,236,893) |
27,266,382 USD | 25,000,000 CHF | Citi | 02/03/2023 | — | (133,463) |
60,410,391 USD | 8,000,000,000 JPY | Citi | 02/03/2023 | 801,856 | — |
57,103,650 USD | 90,000,000 NZD | Goldman Sachs International | 02/03/2023 | 64,350 | — |
38,994,944 USD | 400,000,000 SEK | Goldman Sachs International | 02/03/2023 | — | (590,975) |
20,000,000 AUD | 13,470,100 USD | UBS | 02/03/2023 | — | (164,900) |
15,000,000 GBP | 18,400,425 USD | UBS | 02/03/2023 | 250,575 | — |
6,881,500 USD | 10,000,000 AUD | UBS | 02/03/2023 | — | (64,000) |
Total | 1,309,547 | (6,041,018) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 2,453 | 03/2023 | USD | 473,551,650 | — | (10,238,204) |
U.S. Long Bond | 1,523 | 03/2023 | USD | 190,898,531 | — | (1,544,510) |
U.S. Treasury 10-Year Note | 1,033 | 03/2023 | USD | 116,002,672 | — | (718,598) |
U.S. Treasury 2-Year Note | 2,351 | 03/2023 | USD | 482,138,674 | 557,416 | — |
U.S. Treasury 5-Year Note | 4,431 | 03/2023 | USD | 478,236,448 | — | (110,017) |
U.S. Treasury Ultra Bond | 1,274 | 03/2023 | USD | 171,114,125 | — | (1,384,836) |
Total | 557,416 | (13,996,165) |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 9 |
December 31, 2022
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro STOXX 50 Index | (2,656) | 03/2023 | EUR | (100,529,600) | 4,364,597 | — |
FTSE 100 Index | (145) | 03/2023 | GBP | (10,825,700) | 21,628 | — |
MSCI Singapore Index | (24) | 01/2023 | SGD | (697,320) | — | (3,713) |
OMXS30 Index | (1,324) | 01/2023 | SEK | (270,360,800) | 1,406,370 | — |
Russell 2000 Index E-mini | (1,645) | 03/2023 | USD | (145,656,525) | 5,170,764 | — |
S&P 500 Index E-mini | (4,334) | 03/2023 | USD | (836,678,700) | 29,598,257 | — |
SPI 200 Index | (83) | 03/2023 | AUD | (14,508,400) | 244,827 | — |
TOPIX Index | (217) | 03/2023 | JPY | (4,104,555,000) | 867,011 | — |
Total | 41,673,454 | (3,713) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 1,055,862,500 | 2,750 | 3,200.00 | 06/21/2024 | 49,761,385 | 42,845,000 |
S&P 500 Index | JPMorgan | USD | 691,110,000 | 1,800 | 3,300.00 | 12/20/2024 | 35,294,469 | 38,403,000 |
S&P 500 Index | JPMorgan | USD | 479,937,500 | 1,250 | 3,200.00 | 12/20/2024 | 24,493,798 | 23,731,250 |
Total | 109,549,652 | 104,979,250 |
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 150,000,000 | 1,074,338 | — | — | 1,074,338 | — |
* | 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, 2022 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, 4.318% | |||||||||
2,314,051,236 | 3,282,801,693 | (4,065,678,008) | 348,306 | 1,531,523,227 | — | (640,020) | 27,247,316 | 1,531,982,822 | |
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | |||||||||
343,662,751 | — | — | (64,104,209) | 279,558,542 | — | — | — | 8,445,877 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
846,944,157 | — | — | (158,533,268) | 688,410,889 | — | — | — | 9,555,954 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
194,015,020 | 5,675,175 | — | (38,778,854) | 160,911,341 | 114,791 | — | 5,560,384 | 19,457,236 | |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | |||||||||
510,881,900 | 16,087,023 | (210,458) | (161,278,090) | 365,480,375 | — | 35,992 | — | 14,035,345 |
10 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
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 – Limited Duration Credit Fund, Class 1 Shares | |||||||||
97,413,191 | 674,817 | (13,637,860) | (5,104,342) | 79,345,806 | — | (1,537,359) | 674,714 | 8,652,760 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
199,623,026 | 10,985,211 | (463,866) | (64,348,900) | 145,795,471 | 4,923,014 | (75,413) | 4,493,401 | 19,083,177 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
864,337,263 | 61,200,657 | (32,711,287) | (179,880,538) | 712,946,095 | 54,774,741 | (7,485,727) | 6,073,916 | 60,573,160 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
837,878,607 | — | (58,337,511) | (159,136,167) | 620,404,929 | — | 82,095 | — | 41,890,947 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
519,825,531 | — | (93,374,262) | (21,975,469) | 404,475,800 | — | 11,489,904 | — | 11,012,137 | |
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | |||||||||
99,192,366 | 6,849,081 | (587,155) | (30,213,755) | 75,240,537 | — | 8,328 | — | 2,075,601 | |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares | |||||||||
107,931,731 | — | (10,150,513) | (18,080,753) | 79,700,465 | — | 8,235,487 | — | 2,386,242 | |
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | |||||||||
101,033,306 | 33,944,227 | (13,217,409) | (41,987,249) | 79,772,875 | 33,292,717 | (612,089) | 651,509 | 6,936,772 | |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | |||||||||
94,802,986 | 26,857,231 | — | (60,764,209) | 60,896,008 | 26,857,231 | — | — | 6,619,131 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
96,140,569 | 1,818,981 | (6,663,957) | (14,107,873) | 77,187,720 | — | (1,064,427) | 1,818,660 | 8,882,361 | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
197,363,156 | 9,780,759 | (15,247,170) | (37,068,501) | 154,828,244 | 4,460,037 | (2,398,976) | 5,320,184 | 17,222,274 | |
CTIVP® – MFS® Value Fund, Class 1 Shares | |||||||||
480,239,279 | — | (69,942,188) | (39,416,000) | 370,881,091 | — | 8,470,796 | — | 10,426,795 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
418,176,308 | — | — | (171,731,070) | 246,445,238 | — | — | — | 6,969,605 | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
460,267,017 | 14,966,952 | (2,998,204) | (128,696,204) | 343,539,561 | — | (403,510) | — | 8,123,423 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
475,691,565 | — | (75,578,192) | (32,200,271) | 367,913,102 | — | 9,305,465 | — | 11,490,103 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
245,451,388 | 2,472,742 | (19,572,086) | (33,832,704) | 194,519,340 | — | (2,919,271) | 2,472,123 | 21,352,288 | |
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares | |||||||||
104,752,975 | — | (10,576,338) | (13,742,925) | 80,433,712 | — | 10,553,039 | — | 1,914,177 | |
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares | |||||||||
101,892,807 | 2,984,865 | (1,542,209) | (26,157,200) | 77,178,263 | — | 163,076 | — | 2,166,103 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
445,839,235 | 9,301,685 | (42,424,975) | (61,240,907) | 351,475,038 | 2,829,188 | (6,284,519) | 6,471,554 | 37,351,226 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
457,468,887 | — | (18,961,728) | (94,843,375) | 343,663,784 | — | 17,462,948 | — | 11,505,316 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
631,827,354 | 104,610,766 | (15,924,546) | (218,617,509) | 501,896,065 | 88,953,407 | (3,976,692) | 10,776,651 | 57,033,644 | |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares | |||||||||
331,623,385 | 30,182,609 | — | (103,963,834) | 257,842,160 | 15,661,629 | — | — | 25,630,433 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 11 |
December 31, 2022
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 Value Fund, Class 1 Shares | |||||||||
332,883,489 | 7,072,770 | (24,779,966) | (41,533,918) | 273,642,375 | — | (3,073,284) | 7,072,770 | 31,237,714 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
238,115,678 | 16,461,258 | (66,508) | (68,739,770) | 185,770,658 | — | (18,617) | — | 6,857,536 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
257,419,545 | — | (27,872,330) | (32,888,457) | 196,658,758 | — | 653,325 | — | 6,015,869 | |
Total | 12,406,745,708 | (2,122,618,015) | 9,308,337,469 | 231,866,755 | 35,970,551 | 78,633,182 |
(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, 2022. |
TBA | To Be Announced |
AUD | Australian Dollar |
CAD | Canada Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
NZD | New Zealand Dollar |
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 2022 |
December 31, 2022
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 | — | — | — | 6,612,751,282 | 6,612,751,282 |
Exchange-Traded Equity Funds | 150,972,000 | — | — | — | 150,972,000 |
Exchange-Traded Fixed Income Funds | 843,981,365 | — | — | — | 843,981,365 |
Fixed Income Funds | — | — | — | 1,164,062,960 | 1,164,062,960 |
Residential Mortgage-Backed Securities - Agency | — | 1,140,602,145 | — | — | 1,140,602,145 |
Options Purchased Puts | 104,979,250 | — | — | — | 104,979,250 |
Money Market Funds | 1,531,523,227 | — | — | — | 1,531,523,227 |
Total Investments in Securities | 2,631,455,842 | 1,140,602,145 | — | 7,776,814,242 | 11,548,872,229 |
Investments in Derivatives | |||||
Asset | |||||
Forward Foreign Currency Exchange Contracts | — | 1,309,547 | — | — | 1,309,547 |
Futures Contracts | 42,230,870 | — | — | — | 42,230,870 |
Swap Contracts | — | 1,074,338 | — | — | 1,074,338 |
Liability | |||||
Forward Foreign Currency Exchange Contracts | — | (6,041,018) | — | — | (6,041,018) |
Futures Contracts | (13,999,878) | — | — | — | (13,999,878) |
Total | 2,659,686,834 | 1,136,945,012 | — | 7,776,814,242 | 11,573,446,088 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 13 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,286,691,239) | $2,135,555,510 |
Affiliated issuers (cost $7,851,489,785) | 9,308,337,469 |
Options purchased (cost $109,549,652) | 104,979,250 |
Cash | 2,477,000 |
Cash collateral held at broker for: | |
TBA | 14,983,000 |
Margin deposits on: | |
Futures contracts | 126,882,879 |
Swap contracts | 4,402,502 |
Unrealized appreciation on forward foreign currency exchange contracts | 1,309,547 |
Receivable for: | |
Investments sold | 14,588,873 |
Investments sold on a delayed delivery basis | 165,364,377 |
Capital shares sold | 24,361 |
Dividends | 5,174,330 |
Interest | 1,411,228 |
Variation margin for futures contracts | 5,376,725 |
Prepaid expenses | 103,369 |
Trustees’ deferred compensation plan | 465,236 |
Total assets | 11,891,435,656 |
Liabilities | |
Unrealized depreciation on forward foreign currency exchange contracts | 6,041,018 |
Payable for: | |
Investments purchased on a delayed delivery basis | 1,325,640,459 |
Capital shares purchased | 10,370,991 |
Variation margin for futures contracts | 3,266,462 |
Variation margin for swap contracts | 21,906 |
Management services fees | 51,785 |
Distribution and/or service fees | 72,470 |
Service fees | 525,513 |
Compensation of board members | 131,556 |
Compensation of chief compliance officer | 2,054 |
Other expenses | 79,787 |
Trustees’ deferred compensation plan | 465,236 |
Total liabilities | 1,346,669,237 |
Net assets applicable to outstanding capital stock | $10,544,766,419 |
Represented by | |
Trust capital | $10,544,766,419 |
Total - representing net assets applicable to outstanding capital stock | $10,544,766,419 |
Class 1 | |
Net assets | $17,737,173 |
Shares outstanding | 1,172,649 |
Net asset value per share | $15.13 |
Class 2 | |
Net assets | $10,527,029,246 |
Shares outstanding | 701,249,592 |
Net asset value per share | $15.01 |
14 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $30,232,821 |
Dividends — affiliated issuers | 78,633,182 |
Interest | 1,369,573 |
Total income | 110,235,576 |
Expenses: | |
Management services fees | 21,275,829 |
Distribution and/or service fees | |
Class 2 | 28,984,058 |
Service fees | 6,951,795 |
Compensation of board members | 179,335 |
Custodian fees | 48,921 |
Printing and postage fees | 56,737 |
Audit fees | 32,000 |
Legal fees | 159,253 |
Interest on collateral | 115,705 |
Compensation of chief compliance officer | 4,186 |
Other | 146,489 |
Total expenses | 57,954,308 |
Net investment income | 52,281,268 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (111,858,073) |
Investments — affiliated issuers | 35,970,551 |
Capital gain distributions from underlying affiliated funds | 231,866,755 |
Foreign currency translations | (1,152,125) |
Forward foreign currency exchange contracts | (31,515,307) |
Futures contracts | (477,648,203) |
Options purchased | (33,457,222) |
Swap contracts | (946,845) |
Net realized loss | (388,740,469) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (291,318,245) |
Investments — affiliated issuers | (2,122,618,015) |
Forward foreign currency exchange contracts | (4,731,471) |
Futures contracts | (11,696,285) |
Options purchased | 77,479,208 |
Swap contracts | 733,149 |
Net change in unrealized appreciation (depreciation) | (2,352,151,659) |
Net realized and unrealized loss | (2,740,892,128) |
Net decrease in net assets resulting from operations | $(2,688,610,860) |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 15 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $52,281,268 | $29,811,980 |
Net realized gain (loss) | (388,740,469) | 1,000,137,461 |
Net change in unrealized appreciation (depreciation) | (2,352,151,659) | 469,812,218 |
Net increase (decrease) in net assets resulting from operations | (2,688,610,860) | 1,499,761,659 |
Increase (decrease) in net assets from capital stock activity | (788,930,941) | 13,236,263 |
Total increase (decrease) in net assets | (3,477,541,801) | 1,512,997,922 |
Net assets at beginning of year | 14,022,308,220 | 12,509,310,298 |
Net assets at end of year | $10,544,766,419 | $14,022,308,220 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 489,034 | 7,781,582 | 455,856 | 8,218,379 |
Redemptions | (119,217) | (1,808,536) | (17,590) | (313,724) |
Net increase | 369,817 | 5,973,046 | 438,266 | 7,904,655 |
Class 2 | ||||
Subscriptions | 428,250 | 6,701,801 | 17,641,224 | 310,107,565 |
Redemptions | (50,861,787) | (801,605,788) | (16,932,875) | (304,775,957) |
Net increase (decrease) | (50,433,537) | (794,903,987) | 708,349 | 5,331,608 |
Total net increase (decrease) | (50,063,720) | (788,930,941) | 1,146,615 | 13,236,263 |
16 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $18.73 | 0.12 | (3.72) | (3.60) |
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 12/31/2022 | $18.63 | 0.07 | (3.69) | (3.62) |
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) |
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 2022 |
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 12/31/2022 | $15.13 | (19.22%) | 0.25%(c) | 0.25%(c) | 0.73% | 151% | $17,737 |
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 12/31/2022 | $15.01 | (19.43%) | 0.50%(c) | 0.50%(c) | 0.45% | 151% | $10,527,029 |
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% | $9,820,308 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 23 |
December 31, 2022
24 | Variable Portfolio – Managed Volatility Growth Fund |��Annual Report 2022 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of trust capital — unrealized appreciation on swap contracts | 1,074,338* |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 41,673,454* |
Equity risk | Investments, at value — Options Purchased | 104,979,250 |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 1,309,547 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 557,416* |
Total | 149,594,005 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 10,241,917* |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 6,041,018 |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 3,757,961* |
Total | 20,040,896 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 25 |
December 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | |||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | (946,845) | (946,845) |
Equity risk | — | (271,035,335) | (33,457,222) | — | (304,492,557) |
Foreign exchange risk | (31,515,307) | (2,909,015) | — | — | (34,424,322) |
Interest rate risk | — | (203,703,853) | — | — | (203,703,853) |
Total | (31,515,307) | (477,648,203) | (33,457,222) | (946,845) | (543,567,577) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | 733,149 | 733,149 |
Equity risk | — | 335,584 | 77,479,208 | — | 77,814,792 |
Foreign exchange risk | (4,731,471) | (3,496,377) | — | — | (8,227,848) |
Interest rate risk | — | (8,535,492) | — | — | (8,535,492) |
Total | (4,731,471) | (11,696,285) | 77,479,208 | 733,149 | 61,784,601 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 2,363,251,488 |
Futures contracts — short | 810,414,115 |
Credit default swap contracts — sell protection | 150,000,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 157,104,500 |
Derivative instrument | Average unrealized appreciation ($)* | Average unrealized depreciation ($)* |
Forward foreign currency exchange contracts | 5,955,180 | (7,214,267) |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
26 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 27 |
December 31, 2022
Barclays ($) | Citi ($) | Goldman Sachs International ($) | JPMorgan ($) | Morgan Stanley ($) | UBS ($) | Total ($) | |
Assets | |||||||
Forward foreign currency exchange contracts | 192,766 | 801,856 | 64,350 | - | - | 250,575 | 1,309,547 |
Options purchased puts | - | - | - | 104,979,250 | - | - | 104,979,250 |
Total assets | 192,766 | 801,856 | 64,350 | 104,979,250 | - | 250,575 | 106,288,797 |
Liabilities | |||||||
Centrally cleared credit default swap contracts (a) | - | - | - | - | 21,906 | - | 21,906 |
Forward foreign currency exchange contracts | 924,714 | 4,296,429 | 590,975 | - | - | 228,900 | 6,041,018 |
Total liabilities | 924,714 | 4,296,429 | 590,975 | - | 21,906 | 228,900 | 6,062,924 |
Total financial and derivative net assets | (731,948) | (3,494,573) | (526,625) | 104,979,250 | (21,906) | 21,675 | 100,225,873 |
Total collateral received (pledged) (b) | - | - | - | - | (21,906) | - | (21,906) |
Net amount (c) | (731,948) | (3,494,573) | (526,625) | 104,979,250 | - | 21,675 | 100,247,779 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin in 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. |
28 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 29 |
December 31, 2022
30 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 31 |
December 31, 2022
32 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 33 |
December 31, 2022
34 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 35 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
36 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 37 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
38 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 39 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
40 | Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Variable Portfolio – Managed Volatility Growth Fund | Annual Report 2022 | 41 |
December 31, 2022
3 | |
6 | |
8 | |
9 | |
15 | |
16 | |
17 | |
18 | |
20 | |
33 | |
34 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -15.75 | 0.53 | 1.84 | |
Class 2 | 04/12/13 | -15.99 | 0.32 | 1.74 | |
Blended Benchmark | -13.78 | 1.55 | 2.74 | ||
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 1.02 |
* | 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 2022 | 3 |
(Unaudited)
4 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
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 | 3.1 |
International Mid Large Cap | 1.4 |
U.S. Large Cap | 1.7 |
Exchange-Traded Fixed Income Funds | 4.3 |
Investment Grade | 4.3 |
Fixed Income Funds | 49.7 |
Investment Grade | 49.7 |
Allocations to Tactical Assets | |
Money Market Funds(a) | 17.2 |
Options Purchased Puts | 0.3 |
Residential Mortgage-Backed Securities - Agency | 8.8 |
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 principal investment strategies. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial Statements. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
(Unaudited)
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 7 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 | 973.10 | 1,023.56 | 1.48 | 1.52 | 0.30 | 3.51 | 3.60 | 0.71 |
Class 2 | 1,000.00 | 1,000.00 | 971.20 | 1,022.31 | 2.72 | 2.79 | 0.55 | 4.74 | 4.87 | 0.96 |
8 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
Equity Funds 18.1% | ||
Shares | Value ($) | |
International 5.1% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 1,729,680 | 20,358,331 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 399,177 | 3,512,756 |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) | 348,417 | 3,505,079 |
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) | 404,024 | 3,539,253 |
Total | 30,915,419 | |
U.S. Large Cap 10.1% | ||
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) | 178,715 | 5,915,448 |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 200,534 | 14,446,491 |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) | 209,160 | 5,446,525 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 1,063,623 | 15,752,251 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 149,739 | 5,499,908 |
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) | 74,240 | 2,640,698 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 66,713 | 2,358,978 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(a),(b) | 62,200 | 2,630,456 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 82,456 | 2,640,241 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 124,634 | 3,722,826 |
Total | 61,053,822 | |
U.S. Mid Cap 0.4% | ||
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares(a),(b) | 30,167 | 1,093,571 |
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares(a),(b) | 32,939 | 1,100,151 |
Total | 2,193,722 |
Equity Funds (continued) | ||
Shares | Value ($) | |
U.S. Small Cap 2.5% | ||
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) | 95,762 | 1,101,266 |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) | 101,139 | 930,475 |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 242,450 | 6,567,972 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 201,406 | 6,583,967 |
Total | 15,183,680 | |
Total Equity Funds (Cost $81,316,890) | 109,346,643 | |
Exchange-Traded Equity Funds 3.4% | ||
International Mid Large Cap 1.5% | ||
iShares MSCI EAFE ETF | 137,532 | 9,027,600 |
U.S. Large Cap 1.9% | ||
SPDR S&P 500 ETF Trust | 30,425 | 11,635,433 |
Total Exchange-Traded Equity Funds (Cost $14,021,765) | 20,663,033 | |
Exchange-Traded Fixed Income Funds 4.7% | ||
Investment Grade 4.7% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 157,850 | 16,642,126 |
Vanguard Intermediate-Term Corporate Bond ETF | 151,000 | 11,704,010 |
Total | 28,346,136 | |
Total Exchange-Traded Fixed Income Funds (Cost $32,313,635) | 28,346,136 | |
Fixed Income Funds 54.2% | ||
Investment Grade 54.2% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 7,104,229 | 58,751,972 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 2,446,679 | 22,436,050 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 4,649,186 | 35,519,784 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 2,574,447 | 22,371,948 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 6,768,793 | 60,851,444 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 6,452,372 | 58,781,109 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 9 |
December 31, 2022
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 7,409,482 | 69,723,227 |
Total | 328,435,534 | |
Total Fixed Income Funds (Cost $388,232,230) | 328,435,534 |
Residential Mortgage-Backed Securities - Agency 9.6% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 27,400,000 | 24,424,551 | |
01/17/2038- 01/12/2053 | 3.500% | 14,000,000 | 12,933,513 | |
01/12/2053 | 4.000% | 11,777,000 | 11,042,821 | |
01/12/2053 | 4.500% | 10,000,000 | 9,622,563 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $58,919,011) | 58,023,448 |
Options Purchased Puts 0.3% | ||||
Value ($) | ||||
(Cost $1,987,526) | 1,932,090 |
Money Market Funds 18.7% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 113,513,035 | 113,478,981 |
Total Money Market Funds (Cost $113,468,188) | 113,478,981 | |
Total Investments in Securities (Cost: $690,259,245) | 660,225,865 | |
Other Assets & Liabilities, Net | (54,690,157) | |
Net Assets | 605,535,708 |
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
2,000,000 CAD | 1,471,625 USD | Barclays | 02/03/2023 | — | (5,698) |
3,150,000 EUR | 3,328,211 USD | Barclays | 02/03/2023 | — | (51,077) |
1,468,321 USD | 2,000,000 CAD | Barclays | 02/03/2023 | 9,002 | — |
535,123 USD | 500,000 EUR | Barclays | 02/03/2023 | 1,272 | — |
4,087,500 CHF | 4,382,156 USD | Citi | 02/03/2023 | — | (54,076) |
725,000,000 JPY | 5,351,798 USD | Citi | 02/03/2023 | — | (195,562) |
1,090,655 USD | 1,000,000 CHF | Citi | 02/03/2023 | — | (5,339) |
3,783,937 USD | 500,000,000 JPY | Citi | 02/03/2023 | 41,829 | — |
3,172,425 USD | 5,000,000 NZD | Goldman Sachs International | 02/03/2023 | 3,575 | — |
2,434,757 USD | 25,000,000 SEK | Goldman Sachs International | 02/03/2023 | — | (34,509) |
1,000,000 AUD | 673,505 USD | UBS | 02/03/2023 | — | (8,245) |
1,100,000 GBP | 1,349,364 USD | UBS | 02/03/2023 | 18,375 | — |
344,075 USD | 500,000 AUD | UBS | 02/03/2023 | — | (3,200) |
Total | 74,053 | (357,706) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 40 | 03/2023 | USD | 7,722,000 | 46,901 | — |
U.S. Treasury 10-Year Note | 191 | 03/2023 | USD | 21,448,703 | — | (103,562) |
U.S. Treasury 2-Year Note | 109 | 03/2023 | USD | 22,353,516 | 31,313 | — |
U.S. Treasury 5-Year Note | 260 | 03/2023 | USD | 28,061,719 | — | (6,456) |
Total | 78,214 | (110,018) |
10 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro STOXX 50 Index | (116) | 03/2023 | EUR | (4,390,600) | 185,539 | — |
FTSE 100 Index | (13) | 03/2023 | GBP | (970,580) | 1,939 | — |
FTSE 100 Index | (3) | 03/2023 | GBP | (223,980) | — | (779) |
MSCI Singapore Index | (6) | 01/2023 | SGD | (174,330) | — | (928) |
OMXS30 Index | (107) | 01/2023 | SEK | (21,849,400) | 110,249 | — |
Russell 2000 Index E-mini | (92) | 03/2023 | USD | (8,146,140) | 289,186 | — |
S&P 500 Index E-mini | (76) | 03/2023 | USD | (14,671,800) | 453,656 | — |
SPI 200 Index | (9) | 03/2023 | AUD | (1,573,200) | 23,528 | — |
TOPIX Index | (18) | 03/2023 | JPY | (340,470,000) | 72,063 | — |
Total | 1,136,160 | (1,707) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 18,045,650 | 47 | 3,200.00 | 06/21/2024 | 850,467 | 732,260 |
S&P 500 Index | JPMorgan | USD | 16,125,900 | 42 | 3,300.00 | 12/20/2024 | 823,538 | 896,070 |
S&P 500 Index | JPMorgan | USD | 6,143,200 | 16 | 3,200.00 | 12/20/2024 | 313,521 | 303,760 |
Total | 1,987,526 | 1,932,090 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | 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, 4.318% | |||||||||
127,701,574 | 105,410,295 | (119,649,933) | 17,045 | 113,478,981 | — | (32,036) | 2,009,296 | 113,513,035 | |
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares | |||||||||
7,382,751 | 1,498,547 | (1,434,495) | (1,531,355) | 5,915,448 | — | 289,058 | — | 178,715 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
18,089,688 | 3,782,930 | (3,668,902) | (3,757,225) | 14,446,491 | — | 666,801 | — | 200,534 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
70,841,347 | 5,577,283 | (4,193,263) | (13,473,395) | 58,751,972 | 41,261 | (396,335) | 1,998,633 | 7,104,229 | |
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares | |||||||||
6,807,672 | 2,085,913 | (1,286,062) | (2,160,998) | 5,446,525 | — | 54,916 | — | 209,160 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
27,258,427 | 972,154 | (4,248,199) | (1,546,332) | 22,436,050 | — | (240,239) | 183,523 | 2,446,679 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
43,499,493 | 9,100,112 | (3,673,207) | (13,406,614) | 35,519,784 | 1,153,785 | (1,071,595) | 1,053,099 | 4,649,186 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
25,074,560 | 7,193,542 | (8,039,029) | (3,870,742) | 20,358,331 | 1,644,190 | (1,208,985) | 177,708 | 1,729,680 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
19,697,458 | 3,915,371 | (4,008,150) | (3,852,428) | 15,752,251 | — | 301,536 | — | 1,063,623 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
6,840,751 | 1,068,947 | (2,039,857) | (369,933) | 5,499,908 | — | 337,424 | — | 149,739 | |
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares | |||||||||
1,312,885 | 562,372 | (395,406) | (386,280) | 1,093,571 | — | (3,240) | — | 30,167 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 11 |
December 31, 2022
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 | |||||||||
1,373,084 | 284,180 | (350,593) | (206,520) | 1,100,151 | — | 104,528 | — | 32,939 | |
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares | |||||||||
1,342,547 | 737,466 | (390,532) | (588,215) | 1,101,266 | 463,408 | 22,858 | 9,069 | 95,762 | |
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares | |||||||||
1,448,565 | 410,371 | — | (928,461) | 930,475 | 410,372 | — | — | 101,139 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
27,211,166 | 1,740,168 | (2,664,503) | (3,914,883) | 22,371,948 | — | (262,275) | 502,405 | 2,574,447 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
10,891,147 | 90,924 | (11,365,513) | 383,442 | — | 52,837 | (809,126) | 22,938 | — | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
73,613,000 | 6,463,871 | (5,038,353) | (14,187,074) | 60,851,444 | 1,686,711 | (471,934) | 2,012,003 | 6,768,793 | |
CTIVP® – MFS® Value Fund, Class 1 Shares | |||||||||
3,290,742 | 472,473 | (706,070) | (416,447) | 2,640,698 | — | 244,701 | — | 74,240 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
2,933,080 | 1,081,587 | (370,502) | (1,285,187) | 2,358,978 | — | (48,753) | — | 66,713 | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
3,249,110 | 1,024,079 | (744,518) | (898,215) | 2,630,456 | — | 24,677 | — | 62,200 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
3,284,787 | 495,003 | (743,003) | (396,546) | 2,640,241 | — | 283,097 | — | 82,456 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
70,860,144 | 3,155,988 | (5,297,020) | (9,938,003) | 58,781,109 | — | (530,420) | 717,296 | 6,452,372 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
84,461,385 | 4,170,391 | (6,990,242) | (11,918,307) | 69,723,227 | 538,635 | (735,194) | 1,232,086 | 7,409,482 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
4,648,668 | 868,723 | (888,058) | (906,507) | 3,722,826 | — | 169,284 | — | 124,634 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
4,365,620 | 1,813,462 | (1,216,403) | (1,449,923) | 3,512,756 | 654,474 | (59,355) | 77,763 | 399,177 | |
Variable Portfolio – Partners International Growth Fund, Class 1 Shares | |||||||||
4,358,562 | 1,587,475 | (1,142,088) | (1,298,870) | 3,505,079 | 229,389 | (56,068) | — | 348,417 | |
Variable Portfolio – Partners International Value Fund, Class 1 Shares | |||||||||
4,371,651 | 1,144,902 | (1,475,388) | (501,912) | 3,539,253 | — | 9,009 | 93,276 | 404,024 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
7,844,897 | 2,888,060 | (2,199,672) | (1,965,313) | 6,567,972 | — | (282,879) | — | 242,450 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
8,153,352 | 1,700,884 | (2,244,869) | (1,025,400) | 6,583,967 | — | 115,026 | — | 201,406 | |
Total | 672,208,113 | (95,780,598) | 551,261,158 | 6,875,062 | (3,585,519) | 10,089,095 |
(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, 2022. |
TBA | To Be Announced |
12 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
AUD | Australian Dollar |
CAD | Canada Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
NZD | New Zealand Dollar |
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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 109,346,643 | 109,346,643 |
Exchange-Traded Equity Funds | 20,663,033 | — | — | — | 20,663,033 |
Exchange-Traded Fixed Income Funds | 28,346,136 | — | — | — | 28,346,136 |
Fixed Income Funds | — | — | — | 328,435,534 | 328,435,534 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 13 |
December 31, 2022
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Residential Mortgage-Backed Securities - Agency | — | 58,023,448 | — | — | 58,023,448 |
Options Purchased Puts | 1,932,090 | — | — | — | 1,932,090 |
Money Market Funds | 113,478,981 | — | — | — | 113,478,981 |
Total Investments in Securities | 164,420,240 | 58,023,448 | — | 437,782,177 | 660,225,865 |
Investments in Derivatives | |||||
Asset | |||||
Forward Foreign Currency Exchange Contracts | — | 74,053 | — | — | 74,053 |
Futures Contracts | 1,214,374 | — | — | — | 1,214,374 |
Liability | |||||
Forward Foreign Currency Exchange Contracts | — | (357,706) | — | — | (357,706) |
Futures Contracts | (111,725) | — | — | — | (111,725) |
Total | 165,522,889 | 57,739,795 | — | 437,782,177 | 661,044,861 |
14 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $105,254,411) | $107,032,617 |
Affiliated issuers (cost $583,017,308) | 551,261,158 |
Options purchased (cost $1,987,526) | 1,932,090 |
Cash collateral held at broker for: | |
TBA | 610,000 |
Margin deposits on: | |
Futures contracts | 3,658,681 |
Unrealized appreciation on forward foreign currency exchange contracts | 74,053 |
Receivable for: | |
Investments sold | 494,787 |
Investments sold on a delayed delivery basis | 14,225,420 |
Dividends | 448,705 |
Interest | 73,129 |
Variation margin for futures contracts | 203,154 |
Prepaid expenses | 8,749 |
Trustees’ deferred compensation plan | 59,243 |
Total assets | 680,081,786 |
Liabilities | |
Unrealized depreciation on forward foreign currency exchange contracts | 357,706 |
Payable for: | |
Investments purchased on a delayed delivery basis | 73,234,517 |
Capital shares purchased | 706,839 |
Variation margin for futures contracts | 103,419 |
Management services fees | 3,558 |
Distribution and/or service fees | 4,162 |
Service fees | 30,091 |
Compensation of board members | 18,127 |
Compensation of chief compliance officer | 119 |
Other expenses | 28,297 |
Trustees’ deferred compensation plan | 59,243 |
Total liabilities | 74,546,078 |
Net assets applicable to outstanding capital stock | $605,535,708 |
Represented by | |
Trust capital | $605,535,708 |
Total - representing net assets applicable to outstanding capital stock | $605,535,708 |
Class 1 | |
Net assets | $422,007 |
Shares outstanding | 35,372 |
Net asset value per share | $11.93 |
Class 2 | |
Net assets | $605,113,701 |
Shares outstanding | 51,183,086 |
Net asset value per share | $11.82 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 15 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $1,229,531 |
Dividends — affiliated issuers | 10,089,095 |
Interest | 35,809 |
Total income | 11,354,435 |
Expenses: | |
Management services fees | 1,375,937 |
Distribution and/or service fees | |
Class 2 | 1,607,906 |
Service fees | 385,417 |
Compensation of board members | 22,874 |
Custodian fees | 30,491 |
Printing and postage fees | 11,128 |
Audit fees | 32,000 |
Legal fees | 20,317 |
Interest on collateral | 3,597 |
Compensation of chief compliance officer | 233 |
Other | 13,536 |
Total expenses | 3,503,436 |
Net investment income | 7,850,999 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (9,386,939) |
Investments — affiliated issuers | (3,585,519) |
Capital gain distributions from underlying affiliated funds | 6,875,062 |
Foreign currency translations | (547,669) |
Forward foreign currency exchange contracts | 494,732 |
Futures contracts | (10,810,179) |
Options purchased | (465,050) |
Net realized loss | (17,425,562) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (11,761,218) |
Investments — affiliated issuers | (95,780,598) |
Forward foreign currency exchange contracts | (283,653) |
Futures contracts | 505,653 |
Options purchased | 1,138,283 |
Net change in unrealized appreciation (depreciation) | (106,181,533) |
Net realized and unrealized loss | (123,607,095) |
Net decrease in net assets resulting from operations | $(115,756,096) |
16 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $7,850,999 | $6,588,506 |
Net realized gain (loss) | (17,425,562) | 46,970,183 |
Net change in unrealized appreciation (depreciation) | (106,181,533) | (33,297,622) |
Net increase (decrease) in net assets resulting from operations | (115,756,096) | 20,261,067 |
Decrease in net assets from capital stock activity | (23,485,279) | (177,684,864) |
Total decrease in net assets | (139,241,375) | (157,423,797) |
Net assets at beginning of year | 744,777,083 | 902,200,880 |
Net assets at end of year | $605,535,708 | $744,777,083 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 10,507 | 133,359 | 8,437 | 117,705 |
Redemptions | (4,883) | (64,059) | (5,083) | (69,818) |
Net increase | 5,624 | 69,300 | 3,354 | 47,887 |
Class 2 | ||||
Subscriptions | 5,599,945 | 69,257,663 | 3,316,418 | 45,971,074 |
Redemptions | (7,336,956) | (92,812,242) | (16,190,063) | (223,703,825) |
Net decrease | (1,737,011) | (23,554,579) | (12,873,645) | (177,732,751) |
Total net decrease | (1,731,387) | (23,485,279) | (12,870,291) | (177,684,864) |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 17 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $14.16 | 0.20 | (2.43) | (2.23) |
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 12/31/2022 | $14.07 | 0.15 | (2.40) | (2.25) |
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) |
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 2022 |
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 12/31/2022 | $11.93 | (15.75%) | 0.29%(c) | 0.29%(c) | 1.56% | 147% | $422 |
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 12/31/2022 | $11.82 | (15.99%) | 0.54%(c) | 0.54%(c) | 1.22% | 147% | $605,114 |
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% | $426,294 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 23 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 1,183,061* |
Equity risk | Investments, at value — Options Purchased | 1,932,090 |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 74,053 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 31,313* |
Total | 3,220,517 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 1,707* |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 357,706 |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 110,018* |
Total | 469,431 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
24 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | — | (2,701,518) | (465,050) | (3,166,568) |
Foreign exchange risk | 494,732 | 85,688 | — | 580,420 |
Interest rate risk | — | (8,194,349) | — | (8,194,349) |
Total | 494,732 | (10,810,179) | (465,050) | (10,780,497) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | — | 884,329 | 1,138,283 | 2,022,612 |
Foreign exchange risk | (283,653) | 4,551 | — | (279,102) |
Interest rate risk | — | (383,227) | — | (383,227) |
Total | (283,653) | 505,653 | 1,138,283 | 1,360,283 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 88,309,788 |
Futures contracts — short | 29,749,847 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 2,673,885 |
Derivative instrument | Average unrealized appreciation ($)* | Average unrealized depreciation ($)* |
Forward foreign currency exchange contracts | 473,970 | (312,591) |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 25 |
December 31, 2022
Barclays ($) | Citi ($) | Goldman Sachs International ($) | JPMorgan ($) | UBS ($) | Total ($) | |
Assets | ||||||
Forward foreign currency exchange contracts | 10,274 | 41,829 | 3,575 | - | 18,375 | 74,053 |
Options purchased puts | - | - | - | 1,932,090 | - | 1,932,090 |
Total assets | 10,274 | 41,829 | 3,575 | 1,932,090 | 18,375 | 2,006,143 |
Liabilities | ||||||
Forward foreign currency exchange contracts | 56,775 | 254,977 | 34,509 | - | 11,445 | 357,706 |
Total liabilities | 56,775 | 254,977 | 34,509 | - | 11,445 | 357,706 |
Total financial and derivative net assets | (46,501) | (213,148) | (30,934) | 1,932,090 | 6,930 | 1,648,437 |
Total collateral received (pledged) (a) | - | - | - | - | - | - |
Net amount (b) | (46,501) | (213,148) | (30,934) | 1,932,090 | 6,930 | 1,648,437 |
(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 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 27 |
December 31, 2022
28 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
March 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 29 |
December 31, 2022
30 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 31 |
December 31, 2022
32 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 33 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
34 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 35 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
36 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 37 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
38 | Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Variable Portfolio – Managed Volatility Conservative Fund | Annual Report 2022 | 39 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
30 | |
31 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -16.54 | 1.40 | 3.09 | |
Class 2 | 11/02/16 | -16.74 | 1.20 | 2.92 | |
Blended Benchmark | -14.52 | 3.58 | 4.61 | ||
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 0.20 | ||
S&P 500 Index | -18.11 | 9.42 | 12.34 |
* | 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 – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
Allocations to Underlying Funds | |
Equity Funds | 29.5 |
U.S. Large Cap | 29.5 |
Exchange-Traded Fixed Income Funds | 7.7 |
Investment Grade | 7.7 |
Fixed Income Funds | 36.4 |
Investment Grade | 36.4 |
Allocations to Tactical Assets | |
Money Market Funds(a) | 16.0 |
Options Purchased Puts | 0.4 |
Residential Mortgage-Backed Securities - Agency | 10.0 |
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 principal investment strategies. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
• | The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical discretion detracted from relative performance during the period. |
• | Underlying U.S. growth-oriented equity fund managers detracted from relative performance during the period. |
• | Overall, fixed-income manager performance results detracted from relative performance during the period, as rising interest rates challenged bond managers’ positioning. Core-oriented fixed-income managers and longer duration strategies struggled the most during the 12-month period. |
• | Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period. |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 ($) | Fund’s effective annualized expense ratio (%) | |||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
Class 1 | 1,000.00 | 1,000.00 | 978.10 | 1,023.56 | 1.49 | 1.52 | 0.30 | 3.42 | 3.50 | 0.69 |
Class 2 | 1,000.00 | 1,000.00 | 977.10 | 1,022.31 | 2.73 | 2.79 | 0.55 | 4.66 | 4.77 | 0.94 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 7 |
December 31, 2022
Equity Funds 32.5% | ||
Shares | Value ($) | |
U.S. Large Cap 32.5% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 162,980 | 11,741,069 |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares(a),(b) | 692,805 | 22,204,402 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 792,130 | 11,731,441 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 250,520 | 9,201,605 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 244,592 | 8,648,770 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(a),(b) | 215,235 | 9,102,264 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 287,172 | 9,195,248 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 594,225 | 17,749,506 |
Total | 99,574,305 | |
Total Equity Funds (Cost $67,145,507) | 99,574,305 | |
Exchange-Traded Fixed Income Funds 8.5% | ||
Investment Grade 8.5% | ||
iShares Core U.S. Aggregate Bond ETF | 22,610 | 2,192,944 |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 104,527 | 11,020,282 |
Vanguard Intermediate-Term Corporate Bond ETF | 163,900 | 12,703,888 |
Total | 25,917,114 | |
Total Exchange-Traded Fixed Income Funds (Cost $28,229,116) | 25,917,114 | |
Fixed Income Funds 40.1% | ||
Investment Grade 40.1% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 3,508,320 | 29,013,810 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 762,607 | 6,993,105 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 1,220,198 | 9,322,310 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 795,478 | 6,912,700 |
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 2,828,188 | 25,425,414 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 2,522,519 | 22,980,149 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 2,350,651 | 22,119,629 |
Total | 122,767,117 | |
Total Fixed Income Funds (Cost $145,976,502) | 122,767,117 |
Residential Mortgage-Backed Securities - Agency 11.0% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 17,177,500 | 15,331,378 | |
01/17/2038- 01/12/2053 | 3.500% | 8,500,000 | 7,841,281 | |
01/12/2053 | 4.000% | 6,092,500 | 5,712,693 | |
01/12/2053 | 4.500% | 5,000,000 | 4,811,282 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $34,216,695) | 33,696,634 |
Options Purchased Puts 0.5% | ||||
Value ($) | ||||
(Cost $1,483,751) | 1,439,780 |
Money Market Funds 17.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 54,067,927 | 54,051,707 |
Total Money Market Funds (Cost $54,042,830) | 54,051,707 | |
Total Investments in Securities (Cost: $331,094,401) | 337,446,657 | |
Other Assets & Liabilities, Net | (31,332,926) | |
Net Assets | 306,113,731 |
8 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 27 | 03/2023 | USD | 5,212,350 | 41,283 | — |
U.S. Long Bond | 41 | 03/2023 | USD | 5,139,094 | — | (40,329) |
U.S. Treasury 10-Year Note | 44 | 03/2023 | USD | 4,941,063 | — | (23,857) |
U.S. Treasury 2-Year Note | 57 | 03/2023 | USD | 11,689,453 | 16,375 | — |
U.S. Treasury 5-Year Note | 116 | 03/2023 | USD | 12,519,844 | — | (2,880) |
U.S. Treasury Ultra Bond | 20 | 03/2023 | USD | 2,686,250 | — | (17,896) |
Total | 57,658 | (84,962) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | (127) | 03/2023 | USD | (24,517,350) | 813,642 | — |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 11,518,500 | 30 | 3,200.00 | 06/21/2024 | 542,851 | 467,400 |
S&P 500 Index | JPMorgan | USD | 9,982,700 | 26 | 3,300.00 | 12/20/2024 | 509,809 | 554,710 |
S&P 500 Index | JPMorgan | USD | 8,446,900 | 22 | 3,200.00 | 12/20/2024 | 431,091 | 417,670 |
Total | 1,483,751 | 1,439,780 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Short-Term Cash Fund, 4.318% | |||||||||
68,633,018 | 86,723,199 | (101,316,372) | 11,862 | 54,051,707 | — | (19,785) | 942,261 | 54,067,927 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
14,956,062 | 1,231,154 | (1,469,113) | (2,977,034) | 11,741,069 | — | 289,805 | — | 162,980 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
34,086,191 | 4,053,580 | (2,877,280) | (6,248,681) | 29,013,810 | 20,153 | (495,769) | 976,221 | 3,508,320 | |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | |||||||||
28,037,461 | 2,235,193 | (2,639,383) | (5,428,869) | 22,204,402 | — | 488,347 | — | 692,805 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
8,191,888 | 515,970 | (1,228,886) | (485,867) | 6,993,105 | — | (59,454) | 56,528 | 762,607 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
10,898,866 | 2,767,239 | (906,879) | (3,436,916) | 9,322,310 | 295,991 | (236,917) | 270,161 | 1,220,198 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
14,871,821 | 1,254,357 | (1,486,967) | (2,907,770) | 11,731,441 | — | 108,014 | — | 792,130 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
11,442,300 | 773,918 | (2,112,339) | (902,274) | 9,201,605 | — | 751,384 | — | 250,520 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
8,164,021 | 689,851 | (738,098) | (1,203,074) | 6,912,700 | — | (70,198) | 153,750 | 795,478 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 9 |
December 31, 2022
Affiliated issuers | Beginning of period($) | 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 | |||||||||
5,448,610 | 51,305 | (5,696,249) | 196,334 | — | 26,679 | (410,794) | 11,582 | — | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
30,049,547 | 3,877,822 | (2,774,068) | (5,727,887) | 25,425,414 | 698,099 | (323,289) | 832,732 | 2,828,188 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
10,814,886 | 2,836,624 | (93,127) | (4,909,613) | 8,648,770 | — | (26,452) | — | 244,592 | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
11,246,714 | 2,299,453 | (1,327,012) | (3,116,891) | 9,102,264 | — | (32,230) | — | 215,235 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
11,439,731 | 622,136 | (1,743,294) | (1,123,325) | 9,195,248 | — | 628,555 | — | 287,172 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
27,284,549 | 1,954,722 | (2,532,628) | (3,726,494) | 22,980,149 | — | (333,028) | 277,612 | 2,522,519 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
25,906,550 | 2,398,873 | (2,565,488) | (3,620,306) | 22,119,629 | 169,181 | (316,855) | 386,988 | 2,350,651 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
22,387,460 | 1,497,891 | (1,977,904) | (4,157,941) | 17,749,506 | — | 416,091 | — | 594,225 | |
Total | 343,859,675 | (49,764,746) | 276,393,129 | 1,210,103 | 357,425 | 3,907,835 |
(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, 2022. |
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 2022 |
December 31, 2022
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. Principal 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 | — | — | — | 99,574,305 | 99,574,305 |
Exchange-Traded Fixed Income Funds | 25,917,114 | — | — | — | 25,917,114 |
Fixed Income Funds | — | — | — | 122,767,117 | 122,767,117 |
Residential Mortgage-Backed Securities - Agency | — | 33,696,634 | — | — | 33,696,634 |
Options Purchased Puts | 1,439,780 | — | — | — | 1,439,780 |
Money Market Funds | 54,051,707 | — | — | — | 54,051,707 |
Total Investments in Securities | 81,408,601 | 33,696,634 | — | 222,341,422 | 337,446,657 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 871,300 | — | — | — | 871,300 |
Liability | |||||
Futures Contracts | (84,962) | — | — | — | (84,962) |
Total | 82,194,939 | 33,696,634 | — | 222,341,422 | 338,232,995 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 11 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $62,445,811) | $59,613,748 |
Affiliated issuers (cost $267,164,839) | 276,393,129 |
Options purchased (cost $1,483,751) | 1,439,780 |
Cash collateral held at broker for: | |
TBA | 207,000 |
Margin deposits on: | |
Futures contracts | 2,615,550 |
Receivable for: | |
Investments sold | 207,044 |
Investments sold on a delayed delivery basis | 5,202,034 |
Dividends | 188,052 |
Interest | 42,206 |
Variation margin for futures contracts | 74,500 |
Prepaid expenses | 5,056 |
Trustees’ deferred compensation plan | 25,129 |
Total assets | 346,013,228 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 39,460,216 |
Capital shares purchased | 295,776 |
Variation margin for futures contracts | 60,334 |
Management services fees | 1,781 |
Distribution and/or service fees | 2,104 |
Service fees | 15,217 |
Compensation of board members | 14,418 |
Compensation of chief compliance officer | 60 |
Other expenses | 24,462 |
Trustees’ deferred compensation plan | 25,129 |
Total liabilities | 39,899,497 |
Net assets applicable to outstanding capital stock | $306,113,731 |
Represented by | |
Trust capital | $306,113,731 |
Total - representing net assets applicable to outstanding capital stock | $306,113,731 |
Class 1 | |
Net assets | $305,870 |
Shares outstanding | 25,361 |
Net asset value per share | $12.06 |
Class 2 | |
Net assets | $305,807,861 |
Shares outstanding | 25,606,071 |
Net asset value per share | $11.94 |
12 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $722,087 |
Dividends — affiliated issuers | 3,907,835 |
Interest | 29,317 |
Total income | 4,659,239 |
Expenses: | |
Management services fees | 682,412 |
Distribution and/or service fees | |
Class 2 | 810,514 |
Service fees | 194,396 |
Compensation of board members | 18,365 |
Custodian fees | 22,176 |
Printing and postage fees | 9,458 |
Audit fees | 29,500 |
Legal fees | 16,258 |
Compensation of chief compliance officer | 117 |
Other | 8,945 |
Total expenses | 1,792,141 |
Net investment income | 2,867,098 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (5,113,403) |
Investments — affiliated issuers | 357,425 |
Capital gain distributions from underlying affiliated funds | 1,210,103 |
Foreign currency translations | 2 |
Futures contracts | (7,743,641) |
Options purchased | (1,006,661) |
Net realized loss | (12,296,175) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (4,343,262) |
Investments — affiliated issuers | (49,764,746) |
Futures contracts | (42,721) |
Options purchased | 1,614,847 |
Net change in unrealized appreciation (depreciation) | (52,535,882) |
Net realized and unrealized loss | (64,832,057) |
Net decrease in net assets resulting from operations | $(61,964,959) |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 13 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $2,867,098 | $1,709,103 |
Net realized gain (loss) | (12,296,175) | 24,121,105 |
Net change in unrealized appreciation (depreciation) | (52,535,882) | 912,362 |
Net increase (decrease) in net assets resulting from operations | (61,964,959) | 26,742,570 |
Decrease in net assets from capital stock activity | (6,592,349) | (69,444,229) |
Total decrease in net assets | (68,557,308) | (42,701,659) |
Net assets at beginning of year | 374,671,039 | 417,372,698 |
Net assets at end of year | $306,113,731 | $374,671,039 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 15,736 | 208,051 | 2,882 | 41,432 |
Redemptions | (374) | (4,650) | (86) | (1,217) |
Net increase | 15,362 | 203,401 | 2,796 | 40,215 |
Class 2 | ||||
Subscriptions | 2,667,069 | 33,325,540 | 1,705,300 | 23,801,038 |
Redemptions | (3,172,580) | (40,121,290) | (6,862,526) | (93,285,482) |
Net decrease | (505,511) | (6,795,750) | (5,157,226) | (69,484,444) |
Total net decrease | (490,149) | (6,592,349) | (5,154,430) | (69,444,229) |
14 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $14.45 | 0.16 | (2.55) | (2.39) |
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 12/31/2022 | $14.34 | 0.11 | (2.51) | (2.40) |
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) |
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 2022 |
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 12/31/2022 | $12.06 | (16.54%) | 0.30% | 0.30% | 1.29% | 149% | $306 |
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 12/31/2022 | $11.94 | (16.74%) | 0.55% | 0.55% | 0.88% | 149% | $305,808 |
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% | $139,061 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 17 |
December 31, 2022
18 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 21 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 854,925* |
Equity risk | Investments, at value — Options Purchased | 1,439,780 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 16,375* |
Total | 2,311,080 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 84,962* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | (2,261,668) | (1,006,661) | (3,268,329) |
Interest rate risk | (5,481,973) | — | (5,481,973) |
Total | (7,743,641) | (1,006,661) | (8,750,302) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 165,940 | 1,614,847 | 1,780,787 |
Interest rate risk | (208,661) | — | (208,661) |
Total | (42,721) | 1,614,847 | 1,572,126 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 53,611,451 |
Futures contracts — short | 21,437,366 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 2,108,529 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
22 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
JPMorgan ($) | |
Assets | |
Options purchased puts | 1,439,780 |
Total financial and derivative net assets | 1,439,780 |
Total collateral received (pledged) (a) | - |
Net amount (b) | 1,439,780 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 23 |
December 31, 2022
(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 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 25 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
26 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 27 |
December 31, 2022
28 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 29 |
30 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 31 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
32 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 33 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia 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 2022 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 | 35 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
36 | Variable Portfolio – U.S. Flexible Conservative Growth Fund | Annual Report 2022 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
31 | |
32 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -18.54 | 2.79 | 5.70 | |
Class 2 | 11/02/16 | -18.73 | 2.59 | 5.53 | |
Blended Benchmark | -16.06 | 6.41 | 8.26 | ||
S&P 500 Index | -18.11 | 9.42 | 12.34 | ||
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 0.20 |
* | 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 2022 | 3 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
Allocations to Underlying Funds | |
Equity Funds | 54.6 |
U.S. Large Cap | 54.6 |
Exchange-Traded Fixed Income Funds | 8.5 |
Investment Grade | 8.5 |
Fixed Income Funds | 9.9 |
Investment Grade | 9.9 |
Allocations to Tactical Assets | |
Money Market Funds(a) | 13.8 |
Options Purchased Puts | 0.8 |
Residential Mortgage-Backed Securities - Agency | 12.4 |
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 principal investment strategies. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
(Unaudited)
• | The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical discretion detracted from relative performance during the period. |
• | Underlying U.S. growth-oriented equity fund managers detracted from relative performance during the period. |
• | Overall, fixed-income manager performance results detracted from relative performance during the period, as rising interest rates challenged bond managers’ positioning. Core-oriented fixed-income managers and longer duration strategies struggled the most during the 12-month period. |
• | Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period. |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 | 990.10 | 1,023.71 | 1.35 | 1.37 | 0.27 | 3.44 | 3.50 | 0.69 |
Class 2 | 1,000.00 | 1,000.00 | 989.40 | 1,022.46 | 2.59 | 2.64 | 0.52 | 4.69 | 4.77 | 0.94 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 7 |
December 31, 2022
Equity Funds 61.2% | ||
Shares | Value ($) | |
U.S. Large Cap 61.2% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 2,836,807 | 204,363,567 |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares(a),(b) | 16,113,332 | 516,432,302 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 13,791,002 | 204,244,742 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 6,162,511 | 226,349,031 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 4,597,371 | 162,563,022 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(a),(b) | 4,979,539 | 210,584,710 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 6,868,657 | 219,934,402 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 14,321,086 | 427,770,847 |
Total | 2,172,242,623 | |
Total Equity Funds (Cost $1,509,379,738) | 2,172,242,623 | |
Exchange-Traded Fixed Income Funds 9.6% | ||
Investment Grade 9.6% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 1,599,100 | 168,593,113 |
Vanguard Intermediate-Term Corporate Bond ETF | 2,207,000 | 171,064,570 |
Total | 339,657,683 | |
Total Exchange-Traded Fixed Income Funds (Cost $399,996,494) | 339,657,683 | |
Fixed Income Funds 11.1% | ||
Investment Grade 11.1% | ||
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 4,372,846 | 40,098,999 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 5,526,776 | 42,224,564 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 3,002,641 | 26,092,953 |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 7,572,939 | 68,080,721 |
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 8,881,761 | 80,912,841 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 14,450,927 | 135,983,224 |
Total | 393,393,302 | |
Total Fixed Income Funds (Cost $464,900,434) | 393,393,302 |
Residential Mortgage-Backed Securities - Agency 13.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 218,488,000 | 195,481,812 | |
01/17/2038- 01/12/2053 | 3.500% | 140,500,000 | 130,706,668 | |
01/12/2053 | 4.000% | 107,950,000 | 101,220,391 | |
01/12/2053 | 4.500% | 67,000,000 | 64,471,171 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $499,298,884) | 491,880,042 |
Options Purchased Puts 0.8% | ||||
Value ($) | ||||
(Cost $31,341,384) | 30,550,325 |
Money Market Funds 15.4% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 546,928,947 | 546,764,868 |
Total Money Market Funds (Cost $546,665,309) | 546,764,868 | |
Total Investments in Securities (Cost: $3,451,582,243) | 3,974,488,843 | |
Other Assets & Liabilities, Net | (426,044,314) | |
Net Assets | 3,548,444,529 |
8 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 710 | 03/2023 | USD | 137,065,500 | — | (2,870,308) |
U.S. Long Bond | 794 | 03/2023 | USD | 99,522,938 | — | (920,452) |
U.S. Treasury 10-Year Note | 521 | 03/2023 | USD | 58,506,672 | — | (330,040) |
U.S. Treasury 2-Year Note | 1,003 | 03/2023 | USD | 205,693,360 | 288,138 | — |
U.S. Treasury 5-Year Note | 1,930 | 03/2023 | USD | 208,304,298 | — | (426,126) |
U.S. Treasury Ultra Bond | 638 | 03/2023 | USD | 85,691,375 | — | (772,899) |
Total | 288,138 | (5,319,825) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | (2,766) | 03/2023 | USD | (533,976,300) | 18,889,889 | — |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 230,370,000 | 600 | 3,200.00 | 06/21/2024 | 10,857,029 | 9,348,000 |
S&P 500 Index | JPMorgan | USD | 222,691,000 | 580 | 3,300.00 | 12/20/2024 | 11,372,662 | 12,374,300 |
S&P 500 Index | JPMorgan | USD | 178,536,750 | 465 | 3,200.00 | 12/20/2024 | 9,111,693 | 8,828,025 |
Total | 31,341,384 | 30,550,325 |
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 80,000,000 | (159,271) | — | — | — | (159,271) |
* | 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, 2022 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, 4.318% | |||||||||
863,475,796 | 1,357,745,335 | (1,674,605,492) | 149,229 | 546,764,868 | — | (258,652) | 9,338,540 | 546,928,947 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
255,639,174 | 4,953,948 | (7,373,974) | (48,855,581) | 204,363,567 | — | 1,592,578 | — | 2,836,807 | |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | |||||||||
635,588,887 | 16,124,087 | (18,595,784) | (116,684,888) | 516,432,302 | — | 1,205,095 | — | 16,113,332 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 9 |
December 31, 2022
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 – Limited Duration Credit Fund, Class 1 Shares | |||||||||
45,803,464 | 686,541 | (3,577,253) | (2,813,753) | 40,098,999 | — | (317,787) | 332,450 | 4,372,846 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
45,936,176 | 12,757,702 | (1,173,827) | (15,295,487) | 42,224,564 | 1,332,935 | (421,060) | 1,216,615 | 5,526,776 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
253,258,260 | 6,895,407 | (6,879,992) | (49,028,933) | 204,244,742 | — | (82,300) | — | 13,791,002 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
256,118,120 | 335,398 | (17,050,053) | (13,054,434) | 226,349,031 | — | 8,004,911 | — | 6,162,511 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
30,561,046 | 1,481,999 | (1,256,978) | (4,693,114) | 26,092,953 | — | (200,165) | 595,360 | 3,002,641 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
15,298,723 | 155,173 | (15,921,797) | 467,901 | — | 79,283 | (1,094,036) | 34,418 | — | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
76,844,876 | 8,907,538 | (2,065,997) | (15,605,696) | 68,080,721 | 1,860,043 | (370,260) | 2,218,764 | 7,572,939 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
240,855,395 | 26,517,232 | — | (104,809,605) | 162,563,022 | — | — | — | 4,597,371 | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
252,277,866 | 42,010,790 | (12,892,840) | (70,811,106) | 210,584,710 | — | (547,331) | — | 4,979,539 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
255,683,444 | 335,398 | (21,555,086) | (14,529,354) | 219,934,402 | — | 2,072,381 | — | 6,868,657 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
92,111,286 | 4,877,378 | (2,343,020) | (13,732,803) | 80,912,841 | — | (399,643) | 975,626 | 8,881,761 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
153,959,658 | 9,656,031 | (4,338,950) | (23,293,515) | 135,983,224 | 1,036,405 | (708,522) | 2,370,700 | 14,450,927 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
522,152,273 | 10,410,893 | (16,141,267) | (88,651,052) | 427,770,847 | — | (1,171,454) | — | 14,321,086 | |
Total | 3,995,564,444 | (581,242,191) | 3,112,400,793 | 4,308,666 | 7,303,755 | 17,082,473 |
(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, 2022. |
TBA | To Be Announced |
USD | US Dollar |
10 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
Fair value inputs are summarized in the three broad levels listed below:
■ | 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 | — | — | — | 2,172,242,623 | 2,172,242,623 |
Exchange-Traded Fixed Income Funds | 339,657,683 | — | — | — | 339,657,683 |
Fixed Income Funds | — | — | — | 393,393,302 | 393,393,302 |
Residential Mortgage-Backed Securities - Agency | — | 491,880,042 | — | — | 491,880,042 |
Options Purchased Puts | 30,550,325 | — | — | — | 30,550,325 |
Money Market Funds | 546,764,868 | — | — | — | 546,764,868 |
Total Investments in Securities | 916,972,876 | 491,880,042 | — | 2,565,635,925 | 3,974,488,843 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 19,178,027 | — | — | — | 19,178,027 |
Liability | |||||
Futures Contracts | (5,319,825) | — | — | — | (5,319,825) |
Swap Contracts | — | (159,271) | — | — | (159,271) |
Total | 930,831,078 | 491,720,771 | — | 2,565,635,925 | 3,988,187,774 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 11 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $899,295,379) | $831,537,725 |
Affiliated issuers (cost $2,520,945,480) | 3,112,400,793 |
Options purchased (cost $31,341,384) | 30,550,325 |
Cash | 1,237,000 |
Cash collateral held at broker for: | |
TBA | 5,995,000 |
Margin deposits on: | |
Futures contracts | 53,532,225 |
Swap contracts | 2,348,001 |
Receivable for: | |
Investments sold | 11,993,812 |
Investments sold on a delayed delivery basis | 64,199,517 |
Capital shares sold | 10,353 |
Dividends | 1,856,288 |
Interest | 632,379 |
Variation margin for futures contracts | 1,511,675 |
Prepaid expenses | 31,986 |
Trustees’ deferred compensation plan | 67,009 |
Total assets | 4,117,904,088 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 564,391,047 |
Capital shares purchased | 3,440,284 |
Variation margin for futures contracts | 1,237,940 |
Variation margin for swap contracts | 11,683 |
Management services fees | 20,206 |
Distribution and/or service fees | 24,364 |
Service fees | 176,810 |
Compensation of board members | 47,978 |
Compensation of chief compliance officer | 689 |
Other expenses | 41,549 |
Trustees’ deferred compensation plan | 67,009 |
Total liabilities | 569,459,559 |
Net assets applicable to outstanding capital stock | $3,548,444,529 |
Represented by | |
Trust capital | $3,548,444,529 |
Total - representing net assets applicable to outstanding capital stock | $3,548,444,529 |
Class 1 | |
Net assets | $6,359,813 |
Shares outstanding | 452,248 |
Net asset value per share | $14.06 |
Class 2 | |
Net assets | $3,542,084,716 |
Shares outstanding | 254,316,016 |
Net asset value per share | $13.93 |
12 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $10,165,306 |
Dividends — affiliated issuers | 17,082,473 |
Interest | 566,067 |
Total income | 27,813,846 |
Expenses: | |
Management services fees | 7,776,917 |
Distribution and/or service fees | |
Class 2 | 9,399,916 |
Service fees | 2,255,988 |
Compensation of board members | 67,273 |
Custodian fees | 28,331 |
Printing and postage fees | 28,220 |
Audit fees | 29,500 |
Legal fees | 60,075 |
Compensation of chief compliance officer | 1,356 |
Other | 49,519 |
Total expenses | 19,697,095 |
Net investment income | 8,116,751 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (59,535,386) |
Investments — affiliated issuers | 7,303,755 |
Capital gain distributions from underlying affiliated funds | 4,308,666 |
Foreign currency translations | (458) |
Futures contracts | (142,044,317) |
Options purchased | (18,926,179) |
Swap contracts | 3,251 |
Net realized loss | (208,890,668) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (68,408,016) |
Investments — affiliated issuers | (581,242,191) |
Futures contracts | (809,359) |
Options purchased | 32,166,187 |
Swap contracts | (159,271) |
Net change in unrealized appreciation (depreciation) | (618,452,650) |
Net realized and unrealized loss | (827,343,318) |
Net decrease in net assets resulting from operations | $(819,226,567) |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 13 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income (loss) | $8,116,751 | $(7,843,953) |
Net realized gain (loss) | (208,890,668) | 189,461,246 |
Net change in unrealized appreciation (depreciation) | (618,452,650) | 383,920,619 |
Net increase (decrease) in net assets resulting from operations | (819,226,567) | 565,537,912 |
Increase in net assets from capital stock activity | 8,722,844 | 180,652,200 |
Total increase (decrease) in net assets | (810,503,723) | 746,190,112 |
Net assets at beginning of year | 4,358,948,252 | 3,612,758,140 |
Net assets at end of year | $3,548,444,529 | $4,358,948,252 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 175,555 | 2,638,081 | 251,684 | 4,135,628 |
Redemptions | (6,226) | (88,448) | (31,525) | (496,660) |
Net increase | 169,329 | 2,549,633 | 220,159 | 3,638,968 |
Class 2 | ||||
Subscriptions | 7,223,908 | 107,961,086 | 16,030,706 | 259,886,326 |
Redemptions | (6,933,243) | (101,787,875) | (5,320,073) | (82,873,094) |
Net increase | 290,665 | 6,173,211 | 10,710,633 | 177,013,232 |
Total net increase | 459,994 | 8,722,844 | 10,930,792 | 180,652,200 |
14 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 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 12/31/2022 | $17.26 | 0.08 | (3.28) | (3.20) |
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 12/31/2022 | $17.14 | 0.03 | (3.24) | (3.21) |
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) |
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 2022 |
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 12/31/2022 | $14.06 | (18.54%) | 0.27% | 0.27% | 0.51% | 173% | $6,360 |
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 12/31/2022 | $13.93 | (18.73%) | 0.52% | 0.52% | 0.22% | 173% | $3,542,085 |
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% | $1,705,527 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 17 |
December 31, 2022
18 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 18,889,889* |
Equity risk | Investments, at value — Options Purchased | 30,550,325 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 288,138* |
Total | 49,728,352 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of trust capital - unrealized depreciation on swap contracts | 159,271* |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 2,870,308* |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 2,449,517* |
Total | 5,479,096 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 3,251 | 3,251 |
Equity risk | (63,341,959) | (18,926,179) | — | (82,268,138) |
Interest rate risk | (78,702,358) | — | — | (78,702,358) |
Total | (142,044,317) | (18,926,179) | 3,251 | (160,967,245) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | (159,271) | (159,271) |
Equity risk | 2,576,576 | 32,166,187 | — | 34,742,763 |
Interest rate risk | (3,385,935) | — | — | (3,385,935) |
Total | (809,359) | 32,166,187 | (159,271) | 31,197,557 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 23 |
December 31, 2022
Derivative instrument | Average notional amounts ($) |
Futures contracts — long | 842,370,340* |
Futures contracts — short | 383,448,629* |
Credit default swap contracts — sell protection | 3,653,846** |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 46,584,109 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
** | Based on the ending daily outstanding amounts for the year ended December 31, 2022. |
24 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
JPMorgan ($) | Morgan Stanley ($) | Total ($) | |
Assets | |||
Options purchased puts | 30,550,325 | - | 30,550,325 |
Liabilities | |||
Centrally cleared credit default swap contracts (a) | - | 11,683 | 11,683 |
Total financial and derivative net assets | 30,550,325 | (11,683) | 30,538,642 |
Total collateral received (pledged) (b) | - | (11,683) | (11,683) |
Net amount (c) | 30,550,325 | - | 30,550,325 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin in 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 – U.S. Flexible Growth Fund | Annual Report 2022 | 25 |
December 31, 2022
26 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 27 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
28 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 29 |
December 31, 2022
30 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
32 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 33 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
34 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 35 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
36 | Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Variable Portfolio – U.S. Flexible Growth Fund | Annual Report 2022 | 37 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
30 | |
31 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -17.36 | 2.17 | 4.47 | |
Class 2 | 11/02/16 | -17.54 | 1.99 | 4.32 | |
Blended Benchmark | -15.26 | 5.03 | 6.45 | ||
S&P 500 Index | -18.11 | 9.42 | 12.34 | ||
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 0.20 |
* | 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 2022 | 3 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
Allocations to Underlying Funds | |
Equity Funds | 42.7 |
U.S. Large Cap | 42.7 |
Exchange-Traded Fixed Income Funds | 8.3 |
Investment Grade | 8.3 |
Fixed Income Funds | 23.2 |
Investment Grade | 23.2 |
Allocations to Tactical Assets | |
Money Market Funds(a) | 14.3 |
Options Purchased Puts | 0.6 |
Residential Mortgage-Backed Securities - Agency | 10.9 |
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 principal investment strategies. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial Statements. |
4 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
(Unaudited)
• | The managers tactically adjusted actual equity exposure to maintain levels of equity exposure, on average, slightly greater than what the dynamic algorithm called for throughout the 12-month period. This tactical discretion detracted from relative performance during the period. |
• | Underlying U.S. growth-oriented equity fund managers detracted from relative performance during the period. |
• | Overall, fixed-income manager performance results detracted from relative performance during the period, as rising interest rates challenged bond managers’ positioning. Core-oriented fixed-income managers and longer duration strategies struggled the most during the 12-month period. |
• | Underlying U.S. equity fund managers that utilized a valuation-sensitive investment approach, or value discipline, contributed favorably to relative performance during the period. |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 | 984.20 | 1,023.66 | 1.39 | 1.42 | 0.28 | 3.43 | 3.50 | 0.69 |
Class 2 | 1,000.00 | 1,000.00 | 983.30 | 1,022.41 | 2.64 | 2.69 | 0.53 | 4.67 | 4.77 | 0.94 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 7 |
December 31, 2022
Equity Funds 47.3% | ||
Shares | Value ($) | |
U.S. Large Cap 47.3% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 1,301,584 | 93,766,141 |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares(a),(b) | 6,488,252 | 207,948,461 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 6,325,191 | 93,676,075 |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) | 2,448,213 | 89,922,855 |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) | 1,713,911 | 60,603,908 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(a),(b) | 1,991,850 | 84,235,324 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 2,741,244 | 87,774,625 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 5,583,226 | 166,770,972 |
Total | 884,698,361 | |
Total Equity Funds (Cost $593,611,228) | 884,698,361 | |
Exchange-Traded Fixed Income Funds 9.1% | ||
Investment Grade 9.1% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 802,863 | 84,645,846 |
Vanguard Intermediate-Term Corporate Bond ETF | 1,114,400 | 86,377,144 |
Total | 171,022,990 | |
Total Exchange-Traded Fixed Income Funds (Cost $188,849,116) | 171,022,990 | |
Fixed Income Funds 25.8% | ||
Investment Grade 25.8% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 10,281,938 | 85,031,624 |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) | 3,093,531 | 28,367,683 |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) | 5,588,173 | 42,693,642 |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) | 3,169,033 | 27,538,896 |
Fixed Income Funds (continued) | ||
Shares | Value ($) | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) | 13,394,238 | 120,414,202 |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) | 10,872,231 | 99,046,020 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 8,334,878 | 78,431,206 |
Total | 481,523,273 | |
Total Fixed Income Funds (Cost $577,528,368) | 481,523,273 |
Residential Mortgage-Backed Securities - Agency 12.1% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 131,050,000 | 116,573,990 | |
01/17/2038- 01/12/2053 | 3.500% | 58,220,000 | 53,616,257 | |
01/12/2053 | 4.000% | 19,000,000 | 17,815,539 | |
01/12/2053 | 4.500% | 39,000,000 | 37,527,995 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $229,051,008) | 225,533,781 |
Options Purchased Puts 0.7% | ||||
Value ($) | ||||
(Cost $12,605,848) | 12,345,000 |
Money Market Funds 15.8% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 296,229,466 | 296,140,598 |
Total Money Market Funds (Cost $296,086,910) | 296,140,598 | |
Total Investments in Securities (Cost: $1,897,732,478) | 2,071,264,003 | |
Other Assets & Liabilities, Net | (202,233,277) | |
Net Assets | 1,869,030,726 |
8 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
December 31, 2022
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 278 | 03/2023 | USD | 53,667,900 | — | (1,363,080) |
U.S. Long Bond | 280 | 03/2023 | USD | 35,096,250 | — | (275,407) |
U.S. Treasury 10-Year Note | 264 | 03/2023 | USD | 29,646,375 | — | (143,144) |
U.S. Treasury 2-Year Note | 480 | 03/2023 | USD | 98,437,500 | 137,892 | — |
U.S. Treasury 5-Year Note | 882 | 03/2023 | USD | 95,193,985 | — | (21,899) |
U.S. Treasury Ultra Bond | 200 | 03/2023 | USD | 26,862,500 | — | (178,959) |
Total | 137,892 | (1,982,489) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | (1,200) | 03/2023 | USD | (231,660,000) | 8,195,180 | — |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 84,469,000 | 220 | 3,200.00 | 06/21/2024 | 3,980,911 | 3,427,600 |
S&P 500 Index | JPMorgan | USD | 92,148,000 | 240 | 3,300.00 | 12/20/2024 | 4,705,929 | 5,120,400 |
S&P 500 Index | JPMorgan | USD | 76,790,000 | 200 | 3,200.00 | 12/20/2024 | 3,919,008 | 3,797,000 |
Total | 12,605,848 | 12,345,000 |
(a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2022 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
Columbia Short-Term Cash Fund, 4.318% | |||||||||
467,563,046 | 654,607,882 | (826,104,787) | 74,457 | 296,140,598 | — | (131,367) | 5,174,131 | 296,229,466 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
119,713,656 | 2,081,011 | (4,722,097) | (23,306,429) | 93,766,141 | — | 1,305,054 | — | 1,301,584 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
99,622,469 | 6,531,164 | (1,552,950) | (19,569,059) | 85,031,624 | 58,872 | (327,436) | 2,851,699 | 10,281,938 | |
Columbia Variable Portfolio – Large Cap Index Fund, Class 1 Shares | |||||||||
261,753,036 | 4,584,265 | (8,663,545) | (49,725,295) | 207,948,461 | — | 2,329,744 | — | 6,488,252 | |
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares | |||||||||
33,053,544 | 395,712 | (3,075,523) | (2,006,050) | 28,367,683 | — | (241,972) | 232,128 | 3,093,531 | |
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares | |||||||||
49,956,687 | 10,392,332 | (1,390,258) | (16,265,119) | 42,693,642 | 1,377,370 | (436,574) | 1,257,172 | 5,588,173 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
118,745,126 | 2,179,145 | (4,378,480) | (22,869,716) | 93,676,075 | — | (65,000) | — | 6,325,191 | |
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares | |||||||||
105,623,657 | 309,018 | (11,288,545) | (4,721,275) | 89,922,855 | — | 2,796,521 | — | 2,448,213 | |
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares | |||||||||
32,858,215 | 1,302,741 | (1,646,271) | (4,975,789) | 27,538,896 | — | (244,935) | 628,433 | 3,169,033 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 9 |
December 31, 2022
Affiliated issuers | Beginning of period($) | 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 | |||||||||
16,481,497 | 174,106 | (17,155,649) | 500,046 | — | 85,272 | (1,173,998) | 37,018 | — | |
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares | |||||||||
141,699,465 | 10,442,665 | (3,350,902) | (28,377,026) | 120,414,202 | 3,309,797 | (484,693) | 3,948,112 | 13,394,238 | |
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares | |||||||||
93,568,517 | 7,366,034 | — | (40,330,643) | 60,603,908 | — | — | — | 1,713,911 | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
103,111,784 | 14,705,150 | (4,458,665) | (29,122,945) | 84,235,324 | — | (2,090) | — | 1,991,850 | |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
104,257,247 | 84,334 | (9,180,005) | (7,386,951) | 87,774,625 | — | 2,341,794 | — | 2,741,244 | |
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares | |||||||||
116,435,069 | 3,328,956 | (3,645,698) | (17,072,307) | 99,046,020 | — | (574,979) | 1,206,587 | 10,872,231 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
91,408,599 | 3,441,393 | (2,681,801) | (13,736,985) | 78,431,206 | 602,726 | (358,227) | 1,378,691 | 8,334,878 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
208,763,783 | 1,943,131 | (5,975,846) | (37,960,096) | 166,770,972 | — | 2,149,862 | — | 5,583,226 | |
Total | 2,164,615,397 | (316,851,182) | 1,662,362,232 | 5,434,037 | 6,881,704 | 16,713,971 |
(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, 2022. |
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 2022 |
December 31, 2022
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. Principal 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 | — | — | — | 884,698,361 | 884,698,361 |
Exchange-Traded Fixed Income Funds | 171,022,990 | — | — | — | 171,022,990 |
Fixed Income Funds | — | — | — | 481,523,273 | 481,523,273 |
Residential Mortgage-Backed Securities - Agency | — | 225,533,781 | — | — | 225,533,781 |
Options Purchased Puts | 12,345,000 | — | — | — | 12,345,000 |
Money Market Funds | 296,140,598 | — | — | — | 296,140,598 |
Total Investments in Securities | 479,508,588 | 225,533,781 | — | 1,366,221,634 | 2,071,264,003 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 8,333,072 | — | — | — | 8,333,072 |
Liability | |||||
Futures Contracts | (1,982,489) | — | — | — | (1,982,489) |
Total | 485,859,171 | 225,533,781 | — | 1,366,221,634 | 2,077,614,586 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 11 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $417,900,124) | $396,556,771 |
Affiliated issuers (cost $1,467,226,506) | 1,662,362,232 |
Options purchased (cost $12,605,848) | 12,345,000 |
Cash | 422,000 |
Cash collateral held at broker for: | |
TBA | 2,599,000 |
Margin deposits on: | |
Futures contracts | 23,294,000 |
Receivable for: | |
Investments sold | 1,205,542 |
Investments sold on a delayed delivery basis | 16,943,595 |
Capital shares sold | 1,039 |
Dividends | 1,016,582 |
Interest | 277,867 |
Variation margin for futures contracts | 657,475 |
Prepaid expenses | 18,744 |
Trustees’ deferred compensation plan | 50,039 |
Total assets | 2,117,749,886 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 246,274,272 |
Capital shares purchased | 1,723,242 |
Variation margin for futures contracts | 489,801 |
Management services fees | 10,701 |
Distribution and/or service fees | 12,835 |
Service fees | 93,231 |
Compensation of board members | 31,202 |
Compensation of chief compliance officer | 365 |
Other expenses | 33,472 |
Trustees’ deferred compensation plan | 50,039 |
Total liabilities | 248,719,160 |
Net assets applicable to outstanding capital stock | $1,869,030,726 |
Represented by | |
Trust capital | $1,869,030,726 |
Total - representing net assets applicable to outstanding capital stock | $1,869,030,726 |
Class 1 | |
Net assets | $3,422,549 |
Shares outstanding | 261,376 |
Net asset value per share | $13.09 |
Class 2 | |
Net assets | $1,865,608,177 |
Shares outstanding | 143,780,882 |
Net asset value per share | $12.98 |
12 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $5,006,791 |
Dividends — affiliated issuers | 16,713,971 |
Interest | 241,966 |
Total income | 21,962,728 |
Expenses: | |
Management services fees | 4,207,297 |
Distribution and/or service fees | |
Class 2 | 5,009,279 |
Service fees | 1,202,224 |
Compensation of board members | 42,299 |
Custodian fees | 26,352 |
Printing and postage fees | 21,916 |
Audit fees | 29,500 |
Legal fees | 37,658 |
Compensation of chief compliance officer | 722 |
Other | 29,028 |
Total expenses | 10,606,275 |
Net investment income | 11,356,453 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (36,516,620) |
Investments — affiliated issuers | 6,881,704 |
Capital gain distributions from underlying affiliated funds | 5,434,037 |
Foreign currency translations | 3 |
Futures contracts | (58,215,487) |
Options purchased | (8,470,354) |
Net realized loss | (90,886,717) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (24,914,756) |
Investments — affiliated issuers | (316,851,182) |
Futures contracts | 177,448 |
Options purchased | 13,957,275 |
Net change in unrealized appreciation (depreciation) | (327,631,215) |
Net realized and unrealized loss | (418,517,932) |
Net decrease in net assets resulting from operations | $(407,161,479) |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 13 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $11,356,453 | $3,483,819 |
Net realized gain (loss) | (90,886,717) | 114,141,661 |
Net change in unrealized appreciation (depreciation) | (327,631,215) | 120,961,567 |
Net increase (decrease) in net assets resulting from operations | (407,161,479) | 238,587,047 |
Increase (decrease) in net assets from capital stock activity | (57,597,370) | 27,331,178 |
Total increase (decrease) in net assets | (464,758,849) | 265,918,225 |
Net assets at beginning of year | 2,333,789,575 | 2,067,871,350 |
Net assets at end of year | $1,869,030,726 | $2,333,789,575 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 1 | ||||
Subscriptions | 87,876 | 1,216,328 | 81,282 | 1,230,016 |
Redemptions | (13,254) | (187,764) | (6,183) | (92,662) |
Net increase | 74,622 | 1,028,564 | 75,099 | 1,137,354 |
Class 2 | ||||
Subscriptions | 3,179,908 | 43,866,401 | 6,918,485 | 103,394,533 |
Redemptions | (7,492,766) | (102,492,335) | (5,201,411) | (77,200,709) |
Net increase (decrease) | (4,312,858) | (58,625,934) | 1,717,074 | 26,193,824 |
Total net increase (decrease) | (4,238,236) | (57,597,370) | 1,792,173 | 27,331,178 |
14 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $15.84 | 0.12 | (2.87) | (2.75) |
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 12/31/2022 | $15.74 | 0.08 | (2.84) | (2.76) |
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) |
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 2022 |
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 12/31/2022 | $13.09 | (17.36%) | 0.28% | 0.28% | 0.87% | 151% | $3,423 |
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 12/31/2022 | $12.98 | (17.54%) | 0.53% | 0.53% | 0.57% | 151% | $1,865,608 |
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% | $1,142,028 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 17 |
December 31, 2022
18 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 21 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 8,195,180* |
Equity risk | Investments, at value — Options Purchased | 12,345,000 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 137,892* |
Total | 20,678,072 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 1,363,080* |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 619,409* |
Total | 1,982,489 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | (18,815,546) | (8,470,354) | (27,285,900) |
Interest rate risk | (39,399,941) | — | (39,399,941) |
Total | (58,215,487) | (8,470,354) | (66,685,841) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Total ($) |
Equity risk | 1,428,255 | 13,957,275 | 15,385,530 |
Interest rate risk | (1,250,807) | — | (1,250,807) |
Total | 177,448 | 13,957,275 | 14,134,723 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 392,067,035 |
Futures contracts — short | 165,588,116 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 19,018,938 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
22 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
December 31, 2022
JPMorgan ($) | |
Assets | |
Options purchased puts | 12,345,000 |
Total financial and derivative net assets | 12,345,000 |
Total collateral received (pledged) (a) | - |
Net amount (b) | 12,345,000 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 23 |
December 31, 2022
(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 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 25 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
26 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 27 |
December 31, 2022
28 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 29 |
30 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 31 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
32 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 33 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia 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 2022 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 | 35 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
36 | Variable Portfolio – U.S. Flexible Moderate Growth Fund | Annual Report 2022 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
13 | |
14 | |
15 | |
16 | |
18 | |
33 | |
34 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -17.26 | 1.82 | 2.45 | |
Class 2 | 09/12/17 | -17.39 | 1.62 | 2.26 | |
Blended Benchmark | -15.11 | 3.66 | 4.11 | ||
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 0.04 | ||
Russell 3000 Index | -19.21 | 8.79 | 9.81 | ||
MSCI EAFE Index (Net) | -14.45 | 1.54 | 2.32 |
* | 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 Risk Fund | Annual Report 2022 | 3 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
Allocations to Underlying Funds | |
Equity Funds | 49.8 |
International | 15.4 |
U.S. Large Cap | 29.2 |
U.S. Small Cap | 5.2 |
Exchange-Traded Equity Funds | 1.6 |
International Mid Large Cap | 0.3 |
U.S. Mid Cap | 1.3 |
Exchange-Traded Fixed Income Funds | 6.6 |
Investment Grade | 6.6 |
Fixed Income Funds | 26.7 |
Investment Grade | 26.7 |
Allocations to Tactical Assets | |
Money Market Funds | 5.6 |
Options Purchased Puts | 0.8 |
Residential Mortgage-Backed Securities - Agency | 8.9 |
Total | 100.0 |
4 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
(Unaudited)
• | The managers tactically adjusted actual equity exposure throughout the 12-month period, and this tactical discretion served as a slight detractor to relative performance. |
• | Underlying small-cap domestic equity, international equity, and fixed-income fund managers underperformed their assigned benchmarks during the period, weighing on Fund results during the period. |
• | Large-cap domestic equity managers outperformed and contributed favorably to relative performance during the 12-month period. |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 | 986.10 | 1,023.82 | 1.24 | 1.27 | 0.25 | 3.93 | 4.01 | 0.79 |
Class 2 | 1,000.00 | 1,000.00 | 985.10 | 1,022.56 | 2.49 | 2.54 | 0.50 | 5.18 | 5.27 | 1.04 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 7 |
December 31, 2022
Equity Funds 54.0% | ||
Shares | Value ($) | |
International 16.7% | ||
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) | 1,486,418 | 17,495,143 |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) | 2,161,515 | 19,021,326 |
Total | 36,516,469 | |
U.S. Large Cap 31.7% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 180,216 | 12,982,782 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 871,262 | 12,903,391 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 1,453,657 | 43,420,738 |
Total | 69,306,911 | |
U.S. Small Cap 5.6% | ||
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) | 221,534 | 6,001,350 |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) | 190,790 | 6,236,945 |
Total | 12,238,295 | |
Total Equity Funds (Cost $111,070,740) | 118,061,675 | |
Exchange-Traded Equity Funds 1.7% | ||
International Mid Large Cap 0.3% | ||
iShares MSCI EAFE ETF | 10,000 | 656,400 |
U.S. Mid Cap 1.4% | ||
iShares Core S&P Mid-Cap ETF | 12,500 | 3,023,625 |
Total Exchange-Traded Equity Funds (Cost $4,089,200) | 3,680,025 | |
Exchange-Traded Fixed Income Funds 7.2% | ||
Investment Grade 7.2% | ||
iShares Core U.S. Aggregate Bond ETF | 5,750 | 557,692 |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 68,720 | 7,245,150 |
Vanguard Intermediate-Term Corporate Bond ETF | 98,000 | 7,595,980 |
Vanguard Total Bond Market ETF | 5,000 | 359,200 |
Total | 15,758,022 | |
Total Exchange-Traded Fixed Income Funds (Cost $16,381,518) | 15,758,022 | |
Fixed Income Funds 28.9% | ||
Shares | Value ($) | |
Investment Grade 28.9% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 3,593,004 | 29,714,142 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 3,553,026 | 33,433,974 |
Total | 63,148,116 | |
Total Fixed Income Funds (Cost $74,587,217) | 63,148,116 |
Residential Mortgage-Backed Securities - Agency 9.6% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 4,851,000 | 4,386,302 | |
01/17/2038- 01/12/2053 | 3.500% | 6,050,000 | 5,591,798 | |
01/12/2053 | 4.000% | 6,308,000 | 5,914,759 | |
01/12/2053 | 4.500% | 5,300,000 | 5,099,958 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $21,332,162) | 20,992,817 |
Options Purchased Puts 0.9% | ||||
Value ($) | ||||
(Cost $1,848,878) | 1,883,950 |
Money Market Funds 6.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 13,361,028 | 13,357,020 |
Total Money Market Funds (Cost $13,353,819) | 13,357,020 | |
Total Investments in Securities (Cost: $242,663,534) | 236,881,625 | |
Other Assets & Liabilities, Net | (18,301,715) | |
Net Assets | 218,579,910 |
8 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Forward foreign currency exchange contracts | |||||
Currency to be sold | Currency to be purchased | Counterparty | Settlement date | Unrealized appreciation ($) | Unrealized depreciation ($) |
750,000 CAD | 551,859 USD | Barclays | 02/03/2023 | — | (2,137) |
3,900,000 EUR | 4,125,612 USD | Barclays | 02/03/2023 | — | (58,269) |
550,620 USD | 750,000 CAD | Barclays | 02/03/2023 | 3,376 | — |
1,337,807 USD | 1,250,000 EUR | Barclays | 02/03/2023 | 3,181 | — |
2,250,000 CHF | 2,412,196 USD | Citi | 02/03/2023 | — | (29,767) |
480,000,000 JPY | 3,543,259 USD | Citi | 02/03/2023 | — | (129,476) |
817,991 USD | 750,000 CHF | Citi | 02/03/2023 | — | (4,004) |
1,692,827 USD | 225,000,000 JPY | Citi | 02/03/2023 | 28,768 | — |
951,728 USD | 1,500,000 NZD | Goldman Sachs International | 02/03/2023 | 1,072 | — |
585,507 USD | 6,000,000 SEK | Goldman Sachs International | 02/03/2023 | — | (9,447) |
1,250,000 AUD | 841,881 USD | UBS | 02/03/2023 | — | (10,306) |
1,200,000 GBP | 1,472,034 USD | UBS | 02/03/2023 | 20,046 | — |
344,075 USD | 500,000 AUD | UBS | 02/03/2023 | — | (3,200) |
310,826 USD | 250,000 GBP | UBS | 02/03/2023 | — | (8,329) |
Total | 56,443 | (254,935) |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 42 | 03/2023 | USD | 8,108,100 | 46,996 | — |
U.S. Long Bond | 29 | 03/2023 | USD | 3,634,969 | — | (28,524) |
U.S. Treasury 10-Year Note | 9 | 03/2023 | USD | 1,010,672 | — | (4,880) |
U.S. Treasury 2-Year Note | 25 | 03/2023 | USD | 5,126,953 | 7,182 | — |
U.S. Treasury 5-Year Note | 49 | 03/2023 | USD | 5,288,555 | — | (1,217) |
U.S. Treasury Ultra Bond | 24 | 03/2023 | USD | 3,223,500 | — | (21,475) |
Total | 54,178 | (56,096) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
Euro STOXX 50 Index | (103) | 03/2023 | EUR | (3,898,550) | 162,428 | — |
FTSE 100 Index | (12) | 03/2023 | GBP | (895,920) | 1,790 | — |
FTSE 100 Index | (1) | 03/2023 | GBP | (74,660) | — | (1,658) |
MSCI Singapore Index | (6) | 01/2023 | SGD | (174,330) | — | (928) |
OMXS30 Index | (86) | 01/2023 | SEK | (17,561,200) | 87,943 | — |
Russell 2000 Index E-mini | (72) | 03/2023 | USD | (6,375,240) | 223,026 | — |
S&P 500 Index E-mini | (67) | 03/2023 | USD | (12,934,350) | 471,165 | — |
SPI 200 Index | (7) | 03/2023 | AUD | (1,223,600) | 18,789 | — |
TOPIX Index | (15) | 03/2023 | JPY | (283,725,000) | 59,980 | — |
Total | 1,025,121 | (2,586) |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 8,446,900 | 22 | 3,200.00 | 06/21/2024 | 398,091 | 342,760 |
S&P 500 Index | JPMorgan | USD | 22,269,100 | 58 | 3,300.00 | 12/20/2024 | 1,137,266 | 1,237,430 |
S&P 500 Index | JPMorgan | USD | 6,143,200 | 16 | 3,200.00 | 12/20/2024 | 313,521 | 303,760 |
Total | 1,848,878 | 1,883,950 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 9 |
December 31, 2022
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 6,000,000 | 42,974 | — | — | 42,974 | — |
* | 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, 2022 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, 4.318% | |||||||||
21,607,090 | 82,859,978 | (91,114,814) | 4,766 | 13,357,020 | — | (6,576) | 253,237 | 13,361,028 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
16,957,287 | 273,031 | (822,085) | (3,425,451) | 12,982,782 | — | 327,101 | — | 180,216 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
33,016,381 | 3,968,928 | (573,351) | (6,697,816) | 29,714,142 | 20,860 | (77,942) | 1,010,434 | 3,593,004 | |
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares | |||||||||
22,833,024 | 2,361,204 | (3,451,772) | (4,247,313) | 17,495,143 | 1,488,940 | (837,589) | 161,507 | 1,486,418 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
16,706,580 | 325,162 | (891,649) | (3,236,702) | 12,903,391 | — | 24,475 | — | 871,262 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
11,356,709 | 141,901 | (11,845,944) | 347,334 | — | 57,918 | (806,156) | 25,143 | — | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
35,302,819 | 11,363,324 | (8,674,340) | (4,557,829) | 33,433,974 | 280,838 | (1,310,582) | 642,397 | 3,553,026 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
55,671,187 | 1,076,798 | (3,665,198) | (9,662,049) | 43,420,738 | — | 157,693 | — | 1,453,657 | |
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares | |||||||||
25,208,512 | 5,449,063 | (3,663,011) | (7,973,238) | 19,021,326 | 3,723,912 | (1,246,741) | 443,225 | 2,161,515 | |
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares | |||||||||
6,751,432 | 1,498,129 | (219,199) | (2,029,012) | 6,001,350 | — | (41,356) | — | 221,534 | |
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares | |||||||||
6,935,989 | 469,647 | (310,035) | (858,656) | 6,236,945 | — | (14,226) | — | 190,790 | |
Total | 252,347,010 | (42,335,966) | 194,566,811 | 5,572,468 | (3,831,899) | 2,535,943 |
(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, 2022. |
TBA | To Be Announced |
10 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
AUD | Australian Dollar |
CAD | Canada Dollar |
CHF | Swiss Franc |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
NZD | New Zealand Dollar |
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). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Investments in Securities | |||||
Equity Funds | — | — | — | 118,061,675 | 118,061,675 |
Exchange-Traded Equity Funds | 3,680,025 | — | — | — | 3,680,025 |
Exchange-Traded Fixed Income Funds | 15,758,022 | — | — | — | 15,758,022 |
Fixed Income Funds | — | — | — | 63,148,116 | 63,148,116 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 11 |
December 31, 2022
Level 1 ($) | Level 2 ($) | Level 3 ($) | Assets at NAV ($) | Total ($) | |
Residential Mortgage-Backed Securities - Agency | — | 20,992,817 | — | — | 20,992,817 |
Options Purchased Puts | 1,883,950 | — | — | — | 1,883,950 |
Money Market Funds | 13,357,020 | — | — | — | 13,357,020 |
Total Investments in Securities | 34,679,017 | 20,992,817 | — | 181,209,791 | 236,881,625 |
Investments in Derivatives | |||||
Asset | |||||
Forward Foreign Currency Exchange Contracts | — | 56,443 | — | — | 56,443 |
Futures Contracts | 1,079,299 | — | — | — | 1,079,299 |
Swap Contracts | — | 42,974 | — | — | 42,974 |
Liability | |||||
Forward Foreign Currency Exchange Contracts | — | (254,935) | — | — | (254,935) |
Futures Contracts | (58,682) | — | — | — | (58,682) |
Total | 35,699,634 | 20,837,299 | — | 181,209,791 | 237,746,724 |
12 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $41,802,880) | $40,430,864 |
Affiliated issuers (cost $199,011,776) | 194,566,811 |
Options purchased (cost $1,848,878) | 1,883,950 |
Cash | 5,731 |
Due from affiliate | 179,200 |
Margin deposits on: | |
Futures contracts | 2,825,204 |
Swap contracts | 176,100 |
Unrealized appreciation on forward foreign currency exchange contracts | 56,443 |
Receivable for: | |
Investments sold | 173,449 |
Investments sold on a delayed delivery basis | 7,422,976 |
Dividends | 43,688 |
Interest | 27,803 |
Variation margin for futures contracts | 174,254 |
Expense reimbursement due from Investment Manager | 138 |
Prepaid expenses | 3,775 |
Trustees’ deferred compensation plan | 19,668 |
Total assets | 247,990,054 |
Liabilities | |
Unrealized depreciation on forward foreign currency exchange contracts | 254,935 |
Payable for: | |
Investments purchased on a delayed delivery basis | 28,816,663 |
Capital shares purchased | 204,057 |
Variation margin for futures contracts | 62,204 |
Variation margin for swap contracts | 876 |
Management services fees | 839 |
Distribution and/or service fees | 1,504 |
Service fees | 10,927 |
Compensation of board members | 13,383 |
Compensation of chief compliance officer | 43 |
Other expenses | 25,045 |
Trustees’ deferred compensation plan | 19,668 |
Total liabilities | 29,410,144 |
Net assets applicable to outstanding capital stock | $218,579,910 |
Represented by | |
Trust capital | $218,579,910 |
Total - representing net assets applicable to outstanding capital stock | $218,579,910 |
Class 1 | |
Net assets | $2,711 |
Shares outstanding | 239 |
Net asset value per share(a) | $11.36 |
Class 2 | |
Net assets | $218,577,199 |
Shares outstanding | 19,417,752 |
Net asset value per share | $11.26 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 13 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $509,009 |
Dividends — affiliated issuers | 2,535,943 |
Interest | 24,803 |
Total income | 3,069,755 |
Expenses: | |
Management services fees | 335,281 |
Distribution and/or service fees | |
Class 2 | 598,772 |
Service fees | 143,518 |
Compensation of board members | 17,187 |
Custodian fees | 24,165 |
Printing and postage fees | 62,612 |
Audit fees | 32,000 |
Legal fees | 15,171 |
Interest on collateral | 5,429 |
Compensation of chief compliance officer | 86 |
Other | 7,749 |
Total expenses | 1,241,970 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (49,321) |
Total net expenses | 1,192,649 |
Net investment income | 1,877,106 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (3,639,390) |
Investments — affiliated issuers | (3,831,899) |
Capital gain distributions from underlying affiliated funds | 5,572,468 |
Foreign currency translations | (406,102) |
Forward foreign currency exchange contracts | 835,219 |
Futures contracts | (5,021,278) |
Options purchased | (631,785) |
Swap contracts | (38,134) |
Net realized loss | (7,160,901) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (2,775,397) |
Investments — affiliated issuers | (42,335,966) |
Forward foreign currency exchange contracts | (198,492) |
Futures contracts | 720,908 |
Options purchased | 1,329,850 |
Swap contracts | 29,326 |
Net change in unrealized appreciation (depreciation) | (43,229,771) |
Net realized and unrealized loss | (50,390,672) |
Net decrease in net assets resulting from operations | $(48,513,566) |
14 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $1,877,106 | $1,616,481 |
Net realized gain (loss) | (7,160,901) | 16,747,211 |
Net change in unrealized appreciation (depreciation) | (43,229,771) | 7,607,494 |
Net increase (decrease) in net assets resulting from operations | (48,513,566) | 25,971,186 |
Increase (decrease) in net assets from capital stock activity | (10,618,003) | 21,175,850 |
Total increase (decrease) in net assets | (59,131,569) | 47,147,036 |
Net assets at beginning of year | 277,711,479 | 230,564,443 |
Net assets at end of year | $218,579,910 | $277,711,479 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 2 | ||||
Subscriptions | 665,562 | 8,267,656 | 2,210,573 | 28,772,763 |
Redemptions | (1,615,433) | (18,885,659) | (574,500) | (7,596,913) |
Net increase (decrease) | (949,871) | (10,618,003) | 1,636,073 | 21,175,850 |
Total net increase (decrease) | (949,871) | (10,618,003) | 1,636,073 | 21,175,850 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $13.73 | 0.13 | (2.50) | (2.37) |
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 12/31/2022 | $13.63 | 0.09 | (2.46) | (2.37) |
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) |
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 | 12/31/2022 | 12/31/2021 | 12/31/2020 |
Class 1 | less than 0.01% | 0.01% | 0.01% |
Class 2 | less than 0.01% | 0.01% | 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 – Managed Risk Fund | Annual Report 2022 |
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 12/31/2022 | $11.36 | (17.26%) | 0.27%(c) | 0.25%(c) | 1.06% | 113% | $3 |
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 12/31/2022 | $11.26 | (17.39%) | 0.52%(c) | 0.50%(c) | 0.78% | 113% | $218,577 |
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% | $97,370 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 17 |
December 31, 2022
18 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of trust capital — unrealized appreciation on swap contracts | 42,974* |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 1,072,117* |
Equity risk | Investments, at value — Options Purchased | 1,883,950 |
Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | 56,443 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 7,182* |
Total | 3,062,666 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Component of trust capital - unrealized depreciation on futures contracts | 2,586* |
Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | 254,935 |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 56,096* |
Total | 313,617 |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 23 |
December 31, 2022
Amount of realized gain (loss) on derivatives recognized in income | |||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | (38,134) | (38,134) |
Equity risk | — | (2,419,069) | (631,785) | — | (3,050,854) |
Foreign exchange risk | 835,219 | 60,604 | — | — | 895,823 |
Interest rate risk | — | (2,662,813) | — | — | (2,662,813) |
Total | 835,219 | (5,021,278) | (631,785) | (38,134) | (4,855,978) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |||||
Risk exposure category | Forward foreign currency exchange contracts ($) | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | — | 29,326 | 29,326 |
Equity risk | — | 821,873 | 1,329,850 | — | 2,151,723 |
Foreign exchange risk | (198,492) | 40,209 | — | — | (158,283) |
Interest rate risk | — | (141,174) | — | — | (141,174) |
Total | (198,492) | 720,908 | 1,329,850 | 29,326 | 1,881,592 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 37,323,021 |
Futures contracts — short | 24,283,168 |
Credit default swap contracts — sell protection | 6,000,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 2,591,618 |
Derivative instrument | Average unrealized appreciation ($)* | Average unrealized depreciation ($)* |
Forward foreign currency exchange contracts | 337,935 | (216,306) |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
24 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 25 |
December 31, 2022
Barclays ($) | Citi ($) | Goldman Sachs International ($) | JPMorgan ($) | Morgan Stanley ($) | UBS ($) | Total ($) | |
Assets | |||||||
Forward foreign currency exchange contracts | 6,557 | 28,768 | 1,072 | - | - | 20,046 | 56,443 |
Options purchased puts | - | - | - | 1,883,950 | - | - | 1,883,950 |
Total assets | 6,557 | 28,768 | 1,072 | 1,883,950 | - | 20,046 | 1,940,393 |
Liabilities | |||||||
Centrally cleared credit default swap contracts (a) | - | - | - | - | 876 | - | 876 |
Forward foreign currency exchange contracts | 60,406 | 163,247 | 9,447 | - | - | 21,835 | 254,935 |
Total liabilities | 60,406 | 163,247 | 9,447 | - | 876 | 21,835 | 255,811 |
Total financial and derivative net assets | (53,849) | (134,479) | (8,375) | 1,883,950 | (876) | (1,789) | 1,684,582 |
Total collateral received (pledged) (b) | - | - | - | - | (876) | - | (876) |
Net amount (c) | (53,849) | (134,479) | (8,375) | 1,883,950 | - | (1,789) | 1,685,458 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin in 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. |
26 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 27 |
December 31, 2022
28 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 29 |
December 31, 2022
30 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 31 |
December 31, 2022
32 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 33 |
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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
34 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 35 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
36 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation. |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 37 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
38 | Variable Portfolio – Managed Risk Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Variable Portfolio – Managed Risk Fund | Annual Report 2022 | 39 |
December 31, 2022
3 | |
5 | |
7 | |
8 | |
12 | |
13 | |
14 | |
16 | |
18 | |
31 | |
32 |
(Unaudited)
Average annual total returns (%) (for the period ended December 31, 2022) | |||||
Inception | 1 Year | 5 Years | Life | ||
Class 1* | 02/20/19 | -16.98 | 3.49 | 4.19 | |
Class 2 | 09/12/17 | -17.22 | 3.29 | 4.00 | |
Blended Benchmark | -15.26 | 5.03 | 5.48 | ||
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 0.04 | ||
S&P 500 Index | -18.11 | 9.42 | 10.40 |
* | 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 2022 | 3 |
(Unaudited)
Portfolio Allocation (%) (at December 31, 2022) | |
Allocations to Underlying Funds | |
Equity Funds | 48.9 |
U.S. Large Cap | 48.9 |
Exchange-Traded Fixed Income Funds | 6.1 |
Investment Grade | 6.1 |
Fixed Income Funds | 26.6 |
Investment Grade | 26.6 |
Allocations to Tactical Assets | |
Money Market Funds | 7.8 |
Options Purchased Puts | 0.8 |
Residential Mortgage-Backed Securities - Agency | 9.8 |
Total | 100.0 |
4 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
(Unaudited)
• | The managers tactically adjusted actual equity exposure throughout the 12-month period, and this tactical discretion served as a slight detractor to relative performance. |
• | Underlying small-cap domestic equity and fixed-income fund managers underperformed their assigned benchmarks during the period, weighing on Fund results during the period. |
• | Large-cap domestic equity managers outperformed and contributed favorably to relative performance during the 12-month period. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 5 |
(Unaudited)
6 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
(Unaudited)
July 1, 2022 — December 31, 2022 | ||||||||||
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 | 980.30 | 1,023.82 | 1.24 | 1.27 | 0.25 | 3.77 | 3.86 | 0.76 |
Class 2 | 1,000.00 | 1,000.00 | 979.30 | 1,022.66 | 2.38 | 2.43 | 0.48 | 4.91 | 5.02 | 0.99 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 7 |
December 31, 2022
Equity Funds 53.5% | ||
Shares | Value ($) | |
U.S. Large Cap 53.5% | ||
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) | 502,002 | 36,164,245 |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) | 2,439,902 | 36,134,958 |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares(a),(b) | 713,882 | 30,190,056 |
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) | 953,558 | 30,532,920 |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) | 2,121,281 | 63,362,654 |
Total | 196,384,833 | |
Total Equity Funds (Cost $167,808,948) | 196,384,833 | |
Exchange-Traded Fixed Income Funds 6.6% | ||
Investment Grade 6.6% | ||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 113,685 | 11,985,810 |
Vanguard Intermediate-Term Corporate Bond ETF | 160,600 | 12,448,106 |
Total | 24,433,916 | |
Total Exchange-Traded Fixed Income Funds (Cost $25,505,926) | 24,433,916 | |
Fixed Income Funds 29.1% | ||
Investment Grade 29.1% | ||
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) | 6,239,700 | 51,602,314 |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) | 5,879,444 | 55,325,569 |
Total | 106,927,883 | |
Total Fixed Income Funds (Cost $126,283,420) | 106,927,883 |
Residential Mortgage-Backed Securities - Agency 10.7% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Uniform Mortgage-Backed Security TBA(c) | ||||
01/17/2038- 01/12/2053 | 3.000% | 9,420,000 | 8,606,254 | |
01/17/2038- 01/12/2053 | 3.500% | 14,900,000 | 13,738,915 | |
01/12/2053 | 4.000% | 9,850,000 | 9,235,950 | |
01/12/2053 | 4.500% | 7,900,000 | 7,601,825 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $39,800,303) | 39,182,944 |
Options Purchased Puts 0.8% | ||||
Value ($) | ||||
(Cost $2,921,151) | 3,013,205 |
Money Market Funds 8.6% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 4.318%(a),(d) | 31,424,459 | 31,415,032 |
Total Money Market Funds (Cost $31,407,958) | 31,415,032 | |
Total Investments in Securities (Cost: $393,727,706) | 401,357,813 | |
Other Assets & Liabilities, Net | (34,309,903) | |
Net Assets | 367,047,910 |
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 67 | 03/2023 | USD | 12,934,350 | 17,686 | — |
U.S. Long Bond | 54 | 03/2023 | USD | 6,768,563 | — | (53,114) |
U.S. Treasury 10-Year Note | 23 | 03/2023 | USD | 2,582,828 | — | (12,471) |
U.S. Treasury 2-Year Note | 58 | 03/2023 | USD | 11,894,531 | 16,662 | — |
8 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
Long futures contracts (continued) | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 5-Year Note | 87 | 03/2023 | USD | 9,389,883 | — | (2,160) |
U.S. Treasury Ultra Bond | 38 | 03/2023 | USD | 5,103,875 | — | (34,002) |
Total | 34,348 | (101,747) |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | (225) | 03/2023 | USD | (43,436,250) | 1,539,879 | — |
Put option contracts purchased | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Cost ($) | Value ($) |
S&P 500 Index | JPMorgan | USD | 9,982,700 | 26 | 3,200.00 | 06/21/2024 | 470,471 | 405,080 |
S&P 500 Index | JPMorgan | USD | 38,395,000 | 100 | 3,300.00 | 12/20/2024 | 1,960,804 | 2,133,500 |
S&P 500 Index | JPMorgan | USD | 9,598,750 | 25 | 3,200.00 | 12/20/2024 | 489,876 | 474,625 |
Total | 2,921,151 | 3,013,205 |
Cleared credit default swap contracts - sell protection | ||||||||||||
Reference entity | Counterparty | Maturity date | Receive fixed rate (%) | Payment frequency | Implied credit spread (%)* | Notional currency | Notional amount | Value ($) | Upfront payments ($) | Upfront receipts ($) | Unrealized appreciation ($) | Unrealized depreciation ($) |
Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.820 | USD | 11,000,000 | 78,785 | — | — | 78,785 | — |
* | 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, 2022 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, 4.318% | |||||||||
37,658,872 | 126,088,185 | (132,342,541) | 10,516 | 31,415,032 | — | (13,824) | 516,199 | 31,424,459 | |
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares | |||||||||
39,745,297 | 5,707,814 | (1,884,370) | (7,404,496) | 36,164,245 | — | (20,486) | — | 502,002 | |
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares | |||||||||
46,248,954 | 16,514,555 | (1,291,961) | (9,869,234) | 51,602,314 | 33,988 | (342,663) | 1,646,373 | 6,239,700 | |
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares | |||||||||
39,447,129 | 6,369,777 | (2,049,208) | (7,632,740) | 36,134,958 | — | (90,505) | — | 2,439,902 | |
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares | |||||||||
15,946,150 | 393,575 | (16,904,007) | 564,282 | — | 83,887 | (1,221,873) | 36,417 | — | |
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares | |||||||||
32,350,303 | 9,409,857 | (2,557,345) | (9,012,759) | 30,190,056 | — | (417,758) | — | 713,882 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 9 |
December 31, 2022
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® – T. Rowe Price Large Cap Value Fund, Class 1 Shares | |||||||||
32,744,558 | 2,670,584 | (3,341,898) | (1,540,324) | 30,532,920 | — | 96,932 | — | 953,558 | |
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares | |||||||||
49,443,093 | 18,302,264 | (4,665,135) | (7,754,653) | 55,325,569 | 418,028 | (739,837) | 956,206 | 5,879,444 | |
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares | |||||||||
68,812,441 | 9,800,383 | (3,549,705) | (11,700,465) | 63,362,654 | — | (145,939) | — | 2,121,281 | |
Total | 362,396,797 | (54,339,873) | 334,727,748 | 535,903 | (2,895,953) | 3,155,195 |
(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, 2022. |
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 – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
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 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. Representatives of Columbia Management Investment Advisers, LLC report to 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 | — | — | — | 196,384,833 | 196,384,833 |
Exchange-Traded Fixed Income Funds | 24,433,916 | — | — | — | 24,433,916 |
Fixed Income Funds | — | — | — | 106,927,883 | 106,927,883 |
Residential Mortgage-Backed Securities - Agency | — | 39,182,944 | — | — | 39,182,944 |
Options Purchased Puts | 3,013,205 | — | — | — | 3,013,205 |
Money Market Funds | 31,415,032 | — | — | — | 31,415,032 |
Total Investments in Securities | 58,862,153 | 39,182,944 | — | 303,312,716 | 401,357,813 |
Investments in Derivatives | |||||
Asset | |||||
Futures Contracts | 1,574,227 | — | — | — | 1,574,227 |
Swap Contracts | — | 78,785 | — | — | 78,785 |
Liability | |||||
Futures Contracts | (101,747) | — | — | — | (101,747) |
Total | 60,334,633 | 39,261,729 | — | 303,312,716 | 402,909,078 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 11 |
December 31, 2022
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $65,306,229) | $63,616,860 |
Affiliated issuers (cost $325,500,326) | 334,727,748 |
Options purchased (cost $2,921,151) | 3,013,205 |
Cash collateral held at broker for: | |
TBA | 227,000 |
Margin deposits on: | |
Futures contracts | 3,966,650 |
Swap contracts | 322,850 |
Receivable for: | |
Investments sold | 1,437,499 |
Investments sold on a delayed delivery basis | 6,561,127 |
Dividends | 102,460 |
Interest | 51,941 |
Variation margin for futures contracts | 127,175 |
Prepaid expenses | 4,374 |
Trustees’ deferred compensation plan | 19,515 |
Total assets | 414,178,404 |
Liabilities | |
Due to affiliate | 179,200 |
Payable for: | |
Investments purchased on a delayed delivery basis | 46,444,496 |
Capital shares purchased | 336,477 |
Variation margin for futures contracts | 87,576 |
Variation margin for swap contracts | 1,606 |
Management services fees | 1,428 |
Distribution and/or service fees | 2,525 |
Service fees | 18,186 |
Compensation of board members | 14,354 |
Compensation of chief compliance officer | 69 |
Other expenses | 25,062 |
Trustees’ deferred compensation plan | 19,515 |
Total liabilities | 47,130,494 |
Net assets applicable to outstanding capital stock | $367,047,910 |
Represented by | |
Trust capital | $367,047,910 |
Total - representing net assets applicable to outstanding capital stock | $367,047,910 |
Class 1 | |
Net assets | $2,887 |
Shares outstanding | 233 |
Net asset value per share(a) | $12.42 |
Class 2 | |
Net assets | $367,045,023 |
Shares outstanding | 29,824,529 |
Net asset value per share | $12.31 |
(a) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
12 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
Year Ended December 31, 2022
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $679,056 |
Dividends — affiliated issuers | 3,155,195 |
Interest | 45,183 |
Total income | 3,879,434 |
Expenses: | |
Management services fees | 499,558 |
Distribution and/or service fees | |
Class 2 | 904,795 |
Service fees | 217,009 |
Compensation of board members | 18,880 |
Custodian fees | 22,994 |
Printing and postage fees | 10,423 |
Audit fees | 29,500 |
Legal fees | 16,747 |
Interest on collateral | 210 |
Compensation of chief compliance officer | 129 |
Other | 8,827 |
Total expenses | 1,729,072 |
Net investment income | 2,150,362 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (5,529,568) |
Investments — affiliated issuers | (2,895,953) |
Capital gain distributions from underlying affiliated funds | 535,903 |
Foreign currency translations | (3) |
Futures contracts | (8,279,435) |
Options purchased | (778,051) |
Swap contracts | (69,435) |
Net realized loss | (17,016,542) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | (2,067,418) |
Investments — affiliated issuers | (54,339,873) |
Futures contracts | 875,468 |
Options purchased | 1,758,468 |
Swap contracts | 53,764 |
Net change in unrealized appreciation (depreciation) | (53,719,591) |
Net realized and unrealized loss | (70,736,133) |
Net decrease in net assets resulting from operations | $(68,585,771) |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 13 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
Operations | ||
Net investment income | $2,150,362 | $1,113,440 |
Net realized gain (loss) | (17,016,542) | 20,217,905 |
Net change in unrealized appreciation (depreciation) | (53,719,591) | 20,983,074 |
Net increase (decrease) in net assets resulting from operations | (68,585,771) | 42,314,419 |
Increase in net assets from capital stock activity | 47,809,432 | 61,469,870 |
Total increase (decrease) in net assets | (20,776,339) | 103,784,289 |
Net assets at beginning of year | 387,824,249 | 284,039,960 |
Net assets at end of year | $367,047,910 | $387,824,249 |
Year Ended | Year Ended | |||
December 31, 2022 | December 31, 2021 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class 2 | ||||
Subscriptions | 4,809,296 | 61,661,766 | 4,866,878 | 67,596,025 |
Redemptions | (1,070,788) | (13,852,334) | (427,993) | (6,126,155) |
Net increase | 3,738,508 | 47,809,432 | 4,438,885 | 61,469,870 |
Total net increase | 3,738,508 | 47,809,432 | 4,438,885 | 61,469,870 |
14 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 15 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | |
Class 1 | ||||
Year Ended 12/31/2022 | $14.96 | 0.11 | (2.65) | (2.54) |
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 12/31/2022 | $14.87 | 0.08 | (2.64) | (2.56) |
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) |
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 – Managed Risk U.S. Fund | Annual Report 2022 |
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 12/31/2022 | $12.42 | (16.98%) | 0.24%(c) | 0.24%(c) | 0.84% | 114% | $3 |
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 12/31/2022 | $12.31 | (17.22%) | 0.48%(c) | 0.48%(c) | 0.59% | 114% | $367,045 |
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% | $80,119 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 17 |
December 31, 2022
18 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 19 |
December 31, 2022
20 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 21 |
December 31, 2022
22 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
Asset derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Credit risk | Component of trust capital — unrealized appreciation on swap contracts | 78,785* |
Equity risk | Component of trust capital — unrealized appreciation on futures contracts | 1,557,565* |
Equity risk | Investments, at value — Options Purchased | 3,013,205 |
Interest rate risk | Component of trust capital — unrealized appreciation on futures contracts | 16,662* |
Total | 4,666,217 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of trust capital - unrealized depreciation on futures contracts | 101,747* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | (69,435) | (69,435) |
Equity risk | (4,286,143) | (778,051) | — | (5,064,194) |
Interest rate risk | (3,993,292) | — | — | (3,993,292) |
Total | (8,279,435) | (778,051) | (69,435) | (9,126,921) |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
Risk exposure category | Futures contracts ($) | Options contracts purchased ($) | Swap contracts ($) | Total ($) |
Credit risk | — | — | 53,764 | 53,764 |
Equity risk | 1,091,298 | 1,758,468 | — | 2,849,766 |
Interest rate risk | (215,830) | — | — | (215,830) |
Total | 875,468 | 1,758,468 | 53,764 | 2,687,700 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 23 |
December 31, 2022
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 53,600,308 |
Futures contracts — short | 31,457,319 |
Credit default swap contracts — sell protection | 11,000,000 |
Derivative instrument | Average value ($)* |
Options contracts — purchased | 3,919,933 |
* | Based on the ending quarterly outstanding amounts for the year ended December 31, 2022. |
24 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
JPMorgan ($) | Morgan Stanley ($) | Total ($) | |
Assets | |||
Options purchased puts | 3,013,205 | - | 3,013,205 |
Liabilities | |||
Centrally cleared credit default swap contracts (a) | - | 1,606 | 1,606 |
Total financial and derivative net assets | 3,013,205 | (1,606) | 3,011,599 |
Total collateral received (pledged) (b) | - | (1,606) | (1,606) |
Net amount (c) | 3,013,205 | - | 3,013,205 |
(a) | Centrally cleared swaps are included within payable/receivable for variation margin in 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 2022 | 25 |
December 31, 2022
26 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 27 |
December 31, 2022
May 1, 2022 through April 30, 2023 | Prior to May 1, 2022 | |
Class 1 | 0.79% | 0.80% |
Class 2 | 1.04 | 1.05 |
28 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
December 31, 2022
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 29 |
December 31, 2022
30 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 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 1954 | 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; former Board Member, Chase Bank International, 1993-1994 |
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-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 | 176 | Former Trustee, Blue Cross and 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, Richard M. Schulze Family Foundation, since 2021 |
32 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
(Unaudited)
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 | Chair since 2023; 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, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 | 176 | Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee), 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; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022 |
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964 | Trustee since 2020 | CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; 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 to 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 to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 | 174 | Treasurer, Edinburgh University US Trust Board; Member, HBS Community Action Partners Board; 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 | Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 176 | Trustee, MA Taxpayers Foundation, since 1997-2002; Governing Board Member, MA Technology Collaborative, 2010-2020; Board of Directors, The MA Business Roundtable, 2003-2019 |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 33 |
(Unaudited)
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 | Trustee since 1996 | 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 (Chair of the Board) (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; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank | 174 | Director, CSX Corporation (transportation suppliers); 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; former Advisor to Bridgewater Associates and The Carlyle Group |
34 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
(Unaudited)
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 |
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952 | Trustee since 2004 | 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) |
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 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to 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 | Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019 |
Sandra L. 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; Advisory Board, Jennersville YMCA, since 2022 |
* | The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Funds 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, Carrig, Flynn, Paglia 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 2022 | 35 |
(Unaudited)
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 and President since June 2021 | Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 | 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; Director, Threadneedle Canada, since December 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. |
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) | Senior 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. |
36 | Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 |
(Unaudited)
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 |
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. |
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 (2021) | 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); formerly, 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; formerly, 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) | Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017. |
Variable Portfolio – Managed Risk U.S. Fund | Annual Report 2022 | 37 |
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, Douglas A. Hacker 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, Mr. Hacker 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 2021 also includes fees from a 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, 2022 and December 31, 2021 are approximately as follows:
2022 | 2021 |
$413,500 | $423,300 |
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, 2022 and December 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $5,000 |
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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 are approximately as follows:
2022 | 2021 |
$189,000 | $9,900 |
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. Fiscal years 2021 and 2022 also include Tax Fees for foreign tax filings.
During the fiscal years ended December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 are approximately as follows:
2022 | 2021 |
$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, 2022 and December 31, 2021 are approximately as follows:
2022 | 2021 |
$535,000 | $520,000 |
In fiscal years 2022 and 2021, 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, 2022 and December 31, 2021 are approximately as follows:
2022 | 2021 |
$724,000 | $534,900 |
(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.
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.
(registrant) | Columbia Funds Variable Insurance Trust |
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By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | February 22, 2023 |
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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 |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | February 22, 2023 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, |
| Principal Financial Officer and Senior Vice President |
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Date | February 22, 2023 |
By (Signature and Title) | /s/ Joseph Beranek |
| Joseph Beranek, Treasurer, Chief Accounting |
| Officer and Principal Financial Officer |
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Date | February 22, 2023 |