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Columbia Variable Portfolio – Dividend Opportunity Fund
First Quarter Report
March 31, 2024 (Unaudited)
Please remember that you may not buy (nor will you own) shares of the Fund directly. The Fund is available through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies as well as qualified pension and retirement plans. Please contact your financial advisor or insurance representative for more information.
 
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Portfolio of Investments
Columbia Variable Portfolio – Dividend Opportunity Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 97.0%
Issuer
Shares
Value ($)
Communication Services 3.9%
Diversified Telecommunication Services 2.7%
AT&T, Inc.
585,200
10,299,520
Verizon Communications, Inc.
337,300
14,153,108
Total
 
24,452,628
Media 1.2%
Comcast Corp., Class A
264,400
11,461,740
Total Communication Services
35,914,368
Consumer Discretionary 4.1%
Automobiles 0.7%
Ford Motor Co.
482,700
6,410,256
Hotels, Restaurants & Leisure 1.1%
Darden Restaurants, Inc.
30,000
5,014,500
Restaurant Brands International, Inc.
56,600
4,496,870
Total
 
9,511,370
Household Durables 0.6%
Garmin Ltd.
38,900
5,791,043
Specialty Retail 1.4%
Best Buy Co., Inc.
45,500
3,732,365
Home Depot, Inc. (The)
23,500
9,014,600
Total
 
12,746,965
Textiles, Apparel & Luxury Goods 0.3%
Tapestry, Inc.
65,400
3,105,192
Total Consumer Discretionary
37,564,826
Consumer Staples 10.0%
Beverages 4.2%
Coca-Cola Co. (The)
326,600
19,981,388
PepsiCo, Inc.
107,000
18,726,070
Total
 
38,707,458
Consumer Staples Distribution & Retail 0.8%
Target Corp.
41,600
7,371,936
Food Products 1.0%
Kraft Heinz Co. (The)
250,900
9,258,210
Household Products 1.5%
Procter & Gamble Co. (The)
81,800
13,272,050
Common Stocks (continued)
Issuer
Shares
Value ($)
Personal Care Products 0.5%
Kenvue, Inc.
217,201
4,661,133
Tobacco 2.0%
Altria Group, Inc.
94,500
4,122,090
Philip Morris International, Inc.
152,100
13,935,402
Total
 
18,057,492
Total Consumer Staples
91,328,279
Energy 11.1%
Oil, Gas & Consumable Fuels 11.1%
Chevron Corp.
152,200
24,008,028
ConocoPhillips Co.
133,700
17,017,336
EOG Resources, Inc.
81,700
10,444,528
Exxon Mobil Corp.
352,100
40,928,104
Valero Energy Corp.
55,200
9,422,088
Total
 
101,820,084
Total Energy
101,820,084
Financials 20.9%
Banks 12.8%
Bank of America Corp.
504,500
19,130,640
Citigroup, Inc.
180,300
11,402,172
JPMorgan Chase & Co.
231,300
46,329,390
Truist Financial Corp.
243,700
9,499,426
U.S. Bancorp
262,200
11,720,340
Wells Fargo & Co.
334,400
19,381,824
Total
 
117,463,792
Capital Markets 5.9%
Ares Capital Corp.
218,500
4,549,170
BlackRock, Inc.
10,800
9,003,960
Blackstone, Inc.
71,100
9,340,407
Carlyle Group, Inc. (The)
106,600
5,000,606
CME Group, Inc.
39,000
8,396,310
Goldman Sachs Group, Inc. (The)
41,200
17,208,828
Total
 
53,499,281
2
Columbia Variable Portfolio – Dividend Opportunity Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Dividend Opportunity Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Insurance 2.0%
Allstate Corp. (The)
54,300
9,394,443
MetLife, Inc.
118,000
8,744,980
Total
 
18,139,423
Mortgage Real Estate Investment Trusts (REITS) 0.2%
Starwood Property Trust, Inc.
91,000
1,850,030
Total Financials
190,952,526
Health Care 16.0%
Biotechnology 4.3%
AbbVie, Inc.
152,300
27,733,830
Amgen, Inc.
41,100
11,685,552
Total
 
39,419,382
Health Care Equipment & Supplies 2.1%
Baxter International, Inc.
127,000
5,427,980
Medtronic PLC
158,500
13,813,275
Total
 
19,241,255
Health Care Providers & Services 1.4%
CVS Health Corp.
154,300
12,306,968
Pharmaceuticals 8.2%
Bristol-Myers Squibb Co.
205,500
11,144,265
Johnson & Johnson
170,200
26,923,938
Merck & Co., Inc.
232,400
30,665,180
Pfizer, Inc.
227,700
6,318,675
Total
 
75,052,058
Total Health Care
146,019,663
Industrials 7.3%
Aerospace & Defense 2.2%
Lockheed Martin Corp.
20,400
9,279,348
RTX Corp.
109,500
10,679,535
Total
 
19,958,883
Air Freight & Logistics 1.4%
United Parcel Service, Inc., Class B
89,300
13,272,659
Building Products 0.7%
Johnson Controls International PLC
97,500
6,368,700
Ground Transportation 0.6%
Union Pacific Corp.
22,500
5,533,425
Common Stocks (continued)
Issuer
Shares
Value ($)
Machinery 2.4%
AGCO Corp.
33,500
4,121,170
PACCAR, Inc.
86,200
10,679,318
Stanley Black & Decker, Inc.
70,300
6,884,479
Total
 
21,684,967
Total Industrials
66,818,634
Information Technology 8.9%
Communications Equipment 2.0%
Cisco Systems, Inc.
375,500
18,741,205
Electronic Equipment, Instruments & Components 0.8%
Corning, Inc.
210,300
6,931,488
IT Services 2.2%
International Business Machines Corp.
103,900
19,840,744
Semiconductors & Semiconductor Equipment 2.9%
Broadcom, Inc.
6,100
8,085,001
QUALCOMM, Inc.
53,900
9,125,270
Texas Instruments, Inc.
53,000
9,233,130
Total
 
26,443,401
Technology Hardware, Storage & Peripherals 1.0%
Dell Technologies, Inc.
79,000
9,014,690
Total Information Technology
80,971,528
Materials 1.0%
Chemicals 0.8%
Dow, Inc.
120,400
6,974,772
Containers & Packaging 0.2%
Sonoco Products Co.
38,700
2,238,408
Total Materials
9,213,180
Real Estate 7.7%
Health Care REITs 0.8%
Welltower, Inc.
73,300
6,849,152
Industrial REITs 1.4%
Prologis, Inc.
98,700
12,852,714
Office REITs 0.6%
Boston Properties, Inc.
90,700
5,923,617
Residential REITs 1.0%
Invitation Homes, Inc.
252,500
8,991,525
Columbia Variable Portfolio – Dividend Opportunity Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Dividend Opportunity Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Retail REITs 0.8%
Simon Property Group, Inc.
48,800
7,636,712
Specialized REITs 3.1%
American Tower Corp.
60,600
11,973,954
Digital Realty Trust, Inc.
66,300
9,549,852
Extra Space Storage, Inc.
44,500
6,541,500
Total
 
28,065,306
Total Real Estate
70,319,026
Utilities 6.1%
Electric Utilities 4.2%
American Electric Power Co., Inc.
105,100
9,049,110
Edison International
122,700
8,678,571
NextEra Energy, Inc.
142,100
9,081,611
Southern Co. (The)
164,300
11,786,882
Total
 
38,596,174
Independent Power and Renewable Electricity Producers 0.9%
Vistra Corp.
118,000
8,218,700
Multi-Utilities 1.0%
DTE Energy Co.
81,300
9,116,982
Total Utilities
55,931,856
Total Common Stocks
(Cost $719,465,726)
886,853,970
 
Convertible Bonds 0.6%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Technology 0.6%
Western Digital Corp.(a)
11/15/2028
3.000%
 
3,900,000
5,715,450
Total Convertible Bonds
(Cost $3,900,000)
5,715,450
 
Convertible Preferred Stocks 1.1%
Issuer
 
Shares
Value ($)
Financials 0.5%
Financial Services 0.5%
Apollo Global Management, Inc.
6.750%
78,000
4,991,220
Total Financials
4,991,220
Materials 0.6%
Chemicals 0.6%
Albemarle Corp.
7.250%
87,916
5,162,428
Total Materials
5,162,428
Total Convertible Preferred Stocks
(Cost $8,362,600)
10,153,648
 
Money Market Funds 1.1%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(b),(c)
9,815,130
9,813,167
Total Money Market Funds
(Cost $9,812,647)
9,813,167
Total Investments in Securities
(Cost: $741,540,973)
912,536,235
Other Assets & Liabilities, Net
 
2,108,909
Net Assets
914,645,144
4
Columbia Variable Portfolio – Dividend Opportunity Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Dividend Opportunity Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments 
(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 March 31, 2024, the total value of these securities amounted to $5,715,450, which represents 0.62% of total net assets.
(b)
The rate shown is the seven-day current annualized yield at March 31, 2024.
(c)
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows:
 
Affiliated issuers
Beginning
of period($)
Purchases($)
Sales($)
Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($)
End of
period shares
Columbia Short-Term Cash Fund, 5.543%
 
9,918,200
18,177,281
(18,282,558
)
244
9,813,167
57
116,002
9,815,130
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Variable Portfolio – Dividend Opportunity Fund  | First Quarter Report 2024
5
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT7005_12_C01_(05/24)