NPORT-EX 3 nportpoi_490.htm EDGAR HTML
 
Columbia Variable Portfolio – Emerging Markets Bond 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 – Emerging Markets Bond Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Corporate Bonds & Notes 7.9%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
China 0.1%
Country Garden Holdings Co., Ltd.(a),(b)
07/12/2026
0.000%
 
4,800,000
324,000
Colombia 1.0%
Banco de Bogota SA(a)
Subordinated
05/12/2026
6.250%
 
535,000
533,256
Millicom International Cellular SA(a)
01/15/2028
5.125%
 
1,800,000
1,708,701
03/25/2029
6.250%
 
1,080,000
1,051,512
03/25/2029
6.250%
 
810,000
788,634
Total
4,082,103
India 0.6%
Adani Electricity Mumbai Ltd.(a)
02/12/2030
3.949%
 
2,800,000
2,376,302
Isle of Man 0.1%
AngloGold Ashanti Holdings PLC
10/01/2030
3.750%
 
735,000
640,414
Jersey 1.3%
Galaxy Pipeline Assets Bidco Ltd.(a)
03/31/2036
2.625%
 
2,600,000
2,117,551
09/30/2040
2.940%
 
3,919,104
3,148,317
Total
5,265,868
Jordan 1.1%
Jordan Government International Bond(a)
01/13/2029
7.500%
 
4,411,000
4,400,871
Macau 0.6%
Sands China Ltd.(c)
06/18/2030
4.625%
 
3,000,000
2,749,701
Netherlands 0.5%
Braskem Netherlands Finance BV(a)
01/31/2050
5.875%
 
2,800,000
2,166,125
Peru 0.1%
Hunt Oil Co of Peru LLC Sucursal Del Peru(a)
09/18/2033
8.550%
 
267,000
285,636
Russian Federation 0.3%
Phosagro OAO Via Phosagro Bond Funding DAC(a)
09/16/2028
2.600%
 
2,128,000
1,416,773
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Saudi Arabia 0.4%
Greensaif Pipelines Bidco Sarl(a)
02/23/2038
6.129%
 
1,500,000
1,525,719
South Korea 0.8%
LG Chem Ltd.(a)
07/07/2026
1.375%
 
1,536,000
1,403,263
SK Hynix Inc(a)
01/17/2026
6.250%
 
2,000,000
2,021,796
Total
3,425,059
United States 0.5%
Sasol Financing USA LLC
03/18/2031
5.500%
 
2,500,000
2,106,369
Virgin Islands 0.5%
Studio City Finance Ltd.(a)
01/15/2029
5.000%
 
2,300,000
2,023,698
Total Corporate Bonds & Notes
(Cost $35,442,819)
32,788,638
 
Foreign Government Obligations(d),(e) 79.6%
 
 
 
 
 
Angola 1.9%
Angolan Government International Bond(a)
11/26/2029
8.000%
 
5,200,000
4,853,223
05/08/2048
9.375%
 
3,308,000
2,850,499
Total
7,703,722
Argentina 2.5%
Argentine Republic Government International Bond(c)
07/09/2035
1.500%
 
23,500,000
9,754,073
07/09/2046
1.750%
 
720,000
324,236
Total
10,078,309
Azerbaijan 0.2%
Republic of Azerbaijan International Bond(a)
09/01/2032
3.500%
 
1,049,000
891,273
Bahrain 1.6%
Bahrain Government International Bond(a)
05/18/2034
5.625%
 
3,480,000
3,136,313
CBB International Sukuk Programme Co. WLL(a)
05/18/2029
3.875%
 
3,867,000
3,530,238
Total
6,666,551
2
Columbia Variable Portfolio – Emerging Markets Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Emerging Markets Bond Fund, March 31, 2024 (Unaudited)
Foreign Government Obligations(d),(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Brazil 1.2%
Brazil Minas SPE via State of Minas Gerais(a)
02/15/2028
5.333%
 
120,000
118,026
Brazilian Government International Bond
06/12/2030
3.875%
 
3,002,000
2,709,360
01/07/2041
5.625%
 
446,000
403,823
01/27/2045
5.000%
 
1,900,000
1,520,213
Total
4,751,422
Chile 2.5%
Chile Government International Bond
01/25/2050
3.500%
 
1,750,000
1,278,454
Corp. Nacional del Cobre de Chile(a)
01/08/2034
5.950%
 
6,198,000
6,195,385
Corporación Nacional del Cobre de Chile(a)
01/26/2036
6.440%
 
1,991,000
2,052,621
Empresa Nacional del Petroleo(a)
05/10/2033
6.150%
 
881,000
890,860
Total
10,417,320
Colombia 4.9%
Colombia Government International Bond
01/28/2026
4.500%
 
2,000,000
1,953,399
01/30/2030
3.000%
 
9,800,000
8,112,509
04/15/2031
3.125%
 
6,640,000
5,306,224
04/22/2032
3.250%
 
2,800,000
2,184,111
11/14/2035
8.000%
 
611,000
642,459
Ecopetrol SA
01/19/2036
8.375%
 
1,990,000
2,008,029
Total
20,206,731
Costa Rica 0.2%
Costa Rica Government International Bond(a)
11/13/2054
7.300%
 
754,000
800,730
Dominican Republic 2.4%
Dominican Republic International Bond(a)
01/25/2027
5.950%
 
4,035,000
4,022,736
01/30/2030
4.500%
 
3,659,000
3,331,018
01/27/2045
6.850%
 
271,000
268,311
06/05/2049
6.400%
 
2,500,000
2,349,815
Total
9,971,880
Ecuador 1.2%
Ecuador Government International Bond(a),(c)
07/31/2030
6.000%
 
4,400,000
2,986,340
07/31/2035
3.500%
 
1,708,842
899,637
07/31/2040
2.500%
 
2,342,250
1,139,887
Total
5,025,864
Foreign Government Obligations(d),(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Egypt 2.7%
Egypt Government International Bond(a)
04/11/2031
6.375%
EUR
2,208,000
1,975,031
05/29/2032
7.625%
 
4,000,000
3,405,220
09/30/2033
7.300%
 
5,000,000
4,094,125
02/21/2048
7.903%
 
2,100,000
1,591,427
Total
11,065,803
Guatemala 0.3%
Guatemala Government Bond(a)
10/07/2033
3.700%
 
909,000
751,113
06/01/2050
6.125%
 
489,000
453,913
Total
1,205,026
Hungary 1.0%
Hungary Government International Bond(a)
09/22/2031
2.125%
 
2,780,000
2,205,776
09/21/2051
3.125%
 
3,163,000
1,997,540
Total
4,203,316
India 0.6%
Export-Import Bank of India(a)
01/15/2030
3.250%
 
2,700,000
2,424,403
Indonesia 5.7%
Indonesia Asahan Aluminium Persero PT(a)
05/15/2050
5.800%
 
6,200,000
5,856,495
Indonesia Government International Bond
09/18/2029
3.400%
 
1,900,000
1,758,866
10/30/2049
3.700%
 
6,200,000
4,824,862
03/31/2052
4.300%
 
751,000
642,603
Indonesia Government International Bond(a)
01/15/2045
5.125%
 
3,000,000
2,971,541
Indonesia Treasury Bond
04/15/2032
6.375%
IDR
67,700,000,000
4,218,327
Perusahaan Penerbit SBSN Indonesia III(a)
06/23/2025
2.300%
 
1,455,000
1,405,122
PT Perusahaan Listrik Negara(a)
07/17/2049
4.875%
 
2,100,000
1,777,914
Total
23,455,730
Ivory Coast 1.4%
Ivory Coast Government International Bond(a)
07/23/2024
5.375%
 
300,000
296,982
10/17/2031
5.875%
EUR
3,900,000
3,882,257
01/30/2037
8.250%
 
1,590,000
1,594,836
Total
5,774,075
Columbia Variable Portfolio – Emerging Markets Bond Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Emerging Markets Bond Fund, March 31, 2024 (Unaudited)
Foreign Government Obligations(d),(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Kazakhstan 2.4%
KazMunayGas National Co. JSC(a)
04/19/2027
4.750%
 
2,500,000
2,436,712
04/24/2030
5.375%
 
3,600,000
3,532,910
04/19/2047
5.750%
 
4,600,000
3,989,581
Total
9,959,203
Malaysia 0.5%
Petronas Capital Ltd.(a)
04/21/2030
3.500%
 
2,055,000
1,889,503
Mexico 8.4%
Comision Federal de Electricidad(a)
07/26/2033
3.875%
 
6,000,000
4,881,216
Mexican Bonos
05/31/2029
8.500%
MXN
15,000,000
874,982
Mexico Government International Bond
04/16/2030
3.250%
 
6,950,000
6,189,702
01/15/2047
4.350%
 
2,300,000
1,795,192
02/10/2048
4.600%
 
2,800,000
2,247,354
05/07/2054
6.400%
 
3,250,000
3,244,053
Petroleos Mexicanos(a)
09/12/2024
7.190%
MXN
600,000
35,324
Petroleos Mexicanos
11/12/2026
7.470%
MXN
4,700,000
249,143
01/28/2031
5.950%
 
6,908,000
5,540,343
02/16/2032
6.700%
 
5,600,000
4,659,251
02/07/2033
10.000%
 
1,281,000
1,273,777
01/23/2045
6.375%
 
5,244,000
3,382,969
Total
34,373,306
Mongolia 0.4%
Mongolia Government International Bond(a)
01/19/2028
8.650%
 
488,000
513,995
07/07/2031
4.450%
 
1,500,000
1,271,169
Total
1,785,164
Morocco 0.5%
OCP SA(a)
06/23/2051
5.125%
 
2,900,000
2,189,890
Nigeria 1.2%
Nigeria Government International Bond(a)
09/28/2028
6.125%
 
1,600,000
1,448,456
09/28/2033
7.375%
 
2,300,000
1,966,497
11/28/2047
7.625%
 
1,900,000
1,475,794
Total
4,890,747
Foreign Government Obligations(d),(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Oman 1.3%
Oman Government International Bond(a)
01/25/2031
6.250%
 
1,846,000
1,909,842
01/17/2048
6.750%
 
3,200,000
3,273,322
Total
5,183,164
Pakistan 0.7%
Pakistan Government International Bond(a)
09/30/2025
8.250%
 
529,000
497,316
12/05/2027
6.875%
 
1,400,000
1,195,544
04/08/2031
7.375%
 
1,395,000
1,097,105
Total
2,789,965
Panama 2.8%
Panama Government International Bond
03/16/2025
3.750%
 
950,000
924,303
03/01/2031
7.500%
 
1,494,000
1,546,098
09/29/2032
2.252%
 
2,800,000
2,007,725
01/19/2033
3.298%
 
2,978,000
2,305,292
02/14/2035
6.400%
 
1,428,000
1,355,330
01/31/2036
6.875%
 
1,927,000
1,877,556
01/19/2063
4.500%
 
2,435,000
1,553,832
Total
11,570,136
Paraguay 1.8%
Paraguay Government International Bond(a)
06/28/2033
3.849%
 
2,000,000
1,745,867
08/11/2044
6.100%
 
5,068,000
4,918,213
03/30/2050
5.400%
 
675,000
593,317
Total
7,257,397
Peru 1.9%
Peruvian Government International Bond
01/15/2034
3.000%
 
3,634,000
2,973,807
11/18/2050
5.625%
 
4,717,000
4,704,568
Total
7,678,375
Philippines 1.0%
Philippine Government International Bond
07/06/2046
3.200%
 
5,900,000
4,231,287
Poland 0.8%
Republic of Poland Government International Bond
09/18/2034
5.125%
 
3,384,000
3,376,459
Qatar 4.6%
Ooredoo International Finance Ltd.(a)
04/08/2031
2.625%
 
1,367,000
1,174,046
4
Columbia Variable Portfolio – Emerging Markets Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Emerging Markets Bond Fund, March 31, 2024 (Unaudited)
Foreign Government Obligations(d),(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Qatar Government International Bond(a)
04/23/2028
4.500%
 
200,000
199,900
03/14/2029
4.000%
 
7,350,000
7,185,115
04/23/2048
5.103%
 
2,000,000
1,944,799
03/14/2049
4.817%
 
3,490,000
3,273,657
04/16/2050
4.400%
 
2,357,000
2,083,815
Qatar Petroleum(a)
07/12/2031
2.250%
 
3,738,000
3,127,527
Total
18,988,859
Romania 1.3%
Romanian Government International Bond(a)
02/27/2027
3.000%
 
3,116,000
2,906,293
02/14/2051
4.000%
 
3,500,000
2,474,834
Total
5,381,127
Russian Federation 0.3%
Gazprom PJSC via Gaz Finance PLC(a),(f)
02/25/2030
3.250%
 
2,254,000
1,274,467
Saudi Arabia 5.7%
Gaci First Investment Co.(a)
02/14/2035
4.875%
 
4,300,000
4,100,525
02/14/2053
5.125%
 
6,600,000
5,721,689
KSA Sukuk Ltd.(a)
10/29/2029
2.969%
 
1,000,000
907,301
Saudi Arabian Oil Co.(a)
11/24/2030
2.250%
 
2,280,000
1,921,321
Saudi Government International Bond(a)
07/18/2033
4.875%
 
1,830,000
1,819,112
01/21/2055
3.750%
 
6,700,000
4,840,579
01/21/2055
3.750%
 
1,700,000
1,228,207
02/02/2061
3.450%
 
4,500,000
3,002,294
Total
23,541,028
Serbia 0.3%
Serbia International Bond(a)
12/01/2030
2.125%
 
1,582,000
1,252,176
South Africa 2.3%
Eskom Holdings SOC Ltd.(a)
02/11/2025
7.125%
 
3,100,000
3,081,026
Republic of South Africa Government Bond
02/28/2048
8.750%
ZAR
125,000,000
4,578,319
Republic of South Africa Government International Bond
09/30/2049
5.750%
 
1,034,000
750,031
04/20/2052
7.300%
 
1,400,000
1,213,694
Total
9,623,070
Foreign Government Obligations(d),(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Sri Lanka 0.6%
Sri Lanka Government International Bond(a),(b)
11/03/2025
0.000%
 
750,000
449,791
03/14/2029
0.000%
 
1,500,000
879,787
03/28/2030
0.000%
 
1,900,000
1,113,857
Total
2,443,435
Turkey 4.5%
Turkey Government International Bond
04/14/2026
4.250%
 
3,300,000
3,180,625
02/17/2028
5.125%
 
8,000,000
7,585,391
03/14/2029
9.375%
 
1,600,000
1,740,337
04/26/2029
7.625%
 
3,800,000
3,876,982
05/11/2047
5.750%
 
500,000
380,084
Turkiye Government International Bond
03/13/2030
5.250%
 
1,900,000
1,717,534
Total
18,480,953
Ukraine 1.1%
Ukraine Government International Bond(a),(b)
09/01/2028
7.750%
 
9,400,000
3,095,236
05/21/2031
6.876%
 
5,109,000
1,490,691
Total
4,585,927
United Arab Emirates 4.2%
Abu Dhabi Government International Bond(a)
09/30/2029
2.500%
 
1,600,000
1,435,747
09/30/2049
3.125%
 
3,000,000
2,107,144
04/16/2050
3.875%
 
490,000
391,709
Abu Dhabi Ports Co. PJSC(a)
05/06/2031
2.500%
 
2,500,000
2,105,263
DP World Crescent Ltd.(a)
09/26/2028
4.848%
 
2,000,000
1,970,025
DP World Ltd.(a)
09/25/2048
5.625%
 
600,000
574,144
DP World PLC(a)
07/02/2037
6.850%
 
5,900,000
6,438,587
MDGH GMTN (RSC), Ltd.(a)
04/28/2033
5.500%
 
1,808,000
1,874,287
MDGH GMTN RSC Ltd.(a)
05/22/2053
5.084%
 
279,000
264,256
Total
17,161,162
Venezuela 0.4%
Petroleos de Venezuela SA(a),(b)
05/16/2024
0.000%
 
12,559,928
1,185,501
Venezuela Government International Bond(a),(b)
10/13/2024
0.000%
 
4,300,000
610,929
Total
1,796,430
Columbia Variable Portfolio – Emerging Markets Bond Fund  | First Quarter Report 2024
5
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Emerging Markets Bond Fund, March 31, 2024 (Unaudited)
Foreign Government Obligations(d),(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Zambia 0.3%
Zambia Government International Bond(a),(b)
04/14/2024
8.500%
 
1,750,000
1,290,390
Total Foreign Government Obligations
(Cost $372,342,929)
327,635,775
 
Money Market Funds 10.2%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(g),(h)
41,906,066
41,897,685
Total Money Market Funds
(Cost $41,894,528)
41,897,685
Total Investments in Securities
(Cost $449,680,276)
402,322,098
Other Assets & Liabilities, Net
 
9,426,683
Net Assets
$411,748,781
Investments in derivatives 
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty
Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
8,571,351 EUR
9,334,339 USD
Citi
04/26/2024
78,222
—
20,742,607 MXN
1,231,754 USD
Wells Fargo
04/26/2024
—
(11,328
)
Total
 
 
 
78,222
(11,328
)
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 $225,950,361, which represents 54.88% of total net assets.
(b)
Represents a security in default.
(c)
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 March 31, 2024.
(d)
Principal amounts are denominated in United States Dollars unless otherwise noted.
(e)
Principal and interest may not be guaranteed by a governmental entity.
(f)
As a result of sanctions and restricted cross-border payments, certain income and/or principal has not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record the income when it is considered collectible.
(g)
The rate shown is the seven-day current annualized yield at March 31, 2024.
(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 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%
 
44,401,516
32,621,957
(35,123,961
)
(1,827
)
41,897,685
2,035
616,919
41,906,066
6
Columbia Variable Portfolio – Emerging Markets Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Emerging Markets Bond Fund, March 31, 2024 (Unaudited)
Currency Legend 
EUR
Euro
IDR
Indonesian Rupiah
MXN
Mexican Peso
USD
US Dollar
ZAR
South African Rand
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Variable Portfolio – Emerging Markets Bond Fund  | First Quarter Report 2024
7
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT7006_12_C01_(05/24)