Columbia Variable Portfolio – Emerging Markets 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
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No Financial Institution Guarantee
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May Lose Value
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Portfolio of Investments
Columbia Variable Portfolio – Emerging Markets Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
|
Common Stocks 98.0%
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Brazil 10.0%
|
||
|
Banco BTG Pactual SA
|
316,636
|
2,306,239
|
|
Banco do Brasil SA
|
67,274
|
760,276
|
|
Equatorial Energia SA
|
102,117
|
665,795
|
|
Itaú Unibanco Holding SA, ADR
|
511,958
|
3,547,869
|
|
Localiza Rent a Car SA
|
190,364
|
2,086,815
|
|
MercadoLibre, Inc.(a)
|
2,354
|
3,559,154
|
|
NU Holdings Ltd., Class A(a)
|
120,705
|
1,440,011
|
|
Petroleo Brasileiro SA, ADR
|
174,740
|
2,657,795
|
|
PRIO SA
|
284,169
|
2,752,508
|
|
Sendas Distribuidora S/A
|
446,906
|
1,320,562
|
|
TOTVS SA
|
229,716
|
1,304,903
|
|
WEG SA
|
332,988
|
2,543,520
|
|
Total
|
24,945,447
|
|
|
China 16.9%
|
||
|
Baidu, Inc. Class A(a)
|
161,700
|
2,128,719
|
|
BYD Co., Ltd., Class H
|
147,000
|
3,763,943
|
|
China Animal Healthcare Ltd.(a),(b),(c)
|
4,603,000
|
1
|
|
China Resources Land Ltd.
|
414,000
|
1,313,387
|
|
Eastroc Beverage Group Co., Ltd., Class A
|
128,700
|
3,353,613
|
|
Full Truck Alliance Co., Ltd., ADR(a)
|
122,725
|
892,211
|
|
Fuyao Glass Industry Group Co., Ltd., Class A
|
190,300
|
1,130,916
|
|
Kuaishou Technology(a)
|
318,100
|
2,002,313
|
|
Kweichow Moutai Co., Ltd., Class A
|
6,900
|
1,626,474
|
|
Medlive Technology Co., Ltd.
|
216,754
|
209,386
|
|
NetEase, Inc.
|
82,640
|
1,712,437
|
|
New Horizon Health Ltd.(a),(b),(c)
|
272,000
|
495,215
|
|
PDD Holdings, Inc., ADR(a)
|
40,498
|
4,707,893
|
|
PetroChina Co., Ltd., Class H
|
3,172,000
|
2,720,378
|
|
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.,
Class A
|
37,200
|
1,441,547
|
|
Tencent Holdings Ltd.
|
245,501
|
9,562,250
|
|
Trip.com Group Ltd., ADR(a)
|
63,200
|
2,773,848
|
|
Wuliangye Yibin Co., Ltd., Class A
|
58,900
|
1,249,037
|
|
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A
|
407,800
|
1,355,703
|
|
Total
|
42,439,271
|
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
Greece 5.0%
|
||
|
Eurobank Ergasias Services and Holdings SA(a)
|
714,561
|
1,373,751
|
|
JUMBO SA
|
80,365
|
2,314,938
|
|
Mytilineos SA
|
30,314
|
1,169,504
|
|
National Bank of Greece SA(a)
|
419,213
|
3,281,656
|
|
OPAP SA
|
105,835
|
1,904,524
|
|
Piraeus Financial Holdings SA(a)
|
571,324
|
2,387,064
|
|
Total
|
12,431,437
|
|
|
Hong Kong 2.7%
|
||
|
AIA Group Ltd.
|
409,000
|
2,751,169
|
|
Sands China Ltd.(a)
|
943,200
|
2,660,992
|
|
Techtronic Industries Co., Ltd.
|
103,503
|
1,406,385
|
|
Total
|
6,818,546
|
|
|
India 18.3%
|
||
|
360 ONE WAM Ltd.
|
118,386
|
961,968
|
|
APL Apollo Tubes Ltd.
|
124,907
|
2,247,590
|
|
Astral Ltd.
|
59,009
|
1,411,316
|
|
AU Small Finance Bank Ltd.
|
182,470
|
1,241,420
|
|
Bajaj Finance Ltd.
|
40,243
|
3,513,971
|
|
Cholamandalam Investment and Finance Co., Ltd.
|
160,577
|
2,236,066
|
|
CreditAccess Grameen Ltd.(a)
|
42,533
|
736,986
|
|
Eicher Motors Ltd.
|
14,843
|
716,936
|
|
HDFC Bank Ltd., ADR
|
31,069
|
1,738,932
|
|
ICICI Bank Ltd., ADR
|
218,783
|
5,778,059
|
|
IndusInd Bank Ltd.
|
229,305
|
4,286,979
|
|
Larsen & Toubro Ltd.
|
114,995
|
5,201,142
|
|
MakeMyTrip, Ltd.(a)
|
12,029
|
854,661
|
|
Max Healthcare Institute Ltd.
|
277,416
|
2,735,979
|
|
NTPC Ltd.
|
486,450
|
1,965,881
|
|
Persistent Systems Ltd.(a)
|
23,804
|
1,137,235
|
|
Phoenix Mills Ltd. (The)
|
57,357
|
1,913,768
|
|
Polycab India Ltd.
|
27,646
|
1,683,577
|
|
REC Ltd.
|
179,353
|
973,517
|
|
Reliance Industries Ltd.
|
56,801
|
2,031,101
|
|
Varun Beverages Ltd.
|
93,344
|
1,568,789
|
|
WNS Holdings Ltd.(a)
|
18,740
|
946,932
|
|
Total
|
45,882,805
|
|
2
Columbia Variable Portfolio – Emerging Markets Fund | First Quarter Report 2024
Portfolio of Investments (continued)
Columbia Variable Portfolio – Emerging Markets Fund, March 31, 2024 (Unaudited)
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Common Stocks (continued)
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Issuer
|
Shares
|
Value ($)
|
|
Indonesia 6.5%
|
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|
Bank Negara Indonesia Persero Tbk PT
|
4,749,200
|
1,767,970
|
|
PT Bank Central Asia Tbk
|
9,634,700
|
6,127,071
|
|
PT Bank Rakyat Indonesia Persero Tbk
|
19,302,039
|
7,380,616
|
|
PT Sumber Alfaria Trijaya Tbk
|
5,844,000
|
1,073,033
|
|
Total
|
16,348,690
|
|
|
Jersey 0.1%
|
||
|
Arcadium Lithium PLC(a)
|
66,027
|
284,576
|
|
Kazakhstan 0.6%
|
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|
Kaspi.KZ JSC, ADR
|
12,459
|
1,602,726
|
|
Mexico 5.1%
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|
Arca Continental SAB de CV
|
130,300
|
1,422,174
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|
Banco del Bajio SA
|
196,918
|
767,559
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|
BBB Foods, Inc., Class A(a)
|
42,192
|
1,003,326
|
|
Corporación Inmobiliaria Vesta SAB de CV
|
151,365
|
590,637
|
|
Gruma SAB de CV, Class B
|
46,396
|
867,052
|
|
Grupo Aeroportuario del Centro Norte SAB de CV
|
121,426
|
1,193,553
|
|
Grupo Aeroportuario del Pacifico SAB de CV
|
62,404
|
1,002,286
|
|
Grupo Financiero Banorte SAB de CV, Class O
|
451,559
|
4,790,608
|
|
Qualitas Controladora SAB de CV
|
100,217
|
1,166,169
|
|
Total
|
12,803,364
|
|
|
Philippines 1.2%
|
||
|
BDO Unibank, Inc.
|
1,136,560
|
3,123,695
|
|
Poland 1.1%
|
||
|
Dino Polska SA(a)
|
27,447
|
2,662,696
|
|
Russian Federation 0.3%
|
||
|
Detsky Mir PJSC(a),(b),(c),(d)
|
911,435
|
0
|
|
Fix Price Group PLC, GDR(b),(c),(d),(e)
|
502,952
|
678,985
|
|
Total
|
678,985
|
|
|
Saudi Arabia 0.4%
|
||
|
Nahdi Medical Co.
|
24,707
|
974,620
|
|
South Africa 2.0%
|
||
|
Capitec Bank Holdings Ltd.
|
16,405
|
1,814,399
|
|
Clicks Group Ltd.
|
91,850
|
1,435,993
|
|
Shoprite Holdings Ltd.
|
131,541
|
1,718,506
|
|
Total
|
4,968,898
|
|
|
Common Stocks (continued)
|
||
|
Issuer
|
Shares
|
Value ($)
|
|
South Korea 10.2%
|
||
|
Coupang, Inc., Class A(a)
|
58,911
|
1,048,027
|
|
Samsung Biologics Co., Ltd.(a)
|
2,689
|
1,664,291
|
|
Samsung Electro-Mechanics Co., Ltd.
|
18,573
|
2,069,410
|
|
Samsung Electronics Co., Ltd.
|
230,508
|
13,852,957
|
|
SK Hynix, Inc.
|
51,766
|
6,857,721
|
|
Total
|
25,492,406
|
|
|
Taiwan 16.1%
|
||
|
Accton Technology Corp.
|
62,672
|
898,122
|
|
Alchip Technologies Ltd.
|
12,000
|
1,187,477
|
|
ASMedia Technology, Inc.
|
22,000
|
1,586,625
|
|
ASPEED Technology, Inc.
|
27,000
|
2,813,943
|
|
Chailease Holding Co., Ltd.
|
115,668
|
619,803
|
|
Chroma ATE, Inc.
|
98,000
|
773,812
|
|
eMemory Technology, Inc.
|
17,000
|
1,276,410
|
|
MediaTek, Inc.
|
89,000
|
3,224,853
|
|
Parade Technologies Ltd.
|
14,000
|
402,940
|
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
978,838
|
23,449,253
|
|
Unimicron Technology Corp.
|
132,000
|
784,765
|
|
Wiwynn Corp.
|
49,000
|
3,355,339
|
|
Total
|
40,373,342
|
|
|
United States 1.5%
|
||
|
Freeport-McMoRan, Inc.
|
12,819
|
602,750
|
|
Globant SA(a)
|
5,530
|
1,116,507
|
|
Samsonite International SA(a)
|
508,200
|
1,925,504
|
|
Total
|
3,644,761
|
|
|
Total Common Stocks
(Cost $207,838,526)
|
245,476,265
|
|
|
Preferred Stocks 1.6%
|
|||
|
Issuer
|
|
Shares
|
Value ($)
|
|
South Korea 1.6%
|
|||
|
Samsung Electronics Co., Ltd.
|
|
80,792
|
4,032,506
|
|
Total Preferred Stocks
(Cost $2,092,325)
|
4,032,506
|
||
Columbia Variable Portfolio – Emerging Markets Fund | First Quarter Report 2024
3
Portfolio of Investments (continued)
Columbia Variable Portfolio – Emerging Markets Fund, March 31, 2024 (Unaudited)
|
Money Market Funds 0.5%
|
||
|
|
Shares
|
Value ($)
|
|
Columbia Short-Term Cash Fund, 5.543%(f),(g)
|
1,410,894
|
1,410,612
|
|
Total Money Market Funds
(Cost $1,410,548)
|
1,410,612
|
|
|
Total Investments in Securities
(Cost $211,341,399)
|
250,919,383
|
|
|
Other Assets & Liabilities, Net
|
|
(371,911
)
|
|
Net Assets
|
$250,547,472
|
|
Notes to Portfolio of Investments
|
(a)
|
Non-income producing investment.
|
|
(b)
|
Represents fair value as determined in good faith under procedures approved by the
Board of Trustees. At March 31, 2024, the total value of these securities amounted
to $1,174,201, which represents 0.47% of total net assets.
|
|
(c)
|
Valuation based on significant unobservable inputs.
|
|
(d)
|
Denotes a restricted security, which is subject to legal or contractual restrictions
on resale under federal securities laws. Disposal of a restricted investment may involve
time-consuming negotiations and expenses, and prompt sale at an acceptable price may
be difficult to achieve. Private placement securities are generally considered to
be restricted, although certain of those securities may be traded between qualified institutional
investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not
incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund’s Board of Trustees. At March 31, 2024, the total market value of these securities amounted
to $678,985, which represents 0.27% of total net assets. Additional information on
these securities is as follows:
|
|
Security
|
Acquisition
Dates
|
Shares
|
Cost ($)
|
Value ($)
|
|
Detsky Mir PJSC
|
02/08/2017 - 09/21/2020
|
911,435
|
1,345,538
|
—
|
|
Fix Price Group PLC, GDR
|
03/05/2021 - 03/08/2021
|
502,952
|
4,907,336
|
678,985
|
|
|
|
|
6,252,874
|
678,985
|
|
(e)
|
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 $678,985, which represents 0.27% of total net assets.
|
|
(f)
|
The rate shown is the seven-day current annualized yield at March 31, 2024.
|
|
(g)
|
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of
the holdings and transactions in these affiliated companies during the period ended
March 31, 2024 are as follows:
|
|
Affiliated issuers
|
Beginning
of period($)
|
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%
|
||||||||
|
|
4,080,033
|
13,547,048
|
(16,216,125
)
|
(344
)
|
1,410,612
|
431
|
28,213
|
1,410,894
|
Abbreviation Legend
|
ADR
|
American Depositary Receipt
|
|
GDR
|
Global Depositary Receipt
|
Investments are valued using policies described in the Notes to Financial Statements
in the most recent shareholder report.
4
Columbia Variable Portfolio – Emerging Markets Fund | First Quarter Report 2024