NPORT-EX 3 nportpoi_24700.htm EDGAR HTML
 
Columbia Variable Portfolio – Balanced 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 – Balanced Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Asset-Backed Securities - Non-Agency 7.1%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
ACHV ABS Trust(a)
Series 2023-3PL Class A
08/19/2030
6.600%
 
23,068
23,071
Series 2024-1PL Class A
04/25/2031
5.900%
 
625,000
624,987
Subordinated Series 2023-3PL Class B
08/19/2030
7.170%
 
400,000
401,934
Subordinated Series 2024-1PL Class B
04/25/2031
6.340%
 
675,000
674,845
ACM Auto Trust(a)
Subordinated Series 2023-1 Class C
01/22/2030
8.590%
 
2,404,000
2,426,892
Affirm Asset Securitization Trust(a)
Series 2022-A Class 1A
05/17/2027
4.300%
 
675,000
670,720
Series 2023-B Class A
09/15/2028
6.820%
 
1,375,000
1,395,374
Series 2023-X1 Class A
11/15/2028
7.110%
 
704,257
707,606
Series 2024-A Class A
02/15/2029
5.610%
 
1,600,000
1,597,866
Subordinated Series 2023-B Class 1C
09/15/2028
7.810%
 
300,000
305,490
ALM Ltd.(a),(b)
Series 2022-20A Class A2
3-month Term SOFR + 2.000%
Floor 2.000%
07/15/2037
7.314%
 
1,300,000
1,297,894
American Credit Acceptance Receivables Trust(a)
Subordinated Series 2021-2 Class E
07/13/2027
2.540%
 
600,000
579,092
Subordinated Series 2022-2 Class C
06/13/2028
4.410%
 
388,062
386,560
Subordinated Series 2023-3 Class C
10/12/2029
6.440%
 
1,625,000
1,623,933
Apidos CLO XI(a),(b)
Series 2012-11A Class BR3
3-month Term SOFR + 1.912%
Floor 1.650%
04/17/2034
7.228%
 
1,925,000
1,925,293
Apidos CLO XXVIII(a),(b)
Series 2017-28A Class A1B
3-month Term SOFR + 1.412%
Floor 1.150%
01/20/2031
6.729%
 
900,000
899,494
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Aqua Finance Trust(a)
Series 2021-A Class A
07/17/2046
1.540%
 
400,109
357,460
ARES XLVII CLO Ltd.(a),(b)
Series 2018-47A Class B
3-month Term SOFR + 1.712%
Floor 1.450%
04/15/2030
7.026%
 
550,000
550,012
Avant Loans Funding Trust(a)
Subordinated Series 2021-REV1 Class C
07/15/2030
2.300%
 
325,000
315,746
Avis Budget Rental Car Funding AESOP LLC(a)
Series 2021-1A Class A
08/20/2027
1.380%
 
4,000,000
3,674,858
Bain Capital Credit CLO(a),(b)
Series 2019-1A Class AR
3-month Term SOFR + 1.392%
04/19/2034
6.701%
 
650,000
648,991
Bain Capital Credit CLO Ltd.(a),(b)
Series 2021-7A Class B
3-month Term SOFR + 1.912%
Floor 1.650%
01/22/2035
7.229%
 
2,425,000
2,424,978
Ballyrock CLO Ltd.(a),(b)
Series 2018-1A Class A1
3-month Term SOFR + 1.262%
04/20/2031
6.579%
 
391,076
390,876
Barings CLO Ltd.(a),(b)
Series 2018-4A Class B
3-month Term SOFR + 1.962%
Floor 1.700%
10/15/2030
7.276%
 
3,450,000
3,451,459
Basswood Park CLO Ltd.(a),(b)
Series 2021-1A Class A
3-month Term SOFR + 1.262%
Floor 1.000%
04/20/2034
6.579%
 
1,025,000
1,024,670
Bayview Opportunity Master Fund VII LLC(a),(b),(c)
Subordinated Series 2024-CAR1 Class B
30-day Average SOFR + 1.500%
12/26/2031
5.000%
 
250,000
250,000
Subordinated Series 2024-CAR1 Class C
30-day Average SOFR + 2.000%
12/26/2031
4.000%
 
250,000
250,000
Carbone CLO Ltd.(a),(b)
Series 2017-1A Class A1
3-month Term SOFR + 1.402%
Floor 1.140%
01/20/2031
6.719%
 
1,902,126
1,902,525
2
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Carlyle CLO Ltd.(a),(b)
Series C17A Class CR
3-month Term SOFR + 3.062%
Floor 2.800%
04/30/2031
8.379%
 
500,000
499,991
Carmax Auto Owner Trust
Subordinated Series 2021-1 Class C
12/15/2026
0.940%
 
275,000
261,991
Cascade Funding Mortgage Trust(a)
CMO Series 2021-GRN1 Class A
03/20/2041
1.100%
 
1,068,493
1,017,673
College Ave Student Loans Trust(a)
Series 2024-A Class A1A
06/25/2054
5.510%
 
3,975,000
3,974,550
Drive Auto Receivables Trust
Subordinated Series 2020-2 Class D
05/15/2028
3.050%
 
340,132
337,813
Subordinated Series 2021-2 Class D
03/15/2029
1.390%
 
3,410,000
3,261,108
Dryden CLO Ltd.(a),(b)
Series 2018-55A Class A1
3-month Term SOFR + 1.282%
04/15/2031
6.596%
 
1,217,302
1,218,031
Dryden Senior Loan Fund(a),(b)
Series 2016-42A Class BR
3-month Term SOFR + 1.812%
Floor 1.550%
07/15/2030
7.126%
 
950,000
950,246
DT Auto Owner Trust(a)
Series 2020-2A Class D
03/16/2026
4.730%
 
360,936
359,760
Subordinated Series 2020-1A Class D
11/17/2025
2.550%
 
414,820
411,839
Subordinated Series 2020-3A Class D
06/15/2026
1.840%
 
975,000
948,654
Ent Auto Receivables Trust(a)
Series 2023-1A Class A2
08/16/2027
6.220%
 
1,289,780
1,293,098
Exeter Automobile Receivables Trust(a)
Series 2019-4A Class D
09/15/2025
2.580%
 
236,950
235,375
Subordinated Series 2020-1A Class D
12/15/2025
2.730%
 
300,888
297,908
Subordinated Series 2020-2A Class D
04/15/2026
4.730%
 
96,694
96,387
Exeter Automobile Receivables Trust
Subordinated Series 2020-3A Class D
07/15/2026
1.730%
 
202,168
200,519
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Subordinated Series 2021-1A Class D
11/16/2026
1.080%
 
998,231
973,945
Subordinated Series 2021-3A Class D
06/15/2027
1.550%
 
3,960,000
3,733,240
Ford Credit Auto Owner Trust(a)
Series 2021-2 Class A
05/15/2034
1.530%
 
2,500,000
2,281,585
Series 2022-1 Class A
11/15/2034
3.880%
 
3,850,000
3,737,733
Foundation Finance Trust(a)
Series 2019-1A Class A
11/15/2034
3.860%
 
28,473
28,323
Foursight Capital Automobile Receivables Trust(a)
Subordinated Series 2021-1 Class D
03/15/2027
1.320%
 
800,000
787,878
Freed ABS Trust(a)
Subordinated Series 2021-1CP Class C
03/20/2028
2.830%
 
4,961
4,946
FREED ABS Trust(a)
Subordinated Series 2022-3FP Class B
08/20/2029
5.790%
 
49,191
49,175
GLS Auto Receivables Issuer Trust(a)
Subordinated Series 2020-1A Class C
11/17/2025
2.720%
 
20,763
20,737
GoldenTree Loan Management US CLO Ltd.(a),(b)
Series 2024-19A Class A
3-month Term SOFR + 1.500%
Floor 1.500%
04/20/2037
6.821%
 
2,750,000
2,759,936
GoldentTree Loan Management US CLO 1 Ltd.(a),(b)
Series 2021-10A Class A
3-month Term SOFR + 1.362%
Floor 1.100%
07/20/2034
6.679%
 
1,425,000
1,425,500
Hertz Vehicle Financing LLC(a)
Series 2021-1A Class A
12/26/2025
1.210%
 
1,575,000
1,535,786
Hilton Grand Vacations Trust(a)
Series 2018-AA Class A
02/25/2032
3.540%
 
109,208
106,949
Series 2019-AA Class A
07/25/2033
2.340%
 
262,035
249,039
LendingPoint Asset Securitization Trust(a)
Subordinated Series 2020-REV1 Class B
10/15/2028
4.494%
 
703,598
700,072
LL ABS Trust(a)
Series 2021-1A Class A
05/15/2029
1.070%
 
16,776
16,738
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Madison Park Funding XLVIII Ltd.(a),(b)
Series 2021-48A Class A
3-month Term SOFR + 1.412%
Floor 1.150%
04/19/2033
6.721%
 
475,000
475,263
Madison Park Funding XXXIII Ltd.(a),(b)
Series 2019-33A Class BR
3-month Term SOFR + 1.800%
Floor 1.800%
10/15/2032
7.114%
 
3,600,000
3,600,346
Magnetite XII Ltd.(a),(b)
Series 2015-12A Class AR4
3-month Term SOFR + 1.150%
Floor 1.150%
10/15/2031
6.472%
 
2,150,000
2,150,383
OHA Credit Funding Ltd.(a),(b)
Series 2019-4A Class AR
3-month Term SOFR + 1.412%
Floor 1.150%
10/22/2036
6.729%
 
1,375,000
1,375,626
Series 2020-6A Class AR
3-month Term SOFR + 1.402%
Floor 1.140%
07/20/2034
6.719%
 
2,600,000
2,601,165
Series 2021-8A Class A
3-month Term SOFR + 1.452%
Floor 1.190%
01/18/2034
6.750%
 
650,000
650,262
OneMain Financial Issuance Trust(a)
Series 2023-2A Class A1
09/15/2036
5.840%
 
3,625,000
3,681,497
Oportun Issuance Trust(a)
Series 2024-1A Class A
04/08/2031
6.334%
 
560,660
560,947
Pagaya AI Debt Selection Trust(a)
Series 2021-HG1 Class A
01/16/2029
1.220%
 
304,698
297,081
Pagaya AI Debt Trust(a)
Series 2022-1 Class A
10/15/2029
2.030%
 
1,231,119
1,218,889
Series 2022-2 Class A
01/15/2030
4.970%
 
88,427
87,975
Series 2023-1 Class A
07/15/2030
7.556%
 
989,602
994,008
Series 2023-5 Class A
04/15/2031
7.179%
 
1,175,826
1,178,918
Series 2023-8 Class A
06/16/2031
7.299%
 
310,228
312,867
Series 2024-1 Class A
07/15/2031
6.660%
 
675,000
677,435
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Series 2024-2 Class A
08/15/2031
6.319%
 
750,000
751,114
Series 2024-3 Class A
10/15/2031
6.258%
 
3,950,000
3,954,226
Subordinated Series 2022-1 Class B
10/15/2029
3.344%
 
674,911
657,684
Pagaya AI Debt Trust(a),(d)
Subordinated Series 2023-7 Class AB
07/15/2031
7.342%
 
1,173,245
1,179,436
Prestige Auto Receivables Trust(a)
Subordinated Series 2024-1A Class B
05/15/2028
5.710%
 
950,000
951,084
Subordinated Series 2024-1A Class C
03/15/2029
5.730%
 
1,125,000
1,127,330
Prosper Marketplace Issuance Trust(a)
Series 2023-1A Class A
07/16/2029
7.060%
 
316,067
317,101
Prosper Marketplace Issuance Trust(a),(e),(f)
Series 2024-1A Class A
08/15/2029
6.120%
 
850,000
849,994
Race Point IX CLO Ltd.(a),(b)
Series 2015-9A Class A2R
3-month Term SOFR + 0.712%
Floor 1.450%
10/15/2030
6.026%
 
1,900,000
1,896,983
Research-Driven Pagaya Motor Asset Trust IV(a)
Series 2021-2A Class A
03/25/2030
2.650%
 
455,297
436,829
Research-Driven Pagaya Motor Trust(a)
Series 2024-1A Class A
06/25/2032
7.090%
 
475,000
476,146
Santander Consumer Auto Receivables Trust(a)
Subordinated Series 2021-AA Class C
11/16/2026
1.030%
 
200,000
189,308
Subordinated Series 2021-AA Class D
01/15/2027
1.570%
 
175,000
163,775
Santander Drive Auto Receivables Trust
Series 2020-2 Class D
09/15/2026
2.220%
 
200,251
198,664
SCF Equipment Leasing LLC(a)
Series 2020-1A Class C
08/21/2028
2.600%
 
800,000
782,874
Theorem Funding Trust(a)
Series 2023-1A Class A
04/15/2029
7.580%
 
321,063
323,871
Subordinated Series 2021-1A Class B
12/15/2027
1.840%
 
121,123
120,901
4
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Upstart Pass-Through Trust(a)
Series 2021-ST10 Class A
01/20/2030
2.250%
 
740,662
725,047
Series 2021-ST2 Class A
04/20/2027
2.500%
 
50,652
49,496
Series 2021-ST9 Class A
11/20/2029
1.700%
 
67,247
66,376
Upstart Securitization Trust(a)
Series 2020-2 Class A
11/20/2030
2.309%
 
46,543
46,436
Subordinated Series 2021-3 Class B
07/20/2031
1.660%
 
114,942
114,175
Upstart Structured Pass-Through Trust(a)
Series 2022-1A Class A
04/15/2030
3.400%
 
476,727
467,653
VSE Voi Mortgage LLC(a)
Series 2018-A Class A
02/20/2036
3.560%
 
120,151
117,965
Westlake Automobile Receivables Trust(a)
Subordinated Series 2021-3 Class C
01/15/2027
1.580%
 
2,005,000
1,962,135
Westlake Flooring Master Trust(a)
Series 2024-1A Class A
02/15/2028
5.430%
 
825,000
826,175
Total Asset-Backed Securities — Non-Agency
(Cost $103,420,652)
103,174,591
 
Commercial Mortgage-Backed Securities - Non-Agency 3.2%
 
 
 
 
 
AMSR Trust(a)
Subordinated Series 2020-SFR2 Class C
07/17/2037
2.533%
 
500,000
477,702
Ashford Hospitality Trust(a),(b)
Series 2018-KEYS Class B
1-month Term SOFR + 1.497%
Floor 1.450%
05/15/2035
6.822%
 
2,625,000
2,578,072
BBCMS Trust(a),(b)
Subordinated Series 2018-BXH Class C
1-month Term SOFR + 1.614%
Floor 1.500%
10/15/2037
6.940%
 
559,490
549,609
BB-UBS Trust(a)
Series 2012-SHOW Class A
11/05/2036
3.430%
 
1,325,000
1,281,512
BHMS Mortgage Trust(a),(b)
Series 2018-ATLS Class A
1-month Term SOFR + 1.547%
Floor 1.250%
07/15/2035
6.623%
 
2,375,000
2,363,315
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
BX Mortgage Trust(a),(b)
Series 2021-PAC Class D
1-month Term SOFR + 1.412%
Floor 1.298%
10/15/2036
6.738%
 
2,175,000
2,122,667
BX Trust(a)
Series 2023-LIFE Class A
02/15/2028
5.045%
 
1,175,000
1,147,712
BX Trust(a),(b)
Subordinated Series 2019-ATL Class C
1-month Term SOFR + 1.700%
Floor 1.587%
10/15/2036
7.027%
 
699,000
692,447
Subordinated Series 2019-ATL Class D
1-month Term SOFR + 2.001%
Floor 1.887%
10/15/2036
7.327%
 
622,000
609,449
COMM Mortgage Trust(a),(d)
Subordinated Series 2020-CBM Class D
02/10/2037
3.633%
 
475,000
451,461
COMM Mortgage Trust(a)
Subordinated Series 2020-CX Class B
11/10/2046
2.446%
 
525,000
423,241
CSAIL Commercial Mortgage Trust
Series 2015-C4 Class A4
11/15/2048
3.808%
 
2,010,000
1,952,173
FirstKey Homes Trust(a)
Subordinated Series 2020-SFR1 Class D
08/17/2037
2.241%
 
675,000
637,452
Subordinated Series 2020-SFR2 Class D
10/19/2037
1.968%
 
2,975,000
2,784,584
GS Mortgage Securities Corp. II(a),(d)
Series 2023-SHIP Class A
09/10/2038
4.322%
 
1,125,000
1,091,105
GS Mortgage Securities Corp. Trust(a)
Series 2017-485L Class A
02/10/2037
3.721%
 
625,000
568,890
GS Mortgage Securities Corp. Trust(a),(b)
Subordinated CMO Series 2021-IP Class D
1-month Term SOFR + 2.214%
Floor 2.100%
10/15/2036
7.540%
 
825,000
793,635
Home Partners of America Trust(a)
Subordinated Series 2019-2 Class D
10/19/2039
3.121%
 
1,034,308
923,235
Subordinated Series 2021-2 Class B
12/17/2026
2.302%
 
6,249,357
5,707,630
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
5
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
ILPT Commercial Mortgage Trust(a),(b)
Series 2022-LPF2 Class A
1-month Term SOFR + 2.245%
Floor 2.245%
10/15/2039
7.570%
 
2,200,000
2,194,523
JPMorgan Chase Commercial Mortgage Securities Trust(a),(d)
Subordinated Series 2021-2NU Class C
01/05/2040
2.077%
 
250,000
189,889
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2017-C34 Class A3
11/15/2052
3.276%
 
2,250,000
2,105,698
Morgan Stanley Capital I Trust(a),(d)
Series 2019-MEAD Class D
11/10/2036
3.283%
 
1,175,000
1,037,328
One New York Plaza Trust(a),(b)
Subordinated Series 2020-1NYP Class C
1-month Term SOFR + 2.314%
Floor 2.200%
01/15/2036
7.640%
 
1,100,000
1,012,615
Subordinated Series 2020-1NYP Class D
1-month Term SOFR + 2.864%
Floor 2.750%
01/15/2036
8.190%
 
425,000
350,504
Progress Residential Trust(a)
Series 2020-SFR1 Class C
04/17/2037
2.183%
 
325,000
312,570
Series 2020-SFR1 Class D
04/17/2037
2.383%
 
675,000
649,168
Series 2024-SFR1 Class A
02/17/2041
3.350%
 
1,552,500
1,438,308
Subordinated Series 2020-SFR2 Class C
06/17/2037
3.077%
 
100,000
96,458
Subordinated Series 2020-SFR2 Class D
06/17/2037
3.874%
 
125,000
121,262
Subordinated Series 2021-SFR8 Class D
10/17/2038
2.082%
 
1,830,000
1,649,492
SPGN TFLM Mortgage Trust(a),(b)
Series 2022 Class A
1-month Term SOFR + 1.550%
Floor 1.550%
02/15/2039
6.875%
 
3,325,000
3,268,220
STAR Trust(a),(b)
Subordinated Series 2022-SFR3 Class B
1-month Term SOFR + 1.950%
Floor 1.950%
05/17/2024
7.275%
 
1,900,000
1,897,750
Tricon American Homes(a)
Series 2020-SFR1 Class C
07/17/2038
2.249%
 
650,000
603,148
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Tricon American Homes Trust(a)
Subordinated Series 2020-SFR2 Class D
11/17/2039
2.281%
 
1,075,000
949,053
Wells Fargo Commercial Mortgage Trust
Series 2015-C28 Class A3
05/15/2048
3.290%
 
1,043,953
1,022,354
Wells Fargo Commercial Mortgage Trust(a),(b)
Series 2021-FCMT Class D
1-month Term SOFR + 3.614%
Floor 3.500%
05/15/2031
8.940%
 
625,000
577,709
WFRBS Commercial Mortgage Trust
Series 2014-C22 Class A5
09/15/2057
3.752%
 
425,000
417,472
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $49,793,668)
47,049,412
 
Common Stocks 60.4%
Issuer
Shares
Value ($)
Communication Services 7.0%
Entertainment 1.0%
Endeavor Group Holdings, Inc., Class A
221,394
5,696,467
Take-Two Interactive Software, Inc.(g)
54,275
8,059,295
Total
 
13,755,762
Interactive Media & Services 5.1%
Alphabet, Inc., Class A(g)
126,957
19,161,620
Alphabet, Inc., Class C(g)
113,509
17,282,881
Meta Platforms, Inc., Class A
64,978
31,552,017
Pinterest, Inc., Class A(g)
195,733
6,786,063
Total
 
74,782,581
Media 0.3%
Comcast Corp., Class A
82,627
3,581,880
Wireless Telecommunication Services 0.6%
T-Mobile US, Inc.
55,358
9,035,533
Total Communication Services
101,155,756
Consumer Discretionary 5.7%
Automobiles 0.2%
Tesla, Inc.(g)
20,790
3,654,674
Broadline Retail 3.8%
Amazon.com, Inc.(g)
236,565
42,671,595
eBay, Inc.
231,040
12,194,291
Total
 
54,865,886
6
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Hotels, Restaurants & Leisure 0.5%
Las Vegas Sands Corp.
130,179
6,730,254
Textiles, Apparel & Luxury Goods 1.2%
NIKE, Inc., Class B
105,934
9,955,678
Tapestry, Inc.
176,140
8,363,127
Total
 
18,318,805
Total Consumer Discretionary
83,569,619
Consumer Staples 3.4%
Consumer Staples Distribution & Retail 1.9%
Dollar Tree, Inc.(g)
32,530
4,331,369
Sysco Corp.
124,933
10,142,061
Walmart, Inc.
204,906
12,329,194
Total
 
26,802,624
Food Products 0.3%
Mondelez International, Inc., Class A
63,910
4,473,700
Household Products 0.8%
Procter & Gamble Co. (The)
73,478
11,921,806
Personal Care Products 0.4%
Coty, Inc., Class A(g)
487,447
5,829,866
Total Consumer Staples
49,027,996
Energy 2.4%
Oil, Gas & Consumable Fuels 2.4%
Canadian Natural Resources Ltd.
138,599
10,577,876
Chevron Corp.
99,615
15,713,270
EOG Resources, Inc.
66,057
8,444,727
Total
 
34,735,873
Total Energy
34,735,873
Financials 8.1%
Banks 2.9%
Bank of America Corp.
348,251
13,205,678
JPMorgan Chase & Co.
82,408
16,506,322
Wells Fargo & Co.
203,295
11,782,978
Total
 
41,494,978
Common Stocks (continued)
Issuer
Shares
Value ($)
Capital Markets 1.7%
BlackRock, Inc.
16,532
13,782,728
Charles Schwab Corp. (The)
93,348
6,752,794
S&P Global, Inc.
11,550
4,913,948
Total
 
25,449,470
Consumer Finance 0.4%
American Express Co.
28,173
6,414,710
Financial Services 2.7%
Berkshire Hathaway, Inc., Class B(g)
8,698
3,657,683
Block, Inc., Class A(g)
86,703
7,333,340
MasterCard, Inc., Class A
27,765
13,370,791
Visa, Inc., Class A
51,827
14,463,879
Total
 
38,825,693
Insurance 0.4%
Aon PLC, Class A
16,041
5,353,203
Total Financials
117,538,054
Health Care 7.3%
Biotechnology 2.3%
AbbVie, Inc.
87,920
16,010,232
Biogen, Inc.(g)
20,271
4,371,035
BioMarin Pharmaceutical, Inc.(g)
65,867
5,752,824
Vertex Pharmaceuticals, Inc.(g)
16,381
6,847,422
Total
 
32,981,513
Health Care Equipment & Supplies 1.3%
Abbott Laboratories
60,288
6,852,334
Becton Dickinson & Co.
33,909
8,390,782
Boston Scientific Corp.(g)
54,029
3,700,446
Total
 
18,943,562
Health Care Providers & Services 1.1%
Elevance Health, Inc.
32,247
16,721,360
Life Sciences Tools & Services 1.3%
IQVIA Holdings, Inc.(g)
14,447
3,653,502
Thermo Fisher Scientific, Inc.
26,392
15,339,294
Total
 
18,992,796
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
7
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Pharmaceuticals 1.3%
Eli Lilly & Co.
15,214
11,835,883
Pfizer, Inc.
234,542
6,508,541
Total
 
18,344,424
Total Health Care
105,983,655
Industrials 6.3%
Aerospace & Defense 1.2%
L3Harris Technologies, Inc.
31,465
6,705,191
RTX Corp.
107,139
10,449,267
Total
 
17,154,458
Air Freight & Logistics 0.8%
United Parcel Service, Inc., Class B
72,790
10,818,778
Electrical Equipment 0.8%
Emerson Electric Co.
101,423
11,503,397
Ground Transportation 1.0%
Uber Technologies, Inc.(g)
90,031
6,931,487
Union Pacific Corp.
29,385
7,226,653
Total
 
14,158,140
Industrial Conglomerates 1.5%
General Electric Co.
50,527
8,869,004
Honeywell International, Inc.
65,191
13,380,453
Total
 
22,249,457
Machinery 0.7%
Parker-Hannifin Corp.
19,053
10,589,467
Passenger Airlines 0.3%
United Airlines Holdings, Inc.(g)
102,428
4,904,252
Total Industrials
91,377,949
Information Technology 17.6%
Electronic Equipment, Instruments & Components 0.6%
TE Connectivity Ltd.
61,360
8,911,926
IT Services 0.8%
Accenture PLC, Class A
21,373
7,408,095
International Business Machines Corp.
23,630
4,512,385
Total
 
11,920,480
Common Stocks (continued)
Issuer
Shares
Value ($)
Semiconductors & Semiconductor Equipment 6.5%
Advanced Micro Devices, Inc.(g)
38,704
6,985,685
Entegris, Inc.
43,222
6,074,420
Lam Research Corp.
12,486
12,131,023
Marvell Technology, Inc.
26,674
1,890,653
NVIDIA Corp.
57,172
51,658,333
ON Semiconductor Corp.(g)
74,791
5,500,878
QUALCOMM, Inc.
59,327
10,044,061
Total
 
94,285,053
Software 6.0%
Adobe, Inc.(g)
13,786
6,956,416
Intuit, Inc.
13,191
8,574,150
Microsoft Corp.
158,245
66,576,836
Palo Alto Networks, Inc.(g)
17,367
4,934,486
Total
 
87,041,888
Technology Hardware, Storage & Peripherals 3.7%
Apple, Inc.
316,828
54,329,665
Total Information Technology
256,489,012
Materials 1.2%
Chemicals 0.3%
Sherwin-Williams Co. (The)
14,501
5,036,633
Containers & Packaging 0.3%
Avery Dennison Corp.
22,653
5,057,282
Metals & Mining 0.6%
Newmont Corp.
225,493
8,081,669
Total Materials
18,175,584
Real Estate 0.5%
Specialized REITs 0.5%
American Tower Corp.
39,241
7,753,629
Total Real Estate
7,753,629
Utilities 0.9%
Multi-Utilities 0.9%
DTE Energy Co.
52,780
5,918,749
Public Service Enterprise Group, Inc.
101,189
6,757,402
Total
 
12,676,151
Total Utilities
12,676,151
Total Common Stocks
(Cost $593,071,009)
878,483,278
8
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
 
Corporate Bonds & Notes 6.8%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Aerospace & Defense 0.5%
BAE Systems PLC(a)
03/26/2029
5.125%
 
603,000
605,219
Boeing Co. (The)
05/01/2040
5.705%
 
1,515,000
1,450,128
Bombardier, Inc.(a)
04/15/2027
7.875%
 
40,000
40,061
Bombardier, Inc.(a),(c)
07/01/2031
7.250%
 
9,000
9,025
L3Harris Technologies, Inc.
07/31/2033
5.400%
 
371,000
373,502
Lockheed Martin Corp.
08/15/2034
4.800%
 
500,000
494,557
Northrop Grumman Corp.
06/01/2034
4.900%
 
2,150,000
2,112,406
Raytheon Technologies Corp.
03/15/2032
2.375%
 
1,425,000
1,175,264
Spirit AeroSystems, Inc.(a)
11/30/2029
9.375%
 
24,000
26,177
11/15/2030
9.750%
 
21,000
23,494
TransDigm, Inc.
11/15/2027
5.500%
 
57,000
55,800
TransDigm, Inc.(a)
08/15/2028
6.750%
 
40,000
40,586
03/01/2029
6.375%
 
90,000
90,275
12/15/2030
6.875%
 
39,000
39,783
03/01/2032
6.625%
 
81,000
81,833
Total
6,618,110
Airlines 0.0%
Air Canada(a)
08/15/2026
3.875%
 
29,000
27,710
American Airlines, Inc.(a)
05/15/2029
8.500%
 
20,000
21,121
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026
5.500%
 
85,450
84,877
04/20/2029
5.750%
 
36,290
35,698
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a)
01/20/2026
5.750%
 
55,426
52,144
United Airlines, Inc.(a)
04/15/2026
4.375%
 
38,000
36,748
04/15/2029
4.625%
 
40,000
37,212
Total
295,510
Automotive 0.0%
Ford Motor Credit Co. LLC
02/10/2025
2.300%
 
35,000
33,944
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
IHO Verwaltungs GmbH(a),(h)
09/15/2026
4.750%
 
42,827
41,639
KAR Auction Services, Inc.(a)
06/01/2025
5.125%
 
51,000
50,176
Panther BF Aggregator 2 LP/Finance Co., Inc.(a)
05/15/2026
6.250%
 
15,000
14,990
05/15/2027
8.500%
 
63,000
63,085
Total
203,834
Banking 1.9%
Bank of America Corp.(i)
04/23/2040
4.078%
 
4,650,000
4,019,565
Citigroup, Inc.(i)
01/25/2033
3.057%
 
2,725,000
2,312,606
Goldman Sachs Group, Inc. (The)(i)
04/22/2032
2.615%
 
4,000,000
3,354,908
HSBC Holdings PLC(i)
05/24/2032
2.804%
 
2,000,000
1,674,599
JPMorgan Chase & Co.(i)
04/22/2032
2.580%
 
3,111,000
2,626,368
10/23/2034
6.254%
 
900,000
961,486
Subordinated
05/13/2031
2.956%
 
1,615,000
1,413,374
Morgan Stanley(i)
01/22/2031
2.699%
 
4,675,000
4,085,716
11/01/2034
6.627%
 
986,000
1,078,660
PNC Financial Services Group, Inc. (The)(i)
01/22/2035
5.676%
 
500,000
504,733
US Bancorp(i)
06/12/2034
5.836%
 
450,000
458,750
Wells Fargo & Co.(i)
04/24/2034
5.389%
 
4,825,000
4,788,839
Total
27,279,604
Brokerage/Asset Managers/Exchanges 0.0%
AG TTMT Escrow Issuer LLC(a)
09/30/2027
8.625%
 
35,000
36,224
Aretec Escrow Issuer 2, Inc.(a)
08/15/2030
10.000%
 
39,000
42,677
Aretec Escrow Issuer, Inc.(a)
04/01/2029
7.500%
 
30,000
28,551
Hightower Holding LLC(a)
04/15/2029
6.750%
 
45,000
42,260
NFP Corp.(a)
08/15/2028
6.875%
 
115,000
116,460
10/01/2030
7.500%
 
31,000
32,669
Total
298,841
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
9
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Building Materials 0.0%
American Builders & Contractors Supply Co., Inc.(a)
11/15/2029
3.875%
 
30,000
26,962
Beacon Roofing Supply, Inc.(a)
11/15/2026
4.500%
 
23,000
22,357
05/15/2029
4.125%
 
29,000
26,292
08/01/2030
6.500%
 
20,000
20,306
Interface, Inc.(a)
12/01/2028
5.500%
 
23,000
22,033
James Hardie International Finance DAC(a)
01/15/2028
5.000%
 
37,000
36,070
SRS Distribution, Inc.(a)
07/01/2028
4.625%
 
23,000
23,189
07/01/2029
6.125%
 
43,000
43,861
12/01/2029
6.000%
 
47,000
47,992
Standard Industries, Inc.(a)
02/15/2027
5.000%
 
10,000
9,701
01/15/2028
4.750%
 
25,000
23,855
Summit Materials LLC /Finance Corp.(a)
01/15/2031
7.250%
 
32,000
33,248
Summit Materials LLC/Finance Corp.(a)
01/15/2029
5.250%
 
6,000
5,839
White Cap Buyer LLC(a)
10/15/2028
6.875%
 
61,000
59,849
Total
401,554
Cable and Satellite 0.3%
CCO Holdings LLC/Capital Corp.(a)
05/01/2027
5.125%
 
55,000
52,390
02/01/2028
5.000%
 
24,000
22,349
03/01/2030
4.750%
 
112,000
96,072
08/15/2030
4.500%
 
105,000
88,201
03/01/2031
7.375%
 
13,000
12,747
02/01/2032
4.750%
 
43,000
35,136
CCO Holdings LLC/Capital Corp.
05/01/2032
4.500%
 
27,000
21,689
Charter Communications Operating LLC/Capital
06/30/2062
3.950%
 
1,600,000
966,437
CSC Holdings LLC(a)
02/01/2028
5.375%
 
40,000
34,405
02/01/2029
6.500%
 
48,000
40,800
01/15/2030
5.750%
 
54,000
28,569
12/01/2030
4.125%
 
37,000
26,308
02/15/2031
3.375%
 
36,000
24,427
DISH DBS Corp.(a)
12/01/2028
5.750%
 
36,000
24,754
DISH Network Corp.(a)
11/15/2027
11.750%
 
72,000
73,547
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Sirius XM Radio, Inc.(a)
09/01/2026
3.125%
 
32,000
30,002
07/01/2029
5.500%
 
30,000
28,564
09/01/2031
3.875%
 
21,000
17,502
Time Warner Cable LLC
05/01/2037
6.550%
 
2,725,000
2,579,239
Virgin Media Finance PLC(a)
07/15/2030
5.000%
 
47,000
39,735
Virgin Media Secured Finance PLC(a)
05/15/2029
5.500%
 
35,000
32,354
08/15/2030
4.500%
 
31,000
26,815
VZ Secured Financing BV(a)
01/15/2032
5.000%
 
67,000
57,522
Ziggo Bond Co. BV(a)
02/28/2030
5.125%
 
38,000
32,499
Ziggo Bond Finance BV(a)
01/15/2027
6.000%
 
38,000
37,459
Ziggo BV(a)
01/15/2030
4.875%
 
22,000
19,742
Total
4,449,264
Chemicals 0.1%
Avient Corp.(a)
08/01/2030
7.125%
 
18,000
18,476
Axalta Coating Systems LLC(a)
02/15/2029
3.375%
 
19,000
17,021
Axalta Coating Systems LLC/Dutch Holding B BV(a)
06/15/2027
4.750%
 
35,000
33,781
Cheever Escrow Issuer LLC(a)
10/01/2027
7.125%
 
33,000
33,354
Element Solutions, Inc.(a)
09/01/2028
3.875%
 
51,000
46,748
HB Fuller Co.
10/15/2028
4.250%
 
41,000
38,019
Herens Holdco Sarl(a)
05/15/2028
4.750%
 
26,000
22,746
INEOS Finance PLC(a)
04/15/2029
7.500%
 
55,000
55,170
INEOS Quattro Finance 2 Plc(a)
01/15/2026
3.375%
 
25,000
23,786
INEOS Quattro Finance 2 PLC(a)
03/15/2029
9.625%
 
35,000
37,569
Ingevity Corp.(a)
11/01/2028
3.875%
 
47,000
42,461
Innophos Holdings, Inc.(a)
02/15/2028
9.375%
 
34,000
28,445
10
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Iris Holdings, Inc.(a),(h)
02/15/2026
8.750%
 
22,000
18,939
Olympus Water US Holding Corp.(a)
10/01/2028
4.250%
 
42,000
38,049
11/15/2028
9.750%
 
65,000
69,300
10/01/2029
6.250%
 
28,000
25,568
WR Grace Holdings LLC(a)
06/15/2027
4.875%
 
19,000
18,072
08/15/2029
5.625%
 
83,000
74,295
03/01/2031
7.375%
 
19,000
19,278
Total
661,077
Construction Machinery 0.1%
H&E Equipment Services, Inc.(a)
12/15/2028
3.875%
 
17,000
15,564
Herc Holdings, Inc.(a)
07/15/2027
5.500%
 
18,000
17,689
John Deere Capital Corp.
07/14/2028
4.950%
 
1,000,000
1,008,185
Ritchie Bros Holdings, Inc.(a)
03/15/2028
6.750%
 
8,000
8,165
03/15/2031
7.750%
 
50,000
52,308
Total
1,101,911
Consumer Cyclical Services 0.0%
Arches Buyer, Inc.(a)
06/01/2028
4.250%
 
60,000
52,801
12/01/2028
6.125%
 
53,000
44,468
Match Group Holdings II LLC(a)
10/01/2031
3.625%
 
21,000
17,849
Match Group, Inc.(a)
02/15/2029
5.625%
 
31,000
30,124
Uber Technologies, Inc.(a)
01/15/2028
6.250%
 
39,000
39,189
08/15/2029
4.500%
 
53,000
50,401
Total
234,832
Consumer Products 0.0%
Acushnet Co.(a)
10/15/2028
7.375%
 
8,000
8,283
CD&R Smokey Buyer, Inc.(a)
07/15/2025
6.750%
 
75,000
74,301
Newell Brands, Inc.
09/15/2027
6.375%
 
12,000
11,844
Prestige Brands, Inc.(a)
01/15/2028
5.125%
 
27,000
26,281
Scotts Miracle-Gro Co. (The)
04/01/2031
4.000%
 
10,000
8,615
02/01/2032
4.375%
 
46,000
39,676
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Spectrum Brands, Inc.(a)
10/01/2029
5.000%
 
20,000
19,602
07/15/2030
5.500%
 
27,000
26,439
03/15/2031
3.875%
 
10,000
9,650
Total
224,691
Diversified Manufacturing 0.0%
Chart Industries, Inc.(a)
01/01/2030
7.500%
 
21,000
21,811
01/01/2031
9.500%
 
7,000
7,622
Emerald Debt Merger Sub LLC(a)
12/15/2030
6.625%
 
60,000
60,579
Esab Corp.(a),(c)
04/15/2029
6.250%
 
16,000
16,086
Gates Global LLC/Co.(a)
01/15/2026
6.250%
 
82,000
81,791
Madison IAQ LLC(a)
06/30/2028
4.125%
 
23,000
21,277
06/30/2029
5.875%
 
33,000
30,253
Resideo Funding, Inc.(a)
09/01/2029
4.000%
 
78,000
69,960
Vertical Holdco GmbH(a)
07/15/2028
7.625%
 
53,000
51,894
Vertical US Newco, Inc.(a)
07/15/2027
5.250%
 
59,000
57,010
WESCO Distribution, Inc.(a)
06/15/2028
7.250%
 
46,000
46,967
03/15/2029
6.375%
 
30,000
30,315
03/15/2032
6.625%
 
38,000
38,630
Total
534,195
Electric 0.4%
Clearway Energy Operating LLC(a)
03/15/2028
4.750%
 
52,000
49,474
02/15/2031
3.750%
 
39,000
33,591
01/15/2032
3.750%
 
16,000
13,468
Duke Energy Corp.
08/15/2052
5.000%
 
900,000
816,267
Edison International
11/15/2028
5.250%
 
972,000
970,073
Emera US Finance LP
06/15/2046
4.750%
 
932,000
767,507
Indiana Michigan Power Co.
03/15/2037
6.050%
 
415,000
433,403
NextEra Energy Operating Partners LP(a)
07/15/2024
4.250%
 
16,000
15,872
10/15/2026
3.875%
 
8,000
7,467
09/15/2027
4.500%
 
52,000
48,731
01/15/2029
7.250%
 
66,000
67,605
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
11
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
NRG Energy, Inc.(a)
02/15/2029
3.375%
 
28,000
24,904
06/15/2029
5.250%
 
24,000
23,018
02/15/2031
3.625%
 
42,000
36,260
02/15/2032
3.875%
 
7,000
6,006
Ohio Edison Co.(a)
01/15/2033
5.500%
 
1,150,000
1,145,408
Pacific Gas and Electric Co.
01/15/2053
6.750%
 
1,290,000
1,407,472
TerraForm Power Operating LLC(a)
01/15/2030
4.750%
 
49,000
44,970
Vistra Operations Co. LLC(a)
09/01/2026
5.500%
 
10,000
9,848
02/15/2027
5.625%
 
17,000
16,738
07/31/2027
5.000%
 
61,000
59,107
10/15/2031
7.750%
 
63,000
65,939
Total
6,063,128
Environmental 0.0%
GFL Environmental, Inc.(a)
12/15/2026
5.125%
 
16,000
15,717
01/15/2031
6.750%
 
29,000
29,720
Waste Pro USA, Inc.(a)
02/15/2026
5.500%
 
61,000
60,101
Total
105,538
Finance Companies 0.0%
GGAM Finance Ltd.(a),(c)
04/15/2029
6.875%
 
23,000
23,168
Navient Corp.
06/25/2025
6.750%
 
31,000
31,209
03/15/2031
11.500%
 
26,000
28,968
OneMain Finance Corp.
01/15/2027
3.500%
 
19,000
17,640
01/15/2029
9.000%
 
23,000
24,401
03/15/2030
7.875%
 
31,000
32,042
09/15/2030
4.000%
 
34,000
29,107
Provident Funding Associates LP/Finance Corp.(a)
06/15/2025
6.375%
 
38,000
36,435
Quicken Loans LLC/Co-Issuer, Inc.(a)
03/01/2031
3.875%
 
48,000
41,839
Rocket Mortgage LLC/Co-Issuer, Inc.(a)
10/15/2033
4.000%
 
92,000
78,015
Springleaf Finance Corp.
11/15/2029
5.375%
 
3,000
2,820
United Wholesale Mortgage LLC(a)
06/15/2027
5.750%
 
7,000
6,812
04/15/2029
5.500%
 
17,000
16,088
Total
368,544
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Food and Beverage 0.5%
Bacardi Ltd.(a)
05/15/2038
5.150%
 
2,025,000
1,927,081
Bacardi Ltd./Bacardi-Martini BV(a)
06/15/2043
5.900%
 
649,000
652,292
Chobani LLC/Finance Corp., Inc.(a)
07/01/2029
7.625%
 
14,000
14,206
Constellation Brands, Inc.
05/01/2033
4.900%
 
2,750,000
2,698,147
Darling Ingredients, Inc.(a)
06/15/2030
6.000%
 
26,000
25,776
Diageo Capital PLC
10/05/2033
5.625%
 
1,150,000
1,209,724
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/2026
5.625%
 
81,000
79,542
Lamb Weston Holdings, Inc.(a)
01/31/2032
4.375%
 
23,000
20,611
Pilgrim’s Pride Corp.
03/01/2032
3.500%
 
36,000
30,532
Post Holdings, Inc.(a)
01/15/2028
5.625%
 
24,000
23,564
04/15/2030
4.625%
 
52,000
47,730
09/15/2031
4.500%
 
18,000
16,193
02/15/2032
6.250%
 
31,000
31,216
Primo Water Holdings, Inc.(a)
04/30/2029
4.375%
 
83,000
76,190
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a)
03/01/2029
4.625%
 
48,000
42,461
US Foods, Inc.(a)
09/15/2028
6.875%
 
20,000
20,490
02/15/2029
4.750%
 
45,000
42,710
06/01/2030
4.625%
 
27,000
25,014
01/15/2032
7.250%
 
10,000
10,386
Total
6,993,865
Gaming 0.0%
Boyd Gaming Corp.
12/01/2027
4.750%
 
39,000
37,736
Boyd Gaming Corp.(a)
06/15/2031
4.750%
 
26,000
23,913
Caesars Entertainment, Inc.(a)
10/15/2029
4.625%
 
93,000
84,983
02/15/2030
7.000%
 
43,000
44,143
02/15/2032
6.500%
 
55,000
55,539
CDI Escrow Issuer, Inc.(a)
04/01/2030
5.750%
 
15,000
14,471
Churchill Downs, Inc.(a)
05/01/2031
6.750%
 
39,000
39,267
12
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Colt Merger Sub, Inc.(a)
07/01/2027
8.125%
 
33,000
33,796
International Game Technology PLC(a)
04/15/2026
4.125%
 
19,000
18,417
Light & Wonder International, Inc.(a)
09/01/2031
7.500%
 
17,000
17,689
Midwest Gaming Borrower LLC(a)
05/01/2029
4.875%
 
41,000
37,953
Scientific Games Holdings LP/US FinCo, Inc.(a)
03/01/2030
6.625%
 
70,000
67,692
Total
475,599
Health Care 0.4%
Acadia Healthcare Co., Inc.(a)
07/01/2028
5.500%
 
47,000
45,848
04/15/2029
5.000%
 
15,000
14,249
Avantor Funding, Inc.(a)
07/15/2028
4.625%
 
29,000
27,475
11/01/2029
3.875%
 
53,000
47,798
Bausch & Lomb Escrow Corp.(a)
10/01/2028
8.375%
 
50,000
51,708
Catalent Pharma Solutions, Inc.(a)
04/01/2030
3.500%
 
36,000
34,411
Charles River Laboratories International, Inc.(a)
05/01/2028
4.250%
 
25,000
23,597
03/15/2029
3.750%
 
19,000
17,339
CHS/Community Health Systems, Inc.(a)
03/15/2027
5.625%
 
57,000
52,458
04/15/2029
6.875%
 
29,000
21,735
05/15/2030
5.250%
 
67,000
54,655
01/15/2032
10.875%
 
15,000
15,492
CVS Health Corp.
03/25/2048
5.050%
 
2,400,000
2,176,199
DaVita, Inc.(a)
06/01/2030
4.625%
 
20,000
17,902
HCA, Inc.
09/01/2030
3.500%
 
3,505,000
3,167,943
IQVIA, Inc.(a)
05/15/2027
5.000%
 
39,000
38,074
05/15/2030
6.500%
 
16,000
16,331
Medline Borrower LP/Co-Issuer, Inc.(a)
04/01/2029
6.250%
 
23,000
23,104
Mozart Debt Merger Sub, Inc.(a)
04/01/2029
3.875%
 
44,000
40,051
10/01/2029
5.250%
 
106,000
100,192
Select Medical Corp.(a)
08/15/2026
6.250%
 
74,000
74,218
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Star Parent, Inc.(a)
10/01/2030
9.000%
 
60,000
63,538
Surgery Center Holdings, Inc.(a),(c)
04/15/2032
7.250%
 
26,000
26,228
Tenet Healthcare Corp.
02/01/2027
6.250%
 
56,000
55,969
11/01/2027
5.125%
 
37,000
36,179
06/15/2028
4.625%
 
11,000
10,480
10/01/2028
6.125%
 
41,000
40,850
01/15/2030
4.375%
 
22,000
20,343
06/15/2030
6.125%
 
12,000
11,987
Tenet Healthcare Corp.(a)
05/15/2031
6.750%
 
34,000
34,643
Total
6,360,996
Healthcare Insurance 0.4%
Centene Corp.
10/15/2030
3.000%
 
4,875,000
4,178,898
UnitedHealth Group, Inc.
04/15/2034
5.000%
 
1,850,000
1,852,096
Total
6,030,994
Home Construction 0.0%
Taylor Morrison Communities, Inc.(a)
06/15/2027
5.875%
 
10,000
9,999
01/15/2028
5.750%
 
30,000
29,829
08/01/2030
5.125%
 
16,000
15,292
Total
55,120
Independent Energy 0.1%
Baytex Energy Corp.(a)
04/30/2030
8.500%
 
44,000
45,906
Baytex Energy Corp.(a),(c)
03/15/2032
7.375%
 
38,000
38,404
Centennial Resource Production LLC(a)
04/01/2027
6.875%
 
8,000
8,000
Civitas Resources, Inc.(a)
07/01/2028
8.375%
 
11,000
11,571
11/01/2030
8.625%
 
11,000
11,809
07/01/2031
8.750%
 
30,000
32,122
CNX Resources Corp.(a)
01/15/2029
6.000%
 
28,000
27,441
01/15/2031
7.375%
 
15,000
15,262
Colgate Energy Partners III LLC(a)
07/01/2029
5.875%
 
77,000
75,722
Comstock Resources, Inc.(a)
01/15/2030
5.875%
 
6,000
5,434
CrownRock LP/Finance, Inc.(a)
05/01/2029
5.000%
 
37,000
36,565
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
13
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Endeavor Energy Resources LP/Finance, Inc.(a)
01/30/2028
5.750%
 
38,000
38,292
Hilcorp Energy I LP/Finance Co.(a)
11/01/2028
6.250%
 
58,000
57,952
02/01/2029
5.750%
 
11,000
10,729
04/15/2030
6.000%
 
21,000
20,547
04/15/2032
6.250%
 
19,000
18,749
11/01/2033
8.375%
 
22,000
23,812
Matador Resources Co.
09/15/2026
5.875%
 
67,000
67,049
Matador Resources Co.(a)
04/15/2028
6.875%
 
20,000
20,475
Matador Resources Co.(a),(c)
04/15/2032
6.500%
 
32,000
32,056
Permian Resources Operating LLC(a)
01/15/2032
7.000%
 
64,000
66,347
SM Energy Co.
09/15/2026
6.750%
 
40,000
40,069
Southwestern Energy Co.
02/01/2032
4.750%
 
83,000
76,413
Total
780,726
Leisure 0.1%
Boyne USA, Inc.(a)
05/15/2029
4.750%
 
31,000
28,751
Carnival Corp.(a)
03/01/2027
5.750%
 
46,000
45,534
08/01/2028
4.000%
 
41,000
38,191
05/01/2029
6.000%
 
31,000
30,610
08/15/2029
7.000%
 
14,000
14,617
Carnival Holdings Bermuda Ltd.(a)
05/01/2028
10.375%
 
27,000
29,460
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium
Op(a)
05/01/2025
5.500%
 
23,000
22,935
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
10/01/2028
6.500%
 
45,000
45,062
Cinemark USA, Inc.(a)
05/01/2025
8.750%
 
7,000
7,019
03/15/2026
5.875%
 
64,000
63,225
07/15/2028
5.250%
 
28,000
26,512
Live Nation Entertainment, Inc.(a)
03/15/2026
5.625%
 
44,000
43,530
05/15/2027
6.500%
 
25,000
25,276
10/15/2027
4.750%
 
17,000
16,240
NCL Corp., Ltd.(a)
03/15/2026
5.875%
 
39,000
38,511
NCL Finance Ltd.(a)
03/15/2028
6.125%
 
33,000
32,601
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Royal Caribbean Cruises Ltd.(a)
07/01/2026
4.250%
 
26,000
25,105
08/31/2026
5.500%
 
6,000
5,942
07/15/2027
5.375%
 
8,000
7,885
04/01/2028
5.500%
 
9,000
8,890
01/15/2030
7.250%
 
41,000
42,559
03/15/2032
6.250%
 
13,000
13,101
Royal Caribbean Cruises Ltd.
03/15/2028
3.700%
 
33,000
30,685
Six Flags Entertainment Corp.(a)
05/15/2031
7.250%
 
53,000
53,664
Viking Cruises Ltd.(a)
09/15/2027
5.875%
 
40,000
39,264
07/15/2031
9.125%
 
34,000
37,175
Total
772,344
Lodging 0.0%
Hilton Domestic Operating Co., Inc.(a)
05/01/2028
5.750%
 
33,000
32,937
Hilton Grand Vacations Borrower Escrow LLC(a)
01/15/2032
6.625%
 
38,000
38,113
Total
71,050
Media and Entertainment 0.2%
Clear Channel Outdoor Holdings, Inc.(a)
04/15/2028
7.750%
 
42,000
36,759
09/15/2028
9.000%
 
13,000
13,541
06/01/2029
7.500%
 
43,000
35,569
04/01/2030
7.875%
 
34,000
33,795
Clear Channel Worldwide Holdings, Inc.(a)
08/15/2027
5.125%
 
66,000
62,295
iHeartCommunications, Inc.
05/01/2026
6.375%
 
6,440
5,483
05/01/2027
8.375%
 
48,949
27,267
iHeartCommunications, Inc.(a)
08/15/2027
5.250%
 
19,000
13,626
01/15/2028
4.750%
 
23,000
16,135
Outfront Media Capital LLC/Corp.(a)
08/15/2027
5.000%
 
45,000
43,325
01/15/2029
4.250%
 
20,000
18,123
03/15/2030
4.625%
 
24,000
21,528
02/15/2031
7.375%
 
9,000
9,442
Roblox Corp.(a)
05/01/2030
3.875%
 
63,000
55,514
Univision Communications, Inc.(a)
08/15/2028
8.000%
 
28,000
28,535
05/01/2029
4.500%
 
25,000
22,326
06/30/2030
7.375%
 
39,000
38,591
14
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Warnermedia Holdings, Inc.
03/15/2062
5.391%
 
2,146,000
1,779,158
Total
2,261,012
Metals and Mining 0.0%
Alcoa Nederland Holding BV(a)
03/15/2031
7.125%
 
13,000
13,245
Allegheny Technologies, Inc.
10/01/2029
4.875%
 
32,000
30,130
10/01/2031
5.125%
 
20,000
18,535
Constellium SE(a)
06/15/2028
5.625%
 
48,000
46,718
04/15/2029
3.750%
 
79,000
71,137
Hudbay Minerals, Inc.(a)
04/01/2026
4.500%
 
71,000
68,608
04/01/2029
6.125%
 
51,000
50,416
Kaiser Aluminum Corp.(a)
03/01/2028
4.625%
 
27,000
25,377
06/01/2031
4.500%
 
37,000
32,788
Novelis Corp.(a)
11/15/2026
3.250%
 
28,000
26,105
01/30/2030
4.750%
 
54,000
49,808
08/15/2031
3.875%
 
26,000
22,343
Total
455,210
Midstream 0.5%
Antero Midstream Partners LP/Finance Corp.(a)
02/01/2032
6.625%
 
38,000
38,162
CNX Midstream Partners LP(a)
04/15/2030
4.750%
 
40,000
35,616
Delek Logistics Partners LP/Finance Corp.(a)
03/15/2029
8.625%
 
47,000
48,000
DT Midstream, Inc.(a)
06/15/2029
4.125%
 
32,000
29,469
06/15/2031
4.375%
 
42,000
38,042
Energy Transfer LP
05/15/2034
5.550%
 
715,000
717,075
EQM Midstream Partners LP(a)
07/01/2025
6.000%
 
56,000
56,034
06/01/2027
7.500%
 
14,000
14,353
07/01/2027
6.500%
 
33,000
33,319
04/01/2029
6.375%
 
18,000
18,127
01/15/2031
4.750%
 
94,000
87,539
Kinder Morgan Energy Partners LP
03/01/2044
5.500%
 
1,600,000
1,518,699
NuStar Logistics LP
06/01/2026
6.000%
 
35,000
34,892
04/28/2027
5.625%
 
24,000
23,766
10/01/2030
6.375%
 
30,000
30,274
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Plains All American Pipeline LP/Finance Corp.
01/15/2037
6.650%
 
2,400,000
2,571,274
Sunoco LP/Finance Corp.
04/30/2030
4.500%
 
29,000
26,600
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026
6.125%
 
38,000
36,389
Venture Global Calcasieu Pass LLC(a)
08/15/2029
3.875%
 
49,000
44,113
08/15/2031
4.125%
 
53,000
47,199
11/01/2033
3.875%
 
41,000
34,861
Venture Global LNG, Inc.(a)
06/01/2028
8.125%
 
43,000
43,870
02/01/2029
9.500%
 
14,000
15,092
06/01/2031
8.375%
 
32,000
33,034
02/01/2032
9.875%
 
16,000
17,249
Western Midstream Operating LP
04/01/2033
6.150%
 
764,000
783,256
Williams Companies, Inc. (The)
09/15/2045
5.100%
 
625,000
579,231
Total
6,955,535
Natural Gas 0.0%
NiSource, Inc.
05/01/2030
3.600%
 
585,000
539,353
Oil Field Services 0.0%
Archrock Partners LP/Finance Corp.(a)
04/01/2028
6.250%
 
36,000
35,540
Kodiak Gas Services LLC(a)
02/15/2029
7.250%
 
15,000
15,291
Nabors Industries Ltd.(a)
01/15/2026
7.250%
 
42,000
41,697
Nabors Industries, Inc.(a)
01/31/2030
9.125%
 
39,000
40,559
Transocean Aquila Ltd.(a)
09/30/2028
8.000%
 
38,000
38,994
Transocean Titan Financing Ltd.(a)
02/01/2028
8.375%
 
29,000
30,181
USA Compression Partners LP/Finance Corp.
09/01/2027
6.875%
 
35,000
35,046
USA Compression Partners LP/Finance Corp.(a)
03/15/2029
7.125%
 
38,000
38,431
Total
275,739
Other Industry 0.0%
Picasso Finance Sub, Inc.(a)
06/15/2025
6.125%
 
34,000
33,953
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
15
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Other REIT 0.0%
Ladder Capital Finance Holdings LLLP/Corp.(a)
10/01/2025
5.250%
 
52,000
51,109
02/01/2027
4.250%
 
26,000
24,308
06/15/2029
4.750%
 
80,000
72,684
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer(a)
10/01/2028
5.875%
 
29,000
28,497
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a)
05/15/2029
4.875%
 
35,000
32,585
RHP Hotel Properties LP/Finance Corp.(a)
07/15/2028
7.250%
 
10,000
10,308
04/01/2032
6.500%
 
24,000
24,069
RLJ Lodging Trust LP(a)
07/01/2026
3.750%
 
22,000
20,955
09/15/2029
4.000%
 
20,000
17,644
Service Properties Trust(a)
11/15/2031
8.625%
 
20,000
21,347
Total
303,506
Packaging 0.0%
Ardagh Metal Packaging Finance USA LLC/PLC(a)
06/15/2027
6.000%
 
46,000
44,767
09/01/2029
4.000%
 
95,000
76,592
Ball Corp.
06/15/2029
6.000%
 
23,000
23,213
Canpack SA/US LLC(a)
11/15/2029
3.875%
 
65,000
57,537
Clydesdale Acquisition Holdings, Inc.(a)
04/15/2029
6.625%
 
20,000
19,973
04/15/2030
8.750%
 
15,000
14,737
Trivium Packaging Finance BV(a)
08/15/2026
5.500%
 
62,000
61,031
08/15/2027
8.500%
 
9,000
8,892
Total
306,742
Pharmaceuticals 0.4%
1375209 BC Ltd.(a)
01/30/2028
9.000%
 
6,000
5,881
AbbVie, Inc.
03/15/2029
4.800%
 
1,111,000
1,113,374
03/15/2034
5.050%
 
269,000
272,328
Amgen, Inc.
03/02/2053
5.650%
 
1,900,000
1,936,357
Bausch Health Companies, Inc.(a)
02/01/2027
6.125%
 
20,000
12,476
08/15/2027
5.750%
 
28,000
16,117
06/01/2028
4.875%
 
35,000
19,072
09/30/2028
11.000%
 
11,000
7,342
10/15/2030
14.000%
 
1,000
587
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Bristol-Myers Squibb Co.
02/22/2064
5.650%
 
965,000
993,622
Grifols Escrow Issuer SA(a)
10/15/2028
4.750%
 
53,000
43,859
Organon Finance 1 LLC(a)
04/30/2028
4.125%
 
22,000
20,495
04/30/2031
5.125%
 
62,000
54,908
Pfizer Investment Enterprises Pte., Ltd.
05/19/2063
5.340%
 
1,000,000
980,359
Total
5,476,777
Property & Casualty 0.1%
Alliant Holdings Intermediate LLC/Co-Issuer(a)
10/15/2027
4.250%
 
27,000
25,430
10/15/2027
6.750%
 
57,000
56,078
04/15/2028
6.750%
 
71,000
71,445
11/01/2029
5.875%
 
31,000
28,845
01/15/2031
7.000%
 
62,000
62,692
AmWINS Group, Inc.(a)
02/15/2029
6.375%
 
36,000
36,163
AssuredPartners, Inc.(a)
01/15/2029
5.625%
 
58,000
53,423
02/15/2032
7.500%
 
43,000
42,252
BroadStreet Partners, Inc.(a)
04/15/2029
5.875%
 
66,000
61,094
HUB International Ltd.(a)
12/01/2029
5.625%
 
43,000
40,324
01/31/2032
7.375%
 
46,000
46,357
HUB International, Ltd.(a)
06/15/2030
7.250%
 
83,000
85,367
Panther Escrow Issuer LLC(a),(c)
06/01/2031
7.125%
 
50,000
50,892
USI, Inc.(a)
01/15/2032
7.500%
 
19,000
19,021
Total
679,383
Railroads 0.0%
CSX Corp.
03/15/2044
4.100%
 
550,000
468,592
Restaurants 0.0%
1011778 BC ULC/New Red Finance, Inc.(a)
01/15/2028
3.875%
 
42,000
39,474
10/15/2030
4.000%
 
18,000
16,038
Fertitta Entertainment LLC/Finance Co., Inc.(a)
01/15/2030
6.750%
 
32,000
28,723
IRB Holding Corp.(a)
06/15/2025
7.000%
 
58,000
58,074
Total
142,309
16
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Retailers 0.2%
Asbury Automotive Group, Inc.(a)
11/15/2029
4.625%
 
25,000
23,130
02/15/2032
5.000%
 
28,000
25,365
Group 1 Automotive, Inc.(a)
08/15/2028
4.000%
 
46,000
42,395
Hanesbrands, Inc.(a)
02/15/2031
9.000%
 
48,000
49,304
L Brands, Inc.(a)
07/01/2025
9.375%
 
6,000
6,258
10/01/2030
6.625%
 
24,000
24,558
L Brands, Inc.
06/15/2029
7.500%
 
23,000
23,957
LCM Investments Holdings II LLC(a)
08/01/2031
8.250%
 
36,000
37,632
Lithia Motors, Inc.(a)
01/15/2031
4.375%
 
20,000
17,917
Lowe’s Companies, Inc.
09/15/2062
5.800%
 
2,340,000
2,395,493
PetSmart, Inc./Finance Corp.(a)
02/15/2028
4.750%
 
41,000
38,287
02/15/2029
7.750%
 
52,000
50,638
Wolverine World Wide, Inc.(a)
08/15/2029
4.000%
 
52,000
41,773
Total
2,776,707
Supermarkets 0.0%
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
02/15/2028
5.875%
 
25,000
24,739
03/15/2029
3.500%
 
28,000
25,123
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026
3.250%
 
30,000
28,582
Total
78,444
Technology 0.3%
Boxer Parent Co., Inc.(a)
10/02/2025
7.125%
 
14,000
14,006
Broadcom, Inc.(a)
11/15/2036
3.187%
 
2,050,000
1,629,608
Camelot Finance SA(a)
11/01/2026
4.500%
 
19,000
18,280
Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.(a)
06/15/2029
8.000%
 
7,000
7,251
Central Parent, Inc./CDK Global, Inc.(a)
06/15/2029
7.250%
 
33,000
33,712
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Clarivate Science Holdings Corp.(a)
07/01/2028
3.875%
 
25,000
23,132
07/01/2029
4.875%
 
73,000
67,531
Cloud Software Group, Inc.(a)
09/30/2029
9.000%
 
94,000
90,193
CommScope Technologies LLC(a)
06/15/2025
6.000%
 
11,000
9,516
03/15/2027
5.000%
 
25,000
9,541
Condor Merger Sub, Inc.(a)
02/15/2030
7.375%
 
88,000
81,192
Entegris Escrow Corp.(a)
06/15/2030
5.950%
 
76,000
75,126
GoTo Group, Inc.(a)
05/01/2028
5.500%
 
31,172
21,027
05/01/2028
5.500%
 
13,059
11,318
GTCR W-2 Merger Sub LLC(a)
01/15/2031
7.500%
 
73,000
76,441
HealthEquity, Inc.(a)
10/01/2029
4.500%
 
26,000
24,032
Helios Software Holdings, Inc.(a)
05/01/2028
4.625%
 
29,000
26,006
ION Trading Technologies Sarl(a)
05/15/2028
5.750%
 
32,000
29,402
Iron Mountain, Inc.(a)
09/15/2027
4.875%
 
14,000
13,520
03/15/2028
5.250%
 
25,000
24,193
07/15/2028
5.000%
 
34,000
32,499
07/15/2030
5.250%
 
35,000
33,109
Minerva Merger Sub, Inc.(a)
02/15/2030
6.500%
 
69,000
63,179
NCR Atleos Escrow Corp.(a)
04/01/2029
9.500%
 
68,000
72,722
NCR Corp.(a)
10/01/2028
5.000%
 
56,000
52,234
04/15/2029
5.125%
 
65,000
60,261
10/01/2030
5.250%
 
4,000
3,626
Neptune Bidco US, Inc.(a)
04/15/2029
9.290%
 
96,000
90,828
NXP BV/Funding LLC/USA, Inc.
05/01/2030
3.400%
 
1,550,000
1,406,119
Picard Midco, Inc.(a)
03/31/2029
6.500%
 
80,000
75,967
Seagate HDD Cayman(a)
12/15/2029
8.250%
 
19,000
20,402
07/15/2031
8.500%
 
21,000
22,686
Sensata Technologies BV(a)
09/01/2030
5.875%
 
17,000
16,637
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
17
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Shift4 Payments LLC/Finance Sub, Inc.(a)
11/01/2026
4.625%
 
55,000
53,167
Synaptics, Inc.(a)
06/15/2029
4.000%
 
11,000
9,901
Tempo Acquisition LLC/Finance Corp.(a)
06/01/2025
5.750%
 
45,000
44,891
UKG, Inc.(a)
02/01/2031
6.875%
 
72,000
73,368
Verscend Escrow Corp.(a)
08/15/2026
9.750%
 
35,000
35,121
ZoomInfo Technologies LLC/Finance Corp.(a)
02/01/2029
3.875%
 
90,000
80,944
Total
4,532,688
Transportation Services 0.1%
Avis Budget Car Rental LLC/Finance, Inc.(a)
02/15/2031
8.000%
 
4,000
3,992
ERAC USA Finance LLC(a)
10/15/2037
7.000%
 
725,000
827,250
Total
831,242
Wireless 0.1%
Altice France Holding SA(a)
02/15/2028
6.000%
 
33,000
9,040
Altice France SA(a)
02/01/2027
8.125%
 
8,000
6,243
01/15/2028
5.500%
 
80,000
57,055
07/15/2029
5.125%
 
32,000
21,643
T-Mobile US, Inc.
01/15/2053
5.650%
 
1,225,000
1,249,510
Vmed O2 UK Financing I PLC(a)
01/31/2031
4.250%
 
27,000
22,873
07/15/2031
4.750%
 
34,000
29,309
Total
1,395,673
Wirelines 0.1%
AT&T, Inc.
09/15/2053
3.500%
 
650,000
459,208
Frontier Communications Holdings LLC(a)
05/15/2030
8.750%
 
24,000
24,579
03/15/2031
8.625%
 
54,000
55,133
Iliad Holding SAS(a)
10/15/2026
6.500%
 
45,000
44,539
10/15/2028
7.000%
 
71,000
70,291
Total
653,750
Total Corporate Bonds & Notes
(Cost $99,849,216)
98,547,942
 
Exchange-Traded Equity Funds 1.8%
 
Shares
Value ($)
International Mid Large Cap 1.8%
iShares Core MSCI EAFE ETF
355,182
26,361,608
Total Exchange-Traded Equity Funds
(Cost $23,810,276)
26,361,608
 
Foreign Government Obligations(j) 0.0%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Canada 0.0%
NOVA Chemicals Corp.(a)
11/15/2028
8.500%
 
12,000
12,772
05/15/2029
4.250%
 
18,000
15,445
02/15/2030
9.000%
 
94,000
97,133
Total
125,350
Total Foreign Government Obligations
(Cost $123,159)
125,350
 
Residential Mortgage-Backed Securities - Agency 12.6%
 
 
 
 
 
Federal Home Loan Mortgage Corp.
04/01/2032
6.000%
 
20,859
21,180
04/01/2032
7.000%
 
15,166
15,652
07/01/2032
6.500%
 
8,094
8,393
01/01/2033
3.000%
 
433,985
409,188
01/01/2034-
05/01/2041
5.000%
 
226,664
227,695
04/01/2041
4.500%
 
42,388
41,623
12/01/2051
2.500%
 
4,643,042
3,847,752
Federal Home Loan Mortgage Corp.(k)
05/01/2032
6.500%
 
85,489
87,928
06/01/2037
6.000%
 
23,210
24,013
02/01/2038
5.500%
 
139,374
142,454
03/01/2038-
03/01/2040
5.000%
 
54,741
54,926
05/01/2039-
08/01/2041
4.500%
 
417,306
409,773
07/01/2043
3.000%
 
116,431
104,082
Federal National Mortgage Association
03/01/2026-
12/01/2032
7.000%
 
162,911
167,961
10/01/2026-
12/01/2045
3.500%
 
132,255
126,135
11/01/2026-
01/01/2029
4.000%
 
83,475
81,884
08/01/2028-
09/01/2032
6.500%
 
37,907
39,049
12/01/2028
6.000%
 
2,432
2,487
02/01/2038-
03/01/2038
5.500%
 
76,618
78,214
Federal National Mortgage Association(k)
02/01/2031
3.500%
 
82,232
79,485
10/01/2040
4.500%
 
99,267
97,353
18
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Uniform Mortgage-Backed Security TBA(c)
04/16/2039-
04/11/2054
3.000%
 
38,175,000
32,967,105
04/16/2039-
04/11/2054
3.500%
 
25,500,000
23,075,029
04/11/2054
2.000%
 
8,950,000
7,079,341
04/11/2054
2.500%
 
22,825,000
18,863,957
04/11/2054
4.000%
 
40,550,000
37,549,366
04/11/2054
4.500%
 
20,200,000
19,234,892
04/11/2054
5.000%
 
18,450,000
18,000,986
04/11/2054
5.500%
 
6,000,000
5,970,218
04/11/2054
6.000%
 
13,400,000
13,521,993
Total Residential Mortgage-Backed Securities - Agency
(Cost $184,188,655)
182,330,114
 
Residential Mortgage-Backed Securities - Non-Agency 9.4%
 
 
 
 
 
510 Asset Backed Trust(a),(d)
CMO Series 2021-NPL2 Class A1
06/25/2061
2.116%
 
867,295
842,138
Ajax Mortgage Loan Trust(a),(d)
CMO Series 2021-A Class A1
09/25/2065
1.065%
 
1,993,509
1,736,466
CMO Series 2021-B Class A
06/25/2066
2.239%
 
897,456
869,575
Angel Oak Mortgage Trust(a),(d)
CMO Series 2020-6 Class A3
05/25/2065
1.775%
 
107,975
95,330
CMO Series 2020-6 Class M1
05/25/2065
2.805%
 
400,000
324,214
CMO Series 2020-R1 Class A1
04/25/2053
0.990%
 
381,959
351,679
CMO Series 2022-6 Class A1
07/25/2067
4.300%
 
4,001,111
3,865,674
Bellemeade Re Ltd.(a),(b)
CMO Series 2021-3A Class M1A
30-day Average SOFR + 1.000%
Floor 1.000%
09/25/2031
6.320%
 
283,968
283,861
BRAVO Residential Funding Trust(a),(d)
CMO Series 2020-NQM1 Class A1
05/25/2060
1.449%
 
123,782
117,676
CMO Series 2020-RPL1 Class A1
05/26/2059
2.500%
 
449,295
428,468
CMO Series 2021-A Class A1
10/25/2059
4.991%
 
1,062,059
1,046,591
CMO Series 2021-B Class A1
04/01/2069
2.115%
 
719,275
706,016
CMO Series 2021-NQM1 Class A1
02/25/2049
0.941%
 
950,369
829,665
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2021-NQM1 Class A3
02/25/2049
1.332%
 
387,190
339,200
CMO Series 2021-NQM2 Class A3
03/25/2060
1.435%
 
201,083
185,660
CMO Series 2022-NQM3 Class A1
07/25/2062
5.108%
 
919,656
912,509
CMO Series 2023-NQM8 Class A1
10/25/2063
6.394%
 
530,594
533,292
CMO Series 2024-NQM2 Class A1
02/25/2064
6.285%
 
1,597,802
1,602,953
CMO Series 2024-NQM3 Class A1
03/25/2064
6.219%
 
2,050,000
2,056,985
Subordinated CMO Series 2021-NQM2 Class B1
03/25/2060
3.044%
 
425,000
366,825
CHNGE Mortgage Trust(a),(d)
CMO Series 2022-1 Class A1
01/25/2067
3.007%
 
1,868,402
1,696,933
CMO Series 2022-NQM1 Class A1
06/25/2067
5.189%
 
788,342
771,554
CIM Trust(a),(d)
CMO Series 2021-NR1 Class A1
07/25/2055
2.569%
 
475,986
468,592
CMO Series 2021-NR2 Class A1
07/25/2059
2.568%
 
427,256
422,878
COLT Mortgage Loan Trust(a)
CMO Series 2021-2R Class A1
07/27/2054
0.798%
 
301,932
260,099
COLT Mortgage Loan Trust(a),(d)
CMO Series 2022-1 Class A1
12/27/2066
2.284%
 
2,035,724
1,785,080
CMO Series 2022-4 Class A1
03/25/2067
4.301%
 
1,778,173
1,730,296
CMO Series 2024-1 Class A1
02/25/2069
5.835%
 
1,651,983
1,647,513
Connecticut Avenue Securities Trust(a),(b)
CMO Series 2020-R01 Class 1M2
30-day Average SOFR + 2.164%
01/25/2040
7.485%
 
365,985
370,780
CMO Series 2022-R04 Class 1M2
30-day Average SOFR + 3.100%
03/25/2042
8.420%
 
975,000
1,012,712
Credit Suisse Mortgage Trust(a),(d)
CMO Series 2021-AFC1 Class A1
03/25/2056
0.830%
 
605,828
475,433
CMO Series 2021-NQM1 Class A3
05/25/2065
1.199%
 
203,840
173,973
CMO Series 2021-NQM1 Class M1
05/25/2065
2.130%
 
175,000
117,867
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
19
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2021-RPL1 Class A1
09/27/2060
4.036%
 
1,437,510
1,388,165
CMO Series 2021-RPL2 Class M1
01/25/2060
2.750%
 
751,019
557,993
CMO Series 2021-RPL2 Class M2
01/25/2060
3.250%
 
375,000
276,938
CMO Series 2022-ATH3 Class A1
08/25/2067
4.991%
 
869,328
852,455
Cross Mortgage Trust(a),(d)
CMO Series 2024-H2 Class A1
04/25/2069
6.093%
 
550,000
550,638
CSMC Trust(a),(d)
CMO Series 2018-RPL9 Class A
09/25/2057
3.850%
 
1,335,803
1,259,074
CMO Series 2021-RPL4 Class A1
12/27/2060
1.796%
 
978,098
942,751
CMO Series 2022-NQM5 Class A1
05/25/2067
5.169%
 
1,433,509
1,431,606
Subordinated CMO Series 2020-RPL3 Class A1
03/25/2060
4.046%
 
704,520
704,084
Subordinated CMO Series 2020-RPL4 Class A1
01/25/2060
2.000%
 
583,423
507,597
CSMC Trust(a)
CMO Series 2019-AFC1 Class A1
07/25/2049
3.573%
 
360,259
333,601
Eagle Re Ltd.(a),(b)
CMO Series 2021-1 Class M1C
30-day Average SOFR + 2.700%
Floor 2.700%
10/25/2033
8.029%
 
178,312
178,742
CMO Series 2021-2 Class M1B
30-day Average SOFR + 2.050%
Floor 2.050%
04/25/2034
7.370%
 
1,376,320
1,379,196
Ellington Financial Mortgage Trust(a),(d)
CMO Series 2019-2 Class A3
11/25/2059
3.046%
 
87,015
81,397
CMO Series 2020-1 Class A1
05/25/2065
2.006%
 
22,483
21,708
CMO Series 2022-2 Class A1
04/25/2067
4.299%
 
4,775,803
4,619,877
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2021-DNA1 Class M2
30-day Average SOFR + 1.800%
01/25/2051
7.120%
 
427,977
431,184
CMO Series 2021-DNA5 Class M2
30-day Average SOFR + 1.650%
01/25/2034
6.970%
 
335,767
337,457
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2022-DNA3 Class M1B
30-day Average SOFR + 2.900%
04/25/2042
8.220%
 
1,100,000
1,136,808
CMO Series 2022-DNA4 Class M1A
30-day Average SOFR + 2.200%
05/25/2042
7.520%
 
3,837,208
3,902,041
Subordinated CMO Series 2022-DNA6 Class M1A
30-day Average SOFR + 2.150%
09/25/2042
7.470%
 
383,321
387,907
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b)
CMO Series 2022-DNA2 Class M1B
30-day Average SOFR + 2.400%
02/25/2042
7.720%
 
2,500,000
2,543,394
CMO Series 2022-DNA5 Class M1A
30-day Average SOFR + 2.950%
06/25/2042
8.270%
 
1,435,530
1,477,014
Subordinated CMO Series 2021-DNA7 Class M1
30-day Average SOFR + 0.850%
11/25/2041
6.170%
 
2,640,453
2,638,336
GCAT Trust(a),(d)
CMO Series 2019-RPL1 Class A1
10/25/2068
2.650%
 
651,649
614,393
CMO Series 2021-CM2 Class A1
08/25/2066
2.352%
 
2,436,529
2,217,413
CMO Series 2022-NQM3 Class A1
04/25/2067
4.349%
 
4,985,287
4,850,079
CMO Series 2023-NQM2 Class A1
11/25/2067
5.837%
 
1,603,366
1,593,570
GS Mortgage-Backed Securities Trust(a),(d)
CMO Series 2020-NQM1 Class A1
09/27/2060
1.382%
 
285,732
259,114
Homeward Opportunities Fund I Trust(a),(d)
CMO Series 2020-2 Class A3
05/25/2065
3.196%
 
550,000
521,414
Legacy Mortgage Asset Trust(a),(d)
CMO Series 2021-GS1 Class A1
10/25/2066
4.892%
 
1,051,309
1,031,050
CMO Series 2021-GS2 Class A1
04/25/2061
1.750%
 
1,986,703
1,925,302
LHOME Mortgage Trust(a),(d)
CMO Series 2024-RTL1 Class A1
01/25/2029
7.017%
 
700,000
701,509
MetLife Securitization Trust(a),(d)
CMO Series 2018-1A Class A
03/25/2057
3.750%
 
332,641
313,106
MFA Trust(a),(d)
CMO Series 2020-NQM3 Class M1
01/26/2065
2.654%
 
475,000
407,915
20
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2021-NQM1 Class A1
04/25/2065
1.153%
 
515,632
461,055
CMO Series 2022-NQM2 Class A1
05/25/2067
4.000%
 
4,679,460
4,481,456
CMO Series 2023-NQM4 Class A1
12/25/2068
6.105%
 
481,813
481,738
MFRA Trust(a),(d)
CMO Series 2021-INV1 Class A1
01/25/2056
0.852%
 
151,991
139,473
CMO Series 2021-INV1 Class A2
01/25/2056
1.057%
 
28,238
25,930
CMO Series 2021-INV1 Class A3
01/25/2056
1.262%
 
47,215
43,365
Mill City Mortgage Loan Trust(a),(d)
CMO Series 2018-3 Class A1
08/25/2058
3.482%
 
574,856
555,330
CMO Series 2021-NMR1 Class M1
11/25/2060
1.850%
 
1,150,000
985,277
New Residential Mortgage Loan Trust(a)
CMO Series 2016-3A Class A1
09/25/2056
3.750%
 
126,036
117,149
NRZ Excess Spread-Collateralized Notes(a)
Series 2020-PLS1 Class A
12/25/2025
3.844%
 
296,527
284,231
Oaktown Re VI Ltd.(a),(b)
CMO Series 2021-1A Class M1B
30-day Average SOFR + 2.050%
Floor 2.050%
10/25/2033
7.370%
 
323,133
323,674
OBX Trust(a),(d)
CMO Series 2023-NQM1 Class A1
11/25/2062
6.120%
 
845,416
841,525
CMO Series 2023-NQM8 Class A1
09/25/2063
7.045%
 
1,620,930
1,650,173
CMO Series 2023-NQM8 Class A2
09/25/2063
7.248%
 
1,334,886
1,356,425
Oceanview Mortgage Loan Trust(a)
CMO Series 2020-1 Class A1A
05/28/2050
1.733%
 
246,455
221,739
Preston Ridge Partners Mortgage(a),(d)
CMO Series 2021-4 Class A1
04/25/2026
1.867%
 
2,020,417
1,970,416
Preston Ridge Partners Mortgage Trust(a),(d)
CMO Series 2020-6 Class A1
11/25/2025
5.363%
 
479,711
477,860
CMO Series 2021-10 Class A1
10/25/2026
2.487%
 
1,079,869
1,041,770
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2021-3 Class A1
04/25/2026
1.867%
 
922,829
899,163
CMO Series 2021-9 Class A1
10/25/2026
2.363%
 
1,699,075
1,655,720
PRET LLC(a),(d)
CMO Series 2024-NPL2 Class A1
02/25/2054
7.021%
 
5,010,510
5,012,433
PRET LLC(a),(d),(e),(f)
CMO Series 2024-RN1 Class A1
03/25/2054
7.143%
 
3,550,000
3,549,998
Pretium Mortgage Credit Partners LLC(a),(d)
CMO Series 2021-NPL6 Class A1
07/25/2051
2.487%
 
1,817,040
1,772,712
PRKCM Trust(a),(d)
CMO Series 2021-AFC2 Class A3
11/25/2056
2.893%
 
2,000,000
1,325,620
CMO Series 2021-AFC2 Class M1
11/25/2056
3.443%
 
1,475,000
984,920
Subordinated CMO Series 2021-AFC2 Class B1
11/25/2056
3.701%
 
1,300,000
889,552
PRPM LLC(a),(d)
CMO Series 2021-RPL1 Class A1
07/25/2051
1.319%
 
503,386
451,150
PRPM LLC(a),(c),(d)
CMO Series 2024-RCF2 Class A1
03/25/2054
3.750%
 
900,000
856,602
PRPM Trust(a),(d)
CMO Series 2023-NQM3 Class A1
11/25/2068
6.221%
 
192,711
192,813
CMO Series 2024-NQM1 Class A1
12/25/2068
6.265%
 
650,000
650,324
Radnor Re Ltd.(a),(b)
Subordinated CMO Series 2021-2 Class M1A
30-day Average SOFR + 1.850%
Floor 1.850%
11/25/2031
7.170%
 
81,832
81,877
Subordinated CMO Series 2021-2 Class M1B
30-day Average SOFR + 3.700%
Floor 3.700%
11/25/2031
9.020%
 
725,000
737,557
RCO Mortgage LLC(a),(d)
CMO Series 2024-1 Class A1
01/25/2029
7.021%
 
575,918
574,196
Residential Mortgage Loan Trust(a),(d)
CMO Series 2020-1 Class A3
01/26/2060
2.684%
 
95,577
91,662
Starwood Mortgage Residential Trust(a),(d)
CMO Series 2019-INV1 Class A3
09/27/2049
2.916%
 
489,562
470,275
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
21
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2020-2 Class A3
04/25/2060
3.000%
 
505,717
495,111
CMO Series 2020-INV1 Class A3
11/25/2055
1.593%
 
107,109
98,666
CMO Series 2021-4 Class M1
08/25/2056
2.400%
 
525,000
363,398
Toorak Mortgage Corp., Ltd.(a),(d)
CMO Series 2021-1 Class A1
06/25/2024
3.240%
 
408,751
404,816
Towd Point HE Trust(a),(d)
CMO Series 2021-HE1 Class M2
02/25/2063
2.500%
 
450,000
409,585
Towd Point Mortgage Trust(a),(d)
CMO Series 2018-1 Class A1
01/25/2058
3.000%
 
97,775
95,020
CMO Series 2018-6 Class A1A
03/25/2058
3.750%
 
382,849
373,420
Towd Point Mortgage Trust(a),(b)
CMO Series 2019-HY1 Class A1
1-month Term SOFR + 1.114%
10/25/2048
6.444%
 
339,868
344,846
CMO Series 2019-HY2 Class A1
1-month Term SOFR + 1.114%
05/25/2058
6.444%
 
412,932
420,686
VCAT Asset Securitization LLC(a),(d)
CMO Series 2021-NPL6 Class A1
09/25/2051
1.917%
 
3,204,755
3,105,907
VCAT LLC(a),(d)
CMO Series 2021-NPL1 Class A1
12/26/2050
2.289%
 
75,202
74,572
Vericrest Opportunity Loan Transferee(a),(d)
CMO Series 2021-NP11 Class A1
08/25/2051
1.868%
 
1,391,738
1,342,440
Vericrest Opportunity Loan Transferee XCII LLC(a),(d)
CMO Series 2021-NPL1 Class A1
02/27/2051
1.893%
 
824,864
811,248
Vericrest Opportunity Loan Transferee XCIII LLC(a),(d)
CMO Series 2021-NPL2 Class A1
02/27/2051
4.893%
 
785,224
765,750
Vericrest Opportunity Loan Transferee XCIV LLC(a),(d)
CMO Series 2021-NPL3 Class A1
02/27/2051
2.240%
 
913,763
897,646
Vericrest Opportunity Loan Transferee XCIX LLC(a),(d)
CMO Series 2021-NPL8 Class A1
04/25/2051
2.116%
 
606,089
590,952
Vericrest Opportunity Loan Transferee XCVI LLC(a),(d)
CMO Series 2021-NPL5 Class A1
03/27/2051
5.116%
 
519,399
508,163
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Vericrest Opportunity Loan Transferee XCVII LLC(a),(d)
CMO Series 2021-NPL6 Class A1
04/25/2051
2.240%
 
2,392,280
2,345,961
Vericrest Opportunity Loan Trust CI LLC(a),(d)
CMO Series 2021-NP10 Class A1
05/25/2051
1.992%
 
1,931,299
1,875,387
Verus Securitization Trust(a),(d)
CMO Series 2019-4 Class A3
11/25/2059
3.000%
 
420,051
406,306
CMO Series 2020-1 Class M1
01/25/2060
3.021%
 
1,000,000
866,569
CMO Series 2020-2 Class A1
05/25/2060
2.226%
 
39,337
38,861
CMO Series 2020-INV1 Class A1
03/25/2060
1.977%
 
4,922
4,883
CMO Series 2021-R1 Class A2
10/25/2063
1.057%
 
143,622
133,725
CMO Series 2021-R1 Class A3
10/25/2063
1.262%
 
181,921
169,406
CMO Series 2022-1 Class A1
01/25/2067
2.724%
 
3,246,559
2,955,244
CMO Series 2022-4 Class A1
04/25/2067
4.474%
 
403,935
395,845
CMO Series 2023-1 Class A1
12/25/2067
5.850%
 
1,241,946
1,234,855
CMO Series 2023-6 Class A2
09/25/2068
6.939%
 
636,326
642,776
CMO Series 2023-8 Class A1
12/25/2068
6.259%
 
577,300
579,420
CMO Series 2023-INV1 Class A1
02/25/2068
5.999%
 
2,899,481
2,892,344
CMO Series 2024-1 Class A1
01/25/2069
5.712%
 
2,652,489
2,635,924
CMO Series 2024-INV1 Class A1
03/25/2069
6.116%
 
1,350,000
1,354,366
Visio Trust(a),(d)
CMO Series 2019-2 Class A3
11/25/2054
3.076%
 
214,609
203,517
Visio Trust(a)
CMO Series 2020-1R Class A2
11/25/2055
1.567%
 
127,536
117,909
CMO Series 2020-1R Class A3
11/25/2055
1.873%
 
148,792
137,817
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost $142,311,226)
136,551,816
 
22
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced Fund, March 31, 2024 (Unaudited)
Senior Loans 0.0%
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Chemicals 0.0%
WR Grace Holdings LLC(b),(l)
Term Loan
3-month Term SOFR + 3.750%
Floor 0.500%
09/22/2028
9.360%
 
33,235
33,235
Property & Casualty 0.0%
Truist (McGriff) Insurance Services, Inc.(b),(l),(m)
Tranche B Term Loan
3-month Term SOFR + 4.750%
03/08/2032
10.073%
 
24,768
24,892
Technology 0.0%
Ascend Learning LLC(b),(l)
1st Lien Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
12/11/2028
8.926%
 
52,971
52,620
2nd Lien Term Loan
1-month Term SOFR + 5.750%
Floor 0.500%
12/10/2029
11.176%
 
23,000
22,590
DCert Buyer, Inc.(b),(l)
2nd Lien Term Loan
1-month Term SOFR + 7.000%
02/19/2029
12.326%
 
12,000
10,774
UKG, Inc.(b),(l)
1st Lien Term Loan
3-month Term SOFR + 3.500%
02/10/2031
8.814%
 
17,543
17,627
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
2nd Lien Term Loan
3-month Term SOFR + 5.250%
Floor 0.500%
05/03/2027
10.680%
 
29,483
29,691
Total
133,302
Total Senior Loans
(Cost $191,384)
191,429
 
U.S. Treasury Obligations 0.3%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
U.S. Treasury(k)
05/15/2047
3.000%
 
6,225,000
4,890,516
Total U.S. Treasury Obligations
(Cost $4,905,996)
4,890,516
 
Money Market Funds 10.6%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(n),(o)
153,797,266
153,766,506
Total Money Market Funds
(Cost $153,761,551)
153,766,506
Total Investments in Securities
(Cost: $1,355,426,792)
1,631,472,562
Other Assets & Liabilities, Net
 
(177,563,157
)
Net Assets
1,453,909,405
At March 31, 2024, securities and/or cash totaling $4,548,990 were pledged as collateral.
Investments in derivatives 
Long futures contracts
Description
Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
U.S. Treasury 10-Year Note
343
06/2024
USD
38,003,328
235,161
—
U.S. Treasury 10-Year Note
155
06/2024
USD
17,173,516
—
(37,975
)
U.S. Treasury 2-Year Note
237
06/2024
USD
48,462,797
—
(159,694
)
U.S. Treasury 5-Year Note
180
06/2024
USD
19,262,813
—
(34,150
)
U.S. Treasury Ultra Bond
105
06/2024
USD
13,545,000
100,609
—
Total
 
 
 
 
335,770
(231,819
)
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
23
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Balanced 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 $292,909,395, which represents 20.15% of total net assets.
(b)
Variable rate security. The interest rate shown was the current rate as of March 31, 2024.
(c)
Represents a security purchased on a when-issued basis.
(d)
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 March 31, 2024.
(e)
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 $4,399,992, which represents 0.30% of total net assets.
(f)
Valuation based on significant unobservable inputs.
(g)
Non-income producing investment.
(h)
Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(i)
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.
(j)
Principal and interest may not be guaranteed by a governmental entity.
(k)
This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(l)
The stated interest rate represents the weighted average interest rate at March 31, 2024 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. 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.
(m)
Represents a security purchased on a forward commitment basis.
(n)
The rate shown is the seven-day current annualized yield at March 31, 2024.
(o)
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the 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%
 
143,518,823
114,479,153
(104,225,201
)
(6,269
)
153,766,506
9,184
2,060,633
153,797,266
Abbreviation Legend 
CMO
Collateralized Mortgage Obligation
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced
Currency Legend 
USD
US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
24
Columbia Variable Portfolio – Balanced Fund  | First Quarter Report 2024
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1QT7000_12_C01_(05/24)