NPORT-EX 3 nportpoi_258.htm EDGAR HTML
 
Columbia Variable Portfolio – High Yield 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 – High Yield Bond Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Convertible Bonds 1.3%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Cable and Satellite 0.6%
DISH Network Corp.
Subordinated
08/15/2026
3.375%
 
2,584,000
1,608,540
Electric 0.7%
NextEra Energy Partners LP(a)
06/15/2026
2.500%
 
2,398,622
2,158,655
Total Convertible Bonds
(Cost $4,123,900)
3,767,195
 
Corporate Bonds & Notes 92.9%
 
 
 
 
 
Aerospace & Defense 1.9%
Bombardier, Inc.(a)
04/15/2027
7.875%
 
472,000
472,724
Bombardier, Inc.(a),(b)
07/01/2031
7.250%
 
164,000
164,463
Spirit AeroSystems, Inc.(a)
11/30/2029
9.375%
 
429,000
467,916
11/15/2030
9.750%
 
375,000
419,535
TransDigm, Inc.(a)
08/15/2028
6.750%
 
1,291,000
1,309,925
03/01/2029
6.375%
 
1,197,000
1,200,658
03/01/2032
6.625%
 
1,222,000
1,234,567
Total
5,269,788
Airlines 2.2%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026
5.500%
 
2,571,452
2,554,179
04/20/2029
5.750%
 
1,384,753
1,362,181
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a)
01/20/2026
5.750%
 
1,067,027
1,003,846
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.(a)
06/20/2027
6.500%
 
1,196,147
1,204,757
Total
6,124,963
Automotive 1.8%
American Axle & Manufacturing, Inc.
03/15/2026
6.250%
 
220,000
217,981
04/01/2027
6.500%
 
44,000
43,834
Clarios Global LP(a)
05/15/2025
6.750%
 
700,000
701,022
Ford Motor Credit Co. LLC
06/16/2025
5.125%
 
414,000
410,441
11/13/2025
3.375%
 
728,000
700,574
08/17/2027
4.125%
 
689,000
653,992
11/04/2027
7.350%
 
483,000
506,688
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
IHO Verwaltungs GmbH(a),(c)
09/15/2026
4.750%
 
155,000
150,702
KAR Auction Services, Inc.(a)
06/01/2025
5.125%
 
600,000
590,310
Panther BF Aggregator 2 LP/Finance Co., Inc.(a)
05/15/2027
8.500%
 
761,000
762,020
ZF North America Capital, Inc.(a)
04/14/2030
7.125%
 
351,000
369,885
Total
5,107,449
Banking 0.1%
Ally Financial, Inc.
05/21/2024
3.875%
 
208,000
207,351
Brokerage/Asset Managers/Exchanges 2.1%
AG Issuer LLC(a)
03/01/2028
6.250%
 
29,000
28,340
AG TTMT Escrow Issuer LLC(a)
09/30/2027
8.625%
 
986,000
1,020,478
Aretec Escrow Issuer 2, Inc.(a)
08/15/2030
10.000%
 
672,000
735,367
Aretec Escrow Issuer, Inc.(a)
04/01/2029
7.500%
 
510,000
485,361
Hightower Holding LLC(a)
04/15/2029
6.750%
 
736,000
691,195
NFP Corp.(a)
08/15/2028
4.875%
 
1,061,000
1,063,007
08/15/2028
6.875%
 
636,000
644,074
10/01/2030
7.500%
 
778,000
819,880
10/01/2031
8.500%
 
328,000
361,152
Total
5,848,854
Building Materials 1.7%
American Builders & Contractors Supply Co., Inc.(a)
01/15/2028
4.000%
 
574,000
537,316
Beacon Roofing Supply, Inc.(a)
11/15/2026
4.500%
 
514,000
499,627
08/01/2030
6.500%
 
684,000
694,451
Interface, Inc.(a)
12/01/2028
5.500%
 
119,000
114,000
SRS Distribution, Inc.(a)
07/01/2028
4.625%
 
1,303,000
1,313,718
12/01/2029
6.000%
 
686,000
700,474
Summit Materials LLC /Finance Corp.(a)
01/15/2031
7.250%
 
536,000
556,909
2
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
White Cap Buyer LLC(a)
10/15/2028
6.875%
 
316,000
310,035
Total
4,726,530
Cable and Satellite 4.8%
CCO Holdings LLC/Capital Corp.(a)
02/01/2028
5.000%
 
666,000
620,176
06/01/2029
5.375%
 
1,246,000
1,140,566
03/01/2030
4.750%
 
1,876,000
1,609,206
08/15/2030
4.500%
 
1,354,000
1,137,378
02/01/2032
4.750%
 
764,000
624,276
CCO Holdings LLC/Capital Corp.
05/01/2032
4.500%
 
340,000
273,119
CCO Holdings LLC/Holdings Capital Corp.(a)
01/15/2034
4.250%
 
175,000
132,076
CSC Holdings LLC(a)
12/01/2030
4.625%
 
1,355,000
688,367
02/15/2031
3.375%
 
2,588,000
1,756,059
DISH Network Corp.(a)
11/15/2027
11.750%
 
515,000
526,067
Sirius XM Radio, Inc.(a)
09/01/2026
3.125%
 
607,000
569,108
08/01/2027
5.000%
 
299,000
287,865
07/15/2028
4.000%
 
380,000
347,700
07/01/2030
4.125%
 
310,000
271,016
Videotron Ltd.(a)
06/15/2029
3.625%
 
676,000
610,533
VZ Secured Financing BV(a)
01/15/2032
5.000%
 
1,426,000
1,224,272
Ziggo Bond Co. BV(a)
02/28/2030
5.125%
 
1,045,000
893,718
Ziggo BV(a)
01/15/2030
4.875%
 
527,000
472,904
Total
13,184,406
Chemicals 4.4%
Ashland LLC(a)
09/01/2031
3.375%
 
855,000
723,523
Axalta Coating Systems Dutch Holding B BV(a)
02/15/2031
7.250%
 
483,000
502,113
Axalta Coating Systems LLC(a)
02/15/2029
3.375%
 
509,000
455,996
Cheever Escrow Issuer LLC(a)
10/01/2027
7.125%
 
615,000
621,595
Element Solutions, Inc.(a)
09/01/2028
3.875%
 
1,110,000
1,017,462
HB Fuller Co.
10/15/2028
4.250%
 
596,000
552,660
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Herens Holdco Sarl(a)
05/15/2028
4.750%
 
740,000
647,374
INEOS Finance PLC(a)
04/15/2029
7.500%
 
827,000
829,549
INEOS Quattro Finance 2 PLC(a)
03/15/2029
9.625%
 
636,000
682,677
Ingevity Corp.(a)
11/01/2028
3.875%
 
953,000
860,964
Innophos Holdings, Inc.(a)
02/15/2028
9.375%
 
755,000
631,652
Iris Holdings, Inc.(a),(c)
02/15/2026
8.750%
 
353,000
303,893
Olympus Water US Holding Corp.(a)
10/01/2028
4.250%
 
824,000
746,479
11/15/2028
9.750%
 
1,086,000
1,157,835
SPCM SA(a)
03/15/2027
3.125%
 
301,000
278,006
WR Grace Holdings LLC(a)
06/15/2027
4.875%
 
891,000
847,502
08/15/2029
5.625%
 
1,435,000
1,284,505
03/01/2031
7.375%
 
169,000
171,476
Total
12,315,261
Construction Machinery 1.4%
H&E Equipment Services, Inc.(a)
12/15/2028
3.875%
 
2,308,000
2,112,977
Herc Holdings, Inc.(a)
07/15/2027
5.500%
 
782,000
768,493
Ritchie Bros Holdings, Inc.(a)
03/15/2028
6.750%
 
667,000
680,728
03/15/2031
7.750%
 
167,000
174,710
Total
3,736,908
Consumer Cyclical Services 1.7%
APX Group, Inc.(a)
02/15/2027
6.750%
 
466,000
468,604
Arches Buyer, Inc.(a)
06/01/2028
4.250%
 
924,000
813,134
12/01/2028
6.125%
 
893,000
749,253
Match Group, Inc.(a)
06/01/2028
4.625%
 
782,000
738,611
02/15/2029
5.625%
 
276,000
268,200
Uber Technologies, Inc.(a)
08/15/2029
4.500%
 
1,758,000
1,671,779
Total
4,709,581
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Consumer Products 1.4%
Acushnet Co.(a)
10/15/2028
7.375%
 
128,000
132,539
CD&R Smokey Buyer, Inc.(a)
07/15/2025
6.750%
 
1,360,000
1,347,332
Newell Brands, Inc.
09/15/2027
6.375%
 
218,000
215,168
Prestige Brands, Inc.(a)
01/15/2028
5.125%
 
335,000
326,078
Scotts Miracle-Gro Co. (The)
04/01/2031
4.000%
 
530,000
456,581
02/01/2032
4.375%
 
175,000
150,940
Spectrum Brands, Inc.(a)
10/01/2029
5.000%
 
694,000
680,190
07/15/2030
5.500%
 
248,000
242,844
03/15/2031
3.875%
 
230,000
221,948
Total
3,773,620
Diversified Manufacturing 2.2%
Chart Industries, Inc.(a)
01/01/2030
7.500%
 
364,000
378,063
Emerald Debt Merger Sub LLC(a)
12/15/2030
6.625%
 
867,000
875,366
Esab Corp.(a),(b)
04/15/2029
6.250%
 
295,000
296,577
Madison IAQ LLC(a)
06/30/2028
4.125%
 
998,000
923,243
06/30/2029
5.875%
 
333,000
305,280
Resideo Funding, Inc.(a)
09/01/2029
4.000%
 
569,000
510,348
Vertical US Newco, Inc.(a)
07/15/2027
5.250%
 
257,000
248,329
WESCO Distribution, Inc.(a)
06/15/2028
7.250%
 
1,417,000
1,446,789
03/15/2029
6.375%
 
538,000
543,653
03/15/2032
6.625%
 
691,000
702,457
Total
6,230,105
Electric 4.8%
Clearway Energy Operating LLC(a)
03/15/2028
4.750%
 
1,129,000
1,074,152
02/15/2031
3.750%
 
2,436,000
2,098,124
01/15/2032
3.750%
 
1,003,000
844,287
FirstEnergy Corp.
11/15/2031
7.375%
 
225,000
264,383
Leeward Renewable Energy Operations LLC(a)
07/01/2029
4.250%
 
338,000
290,910
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
NextEra Energy Operating Partners LP(a)
07/15/2024
4.250%
 
495,000
491,054
10/15/2026
3.875%
 
155,000
144,679
09/15/2027
4.500%
 
780,000
730,958
01/15/2029
7.250%
 
489,000
500,887
NRG Energy, Inc.
01/15/2028
5.750%
 
440,000
437,589
NRG Energy, Inc.(a)
06/15/2029
5.250%
 
1,846,000
1,770,493
Pattern Energy Operations LP/Inc.(a)
08/15/2028
4.500%
 
174,000
161,938
PG&E Corp.
07/01/2028
5.000%
 
260,000
251,831
TerraForm Power Operating LLC(a)
01/31/2028
5.000%
 
1,207,000
1,150,594
01/15/2030
4.750%
 
828,000
759,907
Vistra Operations Co. LLC(a)
02/15/2027
5.625%
 
1,099,000
1,082,069
07/31/2027
5.000%
 
277,000
268,405
10/15/2031
7.750%
 
942,000
985,943
Total
13,308,203
Environmental 1.0%
Clean Harbors, Inc.(a)
02/01/2031
6.375%
 
103,000
103,727
GFL Environmental, Inc.(a)
08/01/2025
3.750%
 
633,000
617,104
01/15/2031
6.750%
 
436,000
446,833
Waste Pro USA, Inc.(a)
02/15/2026
5.500%
 
1,516,000
1,493,661
Total
2,661,325
Finance Companies 2.5%
GGAM Finance Ltd.(a),(b)
04/15/2029
6.875%
 
436,000
439,175
Navient Corp.
06/25/2025
6.750%
 
445,000
448,005
03/15/2031
11.500%
 
484,000
539,248
OneMain Finance Corp.
01/15/2029
9.000%
 
386,000
409,514
03/15/2030
7.875%
 
573,000
592,256
09/15/2030
4.000%
 
552,000
472,562
Provident Funding Associates LP/Finance Corp.(a)
06/15/2025
6.375%
 
966,000
926,226
Quicken Loans LLC/Co-Issuer, Inc.(a)
03/01/2031
3.875%
 
869,000
757,466
Rocket Mortgage LLC/Co-Issuer, Inc.(a)
10/15/2033
4.000%
 
2,287,000
1,939,359
4
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Springleaf Finance Corp.
11/15/2029
5.375%
 
61,000
57,335
United Wholesale Mortgage LLC(a)
06/15/2027
5.750%
 
120,000
116,773
04/15/2029
5.500%
 
182,000
172,233
Total
6,870,152
Food and Beverage 2.2%
Darling Ingredients, Inc.(a)
04/15/2027
5.250%
 
683,000
670,378
06/15/2030
6.000%
 
504,000
499,648
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/2026
5.625%
 
1,387,000
1,362,034
Post Holdings, Inc.(a)
02/15/2032
6.250%
 
797,000
802,556
Primo Water Holdings, Inc.(a)
04/30/2029
4.375%
 
498,000
457,139
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a)
03/01/2029
4.625%
 
1,049,000
927,955
Triton Water Holdings, Inc.(a)
04/01/2029
6.250%
 
700,000
637,477
US Foods, Inc.(a)
09/15/2028
6.875%
 
336,000
344,236
01/15/2032
7.250%
 
312,000
324,031
Total
6,025,454
Gaming 2.9%
Boyd Gaming Corp.
12/01/2027
4.750%
 
675,000
653,112
Caesars Entertainment, Inc.(a)
10/15/2029
4.625%
 
808,000
738,349
02/15/2030
7.000%
 
1,042,000
1,069,703
02/15/2032
6.500%
 
1,058,000
1,068,374
Churchill Downs, Inc.(a)
05/01/2031
6.750%
 
315,000
317,159
Colt Merger Sub, Inc.(a)
07/01/2027
8.125%
 
1,232,000
1,261,707
International Game Technology PLC(a)
02/15/2025
6.500%
 
200,000
200,586
04/15/2026
4.125%
 
339,000
328,596
Light & Wonder International, Inc.(a)
09/01/2031
7.500%
 
141,000
146,713
Midwest Gaming Borrower LLC(a)
05/01/2029
4.875%
 
1,001,000
926,612
Scientific Games Holdings LP/US FinCo, Inc.(a)
03/01/2030
6.625%
 
965,000
933,180
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Scientific Games International, Inc.(a)
05/15/2028
7.000%
 
369,000
372,104
Total
8,016,195
Health Care 7.2%
180 Medical, Inc.(a)
10/15/2029
3.875%
 
200,000
180,222
Acadia Healthcare Co., Inc.(a)
07/01/2028
5.500%
 
138,000
134,616
04/15/2029
5.000%
 
574,000
545,242
Avantor Funding, Inc.(a)
07/15/2028
4.625%
 
429,000
406,438
11/01/2029
3.875%
 
1,334,000
1,203,061
Bausch & Lomb Escrow Corp.(a)
10/01/2028
8.375%
 
531,000
549,143
Catalent Pharma Solutions, Inc.(a)
07/15/2027
5.000%
 
400,000
393,821
04/01/2030
3.500%
 
819,000
782,856
Charles River Laboratories International, Inc.(a)
05/01/2028
4.250%
 
249,000
235,029
03/15/2029
3.750%
 
249,000
227,238
03/15/2031
4.000%
 
291,000
259,951
CHS/Community Health Systems, Inc.(a)
03/15/2027
5.625%
 
585,000
538,388
04/15/2029
6.875%
 
654,000
490,163
05/15/2030
5.250%
 
1,703,000
1,389,219
01/15/2032
10.875%
 
389,000
401,762
DaVita, Inc.(a)
06/01/2030
4.625%
 
360,000
322,236
Indigo Merger Sub, Inc.(a)
07/15/2026
2.875%
 
297,000
276,734
IQVIA, Inc.(a)
05/15/2030
6.500%
 
270,000
275,581
Medline Borrower LP/Co-Issuer, Inc.(a)
04/01/2029
6.250%
 
430,000
431,939
Mozart Debt Merger Sub, Inc.(a)
04/01/2029
3.875%
 
941,000
856,541
10/01/2029
5.250%
 
2,252,000
2,128,606
Select Medical Corp.(a)
08/15/2026
6.250%
 
1,190,000
1,193,513
Star Parent, Inc.(a)
10/01/2030
9.000%
 
883,000
935,063
Surgery Center Holdings, Inc.(a)
07/01/2025
6.750%
 
42,000
41,997
04/15/2027
10.000%
 
348,000
348,884
Surgery Center Holdings, Inc.(a),(b)
04/15/2032
7.250%
 
457,000
461,008
Teleflex, Inc.
11/15/2027
4.625%
 
693,000
666,375
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
5
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Teleflex, Inc.(a)
06/01/2028
4.250%
 
223,000
209,523
Tenet Healthcare Corp.
02/01/2027
6.250%
 
1,061,000
1,060,420
11/01/2027
5.125%
 
1,798,000
1,758,087
10/01/2028
6.125%
 
704,000
701,422
06/15/2030
6.125%
 
446,000
445,507
Total
19,850,585
Home Construction 0.3%
Meritage Homes Corp.(a)
04/15/2029
3.875%
 
349,000
320,888
Shea Homes LP/Funding Corp.
02/15/2028
4.750%
 
432,000
410,782
04/01/2029
4.750%
 
102,000
95,787
Total
827,457
Independent Energy 4.6%
Baytex Energy Corp.(a)
04/30/2030
8.500%
 
563,000
587,389
Baytex Energy Corp.(a),(b)
03/15/2032
7.375%
 
553,000
558,875
Civitas Resources, Inc.(a)
11/01/2030
8.625%
 
187,000
200,751
07/01/2031
8.750%
 
601,000
643,514
CNX Resources Corp.(a)
01/15/2029
6.000%
 
342,000
335,173
Colgate Energy Partners III LLC(a)
07/01/2029
5.875%
 
1,884,000
1,852,724
Comstock Resources, Inc.(a)
01/15/2030
5.875%
 
96,000
86,943
CrownRock LP/Finance, Inc.(a)
05/01/2029
5.000%
 
461,000
455,584
Hilcorp Energy I LP/Finance Co.(a)
11/01/2028
6.250%
 
1,936,000
1,934,408
02/01/2029
5.750%
 
418,000
407,690
11/01/2033
8.375%
 
399,000
431,860
Matador Resources Co.
09/15/2026
5.875%
 
1,155,000
1,155,839
Matador Resources Co.(a)
04/15/2028
6.875%
 
333,000
340,909
Matador Resources Co.(a),(b)
04/15/2032
6.500%
 
566,000
566,988
Permian Resources Operating LLC(a)
01/15/2032
7.000%
 
1,032,000
1,069,846
SM Energy Co.
07/15/2028
6.500%
 
568,000
570,489
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Southwestern Energy Co.
02/01/2032
4.750%
 
1,771,000
1,630,451
Total
12,829,433
Leisure 3.0%
Boyne USA, Inc.(a)
05/15/2029
4.750%
 
151,000
140,046
Carnival Corp.(a)
03/01/2027
5.750%
 
487,000
482,065
08/15/2029
7.000%
 
520,000
542,920
Carnival Holdings Bermuda Ltd.(a)
05/01/2028
10.375%
 
1,323,000
1,443,546
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium
Op(a)
05/01/2025
5.500%
 
464,000
462,692
Cinemark USA, Inc.(a)
03/15/2026
5.875%
 
827,000
816,992
07/15/2028
5.250%
 
372,000
352,224
Live Nation Entertainment, Inc.(a)
10/15/2027
4.750%
 
297,000
283,721
NCL Corp., Ltd.(a)
02/15/2027
5.875%
 
426,000
420,241
Royal Caribbean Cruises Ltd.(a)
08/31/2026
5.500%
 
140,000
138,648
07/15/2027
5.375%
 
180,000
177,405
01/15/2029
9.250%
 
145,000
155,558
01/15/2030
7.250%
 
1,707,000
1,771,921
03/15/2032
6.250%
 
242,000
243,875
Six Flags Entertainment Corp.(a)
05/15/2031
7.250%
 
329,000
333,120
Viking Cruises Ltd.(a)
07/15/2031
9.125%
 
585,000
639,635
Total
8,404,609
Lodging 0.2%
Hilton Grand Vacations Borrower Escrow LLC(a)
01/15/2032
6.625%
 
435,000
436,289
Media and Entertainment 4.0%
Clear Channel Outdoor Holdings, Inc.(a)
04/15/2028
7.750%
 
835,000
730,801
09/15/2028
9.000%
 
506,000
527,069
06/01/2029
7.500%
 
135,000
111,669
04/01/2030
7.875%
 
635,000
631,173
Clear Channel Worldwide Holdings, Inc.(a)
08/15/2027
5.125%
 
1,754,000
1,655,535
iHeartCommunications, Inc.
05/01/2026
6.375%
 
701,000
596,848
05/01/2027
8.375%
 
225,000
125,337
6
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
iHeartCommunications, Inc.(a)
08/15/2027
5.250%
 
578,000
414,519
Outfront Media Capital LLC/Corp.(a)
01/15/2029
4.250%
 
278,000
251,910
03/15/2030
4.625%
 
877,000
786,680
02/15/2031
7.375%
 
1,445,000
1,515,977
Playtika Holding Corp.(a)
03/15/2029
4.250%
 
1,327,000
1,148,634
Roblox Corp.(a)
05/01/2030
3.875%
 
1,266,000
1,115,567
Univision Communications, Inc.(a)
08/15/2028
8.000%
 
614,000
625,725
06/30/2030
7.375%
 
763,000
754,998
Total
10,992,442
Metals and Mining 3.5%
Alcoa Nederland Holding BV(a)
03/15/2031
7.125%
 
274,000
279,175
Allegheny Technologies, Inc.
10/01/2029
4.875%
 
212,000
199,611
10/01/2031
5.125%
 
886,000
821,111
Constellium NV(a)
02/15/2026
5.875%
 
438,000
434,859
Constellium SE(a)
04/15/2029
3.750%
 
2,594,000
2,335,800
Hudbay Minerals, Inc.(a)
04/01/2026
4.500%
 
1,204,000
1,163,432
04/01/2029
6.125%
 
2,376,000
2,348,812
Kaiser Aluminum Corp.(a)
06/01/2031
4.500%
 
900,000
797,552
Novelis Corp.(a)
01/30/2030
4.750%
 
1,043,000
962,031
08/15/2031
3.875%
 
267,000
229,445
Total
9,571,828
Midstream 5.1%
Antero Midstream Partners LP/Finance Corp.(a)
02/01/2032
6.625%
 
453,000
454,937
CNX Midstream Partners LP(a)
04/15/2030
4.750%
 
1,064,000
947,393
DCP Midstream Operating LP
04/01/2044
5.600%
 
624,000
608,983
Delek Logistics Partners LP/Finance Corp.(a)
03/15/2029
8.625%
 
749,000
764,935
DT Midstream, Inc.(a)
04/15/2032
4.300%
 
149,000
135,165
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
EQM Midstream Partners LP
08/01/2024
4.000%
 
170,000
168,864
07/15/2028
5.500%
 
720,000
710,094
07/15/2048
6.500%
 
292,000
292,748
EQM Midstream Partners LP(a)
06/01/2027
7.500%
 
226,000
231,700
07/01/2027
6.500%
 
503,000
507,854
04/01/2029
6.375%
 
307,000
309,158
NuStar Logistics LP
10/01/2025
5.750%
 
1,237,000
1,231,822
06/01/2026
6.000%
 
1,107,000
1,103,597
04/28/2027
5.625%
 
124,000
122,793
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026
6.125%
 
1,237,000
1,184,541
Venture Global Calcasieu Pass LLC(a)
08/15/2029
3.875%
 
902,000
812,033
08/15/2031
4.125%
 
2,120,000
1,887,961
11/01/2033
3.875%
 
2,256,000
1,918,226
Venture Global LNG, Inc.(a)
02/01/2029
9.500%
 
344,000
370,842
02/01/2032
9.875%
 
369,000
397,805
Total
14,161,451
Oil Field Services 1.4%
Kodiak Gas Services LLC(a)
02/15/2029
7.250%
 
236,000
240,580
Nabors Industries Ltd.(a)
01/15/2028
7.500%
 
452,000
423,770
Nabors Industries, Inc.(a)
05/15/2027
7.375%
 
600,000
598,905
01/31/2030
9.125%
 
263,000
273,513
Transocean Aquila Ltd.(a)
09/30/2028
8.000%
 
475,000
487,425
Transocean Titan Financing Ltd.(a)
02/01/2028
8.375%
 
1,101,000
1,145,834
USA Compression Partners LP/Finance Corp.(a)
03/15/2029
7.125%
 
704,000
711,974
Total
3,882,001
Other Industry 0.1%
Williams Scotsman International, Inc.(a)
08/15/2028
4.625%
 
290,000
274,119
Other REIT 1.4%
Ladder Capital Finance Holdings LLLP/Corp.(a)
10/01/2025
5.250%
 
175,000
172,004
02/01/2027
4.250%
 
1,856,000
1,735,197
06/15/2029
4.750%
 
322,000
292,554
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a)
05/15/2029
4.875%
 
501,000
466,431
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
7
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
RHP Hotel Properties LP/Finance Corp.(a)
07/15/2028
7.250%
 
167,000
172,138
04/01/2032
6.500%
 
428,000
429,226
RLJ Lodging Trust LP(a)
07/01/2026
3.750%
 
346,000
329,562
Service Properties Trust(a)
11/15/2031
8.625%
 
344,000
367,166
Total
3,964,278
Packaging 1.6%
Ardagh Metal Packaging Finance USA LLC/PLC(a)
06/15/2027
6.000%
 
750,000
729,895
09/01/2029
4.000%
 
1,830,000
1,475,400
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
04/30/2025
5.250%
 
368,000
355,220
Canpack SA/US LLC(a)
11/15/2029
3.875%
 
939,000
831,190
Trivium Packaging Finance BV(a)
08/15/2026
5.500%
 
623,000
613,266
08/15/2027
8.500%
 
530,000
523,617
Total
4,528,588
Pharmaceuticals 1.5%
1375209 BC Ltd.(a)
01/30/2028
9.000%
 
84,000
82,335
Bausch Health Companies, Inc.(a)
11/01/2025
5.500%
 
405,000
382,159
06/01/2028
4.875%
 
871,000
474,620
09/30/2028
11.000%
 
151,000
100,784
10/15/2030
14.000%
 
30,000
17,621
Grifols Escrow Issuer SA(a)
10/15/2028
4.750%
 
1,364,000
1,128,754
Jazz Securities DAC(a)
01/15/2029
4.375%
 
363,000
338,124
Organon Finance 1 LLC(a)
04/30/2028
4.125%
 
413,000
384,741
04/30/2031
5.125%
 
1,461,000
1,293,881
Total
4,203,019
Property & Casualty 4.0%
Alliant Holdings Intermediate LLC/Co-Issuer(a)
10/15/2027
4.250%
 
481,000
453,027
10/15/2027
6.750%
 
1,320,000
1,298,644
04/15/2028
6.750%
 
901,000
906,652
11/01/2029
5.875%
 
162,000
150,738
01/15/2031
7.000%
 
942,000
952,519
AmWINS Group, Inc.(a)
02/15/2029
6.375%
 
552,000
554,495
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
AssuredPartners, Inc.(a)
01/15/2029
5.625%
 
461,000
424,624
02/15/2032
7.500%
 
415,000
407,777
BroadStreet Partners, Inc.(a)
04/15/2029
5.875%
 
896,000
829,403
GTCR AP Finance, Inc.(a)
05/15/2027
8.000%
 
186,000
186,007
HUB International Ltd.(a)
01/31/2032
7.375%
 
701,000
706,433
HUB International, Ltd.(a)
06/15/2030
7.250%
 
2,371,000
2,438,608
MGIC Investment Corp.
08/15/2028
5.250%
 
101,000
98,336
Panther Escrow Issuer LLC(a),(b)
06/01/2031
7.125%
 
931,000
947,610
Radian Group, Inc.
03/15/2027
4.875%
 
235,000
229,521
05/15/2029
6.200%
 
198,000
200,888
USI, Inc.(a)
01/15/2032
7.500%
 
329,000
329,359
Total
11,114,641
Refining 0.5%
HF Sinclair Corp.(a)
04/15/2027
6.375%
 
659,000
662,875
02/01/2028
5.000%
 
861,000
836,871
Total
1,499,746
Restaurants 0.8%
1011778 BC ULC/New Red Finance, Inc.(a)
04/15/2025
5.750%
 
551,000
549,668
Fertitta Entertainment LLC/Finance Co., Inc.(a)
01/15/2029
4.625%
 
130,000
119,327
01/15/2030
6.750%
 
160,000
143,614
IRB Holding Corp.(a)
06/15/2025
7.000%
 
650,000
650,829
Yum! Brands, Inc.
04/01/2032
5.375%
 
660,000
639,375
Total
2,102,813
Retailers 1.7%
Asbury Automotive Group, Inc.(a)
11/15/2029
4.625%
 
201,000
185,966
02/15/2032
5.000%
 
201,000
182,083
Group 1 Automotive, Inc.(a)
08/15/2028
4.000%
 
440,000
405,517
8
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Hanesbrands, Inc.(a)
05/15/2026
4.875%
 
425,000
414,190
02/15/2031
9.000%
 
288,000
295,827
L Brands, Inc.(a)
07/01/2025
9.375%
 
200,000
208,597
10/01/2030
6.625%
 
719,000
735,713
L Brands, Inc.
06/15/2029
7.500%
 
145,000
151,035
LCM Investments Holdings II LLC(a)
05/01/2029
4.875%
 
299,000
274,769
08/01/2031
8.250%
 
123,000
128,577
Lithia Motors, Inc.(a)
01/15/2031
4.375%
 
325,000
291,147
PetSmart, Inc./Finance Corp.(a)
02/15/2028
4.750%
 
587,000
548,151
02/15/2029
7.750%
 
275,000
267,795
Wolverine World Wide, Inc.(a)
08/15/2029
4.000%
 
852,000
684,440
Total
4,773,807
Technology 9.5%
Block, Inc.
06/01/2031
3.500%
 
318,000
276,743
Boxer Parent Co., Inc.(a)
10/02/2025
7.125%
 
212,000
212,085
03/01/2026
9.125%
 
129,000
129,183
Camelot Finance SA(a)
11/01/2026
4.500%
 
501,000
482,024
Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.(a)
06/15/2029
8.000%
 
115,000
119,120
Central Parent, Inc./CDK Global, Inc.(a)
06/15/2029
7.250%
 
307,000
313,626
Clarivate Science Holdings Corp.(a)
07/01/2028
3.875%
 
811,000
750,393
07/01/2029
4.875%
 
963,000
890,859
Cloud Software Group, Inc.(a)
09/30/2029
9.000%
 
1,299,000
1,246,390
CommScope Technologies LLC(a)
06/15/2025
6.000%
 
300,000
259,539
03/15/2027
5.000%
 
470,000
179,369
Condor Merger Sub, Inc.(a)
02/15/2030
7.375%
 
1,288,000
1,188,353
Entegris Escrow Corp.(a)
04/15/2029
4.750%
 
1,084,000
1,039,958
06/15/2030
5.950%
 
787,000
777,948
GoTo Group, Inc.(a)
05/01/2028
5.500%
 
263,153
228,074
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
GTCR W-2 Merger Sub LLC(a)
01/15/2031
7.500%
 
1,278,000
1,338,241
HealthEquity, Inc.(a)
10/01/2029
4.500%
 
823,000
760,701
Helios Software Holdings, Inc.(a)
05/01/2028
4.625%
 
765,000
686,023
ION Trading Technologies Sarl(a)
05/15/2028
5.750%
 
798,000
733,222
Iron Mountain Information Management Services, Inc.(a)
07/15/2032
5.000%
 
395,000
360,543
Iron Mountain, Inc.(a)
09/15/2027
4.875%
 
912,000
880,713
Minerva Merger Sub, Inc.(a)
02/15/2030
6.500%
 
1,223,000
1,119,827
NCR Atleos Escrow Corp.(a)
04/01/2029
9.500%
 
952,000
1,018,108
NCR Corp.(a)
10/01/2028
5.000%
 
716,000
667,850
04/15/2029
5.125%
 
1,761,000
1,632,617
10/01/2030
5.250%
 
46,000
41,696
Neptune Bidco US, Inc.(a)
04/15/2029
9.290%
 
1,122,000
1,061,555
Picard Midco, Inc.(a)
03/31/2029
6.500%
 
1,721,000
1,634,249
Seagate HDD Cayman(a)
12/15/2029
8.250%
 
311,000
333,944
07/15/2031
8.500%
 
346,000
373,771
Shift4 Payments LLC/Finance Sub, Inc.(a)
11/01/2026
4.625%
 
1,177,000
1,137,781
Synaptics, Inc.(a)
06/15/2029
4.000%
 
635,000
571,573
Tempo Acquisition LLC/Finance Corp.(a)
06/01/2025
5.750%
 
344,000
343,169
UKG, Inc.(a)
02/01/2031
6.875%
 
1,095,000
1,115,811
Verscend Escrow Corp.(a)
08/15/2026
9.750%
 
1,020,000
1,023,514
ZoomInfo Technologies LLC/Finance Corp.(a)
02/01/2029
3.875%
 
1,627,000
1,463,280
Total
26,391,852
Transportation Services 0.0%
Avis Budget Car Rental LLC/Finance, Inc.(a)
02/15/2031
8.000%
 
42,000
41,915
Wireless 1.8%
Altice France Holding SA(a)
02/15/2028
6.000%
 
1,135,000
310,936
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
9
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Altice France SA(a)
02/01/2027
8.125%
 
597,000
465,912
07/15/2029
5.125%
 
1,943,000
1,314,102
SBA Communications Corp.
02/01/2029
3.125%
 
785,000
695,734
Vmed O2 UK Financing I PLC(a)
01/31/2031
4.250%
 
1,539,000
1,303,756
07/15/2031
4.750%
 
1,182,000
1,018,909
Total
5,109,349
Wirelines 1.6%
Frontier Communications Holdings LLC(a)
05/15/2030
8.750%
 
597,000
611,403
03/15/2031
8.625%
 
778,000
794,323
Iliad Holding SAS(a)
10/15/2026
6.500%
 
2,208,000
2,185,395
10/15/2028
7.000%
 
908,000
898,930
Total
4,490,051
Total Corporate Bonds & Notes
(Cost $262,899,761)
257,566,418
 
Foreign Government Obligations(d) 1.2%
 
 
 
 
 
Canada 1.2%
NOVA Chemicals Corp.(a)
05/01/2025
5.000%
 
444,000
437,058
11/15/2028
8.500%
 
1,087,000
1,156,891
05/15/2029
4.250%
 
225,000
193,064
02/15/2030
9.000%
 
1,558,000
1,609,933
Total
3,396,946
Total Foreign Government Obligations
(Cost $3,336,707)
3,396,946
 
Senior Loans 1.7%
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Consumer Cyclical Services 0.4%
8th Avenue Food & Provisions, Inc.(e),(f)
1st Lien Term Loan
1-month Term SOFR + 3.750%
10/01/2025
9.191%
 
1,112,461
1,090,980
Property & Casualty 0.2%
Truist (McGriff) Insurance Services, Inc.(e),(f),(g)
Tranche B Term Loan
3-month Term SOFR + 4.750%
03/08/2032
10.073%
 
513,932
516,502
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Retailers 0.2%
PetSmart LLC(e),(f),(g)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
02/11/2028
9.176%
 
553,622
551,662
Technology 0.9%
Applied Systems, Inc.(e),(f)
1st Lien Term Loan
1-month Term SOFR + 3.500%
02/24/2031
8.821%
 
379,404
381,506
Ascend Learning LLC(e),(f)
1st Lien Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
12/11/2028
8.926%
 
754,964
749,966
2nd Lien Term Loan
1-month Term SOFR + 5.750%
Floor 0.500%
12/10/2029
11.176%
 
348,000
341,802
DCert Buyer, Inc.(e),(f)
2nd Lien Term Loan
1-month Term SOFR + 7.000%
02/19/2029
12.326%
 
52,667
47,285
UKG, Inc.(e),(f)
1st Lien Term Loan
3-month Term SOFR + 3.500%
02/10/2031
8.814%
 
589,460
592,260
2nd Lien Term Loan
3-month Term SOFR + 5.250%
Floor 0.500%
05/03/2027
10.680%
 
443,552
446,692
Total
2,559,511
Total Senior Loans
(Cost $4,707,149)
4,718,655
 
Money Market Funds 2.7%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(h),(i)
7,395,033
7,393,554
Total Money Market Funds
(Cost $7,393,035)
7,393,554
Total Investments in Securities
(Cost: $282,460,552)
276,842,768
Other Assets & Liabilities, Net
 
419,142
Net Assets
277,261,910
10
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – High Yield Bond 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 $236,653,715, which represents 85.35% of total net assets.
(b)
Represents a security purchased on a when-issued basis.
(c)
Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(d)
Principal and interest may not be guaranteed by a governmental entity.
(e)
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.
(f)
Variable rate security. The interest rate shown was the current rate as of March 31, 2024.
(g)
Represents a security purchased on a forward commitment basis.
(h)
The rate shown is the seven-day current annualized yield at March 31, 2024.
(i)
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%
 
3,421,439
19,969,548
(15,997,610
)
177
7,393,554
398
54,781
7,395,033
Abbreviation Legend 
SOFR
Secured Overnight Financing Rate
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Variable Portfolio – High Yield Bond Fund  | First Quarter Report 2024
11
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT7010_12_C01_(05/24)