NPORT-EX 3 nportpoi_245000.htm EDGAR HTML
 
Columbia Variable Portfolio – Intermediate 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 – Intermediate Bond Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Asset-Backed Securities — Agency 0.0%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
United States Small Business Administration
Series 2014-20I Class 1
09/01/2034
2.920%
 
98,674
90,852
Total Asset-Backed Securities — Agency
(Cost $99,992)
90,852
 
Asset-Backed Securities - Non-Agency 19.4%
 
 
 
 
 
ACHV ABS Trust(a)
Subordinated Series 2024-1PL Class B
04/25/2031
6.340%
 
4,086,000
4,085,063
ACM Auto Trust(a)
Series 2023-2A Class A
06/20/2030
7.970%
 
5,860,295
5,901,858
Affirm Asset Securitization Trust(a)
Series 2022-A Class 1A
05/17/2027
4.300%
 
4,500,000
4,471,465
Series 2023-A Class A
01/18/2028
6.610%
 
10,000,000
10,061,093
Series 2023-B Class 1A
09/15/2028
6.820%
 
16,600,000
16,845,967
Series 2023-B Class A
09/15/2028
6.820%
 
11,700,000
11,873,362
Ares XLVI CLO Ltd.(a),(b)
Series 2017-46A Class B1
3-month Term SOFR + 1.612%
Floor 1.350%
01/15/2030
6.926%
 
18,020,000
17,939,234
Bain Capital Credit CLO Ltd.(a),(b)
Series 2018-1A Class B
3-month Term SOFR + 1.662%
04/23/2031
6.977%
 
22,300,000
22,311,596
Series 2020-3A Class DR
3-month Term SOFR + 3.512%
Floor 3.250%
10/23/2034
8.827%
 
5,000,000
5,000,155
Carlyle Group LP(a),(b)
Series 2017-5A Class A2
3-month Term SOFR + 1.662%
01/20/2030
6.979%
 
12,000,000
11,979,120
CarMax Auto Owner Trust
Series 2024-1 Class A2A
03/15/2027
5.300%
 
16,300,000
16,274,407
Carvana Auto Receivables Trust(a)
Series 2023-N3 Class A
09/10/2027
6.410%
 
4,990,080
5,010,204
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Cent CLO Ltd.(a),(b)
Series 2018-C17A Class A2R
3-month Term SOFR + 1.862%
Floor 1.600%
04/30/2031
7.179%
 
21,000,000
21,001,344
Citizens Auto Receivables Trust(a)
Series 2024-1 Class A2A
10/15/2026
5.430%
 
14,490,000
14,480,880
Conn’s Receivables Funding LLC(a)
Series 2023-A Class A
01/17/2028
8.010%
 
1,118,914
1,121,146
Dryden CLO Ltd.(a),(b)
Series 2018-57A Class B
3-month Term SOFR + 1.612%
Floor 1.350%
05/15/2031
6.919%
 
14,617,500
14,623,274
DT Auto Owner Trust(a)
Series 2023-2A Class A
04/15/2027
5.880%
 
5,123,930
5,125,558
Exeter Automobile Receivables Trust(c)
Series 2024-2A Class A2
05/15/2026
5.700%
 
12,000,000
12,000,257
Exeter Automobile Receivables Trust
Subordinated Series 2023-3A Class B
09/15/2027
6.110%
 
4,100,000
4,106,754
GLS Auto Receivables Issuer Trust(a)
Subordinated Series 2022-1A-B Class B
05/15/2026
2.840%
 
3,175,411
3,160,255
Goldentree Loan Opportunities XI Ltd.(a),(b)
Series 2015-11A Class BR2
3-month Term SOFR + 1.612%
01/18/2031
6.910%
 
10,000,000
9,966,210
LendingPoint Asset Securitization Trust(a)
Subordinated Series 2022-A Class C
06/15/2029
2.820%
 
3,225,848
3,198,735
LL ABS Trust(a)
Series 2021-1A Class A
05/15/2029
1.070%
 
163,098
162,725
Madison Park Funding XXVII Ltd.(a),(b)
Series 2018-27A Class A2
3-month Term SOFR + 1.612%
04/20/2030
6.929%
 
11,300,000
11,265,038
Marlette Funding Trust(a)
Series 2020-2A Class D
09/16/2030
4.650%
 
1,021,325
1,019,625
Series 2023-2A Class A
06/15/2033
6.040%
 
3,185,122
3,187,359
2
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Subordinated Series 2022-2A Class C
08/15/2032
6.140%
 
5,089,000
5,065,714
Octagon Investment Partners 35 Ltd.(a),(b)
Series 2018-1A Class A2
3-month Term SOFR + 1.662%
Floor 1.400%
01/20/2031
6.979%
 
20,375,000
20,383,619
Octagon Investment Partners XXII Ltd.(a),(b)
Series 2014-1A Class BRR
3-month Term SOFR + 1.712%
Floor 1.450%
01/22/2030
7.029%
 
45,625,000
45,530,876
Oportun Issuance Trust(a)
Series 2021-B Class A
05/08/2031
1.470%
 
27,500,000
26,161,663
Subordinated Series 2021-B Class B
05/08/2031
1.960%
 
3,065,000
2,888,685
Pagaya AI Debt Selection Trust(a)
Subordinated Series 2021-3 Class B
05/15/2029
1.740%
 
3,289,980
3,272,807
Subordinated Series 2021-5 Class B
08/15/2029
2.630%
 
9,405,523
9,241,379
Pagaya AI Debt Trust(a)
Series 2022-1 Class A
10/15/2029
2.030%
 
2,633,449
2,607,288
Series 2022-2 Class A
01/15/2030
4.970%
 
2,114,182
2,103,385
Series 2023-1 Class A
07/15/2030
7.556%
 
7,116,241
7,147,925
Series 2023-3 Class A
12/16/2030
7.600%
 
9,784,861
9,853,961
Series 2023-6 Class A
06/16/2031
7.128%
 
15,984,491
16,041,410
Series 2024-2 Class A
08/15/2031
6.319%
 
4,000,000
4,005,942
Series 2024-3 Class A
10/15/2031
6.258%
 
7,720,000
7,728,259
Subordinated Series 2022-1 Class B
10/15/2029
3.344%
 
16,697,792
16,271,577
Subordinated Series 2022-3 Class B
03/15/2030
8.050%
 
8,999,127
9,094,028
Subordinated Series 2023-1 Class B
07/15/2030
9.435%
 
7,798,916
7,974,952
Subordinated Series 2023-6 Class B
06/16/2031
7.464%
 
11,996,923
12,078,097
Subordinated Series 2023-7 Class B
07/15/2031
7.549%
 
14,444,617
14,519,699
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Subordinated Series 2024-3 Class B
10/15/2031
6.571%
 
11,500,000
11,530,979
Subordinated Series 2024-3 Class C
10/15/2031
7.297%
 
5,750,000
5,762,575
Pagaya AI Debt Trust(a),(d)
Subordinated Series 2023-5 Class AB
04/15/2031
7.277%
 
8,944,012
8,984,136
PAGAYA AI Debt Trust(a),(d)
Subordinated Series 2022-3 Class AB
03/15/2030
6.813%
 
1,921,977
1,931,531
Palmer Square Loan Funding Ltd.(a),(b)
Series 2022-3A Class A1BR
3-month Term SOFR + 1.400%
Floor 1.400%
04/15/2031
6.721%
 
11,000,000
10,999,901
Reach ABS Trust(a)
Series 2024-1A Class A
02/18/2031
6.300%
 
8,789,648
8,807,821
Research-Driven Pagaya Motor Asset Trust(a)
Series 2023-4A Class A
03/25/2032
7.540%
 
12,810,544
12,817,098
Research-Driven Pagaya Motor Asset Trust IV(a)
Series 2021-2A Class A
03/25/2030
2.650%
 
4,277,673
4,104,161
Research-Driven Pagaya Motor Trust(a)
Series 2024-1A Class A
06/25/2032
7.090%
 
8,580,000
8,600,708
RR 3 Ltd.(a),(b)
Series 2014-14A Class A2R2
3-month Term SOFR + 1.662%
Floor 1.400%
01/15/2030
6.976%
 
28,000,000
27,919,472
SAFCO Auto Receivables Trust(a)
Series 2024-1A Class A
03/20/2028
6.510%
 
7,153,753
7,137,730
Santander Drive Auto Receivables Trust
Series 2024-1 Class A2
02/16/2027
5.710%
 
14,506,000
14,513,584
Santander Revolving Auto Loan Trust(a)
Series 2019-A Class A
01/26/2032
2.510%
 
6,992,000
6,821,810
SBNA Auto Lease Trust(a)
Series 2024-A Class A2
01/20/2026
5.450%
 
11,000,000
10,984,872
Stewart Park CLO Ltd.(a),(b)
Series 2017-1A Class BR
3-month Term SOFR + 1.632%
Floor 1.370%
01/15/2030
6.946%
 
11,171,429
11,152,359
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Asset-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Upstart Pass-Through Trust(a)
Series 2020-ST6 Class A
01/20/2027
3.000%
 
1,320,043
1,305,580
Series 2021-ST1 Class A
02/20/2027
2.750%
 
1,920,589
1,897,890
Series 2021-ST10 Class A
01/20/2030
2.250%
 
3,353,940
3,283,234
Upstart Securitization Trust(a)
Series 2023-1 Class A
02/20/2033
6.590%
 
2,694,460
2,693,724
Series 2023-2 Class A
06/20/2033
6.770%
 
7,561,836
7,578,128
Subordinated Series 2021-3 Class B
07/20/2031
1.660%
 
2,447,595
2,431,264
Subordinated Series 2021-4 Class B
09/20/2031
1.840%
 
8,885,237
8,744,520
Upstart Structured Pass-Through Trust(a)
Series 2022-1A Class A
04/15/2030
3.400%
 
15,378,384
15,085,649
Westlake Automobile Receivables Trust(a)
Series 2023-3A Class A3
05/17/2027
5.820%
 
7,200,000
7,235,503
Total Asset-Backed Securities — Non-Agency
(Cost $661,162,614)
660,468,179
 
Commercial Mortgage-Backed Securities - Agency 0.2%
 
 
 
 
 
FRESB Mortgage Trust(d)
Series 2018-SB45 Class A10F (FHLMC)
11/25/2027
3.160%
 
5,726,541
5,367,371
Total Commercial Mortgage-Backed Securities - Agency
(Cost $5,736,846)
5,367,371
 
Commercial Mortgage-Backed Securities - Non-Agency 4.8%
 
 
 
 
 
BAMLL Commercial Mortgage Securities Trust(a),(d)
Series 2013-WBRK Class A
03/10/2037
3.534%
 
5,550,000
5,107,854
BBCMS Trust(a),(b)
Subordinated Series 2018-BXH Class E
1-month Term SOFR + 2.364%
Floor 2.250%
10/15/2037
7.690%
 
10,581,000
10,281,315
Braemar Hotels & Resorts Trust(a),(b)
Subordinated Series 2018-PRME Class D
1-month Term SOFR + 1.847%
Floor 1.925%
06/15/2035
7.240%
 
6,950,000
6,811,411
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CLNY Trust(a),(b)
Subordinated Series 2019-IKPR Class E
1-month Term SOFR + 2.835%
Floor 2.721%
11/15/2038
8.156%
 
8,150,000
7,254,573
COMM Mortgage Trust(a),(d)
Subordinated Series 2020-CBM Class E
02/10/2037
3.633%
 
10,950,000
10,351,553
Credit Suisse Mortgage Capital Certificates OA LLC(a)
Series 2014-USA Class A2
09/15/2037
3.953%
 
15,735,000
13,925,475
Subordinated Series 2014-USA Class E
09/15/2037
4.373%
 
19,065,000
9,749,075
Subordinated Series 2014-USA Class F
09/15/2037
4.373%
 
16,000,000
5,590,435
Hilton USA Trust(a)
Subordinated Series 2016-SFP Class E
11/05/2035
5.519%
 
10,901,000
1,090,050
Morgan Stanley Capital I Trust(a),(d)
Series 2019-MEAD Class E
11/10/2036
3.177%
 
13,400,000
11,425,156
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%
 
6,600,000
6,075,687
Subordinated Series 2020-1NYP Class D
1-month Term SOFR + 2.864%
Floor 2.750%
01/15/2036
8.190%
 
4,150,000
3,422,570
Progress Residential Trust(a)
Series 2020-SFR1 Class E
04/17/2037
3.032%
 
19,775,000
19,103,061
Series 2020-SFR3 Class A
10/17/2027
1.294%
 
7,923,041
7,424,618
Subordinated Series 2020-SFR2 Class E
06/17/2037
5.115%
 
5,900,000
5,795,220
SFO Commercial Mortgage Trust(a),(b)
Series 2021-555 Class A
1-month Term SOFR + 1.264%
Floor 1.150%
05/15/2038
6.590%
 
22,000,000
21,380,713
UBS Commercial Mortgage Trust(a),(b)
Series 2018-NYCH Class B
1-month Term SOFR + 1.297%
Floor 1.250%
02/15/2032
6.622%
 
10,469,000
10,074,141
4
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Wells Fargo Commercial Mortgage Trust(a),(b)
Subordinated Series 2017-SMP Class C
1-month Term SOFR + 1.372%
Floor 1.200%
12/15/2034
6.697%
 
9,000,000
7,887,065
Total Commercial Mortgage-Backed Securities - Non-Agency
(Cost $200,316,807)
162,749,972
 
Convertible Bonds 0.0%
 
 
 
 
 
Cable and Satellite 0.0%
DISH Network Corp.
Subordinated
08/15/2026
3.375%
 
691,000
430,147
Total Convertible Bonds
(Cost $669,993)
430,147
 
Corporate Bonds & Notes(e) 19.3%
 
 
 
 
 
Aerospace & Defense 1.0%
BAE Systems PLC(a)
03/26/2029
5.125%
 
3,832,000
3,846,104
Boeing Co. (The)
08/01/2059
3.950%
 
9,000,000
6,159,743
Bombardier, Inc.(a)
04/15/2027
7.875%
 
562,000
562,862
Bombardier, Inc.(a),(c)
07/01/2031
7.250%
 
113,000
113,319
L3Harris Technologies, Inc.
07/31/2033
5.400%
 
2,447,000
2,463,500
Lockheed Martin Corp.
08/15/2034
4.800%
 
2,360,000
2,334,311
Northrop Grumman Corp.
06/01/2034
4.900%
 
8,580,000
8,429,972
Raytheon Technologies Corp.
03/15/2032
2.375%
 
8,699,000
7,174,470
Spirit AeroSystems, Inc.(a)
11/30/2029
9.375%
 
174,000
189,784
11/15/2030
9.750%
 
359,000
401,635
TransDigm, Inc.(a)
08/15/2028
6.750%
 
551,000
559,077
03/01/2029
6.375%
 
778,000
780,377
03/01/2032
6.625%
 
795,000
803,176
Total
33,818,330
Airlines 0.1%
Air Canada(a)
08/15/2026
3.875%
 
398,000
380,300
American Airlines, Inc.(a)
05/15/2029
8.500%
 
184,000
194,314
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
04/20/2026
5.500%
 
1,376,374
1,367,128
04/20/2029
5.750%
 
672,779
661,813
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.(a)
01/20/2026
5.750%
 
707,121
665,251
United Airlines, Inc.(a)
04/15/2026
4.375%
 
779,000
753,336
04/15/2029
4.625%
 
510,000
474,450
Total
4,496,592
Automotive 0.1%
American Axle & Manufacturing, Inc.
04/01/2027
6.500%
 
191,000
190,279
Clarios Global LP/US Finance Co.(a)
05/15/2028
6.750%
 
187,000
189,470
Panther BF Aggregator 2 LP/Finance Co., Inc.(a)
05/15/2026
6.250%
 
424,000
423,714
05/15/2027
8.500%
 
563,000
563,755
ZF North America Capital, Inc.(a)
04/14/2030
7.125%
 
440,000
463,673
Total
1,830,891
Banking 5.3%
Ally Financial, Inc.
05/21/2024
3.875%
 
125,000
124,610
Subordinated
11/20/2025
5.750%
 
765,000
759,591
Bank of America Corp.(f)
10/20/2032
2.572%
 
26,334,000
21,807,506
02/04/2033
2.972%
 
18,020,000
15,288,519
Subordinated
09/21/2036
2.482%
 
809,000
646,361
Citigroup, Inc.(f)
06/03/2031
2.572%
 
4,618,000
3,947,403
01/25/2033
3.057%
 
12,760,000
10,828,939
Goldman Sachs Group, Inc. (The)(f)
07/21/2032
2.383%
 
12,440,000
10,197,457
10/21/2032
2.650%
 
12,753,000
10,614,244
HSBC Holdings PLC(f)
05/24/2032
2.804%
 
10,006,000
8,378,019
11/22/2032
2.871%
 
8,411,000
7,027,118
JPMorgan Chase & Co.(f)
04/22/2032
2.580%
 
15,278,000
12,897,992
11/08/2032
2.545%
 
21,610,000
17,969,820
Morgan Stanley(f)
07/21/2032
2.239%
 
5,578,000
4,548,709
10/20/2032
2.511%
 
20,090,000
16,600,514
07/21/2034
5.424%
 
1,842,000
1,847,761
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
5
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Subordinated
09/16/2036
2.484%
 
1,860,000
1,470,228
PNC Financial Services Group, Inc. (The)(f)
10/20/2034
6.875%
 
1,658,000
1,815,247
US Bancorp(f)
06/12/2034
5.836%
 
2,951,000
3,008,379
Wells Fargo & Co.(f)
10/30/2030
2.879%
 
404,000
357,162
07/25/2034
5.557%
 
30,931,000
31,074,749
Total
181,210,328
Brokerage/Asset Managers/Exchanges 0.1%
AG Issuer LLC(a)
03/01/2028
6.250%
 
350,000
342,039
AG TTMT Escrow Issuer LLC(a)
09/30/2027
8.625%
 
357,000
369,484
Aretec Escrow Issuer 2, Inc.(a)
08/15/2030
10.000%
 
514,000
562,468
Aretec Escrow Issuer, Inc.(a)
04/01/2029
7.500%
 
228,000
216,985
Hightower Holding LLC(a)
04/15/2029
6.750%
 
535,000
502,431
NFP Corp.(a)
08/15/2028
4.875%
 
366,000
366,692
08/15/2028
6.875%
 
1,517,000
1,536,258
10/01/2030
7.500%
 
1,049,000
1,105,468
10/01/2031
8.500%
 
206,000
226,821
Total
5,228,646
Building Materials 0.1%
American Builders & Contractors Supply Co., Inc.(a)
01/15/2028
4.000%
 
571,000
534,507
Beacon Roofing Supply, Inc.(a)
11/15/2026
4.500%
 
670,000
651,264
08/01/2030
6.500%
 
275,000
279,202
SRS Distribution, Inc.(a)
07/01/2029
6.125%
 
385,000
392,711
12/01/2029
6.000%
 
515,000
525,866
Standard Industries, Inc.(a)
01/15/2028
4.750%
 
735,000
701,336
Summit Materials LLC /Finance Corp.(a)
01/15/2031
7.250%
 
274,000
284,689
Summit Materials LLC/Finance Corp.(a)
01/15/2029
5.250%
 
45,000
43,794
White Cap Buyer LLC(a)
10/15/2028
6.875%
 
594,000
582,788
Total
3,996,157
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Cable and Satellite 0.7%
CCO Holdings LLC/Capital Corp.(a)
02/01/2028
5.000%
 
687,000
639,731
03/01/2030
4.750%
 
626,000
536,974
08/15/2030
4.500%
 
423,000
355,325
02/01/2031
4.250%
 
459,000
373,598
02/01/2032
4.750%
 
552,000
451,048
CCO Holdings LLC/Capital Corp.
05/01/2032
4.500%
 
2,042,000
1,640,321
CCO Holdings LLC/Holdings Capital Corp.(a)
01/15/2034
4.250%
 
250,000
188,680
Charter Communications Operating LLC/Capital
05/01/2047
5.375%
 
4,412,000
3,562,103
12/01/2061
4.400%
 
7,340,000
4,796,623
06/30/2062
3.950%
 
5,633,000
3,402,463
CSC Holdings LLC(a)
02/01/2028
5.375%
 
789,000
678,644
01/31/2029
11.750%
 
441,000
441,119
01/15/2030
5.750%
 
722,000
381,978
12/01/2030
4.125%
 
830,000
590,161
11/15/2031
5.000%
 
169,000
85,607
DISH Network Corp.(a)
11/15/2027
11.750%
 
1,614,000
1,648,683
Sirius XM Radio, Inc.(a)
09/01/2026
3.125%
 
301,000
282,210
08/01/2027
5.000%
 
866,000
833,751
07/01/2030
4.125%
 
266,000
232,549
Videotron Ltd.(a)
06/15/2029
3.625%
 
2,000,000
1,806,309
Virgin Media Finance PLC(a)
07/15/2030
5.000%
 
671,000
567,281
Virgin Media Secured Finance PLC(a)
05/15/2029
5.500%
 
294,000
271,776
VZ Secured Financing BV(a)
01/15/2032
5.000%
 
768,000
659,356
Ziggo Bond Co. BV(a)
02/28/2030
5.125%
 
339,000
289,924
Ziggo BV(a)
01/15/2030
4.875%
 
896,000
804,027
Total
25,520,241
Chemicals 0.3%
Avient Corp.(a)
08/01/2030
7.125%
 
403,000
413,647
Axalta Coating Systems LLC/Dutch Holding B BV(a)
06/15/2027
4.750%
 
621,000
599,371
Element Solutions, Inc.(a)
09/01/2028
3.875%
 
620,000
568,312
6
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
HB Fuller Co.
10/15/2028
4.250%
 
821,000
761,299
Herens Holdco Sarl(a)
05/15/2028
4.750%
 
600,000
524,898
Illuminate Buyer LLC/Holdings IV, Inc.(a)
07/01/2028
9.000%
 
285,000
282,839
INEOS Finance PLC(a)
04/15/2029
7.500%
 
510,000
511,572
INEOS Quattro Finance 2 PLC(a)
03/15/2029
9.625%
 
504,000
540,989
Ingevity Corp.(a)
11/01/2028
3.875%
 
534,000
482,429
Innophos Holdings, Inc.(a)
02/15/2028
9.375%
 
408,000
341,343
Iris Holdings, Inc.(a),(g)
02/15/2026
8.750%
 
467,000
402,034
Olympus Water US Holding Corp.(a)
10/01/2028
4.250%
 
442,000
400,417
11/15/2028
9.750%
 
1,436,000
1,530,986
10/01/2029
6.250%
 
618,000
564,322
WR Grace Holdings LLC(a)
06/15/2027
4.875%
 
816,000
776,164
08/15/2029
5.625%
 
1,073,000
960,469
03/01/2031
7.375%
 
107,000
108,567
Total
9,769,658
Construction Machinery 0.1%
H&E Equipment Services, Inc.(a)
12/15/2028
3.875%
 
1,045,000
956,699
Herc Holdings, Inc.(a)
07/15/2027
5.500%
 
451,000
443,210
Ritchie Bros Holdings, Inc.(a)
03/15/2028
6.750%
 
456,000
465,385
03/15/2031
7.750%
 
176,000
184,126
Total
2,049,420
Consumer Cyclical Services 0.1%
APX Group, Inc.(a)
07/15/2029
5.750%
 
171,000
164,393
Arches Buyer, Inc.(a)
06/01/2028
4.250%
 
753,000
662,651
12/01/2028
6.125%
 
557,000
467,339
Match Group, Inc.(a)
06/01/2028
4.625%
 
1,005,000
949,238
Uber Technologies, Inc.(a)
08/15/2029
4.500%
 
1,999,000
1,900,960
Total
4,144,581
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Consumer Products 0.1%
Acushnet Co.(a)
10/15/2028
7.375%
 
272,000
281,644
CD&R Smokey Buyer, Inc.(a)
07/15/2025
6.750%
 
936,000
927,282
Scotts Miracle-Gro Co. (The)
04/01/2031
4.000%
 
135,000
116,299
Spectrum Brands, Inc.(a)
10/01/2029
5.000%
 
409,000
400,861
07/15/2030
5.500%
 
130,000
127,297
Total
1,853,383
Diversified Manufacturing 0.2%
Chart Industries, Inc.(a)
01/01/2030
7.500%
 
234,000
243,040
Emerald Debt Merger Sub LLC(a)
12/15/2030
6.625%
 
1,094,000
1,104,556
Esab Corp.(a),(c)
04/15/2029
6.250%
 
180,000
180,962
Gates Global LLC/Co.(a)
01/15/2026
6.250%
 
774,000
772,028
Madison IAQ LLC(a)
06/30/2028
4.125%
 
205,000
189,644
06/30/2029
5.875%
 
718,000
658,231
Resideo Funding, Inc.(a)
09/01/2029
4.000%
 
543,000
487,029
Vertical Holdco GmbH(a)
07/15/2028
7.625%
 
284,000
278,074
Vertical US Newco, Inc.(a)
07/15/2027
5.250%
 
289,000
279,249
WESCO Distribution, Inc.(a)
06/15/2025
7.125%
 
380,000
380,489
06/15/2028
7.250%
 
924,000
943,425
03/15/2029
6.375%
 
331,000
334,478
03/15/2032
6.625%
 
425,000
432,047
Total
6,283,252
Electric 1.1%
AEP Texas, Inc.
01/15/2050
3.450%
 
5,325,000
3,731,273
Clearway Energy Operating LLC(a)
03/15/2028
4.750%
 
895,000
851,520
02/15/2031
3.750%
 
760,000
654,587
01/15/2032
3.750%
 
512,000
430,982
Duke Energy Corp.
08/15/2052
5.000%
 
3,773,000
3,421,974
Edison International
11/15/2028
5.250%
 
5,951,000
5,939,201
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
7
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Emera US Finance LP
06/15/2046
4.750%
 
8,426,000
6,938,858
FirstEnergy Corp.
03/01/2050
3.400%
 
1,926,000
1,324,089
NextEra Energy Operating Partners LP(a)
07/15/2024
4.250%
 
631,000
625,969
10/15/2026
3.875%
 
96,000
89,607
09/15/2027
4.500%
 
989,000
926,818
01/15/2029
7.250%
 
406,000
415,870
NRG Energy, Inc.(a)
02/15/2029
3.375%
 
322,000
286,397
02/15/2031
3.625%
 
1,125,000
971,254
02/15/2032
3.875%
 
40,000
34,321
Pacific Gas and Electric Co.
07/01/2050
4.950%
 
10,250,000
8,829,962
TerraForm Power Operating LLC(a)
01/31/2028
5.000%
 
291,000
277,401
01/15/2030
4.750%
 
895,000
821,397
Vistra Operations Co. LLC(a)
02/15/2027
5.625%
 
222,000
218,580
05/01/2029
4.375%
 
1,134,000
1,050,925
10/15/2031
7.750%
 
550,000
575,657
Total
38,416,642
Environmental 0.1%
GFL Environmental, Inc.(a)
12/15/2026
5.125%
 
481,000
472,480
08/01/2028
4.000%
 
612,000
564,191
06/15/2029
4.750%
 
402,000
377,762
01/15/2031
6.750%
 
586,000
600,560
Waste Pro USA, Inc.(a)
02/15/2026
5.500%
 
907,000
893,635
Total
2,908,628
Finance Companies 0.2%
GGAM Finance Ltd.(a)
02/15/2027
8.000%
 
508,000
524,117
GGAM Finance Ltd.(a),(c)
04/15/2029
6.875%
 
267,000
268,944
Navient Corp.
06/25/2025
6.750%
 
668,000
672,511
03/15/2031
11.500%
 
387,000
431,175
OneMain Finance Corp.
01/15/2027
3.500%
 
411,000
381,584
01/15/2029
9.000%
 
261,000
276,900
03/15/2030
7.875%
 
457,000
472,357
09/15/2030
4.000%
 
181,000
154,952
Provident Funding Associates LP/Finance Corp.(a)
06/15/2025
6.375%
 
471,000
451,607
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Rocket Mortgage LLC/Co-Issuer, Inc.(a)
10/15/2033
4.000%
 
2,842,000
2,409,996
Springleaf Finance Corp.
11/15/2029
5.375%
 
26,000
24,438
United Wholesale Mortgage LLC(a)
06/15/2027
5.750%
 
72,000
70,064
04/15/2029
5.500%
 
29,000
27,444
Total
6,166,089
Food and Beverage 0.7%
Bacardi Ltd.(a)
05/15/2048
5.300%
 
12,645,000
11,866,401
Chobani LLC/Finance Corp., Inc.(a)
07/01/2029
7.625%
 
118,000
119,738
Constellation Brands, Inc.
05/01/2033
4.900%
 
7,268,000
7,130,957
FAGE International SA/USA Dairy Industry, Inc.(a)
08/15/2026
5.625%
 
1,173,000
1,151,886
Post Holdings, Inc.(a)
01/15/2028
5.625%
 
550,000
540,013
09/15/2031
4.500%
 
521,000
468,698
02/15/2032
6.250%
 
293,000
295,042
Primo Water Holdings, Inc.(a)
04/30/2029
4.375%
 
618,000
567,293
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed(a)
03/01/2029
4.625%
 
977,000
864,263
Triton Water Holdings, Inc.(a)
04/01/2029
6.250%
 
535,000
487,215
US Foods, Inc.(a)
09/15/2028
6.875%
 
209,000
214,123
06/01/2030
4.625%
 
512,000
474,346
01/15/2032
7.250%
 
195,000
202,519
Total
24,382,494
Gaming 0.2%
Boyd Gaming Corp.(a)
06/15/2031
4.750%
 
310,000
285,121
Caesars Entertainment, Inc.(a)
10/15/2029
4.625%
 
1,048,000
957,660
02/15/2030
7.000%
 
634,000
650,856
02/15/2032
6.500%
 
513,000
518,030
Churchill Downs, Inc.(a)
01/15/2028
4.750%
 
393,000
374,094
Colt Merger Sub, Inc.(a)
07/01/2027
8.125%
 
448,000
458,802
Midwest Gaming Borrower LLC(a)
05/01/2029
4.875%
 
1,152,000
1,066,390
8
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Penn National Gaming, Inc.(a)
07/01/2029
4.125%
 
730,000
631,345
Scientific Games Holdings LP/US FinCo, Inc.(a)
03/01/2030
6.625%
 
820,000
792,962
Scientific Games International, Inc.(a)
11/15/2029
7.250%
 
644,000
661,363
Total
6,396,623
Health Care 0.8%
Acadia Healthcare Co., Inc.(a)
04/15/2029
5.000%
 
692,000
657,330
Avantor Funding, Inc.(a)
07/15/2028
4.625%
 
574,000
543,812
11/01/2029
3.875%
 
727,000
655,641
Bausch & Lomb Escrow Corp.(a)
10/01/2028
8.375%
 
331,000
342,310
Becton Dickinson Euro Finance SARL
08/13/2041
1.336%
EUR
1,145,000
859,002
Catalent Pharma Solutions, Inc.(a)
04/01/2030
3.500%
 
402,000
384,259
CHS/Community Health Systems, Inc.(a)
03/15/2027
5.625%
 
423,000
389,296
04/15/2029
6.875%
 
489,000
366,498
05/15/2030
5.250%
 
936,000
763,540
02/15/2031
4.750%
 
493,000
380,424
01/15/2032
10.875%
 
245,000
253,038
Cigna Group (The)
02/15/2054
5.600%
 
2,585,000
2,595,040
HCA, Inc.
09/01/2030
3.500%
 
15,861,000
14,335,732
Medline Borrower LP/Co-Issuer, Inc.(a)
04/01/2029
6.250%
 
263,000
264,186
Mozart Debt Merger Sub, Inc.(a)
04/01/2029
3.875%
 
520,000
473,327
10/01/2029
5.250%
 
1,200,000
1,134,248
Select Medical Corp.(a)
08/15/2026
6.250%
 
938,000
940,769
Star Parent, Inc.(a)
10/01/2030
9.000%
 
621,000
657,615
Surgery Center Holdings, Inc.(a),(c)
04/15/2032
7.250%
 
279,000
281,447
Tenet Healthcare Corp.
02/01/2027
6.250%
 
654,000
653,642
06/15/2028
4.625%
 
507,000
483,029
10/01/2028
6.125%
 
478,000
476,250
06/01/2029
4.250%
 
102,000
94,768
01/15/2030
4.375%
 
485,000
448,473
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Tenet Healthcare Corp.(a)
05/15/2031
6.750%
 
284,000
289,372
Total
28,723,048
Healthcare Insurance 1.2%
Aetna, Inc.
11/15/2042
4.125%
 
1,339,000
1,091,865
Centene Corp.
02/15/2030
3.375%
 
835,000
740,115
10/15/2030
3.000%
 
20,314,000
17,413,361
03/01/2031
2.500%
 
5,714,000
4,703,068
08/01/2031
2.625%
 
4,954,000
4,068,538
UnitedHealth Group, Inc.
04/15/2034
5.000%
 
12,834,000
12,848,542
Total
40,865,489
Home Construction 0.0%
Shea Homes LP/Funding Corp.
02/15/2028
4.750%
 
794,000
755,002
Independent Energy 0.3%
Baytex Energy Corp.(a)
04/30/2030
8.500%
 
688,000
717,804
Baytex Energy Corp.(a),(c)
03/15/2032
7.375%
 
594,000
600,310
Callon Petroleum Co.
07/01/2026
6.375%
 
1,124,000
1,135,948
Callon Petroleum Co.(a)
08/01/2028
8.000%
 
427,000
446,313
06/15/2030
7.500%
 
90,000
95,290
Centennial Resource Production LLC(a)
04/01/2027
6.875%
 
85,000
85,000
Civitas Resources, Inc.(a)
07/01/2028
8.375%
 
120,000
126,233
11/01/2030
8.625%
 
282,000
302,737
07/01/2031
8.750%
 
277,000
296,595
CNX Resources Corp.(a)
01/15/2029
6.000%
 
763,000
747,769
Colgate Energy Partners III LLC(a)
07/01/2029
5.875%
 
1,145,000
1,125,992
Comstock Resources, Inc.(a)
03/01/2029
6.750%
 
307,000
292,760
01/15/2030
5.875%
 
618,000
559,696
CrownRock LP/Finance, Inc.(a)
10/15/2025
5.625%
 
586,000
584,281
05/01/2029
5.000%
 
391,000
386,406
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
9
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Hilcorp Energy I LP/Finance Co.(a)
02/01/2029
5.750%
 
571,000
556,916
04/15/2030
6.000%
 
334,000
326,789
04/15/2032
6.250%
 
231,000
227,947
11/01/2033
8.375%
 
317,000
343,106
Matador Resources Co.
09/15/2026
5.875%
 
191,000
191,139
Matador Resources Co.(a)
04/15/2028
6.875%
 
213,000
218,059
Matador Resources Co.(a),(c)
04/15/2032
6.500%
 
345,000
345,602
Permian Resources Operating LLC(a)
01/15/2032
7.000%
 
922,000
955,812
Southwestern Energy Co.
02/01/2032
4.750%
 
714,000
657,336
Total
11,325,840
Leisure 0.2%
Boyne USA, Inc.(a)
05/15/2029
4.750%
 
85,000
78,834
Carnival Corp.(a)
03/01/2026
7.625%
 
453,000
457,793
08/01/2028
4.000%
 
510,000
475,065
08/15/2029
7.000%
 
95,000
99,187
Carnival Holdings Bermuda Ltd.(a)
05/01/2028
10.375%
 
297,000
324,061
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium
Op(a)
05/01/2025
5.500%
 
564,000
562,410
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
04/15/2027
5.375%
 
285,000
280,357
10/01/2028
6.500%
 
284,000
284,393
Cinemark USA, Inc.(a)
05/01/2025
8.750%
 
102,000
102,283
03/15/2026
5.875%
 
375,000
370,462
07/15/2028
5.250%
 
174,000
164,750
Live Nation Entertainment, Inc.(a)
03/15/2026
5.625%
 
448,000
443,211
NCL Corp., Ltd.(a)
03/15/2026
5.875%
 
335,000
330,796
02/15/2029
7.750%
 
91,000
94,624
NCL Finance Ltd.(a)
03/15/2028
6.125%
 
181,000
178,810
Royal Caribbean Cruises Ltd.(a)
08/31/2026
5.500%
 
600,000
594,204
07/15/2027
5.375%
 
235,000
231,612
01/15/2030
7.250%
 
716,000
743,231
03/15/2032
6.250%
 
149,000
150,155
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Six Flags Entertainment Corp.(a)
05/15/2031
7.250%
 
492,000
498,161
Viking Cruises Ltd.(a)
07/15/2031
9.125%
 
198,000
216,492
Total
6,680,891
Life Insurance 0.1%
Peachtree Corners Funding Trust(a)
02/15/2025
3.976%
 
4,984,000
4,893,128
Lodging 0.0%
Hilton Domestic Operating Co., Inc.(a)
04/01/2032
6.125%
 
423,000
424,596
Hilton Grand Vacations Borrower Escrow LLC(a)
01/15/2032
6.625%
 
354,000
355,049
Total
779,645
Media and Entertainment 0.5%
Clear Channel Outdoor Holdings, Inc.(a)
04/15/2028
7.750%
 
613,000
536,504
09/15/2028
9.000%
 
358,000
372,907
06/01/2029
7.500%
 
426,000
352,379
04/01/2030
7.875%
 
391,000
388,644
Clear Channel Worldwide Holdings, Inc.(a)
08/15/2027
5.125%
 
793,000
748,483
iHeartCommunications, Inc.
05/01/2026
6.375%
 
566,350
482,203
05/01/2027
8.375%
 
570,906
318,025
Netflix, Inc.
05/15/2029
4.625%
EUR
2,175,000
2,479,762
Outfront Media Capital LLC/Corp.(a)
08/15/2027
5.000%
 
1,018,000
980,118
01/15/2029
4.250%
 
245,000
222,007
03/15/2030
4.625%
 
347,000
311,264
02/15/2031
7.375%
 
127,000
133,238
Playtika Holding Corp.(a)
03/15/2029
4.250%
 
415,000
359,219
Roblox Corp.(a)
05/01/2030
3.875%
 
994,000
875,887
Univision Communications, Inc.(a)
08/15/2028
8.000%
 
436,000
444,326
05/01/2029
4.500%
 
252,000
225,041
06/30/2030
7.375%
 
188,000
186,028
Warnermedia Holdings, Inc.
03/15/2062
5.391%
 
10,736,000
8,900,761
Total
18,316,796
Metals and Mining 0.2%
Alcoa Nederland Holding BV(a)
03/15/2031
7.125%
 
151,000
153,852
10
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Allegheny Technologies, Inc.
10/01/2029
4.875%
 
129,000
121,461
10/01/2031
5.125%
 
525,000
486,550
Constellium SE(a)
06/15/2028
5.625%
 
1,310,000
1,275,016
04/15/2029
3.750%
 
533,000
479,947
Hudbay Minerals, Inc.(a)
04/01/2026
4.500%
 
1,108,000
1,070,667
04/01/2029
6.125%
 
776,000
767,121
Kaiser Aluminum Corp.(a)
03/01/2028
4.625%
 
74,000
69,552
06/01/2031
4.500%
 
351,000
311,045
Novelis Corp.(a)
11/15/2026
3.250%
 
321,000
299,270
01/30/2030
4.750%
 
713,000
657,649
08/15/2031
3.875%
 
387,000
332,567
Total
6,024,697
Midstream 0.8%
Antero Midstream Partners LP/Finance Corp.(a)
02/01/2032
6.625%
 
280,000
281,197
CNX Midstream Partners LP(a)
04/15/2030
4.750%
 
603,000
536,915
Delek Logistics Partners LP/Finance Corp.(a)
03/15/2029
8.625%
 
567,000
579,063
DT Midstream, Inc.(a)
06/15/2029
4.125%
 
741,000
682,395
06/15/2031
4.375%
 
210,000
190,209
EQM Midstream Partners LP(a)
04/01/2029
6.375%
 
187,000
188,315
01/15/2031
4.750%
 
1,950,000
1,815,968
Galaxy Pipeline Assets Bidco Ltd.(a)
09/30/2040
3.250%
 
2,775,000
2,115,938
Kinder Morgan Energy Partners LP
09/01/2044
5.400%
 
5,253,000
4,894,329
NuStar Logistics LP
10/01/2025
5.750%
 
462,000
460,066
06/01/2026
6.000%
 
923,000
920,163
Plains All American Pipeline LP/Finance Corp.
06/15/2044
4.700%
 
9,325,000
7,911,477
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026
6.125%
 
629,000
602,325
Venture Global Calcasieu Pass LLC(a)
08/15/2029
3.875%
 
908,000
817,434
08/15/2031
4.125%
 
990,000
881,642
11/01/2033
3.875%
 
2,258,000
1,919,926
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Venture Global LNG, Inc.(a)
06/01/2028
8.125%
 
225,000
229,555
06/01/2031
8.375%
 
670,000
691,639
02/01/2032
9.875%
 
177,000
190,817
Total
25,909,373
Oil Field Services 0.1%
Kodiak Gas Services LLC(a)
02/15/2029
7.250%
 
148,000
150,872
Nabors Industries Ltd.(a)
01/15/2026
7.250%
 
737,000
731,675
Nabors Industries, Inc.(a)
05/15/2027
7.375%
 
186,000
185,660
01/31/2030
9.125%
 
210,000
218,394
Transocean Aquila Ltd.(a)
09/30/2028
8.000%
 
464,000
476,137
Transocean Titan Financing Ltd.(a)
02/01/2028
8.375%
 
446,000
464,162
USA Compression Partners LP/Finance Corp.(a)
03/15/2029
7.125%
 
435,000
439,927
Total
2,666,827
Other Industry 0.0%
Williams Scotsman International, Inc.(a)
08/15/2028
4.625%
 
170,000
160,691
Other REIT 0.2%
Digital Dutch Finco BV(a)
03/15/2030
1.500%
EUR
2,161,000
2,028,769
Ladder Capital Finance Holdings LLLP/Corp.(a)
10/01/2025
5.250%
 
195,000
191,661
02/01/2027
4.250%
 
582,000
544,119
06/15/2029
4.750%
 
1,420,000
1,290,147
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer(a)
05/15/2029
4.875%
 
206,000
191,786
RHP Hotel Properties LP/Finance Corp.(a)
07/15/2028
7.250%
 
106,000
109,261
02/15/2029
4.500%
 
269,000
251,131
04/01/2032
6.500%
 
263,000
263,753
RLJ Lodging Trust LP(a)
07/01/2026
3.750%
 
354,000
337,182
Service Properties Trust(a)
11/15/2031
8.625%
 
272,000
290,317
Total
5,498,126
Packaging 0.1%
Ardagh Metal Packaging Finance USA LLC/PLC(a)
06/15/2027
6.000%
 
421,000
409,714
09/01/2029
4.000%
 
1,147,000
924,745
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
11
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Canpack SA/US LLC(a)
11/15/2029
3.875%
 
837,000
740,901
Clydesdale Acquisition Holdings, Inc.(a)
04/15/2030
8.750%
 
170,000
167,014
Trivium Packaging Finance BV(a)
08/15/2026
5.500%
 
475,000
467,579
08/15/2027
8.500%
 
373,000
368,508
Total
3,078,461
Pharmaceuticals 1.6%
1375209 BC Ltd.(a)
01/30/2028
9.000%
 
207,000
202,896
AbbVie, Inc.
03/15/2029
4.800%
 
8,132,000
8,149,377
03/15/2034
5.050%
 
1,590,000
1,609,668
Amgen, Inc.
03/02/2063
5.750%
 
4,068,000
4,149,927
Bausch Health Companies, Inc.(a)
10/15/2030
14.000%
 
72,000
42,290
Bristol-Myers Squibb Co.
02/22/2064
5.650%
 
12,887,000
13,269,224
Grifols Escrow Issuer SA(a)
10/15/2028
4.750%
 
896,000
741,469
Jazz Securities DAC(a)
01/15/2029
4.375%
 
637,000
593,348
Organon Finance 1 LLC(a)
04/30/2028
4.125%
 
311,000
289,720
04/30/2031
5.125%
 
683,000
604,874
Pfizer Investment Enterprises Pte., Ltd.
05/19/2033
4.750%
 
23,722,000
23,373,184
Total
53,025,977
Property & Casualty 0.2%
Alliant Holdings Intermediate LLC/Co-Issuer(a)
10/15/2027
4.250%
 
346,000
325,878
10/15/2027
6.750%
 
481,000
473,218
04/15/2028
6.750%
 
747,000
751,686
11/01/2029
5.875%
 
720,000
669,947
01/15/2031
7.000%
 
639,000
646,135
AmWINS Group, Inc.(a)
02/15/2029
6.375%
 
313,000
314,415
AssuredPartners, Inc.(a)
01/15/2029
5.625%
 
575,000
529,628
02/15/2032
7.500%
 
427,000
419,569
BroadStreet Partners, Inc.(a)
04/15/2029
5.875%
 
514,000
475,796
GTCR AP Finance, Inc.(a)
05/15/2027
8.000%
 
167,000
167,006
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
HUB International Ltd.(a)
12/01/2029
5.625%
 
505,000
473,575
01/31/2032
7.375%
 
433,000
436,356
HUB International, Ltd.(a)
06/15/2030
7.250%
 
1,356,000
1,394,666
Panther Escrow Issuer LLC(a),(c)
06/01/2031
7.125%
 
569,000
579,151
USI, Inc.(a)
01/15/2032
7.500%
 
263,000
263,287
Total
7,920,313
Refining 0.0%
HF Sinclair Corp.(a)
04/15/2027
6.375%
 
225,000
226,323
02/01/2028
5.000%
 
695,000
675,523
Total
901,846
Restaurants 0.1%
Fertitta Entertainment LLC/Finance Co., Inc.(a)
01/15/2030
6.750%
 
886,000
795,264
IRB Holding Corp.(a)
06/15/2025
7.000%
 
1,972,000
1,974,515
Yum! Brands, Inc.
04/01/2032
5.375%
 
457,000
442,719
Total
3,212,498
Retailers 0.5%
Asbury Automotive Group, Inc.(a)
11/15/2029
4.625%
 
151,000
139,706
02/15/2032
5.000%
 
754,000
683,038
Hanesbrands, Inc.(a)
05/15/2026
4.875%
 
180,000
175,421
02/15/2031
9.000%
 
474,000
486,882
L Brands, Inc.(a)
10/01/2030
6.625%
 
920,000
941,385
LCM Investments Holdings II LLC(a)
08/01/2031
8.250%
 
230,000
240,428
Lithia Motors, Inc.(a)
01/15/2031
4.375%
 
205,000
183,647
Lowe’s Companies, Inc.
04/01/2062
4.450%
 
6,319,000
5,161,089
09/15/2062
5.800%
 
8,803,000
9,011,762
PetSmart, Inc./Finance Corp.(a)
02/15/2028
4.750%
 
503,000
469,710
02/15/2029
7.750%
 
389,000
378,808
Wolverine World Wide, Inc.(a)
08/15/2029
4.000%
 
537,000
431,390
Total
18,303,266
12
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Supermarkets 0.0%
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
03/15/2026
3.250%
 
500,000
476,370
Technology 1.0%
Broadcom, Inc.(a)
11/15/2036
3.187%
 
12,977,000
10,315,817
Camelot Finance SA(a)
11/01/2026
4.500%
 
547,000
526,282
Central Parent LLC/CDK Global II LLC/Financing, Co., Inc.(a)
06/15/2029
8.000%
 
72,000
74,580
Central Parent, Inc./CDK Global, Inc.(a)
06/15/2029
7.250%
 
186,000
190,014
Clarivate Science Holdings Corp.(a)
07/01/2028
3.875%
 
364,000
336,798
07/01/2029
4.875%
 
802,000
741,920
Cloud Software Group, Inc.(a)
09/30/2029
9.000%
 
1,169,000
1,121,655
Condor Merger Sub, Inc.(a)
02/15/2030
7.375%
 
716,000
660,606
Entegris Escrow Corp.(a)
06/15/2030
5.950%
 
948,000
937,096
GoTo Group, Inc.(a)
05/01/2028
5.500%
 
489,848
330,432
05/01/2028
5.500%
 
243,752
211,259
GTCR W-2 Merger Sub LLC(a)
01/15/2031
7.500%
 
898,000
940,329
Helios Software Holdings, Inc.(a)
05/01/2028
4.625%
 
754,000
676,158
ION Trading Technologies Sarl(a)
05/15/2028
5.750%
 
663,000
609,180
Iron Mountain, Inc.(a)
09/15/2027
4.875%
 
488,000
471,259
07/15/2030
5.250%
 
435,000
411,497
Minerva Merger Sub, Inc.(a)
02/15/2030
6.500%
 
722,000
661,092
NCR Atleos Escrow Corp.(a)
04/01/2029
9.500%
 
621,000
664,123
NCR Corp.(a)
10/01/2028
5.000%
 
608,000
567,113
04/15/2029
5.125%
 
609,000
564,602
10/01/2030
5.250%
 
22,000
19,942
Neptune Bidco US, Inc.(a)
04/15/2029
9.290%
 
790,000
747,441
NXP BV/Funding LLC/USA, Inc.
05/01/2030
3.400%
 
2,090,000
1,895,993
01/15/2033
5.000%
 
4,258,000
4,159,063
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Picard Midco, Inc.(a)
03/31/2029
6.500%
 
1,006,000
955,290
Sabre GLBL, Inc.(a)
06/01/2027
8.625%
 
17,000
14,918
Seagate HDD Cayman(a)
12/15/2029
8.250%
 
350,000
375,821
Shift4 Payments LLC/Finance Sub, Inc.(a)
11/01/2026
4.625%
 
1,048,000
1,013,079
Synaptics, Inc.(a)
06/15/2029
4.000%
 
461,000
414,953
UKG, Inc.(a)
02/01/2031
6.875%
 
677,000
689,866
Verscend Escrow Corp.(a)
08/15/2026
9.750%
 
978,000
981,369
ZoomInfo Technologies LLC/Finance Corp.(a)
02/01/2029
3.875%
 
837,000
752,775
Total
33,032,322
Transportation Services 0.3%
Avis Budget Car Rental LLC/Finance, Inc.(a)
02/15/2031
8.000%
 
38,000
37,923
ERAC USA Finance LLC(a)
05/01/2028
4.600%
 
9,524,000
9,404,021
Total
9,441,944
Wireless 0.5%
Altice France Holding SA(a)
02/15/2028
6.000%
 
715,000
195,876
Altice France SA(a)
01/15/2028
5.500%
 
349,000
248,902
07/15/2029
5.125%
 
612,000
413,912
10/15/2029
5.500%
 
522,000
351,372
T-Mobile US, Inc.
02/15/2031
2.875%
 
15,454,000
13,439,063
Vmed O2 UK Financing I PLC(a)
01/31/2031
4.250%
 
428,000
362,578
07/15/2031
4.750%
 
528,000
455,147
Vmed O2 UK Financing I PLC(a),(c)
04/15/2032
7.750%
 
350,000
351,457
Total
15,818,307
Wirelines 0.1%
Frontier Communications Holdings LLC(a)
05/15/2030
8.750%
 
499,000
511,038
03/15/2031
8.625%
 
389,000
397,162
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
13
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes(e) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Iliad Holding SAS(a)
10/15/2026
6.500%
 
936,000
926,417
10/15/2028
7.000%
 
1,377,000
1,363,246
Total
3,197,863
Total Corporate Bonds & Notes
(Cost $678,623,270)
659,480,675
 
Foreign Government Obligations(h) 2.4%
 
 
 
 
 
Canada 0.0%
NOVA Chemicals Corp.(a)
06/01/2027
5.250%
 
346,000
326,445
11/15/2028
8.500%
 
161,000
171,352
05/15/2029
4.250%
 
647,000
555,167
02/15/2030
9.000%
 
574,000
593,133
Total
1,646,097
Chile 0.1%
Corporación Nacional del Cobre de Chile(a)
01/26/2036
6.440%
 
3,324,000
3,426,877
Colombia 0.3%
Colombia Government International Bond
04/22/2032
3.250%
 
4,160,000
3,244,965
05/15/2049
5.200%
 
9,733,000
7,138,704
Total
10,383,669
Dominican Republic 0.0%
Dominican Republic International Bond(a)
01/25/2027
5.950%
 
1,630,000
1,625,046
Egypt 0.1%
Egypt Government International Bond(a)
01/31/2047
8.500%
 
2,105,000
1,668,628
India 0.1%
Export-Import Bank of India(a)
01/15/2030
3.250%
 
4,650,000
4,175,361
Indonesia 0.1%
Indonesia Asahan Aluminium PT/Mineral Industri Persero(a)
05/15/2030
5.450%
 
4,100,000
4,048,080
Ivory Coast 0.0%
Ivory Coast Government International Bond(a)
06/15/2033
6.125%
 
782,000
704,191
Mexico 0.8%
Mexico Government International Bond
05/07/2036
6.000%
 
3,376,000
3,389,497
Foreign Government Obligations(h) (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Petroleos Mexicanos
09/21/2047
6.750%
 
15,022,000
10,002,284
01/23/2050
7.690%
 
4,950,000
3,554,095
01/28/2060
6.950%
 
13,220,000
8,729,192
Total
25,675,068
Paraguay 0.1%
Paraguay Government International Bond(a)
08/11/2044
6.100%
 
2,060,000
1,999,116
Qatar 0.3%
Qatar Government International Bond(a)
03/14/2049
4.817%
 
5,000,000
4,690,052
Qatar Petroleum(a)
07/12/2031
2.250%
 
5,445,000
4,555,748
Total
9,245,800
Russian Federation 0.1%
Gazprom OAO Via Gaz Capital SA(a)
02/06/2028
4.950%
 
2,740,000
2,003,064
Saudi Arabia 0.1%
Saudi Government International Bond(a)
04/17/2049
5.000%
 
5,250,000
4,779,682
South Africa 0.1%
Republic of South Africa Government International Bond
09/30/2049
5.750%
 
4,495,000
3,260,530
United Arab Emirates 0.2%
DP World Ltd.(a)
09/25/2048
5.625%
 
2,982,000
2,853,495
DP World PLC(a)
07/02/2037
6.850%
 
3,290,000
3,590,330
Total
6,443,825
Total Foreign Government Obligations
(Cost $100,481,431)
81,085,034
 
Inflation-Indexed Bonds 0.2%
 
 
 
 
 
United States 0.2%
U.S. Treasury Inflation-Indexed Bond
10/15/2028
2.375%
 
8,302,800
8,502,181
Total Inflation-Indexed Bonds
(Cost $8,522,662)
8,502,181
 
14
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency 39.5%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Fannie Mae REMICS(b),(i)
CMO Series 2023-46 Class SC
30-day Average SOFR + 5.886%
Cap 6.000%
06/25/2050
0.565%
 
43,205,251
4,420,234
CMO Series 2023-57 Class SA
-1.0 x 30-day Average SOFR +
5.886%
Cap 6.000%
02/25/2050
0.565%
 
49,872,095
5,279,739
CMO Series 2023-65 Class S
-1.0 x 30-day Average SOFR +
5.886%
Cap 6.000%
03/25/2050
0.564%
 
21,947,104
2,048,286
Federal Home Loan Mortgage Corp.(j)
08/01/2045
3.500%
 
11,904,900
10,961,439
10/01/2045
4.000%
 
2,530,104
2,377,700
Federal Home Loan Mortgage Corp.
10/01/2045-
07/01/2052
4.000%
 
28,003,780
26,194,080
12/01/2051-
03/01/2052
2.500%
 
39,751,224
33,286,853
02/01/2052-
05/01/2052
3.000%
 
47,944,045
41,538,347
09/01/2052-
10/01/2053
5.000%
 
48,316,296
47,914,134
02/01/2053-
05/01/2053
4.500%
 
72,920,848
69,645,556
07/01/2053-
12/01/2053
5.500%
 
81,307,552
81,455,980
12/01/2053
6.000%
 
26,518,186
27,135,746
Federal Home Loan Mortgage Corp.(b),(i)
CMO Series 3922 Class SH
-1.0 x 30-day Average SOFR +
5.786%
Cap 5.900%
09/15/2041
0.467%
 
264,862
18,807
CMO Series 4097 Class ST
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
08/15/2042
0.617%
 
873,989
88,992
CMO Series 4620 Class AS
-1.0 x 30-day Average SOFR +
0.554%
11/15/2042
0.000%
 
872,457
58,009
CMO Series 4831 Class SD
-1.0 x 30-day Average SOFR +
6.086%
Cap 6.200%
10/15/2048
0.767%
 
6,984,646
875,067
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 4903 Class SA
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
08/25/2049
0.615%
 
21,232,675
2,022,684
CMO Series 4979 Class KS
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
06/25/2048
0.615%
 
9,963,180
1,130,771
CMO STRIPS Series 2012-278 Class S1
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
09/15/2042
0.617%
 
1,702,581
131,711
CMO STRIPS Series 309 Class S4
-1.0 x 30-day Average SOFR +
5.856%
Cap 5.970%
08/15/2043
0.537%
 
882,184
74,628
Federal Home Loan Mortgage Corp.(i)
CMO Series 4176 Class BI
03/15/2043
3.500%
 
796,323
101,544
Federal Home Loan Mortgage Corp. REMICS(b),(i)
CMO Series 5345 Class SE
-1.0 x 30-day Average SOFR +
5.886%
Cap 6.000%
01/15/2048
0.567%
 
31,524,811
3,076,405
Federal National Mortgage Association
02/01/2027-
05/01/2052
3.000%
 
133,750,904
116,863,568
08/01/2040
4.500%
 
1,190,471
1,154,116
08/01/2043-
09/01/2052
3.500%
 
166,529,092
150,439,467
05/01/2048-
08/01/2052
4.000%
 
113,266,287
106,557,918
09/01/2053
5.000%
 
16,157,504
15,962,806
10/01/2053
5.500%
 
24,430,301
24,547,818
CMO Series 2017-72 Class B
09/25/2047
3.000%
 
10,375,370
9,345,001
Federal National Mortgage Association(j)
05/01/2044-
02/01/2048
4.000%
 
12,310,528
11,682,110
06/01/2044
4.500%
 
3,964,193
3,887,796
10/01/2051
2.500%
 
37,232,706
30,880,802
Federal National Mortgage Association(i)
CMO Series 2012-131 Class MI
01/25/2040
3.500%
 
442,637
12,186
CMO Series 2021-3 Class TI
02/25/2051
2.500%
 
54,183,809
9,101,542
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
15
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Federal National Mortgage Association(b),(i)
CMO Series 2013-101 Class CS
-1.0 x 30-day Average SOFR +
5.786%
Cap 5.900%
10/25/2043
0.465%
 
1,636,593
143,490
CMO Series 2014-93 Class ES
-1.0 x 30-day Average SOFR +
6.036%
Cap 6.150%
01/25/2045
0.715%
 
2,154,132
251,961
CMO Series 2016-31 Class VS
-1.0 x 30-day Average SOFR +
5.886%
Cap 6.000%
06/25/2046
0.565%
 
1,191,335
130,022
CMO Series 2016-53 Class KS
-1.0 x 30-day Average SOFR +
5.886%
Cap 6.000%
08/25/2046
0.565%
 
7,942,307
859,954
CMO Series 2016-57 Class SA
-1.0 x 30-day Average SOFR +
5.886%
Cap 6.000%
08/25/2046
0.565%
 
18,406,061
2,124,917
CMO Series 2017-109 Class SA
-1.0 x 30-day Average SOFR +
6.036%
Cap 6.150%
01/25/2048
0.715%
 
8,720,260
1,161,037
CMO Series 2017-20 Class SA
-1.0 x 30-day Average SOFR +
5.986%
Cap 6.100%
04/25/2047
0.665%
 
8,058,341
954,076
CMO Series 2017-54 Class NS
-1.0 x 30-day Average SOFR +
6.036%
Cap 6.150%
07/25/2047
0.715%
 
7,217,336
727,944
CMO Series 2017-54 Class SN
-1.0 x 30-day Average SOFR +
6.036%
Cap 6.150%
07/25/2047
0.715%
 
14,263,166
1,856,850
CMO Series 2018-66 Class SM
-1.0 x 30-day Average SOFR +
6.086%
Cap 6.200%
09/25/2048
0.765%
 
9,350,793
1,053,993
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2018-67 MS Class MS
-1.0 x 30-day Average SOFR +
6.086%
Cap 6.200%
09/25/2048
0.765%
 
7,399,472
898,592
CMO Series 2018-74 Class SA
-1.0 x 30-day Average SOFR +
6.036%
Cap 6.150%
10/25/2048
0.715%
 
13,121,639
1,368,544
CMO Series 2019-33 Class SB
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
07/25/2049
0.615%
 
28,325,214
2,850,791
CMO Series 2019-60 Class SH
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
10/25/2049
0.615%
 
21,153,999
2,367,207
CMO Series 2019-67 Class SE
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
11/25/2049
0.615%
 
16,205,306
2,194,680
Freddie Mac REMICS(i)
CMO Series 5152 Class XI
11/25/2050
2.500%
 
56,299,591
6,844,499
CMO Series 5287 Class NI
05/25/2051
3.500%
 
26,945,828
5,016,623
Freddie Mac REMICS(b),(i)
CMO Series 5326 Class SE
-1.0 x 30-day Average SOFR +
5.950%
Cap 5.950%
08/25/2053
0.630%
 
23,844,238
1,366,664
CMO Series 5362 Class S
-1.0 x 30-day Average SOFR +
5.936%
Cap 6.050%
05/15/2049
0.617%
 
27,649,028
2,763,119
Government National Mortgage Association(j)
04/20/2048
4.500%
 
7,281,729
7,093,199
Government National Mortgage Association
08/20/2053
6.000%
 
11,823,803
12,067,972
Government National Mortgage Association(i)
CMO Series 2014-184 Class CI
11/16/2041
3.500%
 
2,836,964
318,115
CMO Series 2020-175 Class KI
11/20/2050
2.500%
 
52,883,571
7,204,609
16
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2020-191 Class UG
12/20/2050
3.500%
 
30,368,108
5,276,401
CMO Series 2021-119 Class QI
07/20/2051
3.000%
 
30,299,932
4,803,636
CMO Series 2021-140 Class IJ
08/20/2051
3.000%
 
39,321,675
6,390,067
CMO Series 2021-16 Class KI
01/20/2051
2.500%
 
36,908,482
5,030,434
CMO Series 2021-179 Class IB
09/20/2051
3.000%
 
37,213,602
5,905,233
Government National Mortgage Association(b),(i)
CMO Series 2017-130 Class HS
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
08/20/2047
0.757%
 
9,651,187
896,118
CMO Series 2017-149 Class BS
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
10/20/2047
0.757%
 
11,860,483
1,322,216
CMO Series 2017-163 Class SA
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
11/20/2047
0.757%
 
4,886,406
502,029
CMO Series 2017-37 Class SB
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
03/20/2047
0.707%
 
7,051,247
779,642
CMO Series 2018-103 Class SA
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
08/20/2048
0.757%
 
6,720,252
692,745
CMO Series 2018-112 Class LS
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
08/20/2048
0.757%
 
8,426,940
857,605
CMO Series 2018-125 Class SK
-1.0 x 1-month Term SOFR +
6.136%
Cap 6.250%
09/20/2048
0.807%
 
11,240,447
908,124
CMO Series 2018-134 Class KS
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
10/20/2048
0.757%
 
8,793,829
868,512
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2018-139 Class SC
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
10/20/2048
0.707%
 
6,056,560
579,294
CMO Series 2018-148 Class SB
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
01/20/2048
0.757%
 
17,074,490
1,919,468
CMO Series 2018-151 Class SA
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
11/20/2048
0.707%
 
14,366,534
1,433,073
CMO Series 2018-89 Class MS
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
06/20/2048
0.757%
 
8,735,052
831,009
CMO Series 2018-91 Class DS
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
07/20/2048
0.757%
 
8,870,755
862,645
CMO Series 2018-97 Class SM
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
07/20/2048
0.757%
 
8,771,094
694,580
CMO Series 2019-20 Class JS
-1.0 x 1-month Term SOFR +
5.886%
Cap 6.000%
02/20/2049
0.557%
 
13,966,278
1,346,147
CMO Series 2019-5 Class SH
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
01/20/2049
0.707%
 
10,206,036
1,003,500
CMO Series 2019-56 Class SG
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
05/20/2049
0.707%
 
10,660,990
1,071,878
CMO Series 2019-59 Class KS
-1.0 x 1-month Term SOFR +
5.936%
Cap 6.050%
05/20/2049
0.607%
 
10,518,093
1,045,516
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
17
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2019-85 Class SC
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
07/20/2049
0.707%
 
9,686,628
985,106
CMO Series 2019-90 Class SD
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
07/20/2049
0.707%
 
13,901,858
1,589,978
CMO Series 2019-99 Class SJ
-1.0 x 1-month Term SOFR +
5.936%
Cap 6.050%
08/20/2049
0.607%
 
28,727,011
2,908,863
CMO Series 2020-188 Class SA
-1.0 x 1-month Term SOFR +
6.186%
Cap 6.300%
12/20/2050
0.857%
 
17,189,535
2,117,938
CMO Series 2020-21 Class VS
-1.0 x 1-month Term SOFR +
6.164%
Cap 6.050%
02/20/2050
0.607%
 
7,230,489
750,369
CMO Series 2020-61 Class SW
-1.0 x 1-month Term SOFR +
5.936%
Cap 6.050%
08/20/2049
0.607%
 
28,012,012
2,782,091
CMO Series 2020-62 Class SG
-1.0 x 1-month Term SOFR +
6.036%
Cap 6.150%
05/20/2050
0.707%
 
10,410,659
1,047,730
CMO Series 2022-18 Class SL
-1.0 x 30-day Average SOFR +
6.300%
Cap 6.300%
01/20/2052
0.981%
 
29,279,100
3,822,791
CMO Series 2022-207 Class SC
-1.0 x 1-month Term SOFR +
5.986%
Cap 6.100%
01/20/2050
0.657%
 
43,851,986
4,452,038
CMO Series 2022-63 Class GS
-1.0 x 30-day Average SOFR +
5.500%
Cap 5.500%
04/20/2052
0.181%
 
26,196,877
2,724,347
Residential Mortgage-Backed Securities - Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2022-81 Class SK
-1.0 x 1-month Term SOFR +
6.086%
Cap 6.200%
08/20/2047
0.757%
 
24,215,071
2,877,901
CMO Series 2023-101 Class SE
-1.0 x 30-day Average SOFR +
6.000%
Cap 6.000%
07/20/2053
0.681%
 
36,993,043
1,151,978
CMO Series 2023-132 Class SB
-1.0 x 30-day Average SOFR +
6.500%
Cap 6.500%
09/20/2053
1.181%
 
61,800,085
3,853,810
CMO Series 2023-141 Class SN
-1.0 x 1-month Term SOFR +
5.936%
Cap 6.050%
04/20/2049
0.607%
 
41,843,062
4,372,299
CMO Series 2023-17 Class SY
-1.0 x 1-month Term SOFR +
5.936%
Cap 6.050%
05/20/2050
0.607%
 
42,375,393
4,275,919
CMO Series 2023-66 Class AS
-1.0 x 1-month Term SOFR +
5.986%
Cap 6.100%
09/20/2049
0.657%
 
37,876,213
3,798,954
CMO Series 2024-30 Class XH
-1.0 x 30-day Average SOFR +
5.850%
Cap 5.850%
02/20/2054
0.531%
 
38,932,841
2,915,474
Government National Mortgage Association TBA(c)
04/18/2054
4.000%
 
57,000,000
53,334,280
04/18/2054
4.500%
 
24,000,000
23,059,892
04/18/2054
5.000%
 
102,000,000
100,241,190
Uniform Mortgage-Backed Security TBA(c)
04/16/2039
3.000%
 
66,000,000
61,422,680
04/16/2039
3.500%
 
8,000,000
7,603,639
04/11/2054
4.500%
 
13,000,000
12,378,891
04/11/2054
5.500%
 
22,250,000
22,139,557
04/11/2054
6.000%
 
73,000,000
73,664,588
Total Residential Mortgage-Backed Securities - Agency
(Cost $1,431,099,805)
1,347,182,875
 
Residential Mortgage-Backed Securities - Non-Agency 15.4%
 
 
 
 
 
510 Asset Backed Trust(a),(d)
CMO Series 2021-NPL2 Class A1
06/25/2061
2.116%
 
7,846,950
7,619,346
18
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
A&D Mortgage Trust(a),(d)
CMO Series 2024-NQM1 Class A1
02/25/2069
6.195%
 
11,089,802
11,117,839
AlphaFlow Transitional Mortgage Trust(a)
CMO Series 2021-WL1 Class A1
01/25/2026
3.280%
 
1,838,533
1,697,609
Angel Oak Mortgage Trust(a),(d)
CMO Series 2020-R1 Class M1
04/25/2053
2.621%
 
3,918,000
3,621,597
Angel Oak Mortgage Trust I LLC(a),(d)
CMO Series 2018-3 Class M1
09/25/2048
4.421%
 
4,479,900
4,414,521
Arroyo Mortgage Trust(a),(d)
CMO Series 2019-2 Class A3
04/25/2049
3.800%
 
1,755,563
1,628,656
BRAVO Residential Funding Trust(a),(d)
CMO Series 2021-A Class A1
10/25/2059
4.991%
 
9,582,064
9,442,506
Bunker Hill Loan Depositary Trust(a),(d)
CMO Series 2019-3 Class A3
11/25/2059
3.135%
 
1,791,104
1,741,860
BVRT Financing Trust(a),(b),(k)
CMO Series 2021-3F Class M2
30-day Average SOFR + 2.900%
Floor 2.900%
07/12/2033
4.187%
 
19,725,125
19,725,125
CAFL Issuer LLC(a),(d)
CMO Series 2021-RTL1 Class A1
03/28/2029
2.239%
 
6,340,000
6,082,241
CHNGE Mortgage Trust(a),(d)
CMO Series 2022-2 Class A1
03/25/2067
3.757%
 
12,864,622
11,897,460
CMO Series 2022-5 Class A1
01/25/2058
6.000%
 
9,279,150
9,154,299
CMO Series 2023-3 Class A1
07/25/2058
7.100%
 
16,174,353
16,230,565
Citigroup Mortgage Loan Trust, Inc.(a)
CMO Series 2015-RP2 Class B3
01/25/2053
4.250%
 
1,889,640
1,799,597
Subordinated CMO Series 2014-C Class B1
02/25/2054
4.250%
 
1,708,043
1,664,096
COLT Mortgage Loan Trust(a),(d)
CMO Series 2020-2 Class A2
03/25/2065
3.094%
 
3,750,294
3,604,219
CMO Series 2021-3 Class A1
09/27/2066
0.956%
 
10,163,196
7,969,849
CMO Series 2021-3 Class A2
09/27/2066
1.162%
 
4,205,461
3,343,893
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2021-5 Class A3
11/26/2066
2.807%
 
8,381,000
5,829,233
CSMC Trust(a),(d)
CMO Series 2020-RPL2 Class A12
02/25/2060
3.540%
 
6,269,298
6,333,458
CMO Series 2022-NQM5 Class M1
05/25/2067
5.169%
 
6,477,700
5,919,769
Deephaven Residential Mortgage Trust(a),(d)
CMO Series 2021-4 Class A3
11/25/2066
2.239%
 
5,866,030
4,979,456
Ellington Financial Mortgage Trust(a),(d)
CMO Series 2019-2 Class M1
11/25/2059
3.469%
 
5,761,000
5,096,754
FIGRE Trust(a),(d)
CMO Series 2023-HE3 Class B
01/25/2042
7.507%
 
3,766,549
3,819,651
Figure Line of Credit Trust(a),(d)
CMO Series 2020-1 Class A
09/25/2049
4.040%
 
1,641,876
1,576,987
Freddie Mac STACR REMIC Trust(a),(b)
CMO Series 2021-DNA5 Class M2
30-day Average SOFR + 1.650%
01/25/2034
6.970%
 
4,204,385
4,225,549
CMO Series 2022-DNA1 Class M1B
30-day Average SOFR + 1.850%
01/25/2042
7.170%
 
8,250,000
8,287,519
CMO Series 2023-HQA1 Class M1B
30-day Average SOFR + 3.500%
05/25/2043
8.820%
 
13,700,000
14,445,480
Subordinated CMO Series 2021-DNA1 Class B2
30-day Average SOFR + 4.750%
01/25/2051
10.070%
 
10,256,000
10,822,184
Subordinated CMO Series 2022-DNA6 Class M1A
30-day Average SOFR + 2.150%
09/25/2042
7.470%
 
6,803,949
6,885,341
Freddie Mac Structured Agency Credit Risk Debt Notes(a),(b)
CMO Series 2019-CS03 Class M2
30-day Average SOFR + 0.114%
10/25/2032
5.435%
 
2,781,020
2,768,759
GCAT LLC(a),(d)
CMO Series 2021-CM1 Class A1
04/25/2065
1.469%
 
7,713,573
7,123,992
GCAT Trust(a),(d)
CMO Series 2019-NQM3 Class A3
11/25/2059
4.043%
 
3,249,958
3,061,260
CMO Series 2021-CM2 Class A1
08/25/2066
2.352%
 
4,829,742
4,395,405
CMO Series 2021-NQM6 Class A2
08/25/2066
2.710%
 
5,000,000
3,741,285
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
19
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2021-NQM6 Class A3
08/25/2066
2.810%
 
8,003,000
5,622,131
Home Re Ltd.(a),(b)
Subordinated CMO Series 2022-1 Class M1A
30-day Average SOFR + 2.850%
10/25/2034
8.170%
 
5,647,861
5,682,262
Imperial Fund Mortgage Trust(a),(d)
CMO Series 2021-NQM4 Class A2
01/25/2057
2.296%
 
4,078,648
3,444,730
Legacy Mortgage Asset Trust(a),(d)
CMO Series 2021-SL2 Class A
10/25/2068
1.875%
 
12,475,721
12,045,933
MFA Trust(a),(d)
CMO Series 2020-NQM2 Class M1
04/25/2065
3.034%
 
10,000,000
8,434,958
Mill City Mortgage Loan Trust(a),(d)
CMO Series 2023-NQM1 Class A1
10/25/2067
6.050%
 
10,077,550
10,208,320
NRZ Excess Spread-Collateralized Notes(a)
CMO Series 2021-GNT1 Class A
11/25/2026
3.474%
 
4,754,888
4,395,665
Series 2020-PLS1 Class A
12/25/2025
3.844%
 
3,964,983
3,800,578
Oaktown Re III Ltd.(a),(b)
CMO Series 2019-1A Class M1B
30-day Average SOFR + 2.064%
Floor 1.950%
07/25/2029
7.385%
 
4,577,015
4,585,133
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%
 
1,605,873
1,608,562
OBX Trust(a),(d)
CMO Series 2021-NQM3 Class A1
07/25/2061
1.054%
 
5,968,557
4,629,858
PMT Credit Risk Transfer Trust(a),(b)
Series 2019-2R Class A
1-month Term SOFR + 3.864%
Floor 3.750%
05/30/2025
9.197%
 
4,662,332
4,679,077
Point Securitization Trust(a),(d)
CMO Series 2021-1 Class A1
02/25/2052
3.228%
 
11,766,483
11,159,774
Preston Ridge Partners Mortgage Trust(a),(d)
CMO Series 2021-2 Class A1
03/25/2026
2.115%
 
5,227,213
5,135,209
CMO Series 2021-3 Class A1
04/25/2026
1.867%
 
7,844,045
7,642,881
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
CMO Series 2021-7 Class A1
08/25/2026
1.867%
 
7,601,203
7,314,158
CMO Series 2021-8 Class A1
09/25/2026
1.743%
 
8,771,843
8,396,092
PRET LLC(a),(d)
CMO Series 2024-NPL1 Class A1
01/25/2054
7.143%
 
12,560,435
12,578,012
PRET LLC(a),(d),(k),(l)
CMO Series 2024-RN1 Class A1
03/25/2054
7.143%
 
15,100,000
15,099,991
Pretium Mortgage Credit Partners(a),(d)
CMO Series 2022-NPL1 Class A1
01/25/2052
2.981%
 
5,590,959
5,433,574
Pretium Mortgage Credit Partners LLC(a),(d)
CMO Series 2021-RN2 Class A1
07/25/2051
1.744%
 
5,438,397
5,225,363
PRKCM Trust(a),(d)
CMO Series 2021-AFC1 Class M1
08/25/2056
3.114%
 
6,966,000
4,443,517
PRPM LLC(a),(d)
CMO Series 2021-RPL1 Class A1
07/25/2051
1.319%
 
5,593,176
5,012,781
PRPM Trust(a),(d)
CMO Series 2023-NQM3 Class A1
11/25/2068
6.221%
 
5,299,547
5,302,364
RCO Mortgage LLC(a),(d)
CMO Series 2024-1 Class A1
01/25/2029
7.021%
 
10,558,492
10,526,927
Residential Mortgage Loan Trust(a),(d)
CMO Series 2019-3 Class A3
09/25/2059
3.044%
 
204,348
198,474
Saluda Grade Alternative Mortgage Trust(a)
CMO Series 2020-FIG1 Class A1
09/25/2050
3.568%
 
556,453
538,892
SG Residential Mortgage Trust(a),(d)
CMO Series 2019-3 Class M1
09/25/2059
3.526%
 
7,700,000
7,251,032
Stanwich Mortgage Loan Co. LLC(a),(d)
CMO Series 2021-NPB1 Class A1
10/16/2026
2.735%
 
7,398,525
7,198,943
Starwood Mortgage Residential Trust(a)
CMO Series 2020-INV1 Class M1
11/25/2055
2.501%
 
2,900,000
2,503,722
Starwood Mortgage Residential Trust(a),(d)
CMO Series 2021-3 Class A1
06/25/2056
1.127%
 
3,007,695
2,439,288
CMO Series 2022-2 Class A1
02/25/2067
3.140%
 
3,555,880
3,299,360
20
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Toorak Mortgage Corp., Ltd.(a),(d)
CMO Series 2021-1 Class A1
06/25/2024
3.240%
 
4,995,849
4,947,750
Towd Point Mortgage Trust(a),(d)
CMO Series 2019-4 Class M1B
10/25/2059
3.000%
 
24,114,000
19,888,166
Triangle Re Ltd.(a),(b)
CMO Series 2021-2 Class M1B
1-month Term SOFR + 2.714%
Floor 2.600%
10/25/2033
8.044%
 
981,057
981,548
Unlock HEA Trust(a)
CMO Series 2023-1 Class A
10/25/2038
7.000%
 
8,578,899
8,368,313
VCAT Asset Securitization LLC(a),(d)
CMO Series 2021-NPL6 Class A1
09/25/2051
1.917%
 
11,068,131
10,726,741
VCAT LLC(a),(d)
CMO Series 2021-NPL5 Class A1
08/25/2051
1.868%
 
13,739,056
13,392,819
Vericrest Opportunity Loan Transferee XCIX LLC(a),(d)
CMO Series 2021-NPL8 Class A1
04/25/2051
2.116%
 
6,818,505
6,648,207
Verus Securitization Trust(a),(d)
CMO Series 2019-4 Class A3
11/25/2059
3.000%
 
1,298,339
1,255,855
CMO Series 2019-INV3 Class A3
11/25/2059
3.100%
 
2,566,475
2,481,197
CMO Series 2020-1 Class A3
01/25/2060
3.724%
 
7,279,584
6,878,140
CMO Series 2021-5 Class A2
09/25/2066
1.218%
 
2,715,175
2,248,463
CMO Series 2021-5 Class A3
09/25/2066
1.373%
 
5,139,438
4,277,390
CMO Series 2021-5 Class M1
09/25/2066
2.331%
 
3,800,000
2,446,912
CMO Series 2021-7 Class A3
10/25/2066
2.240%
 
8,326,475
7,015,220
CMO Series 2023-1 Class M1
12/25/2067
6.958%
 
15,257,000
15,342,146
Visio Trust(a),(d)
CMO Series 2019-2 Class A3
11/25/2054
3.076%
 
1,695,935
1,608,281
Total Residential Mortgage-Backed Securities - Non-Agency
(Cost $552,694,183)
526,412,069
 
Senior Loans 1.5%
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Aerospace & Defense 0.0%
TransDigm, Inc.(b),(m)
Tranche I Term Loan
3-month Term SOFR + 3.250%
08/24/2028
8.598%
 
350,000
351,095
Airlines 0.0%
AAdvantage Loyalty IP Ltd./American Airlines, Inc.(b),(m)
Term Loan
6-month Term SOFR + 3.500%
06/04/2029
8.869%
 
350,000
350,875
Air Canada(b),(m)
Tranche B Term Loan
3-month Term SOFR + 3.500%
03/14/2031
7.833%
 
250,000
250,158
United Airlines, Inc.(b),(m)
Tranche B Term Loan
3-month Term SOFR + 2.750%
02/22/2031
8.076%
 
107,225
107,208
Total
708,241
Automotive 0.0%
American Axle & Manufacturing, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
12/13/2029
8.918%
 
350,000
350,437
First Brands Group LLC(b),(m)
1st Lien Term Loan
3-month Term SOFR + 5.000%
Floor 1.000%
03/30/2027
10.574%
 
350,000
349,853
Total
700,290
Brokerage/Asset Managers/Exchanges 0.1%
AlixPartners LLP(b),(m)
Term Loan
1-month Term SOFR + 2.500%
Floor 0.500%
02/04/2028
7.941%
 
349,100
349,383
Aretec Group, Inc.(b),(m)
Tranche B1 Term Loan
1-month Term SOFR + 4.500%
08/09/2030
9.926%
 
350,000
351,750
Citadel Securities LP(b),(m)
Term Loan
1-month Term SOFR + 2.250%
07/29/2030
7.576%
 
233,333
233,028
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
21
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Hightower Holding LLC (b),(m)
Term Loan
3-month Term SOFR + 4.000%
Floor 0.750%
04/21/2028
9.586%
 
349,105
349,105
VFH Parent LLC(b),(m)
Term Loan
1-month Term SOFR + 3.000%
01/13/2029
8.426%
 
350,000
349,016
Total
1,632,282
Building Materials 0.1%
Foundation Building Materials, Inc.(b),(m),(n)
1st Lien Term Loan
3-month Term SOFR + 3.250%
Floor 0.500%
01/31/2028
8.824%
 
350,000
350,119
GYP Holdings III Corp. (b),(m),(n)
1st Lien Term Loan
1-month Term SOFR + 2.250%
05/12/2030
8.333%
 
350,000
349,783
Hunter Douglas Holding BV(b),(m)
Tranche B1 Term Loan
3-month Term SOFR + 3.500%
Floor 0.500%
02/26/2029
8.824%
 
350,000
345,352
LBM Acquisition LLC(b),(m),(n)
1st Lien Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
12/17/2027
9.176%
 
350,000
349,171
QUIKRETE Holdings, Inc.(b),(m)
1st Lien Term Loan
1-month Term SOFR + 2.625%
02/01/2027
8.066%
 
349,089
349,190
SRS Distribution, Inc.(b),(m),(n)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
06/02/2028
8.676%
 
350,000
351,620
Standard Building Solutions, Inc.(b),(m)
Term Loan
1-month Term SOFR + 2.250%
Floor 0.500%
09/22/2028
7.685%
 
348,589
348,589
White Cap Supply Holdings LLC(b),(m)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
10/19/2027
9.076%
 
349,109
350,017
Total
2,793,841
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Cable and Satellite 0.0%
UPC Financing Partnership(b),(m)
Tranche AX Term Loan
1-month Term SOFR + 3.000%
01/31/2029
8.432%
 
350,000
348,250
Virgin Media Bristol LLC(b),(m)
Tranche N Term Loan
1-month Term SOFR + 2.500%
01/31/2028
7.940%
 
350,000
344,445
Total
692,695
Chemicals 0.1%
Axalta Coating Systems (b),(m),(n)
Tranche B5 Term Loan
1-month Term SOFR + 2.500%
Floor 0.500%
12/20/2029
7.837%
 
350,000
350,221
Ineos Quattro Holdings UK Ltd.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 4.250%
04/02/2029
9.676%
 
350,000
348,471
Ineos US Finance LLC(b),(m)
Term Loan
1-month Term SOFR + 3.750%
02/07/2031
9.080%
 
350,000
350,290
Olympus Water US Holding Corp.(b),(m)
Term Loan
3-month Term SOFR + 3.750%
11/09/2028
9.360%
 
349,107
349,020
Windsor Holdings III LLC(b),(m)
Tranche B Term Loan
1-month Term SOFR + 4.000%
08/01/2030
9.326%
 
349,125
349,781
WR Grace Holdings LLC(b),(m)
Term Loan
3-month Term SOFR + 3.750%
Floor 0.500%
09/22/2028
9.360%
 
842,800
842,800
Total
2,590,583
Consumer Cyclical Services 0.1%
8th Avenue Food & Provisions, Inc.(b),(m)
1st Lien Term Loan
1-month Term SOFR + 3.750%
10/01/2025
9.191%
 
462,589
453,656
APX Group, Inc.(b),(m)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
07/10/2028
8.686%
 
350,000
350,739
22
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Arches Buyer, Inc.(b),(m)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
12/06/2027
8.680%
 
349,098
337,801
Conservice Midco LLC(b),(m)
1st Lien Term Loan
1-month Term SOFR + 4.000%
05/13/2027
9.326%
 
350,000
350,770
Corporation Service Co.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 2.750%
Floor 0.500%
11/02/2029
8.076%
 
278,759
279,108
Cushman & Wakefield US Borrower LLC(b),(m)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
01/31/2030
8.676%
 
349,120
347,811
Fleet Midco I Ltd.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 3.750%
02/21/2031
8.580%
 
116,667
116,667
Prime Security Services Borrower LLC(b),(m),(n)
Tranche B1 1st Lien Term Loan
3-month Term SOFR + 2.500%
10/13/2030
7.827%
 
350,000
350,000
Rosen Group(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.500%
02/24/2031
8.812%
 
347,110
347,544
Sotheby’s(b),(m)
Term Loan
3-month Term SOFR + 4.500%
Floor 0.500%
01/15/2027
10.076%
 
269,105
263,499
Uber Technologies, Inc.(b),(m)
Term Loan
3-month Term SOFR + 2.750%
03/03/2030
8.135%
 
350,000
351,351
Total
3,548,946
Consumer Products 0.1%
Amer Sports Co.(b),(m)
Term Loan
3-month Term SOFR + 3.250%
02/17/2031
8.576%
 
324,719
324,719
Bombardier Recreational Products, Inc.(b),(m),(n)
Term Loan
1-month Term SOFR + 2.750%
Floor 0.500%
12/13/2029
8.076%
 
350,000
349,874
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Recess Holdings, Inc.(b),(m)
1st Lien Term Loan
3-month Term SOFR + 4.500%
Floor 1.000%
02/20/2030
9.843%
 
350,000
351,096
Topgolf Callaway Brands Corp.(b),(m)
Term Loan
1-month Term SOFR + 3.000%
Floor 0.100%
03/15/2030
8.926%
 
300,000
300,063
Total
1,325,752
Diversified Manufacturing 0.1%
Barnes Group, Inc.(b),(m)
Term Loan
1-month Term SOFR + 2.500%
09/03/2030
7.826%
 
350,000
350,175
CD&R Hydra/STS Operating(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 4.000%
03/25/2031
9.420%
 
107,955
108,158
EMRLD Borrower LP(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 2.500%
05/31/2030
7.813%
 
450,345
449,895
Husky Injection Molding(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 5.000%
02/01/2029
10.335%
 
363,450
364,206
Madison IAQ LLC(b),(m)
Term Loan
1-month Term SOFR + 3.250%
06/21/2028
8.685%
 
349,103
348,376
TK Elevator Midco GmbH(b),(m)
Tranche B1 Term Loan
6-month Term SOFR + 3.500%
Floor 0.500%
07/30/2027
9.081%
 
350,000
351,022
WEC US Holdings Ltd.(b),(m)
Term Loan
1-month Term SOFR + 2.750%
01/27/2031
8.076%
 
332,745
332,262
Total
2,304,094
Electric 0.0%
Calpine Corp.(b),(m)
Term Loan
1-month Term SOFR + 2.000%
01/13/2031
7.338%
 
350,000
347,848
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
23
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
EFS Cogen Holdings I LLC(b),(m)
Tranche B Term Loan
3-month Term SOFR + 3.500%
Floor 1.000%
10/01/2027
9.110%
 
241,346
241,397
Vistra Operations Co. (b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 2.750%
04/30/2031
8.079%
 
83,334
83,333
Total
672,578
Environmental 0.0%
Covanta Holdings Corp. (b),(m)
Tranche B Term Loan
1-month Term SOFR + 2.500%
Floor 0.500%
11/30/2028
7.826%
 
325,206
324,191
Tranche C Term Loan
1-month Term SOFR + 2.500%
Floor 0.500%
11/30/2028
7.826%
 
24,794
24,717
Total
348,908
Food and Beverage 0.0%
Aramark Intermediate HoldCo Corp.(b),(m)
Tranche B7 Term Loan
1-month Term SOFR + 2.250%
04/06/2028
7.582%
 
350,000
349,783
Primary Products Finance LLC(b),(m)
Tranche B Term Loan
3-month Term SOFR + 3.500%
Floor 0.500%
04/01/2029
8.790%
 
350,000
349,625
Triton Water Holdings, Inc.(b),(m)
1st Lien Term Loan
3-month Term SOFR + 3.500%
Floor 0.500%
03/31/2028
8.860%
 
350,000
346,021
Total
1,045,429
Gaming 0.1%
Caesars Entertainment, Inc.(b),(m)
Tranche B1 Term Loan
3-month Term SOFR + 2.750%
Floor 0.500%
02/06/2031
8.040%
 
257,895
257,895
Entain PLC(b),(m),(n)
Tranche B2 Term Loan
3-month Term SOFR + 3.500%
Floor 0.500%
10/31/2029
8.948%
 
350,000
351,239
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Fertitta Entertainment LLC(b),(m)
Tranche B Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
01/27/2029
9.326%
 
350,000
350,658
Flutter Entertainment PLC(b),(m)
Tranche B Term Loan
3-month Term SOFR + 2.250%
Floor 0.500%
11/25/2030
7.698%
 
350,000
349,811
HRNI Holdings LLC(b),(m)
Tranche B Term Loan
3-month Term SOFR + 4.250%
Floor 0.750%
12/11/2028
9.748%
 
350,000
343,875
Ontario Gaming GTA LP(b),(m),(n)
Tranche B 1st Lien Term Loan
3-month Term SOFR + 4.250%
Floor 0.500%
08/01/2030
9.598%
 
311,165
312,111
Penn Entertainment, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 2.750%
Floor 0.500%
05/03/2029
8.176%
 
350,000
350,133
Scientific Games Holdings LP(b),(m)
1st Lien Term Loan
3-month Term SOFR + 3.250%
Floor 0.500%
04/04/2029
8.580%
 
350,000
349,720
Total
2,665,442
Health Care 0.1%
Medline Borrower LP(b),(m)
Tranche B 1st Lien Term Loan
1-month Term SOFR + 2.750%
Floor 0.500%
10/23/2028
8.058%
 
550,000
551,182
Parexel International, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
11/15/2028
8.691%
 
350,000
350,672
Select Medical Corp.(b),(m)
Tranche B1 Term Loan
1-month Term SOFR + 3.000%
03/06/2027
8.326%
 
336,772
336,984
Star Parent, Inc.(b),(m)
Term Loan
3-month Term SOFR + 4.000%
09/27/2030
9.309%
 
350,000
347,638
24
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Surgery Center Holdings, Inc.(b),(m)
Term Loan
1-month Term SOFR + 3.500%
12/19/2030
8.820%
 
350,000
351,411
Upstream Newco, Inc.(b),(m)
1st Lien Term Loan
3-month Term SOFR + 4.250%
11/20/2026
9.824%
 
349,102
327,720
Total
2,265,607
Independent Energy 0.0%
Hamilton Projects Acquiror LLC(b),(m)
Term Loan
1-month Term SOFR + 4.500%
Floor 1.000%
06/17/2027
9.941%
 
300,000
300,657
Leisure 0.1%
Alterra Mountain Co.(b),(m)
Tranche B2 Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
08/17/2028
8.941%
 
398,977
400,142
Carnival Corp.(b),(m)
Term Loan
1-month Term SOFR + 3.000%
Floor 0.750%
08/09/2027
8.318%
 
398,995
399,246
Cinemark USA, Inc.(b),(m)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
05/24/2030
9.098%
 
350,000
351,096
Formula One Management Ltd.(b),(m)
Tranche B 1st Lien Term Loan
3-month Term SOFR + 2.250%
Floor 0.500%
01/15/2030
7.598%
 
350,000
350,088
Merlin Entertainment(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.500%
11/12/2029
8.832%
 
303,371
302,688
UFC Holdings LLC(b),(m)
Tranche B3 1st Lien Term Loan
3-month Term SOFR + 2.750%
Floor 0.750%
04/29/2026
8.336%
 
349,006
349,442
Total
2,152,702
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Lodging 0.0%
Hilton Grand Vacations Borrower LLC(b),(m),(n)
Term Loan
1-month Term SOFR + 2.750%
Floor 0.500%
08/02/2028
8.191%
 
350,000
350,221
Playa Resorts Holding BV(b),(m)
Term Loan
1-month Term SOFR + 3.250%
01/05/2029
8.570%
 
350,000
350,801
Total
701,022
Media and Entertainment 0.1%
AppLovin Corp.(b),(m)
Term Loan
1-month Term SOFR + 2.500%
Floor 0.500%
10/25/2028
7.830%
 
350,000
349,611
Cengage Learning Acquisitions, Inc.(b),(m)
Tranche B Term Loan
3-month Term SOFR + 4.250%
Floor 1.000%
03/18/2031
9.579%
 
250,000
249,453
Creative Artists Agency LLC(b),(m)
Tranche B 1st Lien Term Loan
3-month Term SOFR + 3.500%
11/27/2028
8.830%
 
350,000
350,388
Dotdash Meredith, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 4.000%
Floor 0.500%
12/01/2028
9.428%
 
350,000
346,353
E.W. Scripps Co. (The)(b),(m)
Tranche B3 Term Loan
1-month Term SOFR + 3.000%
Floor 0.750%
01/07/2028
8.441%
 
350,000
333,036
Playtika Holding Corp.(b),(m)
Tranche B1 Term Loan
1-month Term SOFR + 2.750%
03/13/2028
8.191%
 
350,000
350,035
StubHub Holdco Sub LLC(b),(m)
Tranche B Term Loan
1-month Term SOFR + 5.000%
03/15/2030
10.075%
 
228,390
228,294
Univision Communications, Inc.(b),(m)
1st Lien Term Loan
1-month Term SOFR + 3.250%
Floor 0.750%
01/31/2029
8.691%
 
349,110
347,874
Total
2,555,044
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
25
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Midstream 0.0%
CQP Holdco LP(b),(m)
Term Loan
3-month Term SOFR + 3.000%
Floor 0.500%
12/31/2030
8.348%
 
350,000
351,001
Oryx Midstream Services Permian Basin LLC(b),(m)
Term Loan
1-month Term SOFR + 3.000%
Floor 0.500%
10/05/2028
8.437%
 
350,000
351,064
Whitewater DBR Holdco LLC(b),(m),(n)
Term Loan
1-month Term SOFR + 2.750%
03/03/2031
8.125%
 
311,364
311,753
Total
1,013,818
Other Financial Institutions 0.1%
19th Holdings Golf LLC(b),(m)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
02/07/2029
8.674%
 
350,000
341,033
Freeport LNG Investments LLLP(b),(m)
Tranche B Term Loan
3-month Term SOFR + 3.500%
Floor 0.500%
12/21/2028
9.079%
 
398,974
395,755
GIP Pilot Acquisition Partners LP(b),(m)
Term Loan
3-month Term SOFR + 3.000%
10/04/2030
8.327%
 
350,000
350,787
IGT Holding IV AB/IFS(b),(m)
Tranche B2 Term Loan
3-month Term SOFR + 3.400%
Floor 0.500%
03/31/2028
8.972%
 
350,000
350,438
Total
1,438,013
Other Industry 0.0%
Artera Services LLC(b),(m)
Tranche C 1st Lien Term Loan
3-month Term SOFR + 4.500%
02/15/2031
9.809%
 
83,051
83,300
KBR, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 2.250%
01/17/2031
7.576%
 
425,000
425,531
Total
508,831
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Packaging 0.0%
Charter Next Generation, Inc.(b),(m)
1st Lien Term Loan
1-month Term SOFR + 3.500%
12/01/2027
8.826%
 
300,000
300,444
Clydesdale Acquisition Holdings, Inc.(b),(m)
Tranche B 1st Lien Term Loan
1-month Term SOFR + 3.675%
Floor 0.500%
04/13/2029
9.101%
 
350,000
350,360
Pactiv Evergreen, Inc.(b),(m)
Tranche B3 Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
09/24/2028
8.691%
 
350,000
351,022
Total
1,001,826
Pharmaceuticals 0.0%
Jazz Pharmaceuticals PLC(b),(m)
Tranche B1 Term Loan
1-month Term SOFR + 3.000%
Floor 0.500%
05/05/2028
8.445%
 
349,004
350,749
Sunshine Luxembourg VII SARL(b),(m)
Tranche B3 Term Loan
3-month Term SOFR + 3.750%
Floor 0.750%
10/01/2026
8.948%
 
350,000
349,125
Total
699,874
Property & Casualty 0.1%
AssuredPartners, Inc.(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.500%
Floor 0.500%
02/14/2031
8.823%
 
350,000
350,329
Asurion LLC(b),(m)
Tranche B9 Term Loan
1-month Term SOFR + 3.250%
07/31/2027
8.691%
 
350,000
335,689
Broadstreet Partners, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 3.750%
01/27/2029
9.080%
 
350,000
350,700
Hub International Ltd.(b),(m)
Term Loan
3-month Term SOFR + 3.250%
Floor 0.750%
06/20/2030
8.574%
 
350,000
350,063
26
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Sedgwick Claims Management Services, Inc./Lightning Cayman Merger Sub Ltd.(b),(m)
Term Loan
1-month Term SOFR + 3.750%
02/24/2028
9.076%
 
350,000
350,535
Truist (McGriff) Insurance Services, Inc.(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.250%
03/24/2031
8.568%
 
247,222
246,809
Total
1,984,125
Restaurants 0.0%
1011778 BC ULC(b),(m)
Tranche B5 Term Loan
1-month Term SOFR + 2.250%
09/20/2030
7.580%
 
349,125
348,776
IRB Holding Corp.(b),(m),(n)
Tranche B Term Loan
1-month Term SOFR + 2.750%
Floor 0.750%
12/15/2027
8.176%
 
350,000
349,923
Whatabrands LLC(b),(m)
Tranche B Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
08/03/2028
8.691%
 
450,000
449,977
Total
1,148,676
Retailers 0.0%
Great Outdoors Group LLC(b),(m)
Tranche B2 Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
03/06/2028
9.191%
 
398,977
398,921
Harbor Freight Tools USA, Inc.(b),(m)
Term Loan
1-month Term SOFR + 2.750%
Floor 0.500%
10/19/2027
8.191%
 
350,000
349,640
PetSmart LLC(b),(m)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
02/11/2028
9.176%
 
349,105
347,869
Total
1,096,430
Technology 0.3%
Adeia, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 3.500%
06/08/2028
8.941%
 
326,642
326,642
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Ascend Learning LLC(b),(m)
1st Lien Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
12/11/2028
8.926%
 
782,040
776,863
2nd Lien Term Loan
1-month Term SOFR + 5.750%
Floor 0.500%
12/10/2029
11.176%
 
475,000
466,540
athenahealth Group, Inc.(b),(m)
Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
02/15/2029
8.580%
 
349,112
345,348
Barracuda Parent LLC(b),(m)
1st Lien Term Loan
3-month Term SOFR + 4.500%
Floor 0.500%
08/15/2029
9.813%
 
349,116
346,760
Boost Newco Borrower LLC(b),(m)
Term Loan
3-month Term SOFR + 3.000%
Floor 0.500%
01/31/2031
8.309%
 
350,000
350,948
Camelot US Acquisition LLC(b),(m)
Term Loan
1-month Term SOFR + 2.750%
01/31/2031
8.076%
 
350,000
349,738
Central Parent LLC(b),(m)
1st Lien Term Loan
3-month Term SOFR + 4.000%
07/06/2029
9.309%
 
400,000
401,020
Cloud Software Group, Inc.(b),(m)
Tranche A 1st Lien Term Loan
3-month Term SOFR + 4.500%
09/29/2028
9.948%
 
448,728
446,547
Cloudera, Inc.(b),(m)
1st Lien Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
10/08/2028
9.176%
 
349,109
347,364
DCert Buyer, Inc.(b),(m)
2nd Lien Term Loan
1-month Term SOFR + 7.000%
02/19/2029
12.326%
 
263,333
236,423
Dun & Bradstreet Corp. (The)(b),(m)
Tranche B2 Term Loan
1-month Term SOFR + 2.750%
01/18/2029
8.074%
 
350,000
349,836
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
27
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Ellucian Holdings, Inc.(b),(m)
Tranche B1 1st Lien Term Loan
1-month Term SOFR + 3.500%
Floor 0.500%
10/09/2029
8.930%
 
350,000
351,312
Genesys Cloud Services Holdings I LLC(b),(m)
Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
12/01/2027
9.191%
 
71,591
71,815
Genesys Telecom(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.500%
Floor 0.750%
12/01/2027
8.827%
 
23,077
23,120
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL(b),(m)
Term Loan
3-month Term SOFR + 3.750%
07/18/2030
9.075%
 
214,846
212,564
Idemia Group SAS(b),(m),(n)
Tranche B Term Loan
1-month Term SOFR + 4.750%
Floor 0.750%
09/30/2028
4.250%
 
350,000
351,750
Idera, Inc.(b),(m)
Tranche B1 1st Lien Term Loan
3-month Term SOFR + 3.750%
Floor 0.750%
03/02/2028
9.206%
 
349,100
347,229
Ingram Micro, Inc.(b),(m)
Tranche B Term Loan
3-month Term SOFR + 3.000%
Floor 0.500%
06/30/2028
8.610%
 
350,000
350,437
Lummus Technology Holdings V LLC(b),(m)
Tranche B Term Loan
1-month Term SOFR + 3.500%
12/31/2029
8.945%
 
178,394
178,506
McAfee Corp.(b),(m)
Tranche B1 Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
03/01/2029
9.178%
 
350,000
348,884
Mitchell International, Inc.(b),(m)
1st Lien Term Loan
1-month Term SOFR + 3.750%
Floor 0.500%
10/15/2028
9.191%
 
349,109
349,092
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
MKS Instruments, Inc.(b),(m)
Tranche B Term Loan
1-month Term SOFR + 2.500%
Floor 0.500%
08/17/2029
7.824%
 
345,674
345,387
Nielsen Consumer, Inc.(b),(m)
Term Loan
1-month Term SOFR + 6.250%
Floor 0.500%
03/06/2028
11.576%
 
349,121
346,610
Open Text Corp.(b),(m)
Term Loan
1-month Term SOFR + 2.750%
01/31/2030
8.176%
 
332,370
332,749
Peraton Corp.(b),(m)
Tranche B 1st Lien Term Loan
1-month Term SOFR + 3.750%
Floor 0.750%
02/01/2028
9.180%
 
448,818
447,979
Proofpoint, Inc.(b),(m)
1st Lien Term Loan
1-month Term SOFR + 3.250%
Floor 0.500%
08/31/2028
8.695%
 
350,000
350,004
Sovos Compliance LLC(b),(m)
1st Lien Term Loan
1-month Term SOFR + 4.500%
Floor 0.500%
08/11/2028
9.941%
 
349,108
345,578
UKG, Inc.(b),(m)
1st Lien Term Loan
3-month Term SOFR + 3.500%
02/10/2031
8.814%
 
362,197
363,918
2nd Lien Term Loan
3-month Term SOFR + 5.250%
Floor 0.500%
05/03/2027
10.680%
 
604,724
609,006
Ultra Clean Holdings (b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.500%
02/28/2028
8.829%
 
153,902
153,999
Verscend Tech(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.250%
02/24/2031
3.250%
 
350,000
349,125
Total
10,973,093
28
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Senior Loans (continued)
Borrower
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Transportation Services 0.0%
Brown Group Holding LLC(b),(m)
Tranche B2 Term Loan
3-month Term SOFR + 3.000%
Floor 0.500%
07/02/2029
8.313%
 
350,000
349,825
First Student Bidco, Inc.(b),(m),(n)
Tranche B Term Loan
3-month Term SOFR + 3.000%
Floor 0.500%
07/21/2028
8.610%
 
191,815
191,416
Tranche C Term Loan
3-month Term SOFR + 3.000%
Floor 0.500%
07/21/2028
8.610%
 
58,185
58,064
Total
599,305
Wireless 0.0%
Crown Subsea Communications Holdings, Inc.(b),(m)
Term Loan
3-month Term SOFR + 4.750%
Floor 0.750%
01/30/2031
10.067%
 
350,000
351,750
Total Senior Loans
(Cost $50,294,805)
50,170,949
 
U.S. Treasury Obligations 1.0%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
U.S. Treasury(j)
08/15/2025
2.000%
 
30,000,000
28,870,312
U.S. Treasury Obligations (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
U.S. Treasury
08/15/2045
2.875%
 
7,608,500
5,922,742
Total U.S. Treasury Obligations
(Cost $36,183,401)
34,793,054
 
Call Option Contracts Purchased 0.2%
 
 
 
 
Value ($)
(Cost $5,955,000)
5,721,330
 
Put Option Contracts Purchased 0.0%
 
 
 
 
 
(Cost $1,645,000)
1,757,315
 
Money Market Funds 6.4%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(o),(p)
219,784,165
219,740,208
Total Money Market Funds
(Cost $219,735,308)
219,740,208
Total Investments in Securities
(Cost: $3,953,221,117)
3,763,952,211
Other Assets & Liabilities, Net
 
(351,411,395
)
Net Assets
3,412,540,816
At March 31, 2024, securities and/or cash totaling $46,088,957 were pledged as collateral.
Investments in derivatives 
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty
Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
4,493,000 EUR
4,892,949 USD
Citi
04/26/2024
41,003
—
 
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
4,847
06/2024
USD
537,032,453
2,130,561
—
U.S. Treasury 5-Year Note
7,330
06/2024
USD
784,424,531
2,076,904
—
U.S. Treasury Ultra 10-Year Note
137
06/2024
USD
15,701,484
71,497
—
U.S. Treasury Ultra Bond
1,556
06/2024
USD
200,724,000
1,960,129
—
Total
 
 
 
 
6,239,091
—
 
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
29
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Short futures contracts
Description
Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Euro-Bund
(1,409)
06/2024
EUR
(187,932,420
)
—
(2,443,189
)
U.S. Long Bond
(534)
06/2024
USD
(64,313,625
)
—
(722,909
)
U.S. Treasury 2-Year Note
(2,552)
06/2024
USD
(521,844,128
)
343,256
—
Total
 
 
 
 
343,256
(3,166,098
)
 
Call option contracts purchased
Description
Counterparty
Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($)
Value ($)
10-Year OTC interest rate swap with Morgan Stanley
to receive exercise rate and pay SOFR
Morgan Stanley
USD
50,000,000
50,000,000
4.00
11/06/2024
1,500,000
1,834,270
10-Year OTC interest rate swap with Morgan Stanley
to receive exercise rate and pay SOFR
Morgan Stanley
USD
100,000,000
100,000,000
3.75
11/29/2024
3,170,000
2,641,030
5-Year OTC interest rate swap with Citi to receive
exercise rate and pay SOFR
Citi
USD
100,000,000
100,000,000
3.80
09/20/2024
1,285,000
1,246,030
Total
 
 
 
 
 
 
5,955,000
5,721,330
 
Put option contracts purchased
Description
Counterparty
Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($)
Value ($)
5-Year OTC interest rate swap with Citi to receive SOFR
and pay exercise rate
Citi
USD
175,000,000
175,000,000
3.90
08/06/2024
1,645,000
1,757,315
 
Credit default swap contracts - buy protection
Reference
entity
Counterparty
Maturity
date
Pay
fixed
rate
(%)
Payment
frequency
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CMBX North America
Index, Series 11 BBB-
Citi
11/18/2054
3.000
Monthly
USD
9,000,000
1,169,783
(3,000
)
2,216,604
—
—
(1,049,821
)
Markit CMBX North America
Index, Series 12 BBB-
Citi
08/17/2061
3.000
Monthly
USD
7,800,000
1,540,433
(2,600
)
2,085,934
—
—
(548,101
)
Markit CMBX North America
Index, Series 11 BBB-
Goldman Sachs International
11/18/2054
3.000
Monthly
USD
3,700,000
480,911
(1,233
)
546,530
—
—
(66,852
)
Markit CMBX North America
Index, Series 10 BBB-
JPMorgan
11/17/2059
3.000
Monthly
USD
17,000,000
3,277,418
(5,667
)
668,790
—
2,602,961
—
Markit CMBX North America
Index, Series 11 BBB-
JPMorgan
11/18/2054
3.000
Monthly
USD
3,700,000
480,910
(1,233
)
120,830
—
358,847
—
Markit CMBX North America
Index, Series 11 BBB-
Morgan Stanley
11/17/2059
3.000
Monthly
USD
4,000,000
771,157
(1,333
)
225,106
—
544,718
—
Markit CMBX North America
Index, Series 16 BBB-
Morgan Stanley
04/17/2065
3.000
Monthly
USD
7,750,000
1,141,603
(2,583
)
1,774,507
—
—
(635,487
)
Total
 
 
 
 
 
 
8,862,215
(17,649
)
7,638,301
—
3,506,526
(2,300,261
)
 
Cleared credit default swap contracts - buy protection
Reference
entity
Counterparty
Maturity
date
Pay
fixed
rate
(%)
Payment
frequency
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX North America High Yield
Index, Series 42
Morgan Stanley
06/20/2029
5.000
Quarterly
USD
108,309,000
(432,696
)
—
—
—
(432,696
)
 
30
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Credit default swap contracts - sell protection
Reference
entity
Counterparty
Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Periodic
payments
receivable
(payable)
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CMBX North
America Index,
Series 10 BBB-
JPMorgan
11/17/2059
3.000
Monthly
12.424
USD
10,000,000
(1,927,893
)
3,333
—
(2,087,838
)
163,278
—
Markit CMBX North
America Index,
Series 10 BBB-
JPMorgan
11/17/2059
3.000
Monthly
12.424
USD
10,000,000
(1,927,892
)
3,333
—
(1,617,309
)
—
(307,250
)
Markit CMBX North
America Index,
Series 8 BBB-
Morgan Stanley
10/17/2057
3.000
Monthly
28.230
USD
10,000,000
(1,096,311
)
3,333
—
(1,983,781
)
890,803
—
Total
 
 
 
 
 
 
 
(4,952,096
)
9,999
—
(5,688,928
)
1,054,081
(307,250
)
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
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 $1,565,655,927, which represents 45.88% 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)
Principal amounts are denominated in United States Dollars unless otherwise noted.
(f)
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.
(g)
Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(h)
Principal and interest may not be guaranteed by a governmental entity.
(i)
Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.
(j)
This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(k)
Valuation based on significant unobservable inputs.
(l)
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 $15,099,991, which represents 0.44% of total net assets.
(m)
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.
(n)
Represents a security purchased on a forward commitment basis.
(o)
The rate shown is the seven-day current annualized yield at March 31, 2024.
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
31
Portfolio of Investments  (continued)
Columbia Variable Portfolio – Intermediate Bond Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
(p)
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%
 
211,498,777
312,090,683
(303,850,106
)
854
219,740,208
(2,781
)
2,899,410
219,784,165
Abbreviation Legend 
CMO
Collateralized Mortgage Obligation
FHLMC
Federal Home Loan Mortgage Corporation
SOFR
Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal Securities
TBA
To Be Announced
Currency Legend 
EUR
Euro
USD
US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
32
Columbia Variable Portfolio – Intermediate Bond Fund  | First Quarter Report 2024
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1QT7012_12_C01_(05/24)