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Variable Portfolio – Managed Volatility Moderate Growth 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
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Corporate Bonds & Notes 0.4%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Aerospace & Defense 0.1%
BAE Systems PLC(a)
02/15/2031
1.900%
 
670,000
545,380
03/26/2034
5.300%
 
561,000
563,674
Boeing Co. (The)
08/01/2059
3.950%
 
703,000
481,144
05/01/2060
5.930%
 
10,000
9,366
L3Harris Technologies, Inc.
07/31/2033
5.400%
 
159,000
160,072
06/01/2034
5.350%
 
369,000
368,664
Lockheed Martin Corp.
02/15/2055
5.200%
 
186,000
185,492
Northrop Grumman Corp.
06/01/2043
4.750%
 
375,000
345,554
10/15/2047
4.030%
 
295,000
241,160
United Technologies Corp.
06/01/2036
6.050%
 
18,000
18,951
07/15/2038
6.125%
 
380,000
404,806
11/01/2046
3.750%
 
70,000
54,253
Total
3,378,516
Automotive 0.0%
General Motors Co.
04/01/2048
5.400%
 
145,000
132,890
Banking 0.1%
Bank of America Corp.(b)
10/24/2031
1.922%
 
65,000
53,001
10/20/2032
2.572%
 
37,000
30,640
02/04/2033
2.972%
 
1,271,000
1,078,341
Subordinated
09/21/2036
2.482%
 
155,000
123,839
Citigroup, Inc.(b)
01/25/2033
3.057%
 
346,000
293,637
Subordinated
02/13/2035
5.827%
 
375,000
370,987
Goldman Sachs Group, Inc. (The)(b)
07/21/2032
2.383%
 
1,296,000
1,062,372
HSBC Holdings PLC(b)
05/24/2032
2.804%
 
337,000
282,170
11/22/2032
2.871%
 
538,000
449,481
JPMorgan Chase & Co.(b)
04/22/2032
2.580%
 
115,000
97,085
11/08/2032
2.545%
 
70,000
58,209
01/23/2035
5.336%
 
179,000
179,640
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Morgan Stanley(b)
07/21/2032
2.239%
 
285,000
232,410
10/20/2032
2.511%
 
38,000
31,400
07/21/2034
5.424%
 
44,000
44,138
01/18/2035
5.466%
 
123,000
124,097
Subordinated
09/16/2036
2.484%
 
597,000
471,896
PNC Financial Services Group, Inc. (The)(b)
01/22/2035
5.676%
 
5,000
5,047
US Bancorp(b)
06/12/2034
5.836%
 
56,000
57,089
Wells Fargo & Co.(b)
07/25/2034
5.557%
 
915,000
919,252
01/23/2035
5.499%
 
380,000
380,740
Total
6,345,471
Cable and Satellite 0.0%
Charter Communications Operating LLC/Capital
05/01/2047
5.375%
 
940,000
758,925
12/01/2061
4.400%
 
55,000
35,942
06/30/2062
3.950%
 
625,000
377,514
Comcast Corp.
11/01/2056
2.937%
 
575,000
362,107
05/15/2064
5.500%
 
105,000
105,296
NBCUniversal Media LLC
01/15/2043
4.450%
 
546,000
484,664
Total
2,124,448
Chemicals 0.0%
LYB International Finance III LLC
04/01/2051
3.625%
 
155,000
109,567
Construction Machinery 0.0%
United Rentals North America, Inc.
02/15/2031
3.875%
 
190,000
170,166
Diversified Manufacturing 0.0%
Carrier Global Corp.
02/15/2030
2.722%
 
275,000
243,231
04/05/2040
3.377%
 
380,000
297,069
Total
540,300
Electric 0.1%
AEP Texas, Inc.
01/15/2050
3.450%
 
652,000
456,862
05/15/2051
3.450%
 
37,000
25,410
05/15/2052
5.250%
 
152,000
142,454
2
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
AES Corp. (The)
01/15/2031
2.450%
 
100,000
81,985
CenterPoint Energy, Inc.
09/01/2049
3.700%
 
203,000
149,956
Consolidated Edison Co. of New York, Inc.
11/15/2053
5.900%
 
169,000
180,279
Constellation Energy Generation LLC
03/15/2054
5.750%
 
165,000
164,853
Dominion Energy, Inc.
08/15/2052
4.850%
 
40,000
35,703
Dominion Resources, Inc.
12/01/2044
4.700%
 
250,000
217,124
Duke Energy Carolinas LLC
01/15/2054
5.400%
 
225,000
223,886
Duke Energy Corp.
08/15/2052
5.000%
 
1,060,000
961,382
Duke Energy Florida LLC
11/15/2053
6.200%
 
87,000
96,009
Duke Energy Indiana LLC
04/01/2050
2.750%
 
160,000
101,470
Emera US Finance LP
06/15/2046
4.750%
 
227,000
186,936
Eversource Energy
08/15/2030
1.650%
 
306,000
246,378
Exelon Corp.
03/15/2052
4.100%
 
418,000
332,688
03/15/2053
5.600%
 
543,000
542,403
FirstEnergy Corp.
03/01/2050
3.400%
 
178,000
122,372
Jersey Central Power & Light Co.(a)
03/01/2032
2.750%
 
116,000
96,492
MidAmerican Energy Co.
02/01/2055
5.300%
 
135,000
133,505
NextEra Energy Capital Holdings, Inc.
03/15/2054
5.550%
 
360,000
357,556
Pacific Gas and Electric Co.
07/01/2050
4.950%
 
545,000
469,496
Southern California Edison Co.
06/01/2034
5.200%
 
274,000
271,238
Virginia Electric and Power Co.
01/15/2034
5.000%
 
567,000
557,295
Xcel Energy, Inc.
06/01/2032
4.600%
 
155,000
145,876
12/01/2049
3.500%
 
90,000
62,268
Total
6,361,876
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Environmental 0.0%
GFL Environmental, Inc.(a)
09/01/2028
3.500%
 
321,000
293,973
Food and Beverage 0.0%
Bacardi Ltd.(a)
05/15/2038
5.150%
 
536,000
510,082
05/15/2048
5.300%
 
350,000
328,449
Campbell Soup Co.
03/21/2034
5.400%
 
220,000
221,592
04/24/2050
3.125%
 
78,000
51,768
Constellation Brands, Inc.
05/01/2033
4.900%
 
389,000
381,665
Diageo Capital PLC
10/05/2033
5.625%
 
340,000
357,658
Mars, Inc.(a)
04/01/2054
4.125%
 
25,000
20,731
04/01/2059
4.200%
 
250,000
207,539
Total
2,079,484
Health Care 0.0%
Becton Dickinson & Co.
02/08/2034
5.110%
 
540,000
536,338
Cigna Corp.
03/15/2050
3.400%
 
507,000
360,483
Cigna Group (The)
02/15/2034
5.250%
 
190,000
189,587
CVS Health Corp.
07/20/2045
5.125%
 
766,000
705,541
HCA, Inc.
03/15/2052
4.625%
 
336,000
280,829
Total
2,072,778
Healthcare Insurance 0.0%
Aetna, Inc.
11/15/2042
4.125%
 
200,000
163,087
08/15/2047
3.875%
 
109,000
83,187
Anthem, Inc.
08/15/2044
4.650%
 
135,000
121,559
Centene Corp.
02/15/2030
3.375%
 
185,000
163,977
10/15/2030
3.000%
 
303,000
259,735
03/01/2031
2.500%
 
404,000
332,524
UnitedHealth Group, Inc.
02/15/2053
5.875%
 
480,000
519,621
04/15/2053
5.050%
 
145,000
140,967
04/15/2064
5.500%
 
375,000
381,433
Total
2,166,090
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Independent Energy 0.0%
Canadian Natural Resources Ltd.
02/15/2037
6.500%
 
105,000
110,769
Integrated Energy 0.0%
BP Capital Markets America, Inc.
04/10/2034
4.989%
 
759,000
758,083
Cenovus Energy, Inc.
02/15/2052
3.750%
 
321,000
235,350
Total Capital International SA
06/29/2060
3.386%
 
80,000
56,378
Total
1,049,811
Life Insurance 0.0%
MetLife, Inc.
07/15/2052
5.000%
 
239,000
224,866
Metropolitan Life Global Funding I(a)
01/08/2034
5.050%
 
295,000
291,660
New York Life Insurance Co.(a)
Subordinated
05/15/2050
3.750%
 
270,000
207,159
Northwestern Mutual Life Insurance Co. (The)(a)
Subordinated
09/30/2059
3.625%
 
409,000
288,357
Teachers Insurance & Annuity Association of America(a)
Subordinated
09/15/2044
4.900%
 
155,000
142,106
05/15/2050
3.300%
 
250,000
175,282
Total
1,329,430
Media and Entertainment 0.0%
Fox Corp.
01/25/2049
5.576%
 
110,000
102,458
Meta Platforms, Inc.
05/15/2063
5.750%
 
315,000
337,965
Viacom, Inc.
03/15/2043
4.375%
 
135,000
91,692
Warnermedia Holdings, Inc.
03/15/2062
5.391%
 
707,000
586,144
Total
1,118,259
Midstream 0.0%
Energy Transfer LP
05/15/2054
5.950%
 
438,000
437,075
Kinder Morgan Energy Partners LP
11/01/2042
4.700%
 
100,000
85,357
03/01/2043
5.000%
 
320,000
283,702
09/01/2044
5.400%
 
69,000
64,289
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Kinder Morgan, Inc.
02/15/2046
5.050%
 
112,000
99,616
MPLX LP
04/15/2048
4.700%
 
70,000
59,755
03/14/2052
4.950%
 
311,000
273,224
Plains All American Pipeline LP/Finance Corp.
06/15/2044
4.700%
 
334,000
283,371
Williams Companies, Inc. (The)
06/24/2044
5.750%
 
330,000
328,543
Total
1,914,932
Natural Gas 0.0%
NiSource, Inc.
02/15/2043
5.250%
 
133,000
125,758
02/15/2044
4.800%
 
249,000
222,236
05/15/2047
4.375%
 
170,000
142,420
Sempra Energy
02/01/2048
4.000%
 
180,000
140,824
Total
631,238
Pharmaceuticals 0.1%
AbbVie, Inc.
03/15/2064
5.500%
 
332,000
341,346
Amgen, Inc.
02/22/2062
4.400%
 
235,000
193,419
03/02/2063
5.750%
 
863,000
880,380
Bristol-Myers Squibb Co.
02/22/2064
5.650%
 
728,000
749,592
Merck & Co., Inc.
05/17/2053
5.000%
 
270,000
264,147
Pfizer Investment Enterprises Pte., Ltd.
05/19/2043
5.110%
 
615,000
600,896
Roche Holdings, Inc.(a)
11/13/2030
5.489%
 
260,000
269,535
Total
3,299,315
Property & Casualty 0.0%
Berkshire Hathaway Finance Corp.
03/15/2052
3.850%
 
320,000
258,761
Liberty Mutual Group, Inc.(a)
10/15/2050
3.951%
 
180,000
135,727
Total
394,488
Railroads 0.0%
Norfolk Southern Corp.
08/01/2054
5.350%
 
330,000
327,558
03/15/2064
5.950%
 
140,000
149,286
Total
476,844
4
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Restaurants 0.0%
McDonald’s Corp.
09/01/2049
3.625%
 
255,000
194,047
04/01/2050
4.200%
 
115,000
96,136
Total
290,183
Retailers 0.0%
Amazon.com, Inc.
05/12/2051
3.100%
 
330,000
236,320
Lowe’s Companies, Inc.
04/01/2062
4.450%
 
663,000
541,510
09/15/2062
5.800%
 
209,000
213,956
Total
991,786
Technology 0.0%
Apple, Inc.
02/08/2051
2.650%
 
903,000
594,631
Broadcom, Inc.(a)
11/15/2036
3.187%
 
933,000
741,670
Intel Corp.
08/12/2051
3.050%
 
425,000
286,581
International Business Machines Corp.
02/06/2053
5.100%
 
200,000
193,370
NXP BV/Funding LLC/USA, Inc.
05/01/2030
3.400%
 
65,000
58,966
01/15/2033
5.000%
 
229,000
223,679
02/15/2042
3.125%
 
169,000
121,419
Oracle Corp.
07/15/2046
4.000%
 
385,000
303,314
04/01/2050
3.600%
 
319,000
230,287
03/25/2061
4.100%
 
62,000
46,419
Total
2,800,336
Tobacco 0.0%
BAT Capital Corp.
08/02/2043
7.079%
 
138,000
147,364
Reynolds American, Inc.
08/15/2035
5.700%
 
155,000
151,488
Total
298,852
Transportation Services 0.0%
ERAC USA Finance LLC(a)
10/30/2034
5.200%
 
268,000
266,939
Wireless 0.0%
T-Mobile US, Inc.
04/15/2050
4.500%
 
70,000
60,623
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Wirelines 0.0%
AT&T, Inc.
12/01/2057
3.800%
 
1,451,000
1,049,995
Verizon Communications, Inc.
03/22/2041
3.400%
 
855,000
667,731
Total
1,717,726
Total Corporate Bonds & Notes
(Cost $45,731,241)
42,527,090
 
Equity Funds 46.5%
 
Shares
Value ($)
International 13.7%
Columbia Variable Portfolio – Overseas Core Fund,
Class 1 Shares(c)
58,377,244
763,574,353
Variable Portfolio – Partners International Core
Equity Fund, Class 1 Shares(c)
39,202,917
411,630,629
Variable Portfolio – Partners International Growth
Fund, Class 1 Shares(c)
22,243,767
269,372,010
Variable Portfolio – Partners International Value
Fund, Class 1 Shares(c)
26,398,079
265,564,678
Total
1,710,141,670
U.S. Large Cap 27.3%
Columbia Variable Portfolio – Contrarian Core Fund,
Class 1 Shares(c),(d)
4,335,576
209,668,477
Columbia Variable Portfolio – Disciplined Core
Fund, Class 1 Shares(c),(d)
6,564,053
659,359,148
Columbia Variable Portfolio – Large Cap Growth
Fund, Class 1 Shares(c),(d)
7,999,705
331,187,798
Columbia Variable Portfolio – Select Large Cap
Equity Fund, Class 1 Shares(c),(d)
31,291,405
650,235,401
Columbia Variable Portfolio – Select Large Cap
Value Fund, Class 1 Shares(c),(d)
8,064,802
339,447,527
CTIVP® – MFS® Value Fund, Class 1 Shares(c),(d)
7,001,350
292,656,413
CTIVP® – Morgan Stanley Advantage Fund, Class 1
Shares(c),(d)
372,824
18,879,829
CTIVP® – Principal Blue Chip Growth Fund, Class 1
Shares(c),(d)
4,464,551
289,660,045
CTIVP® – T. Rowe Price Large Cap Value Fund,
Class 1 Shares(c),(d)
7,702,799
295,171,237
Variable Portfolio – Partners Core Equity Fund,
Class 1 Shares(c),(d)
7,823,980
327,120,597
Total
3,413,386,472
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
5
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Equity Funds (continued)
 
Shares
Value ($)
U.S. Mid Cap 1.7%
Columbia Variable Portfolio – Select Mid Cap
Growth Fund, Class 1 Shares(c),(d)
1,063,030
53,810,583
Columbia Variable Portfolio – Select Mid Cap Value
Fund, Class 1 Shares(c),(d)
1,348,118
54,234,796
CTIVP® – Victory Sycamore Established Value Fund,
Class 1 Shares(c),(d)
1,074,792
54,169,502
CTIVP® – Westfield Mid Cap Growth Fund, Class 1
Shares(c),(d)
1,091,909
53,798,375
Total
216,013,256
U.S. Small Cap 3.8%
Columbia Variable Portfolio – Small Cap Value
Fund, Class 1 Shares(c)
4,815,871
65,014,249
Columbia Variable Portfolio – Small Company
Growth Fund, Class 1 Shares(c),(d)
4,986,455
65,920,936
Variable Portfolio – Partners Small Cap Growth
Fund, Class 1 Shares(c),(d)
5,424,444
170,381,795
Variable Portfolio – Partners Small Cap Value Fund,
Class 1 Shares(c),(d)
4,519,678
171,657,380
Total
472,974,360
Total Equity Funds
(Cost $3,981,767,147)
5,812,515,758
 
Exchange-Traded Equity Funds 2.5%
 
 
 
U.S. Large Cap 1.0%
Vanguard Russell 1000 Growth ETF
1,456,086
126,198,973
U.S. Mid Large Cap 1.5%
iShares Russell 1000 Growth Index Fund
560,433
188,893,943
Total Exchange-Traded Equity Funds
(Cost $262,525,704)
315,092,916
 
Exchange-Traded Fixed Income Funds 1.9%
 
 
 
Investment Grade 1.9%
iShares iBoxx $ Investment Grade Corporate Bond
ETF
1,055,790
114,996,647
Vanguard Intermediate-Term Corporate Bond ETF
1,441,600
116,063,216
Total
231,059,863
Total Exchange-Traded Fixed Income Funds
(Cost $230,995,328)
231,059,863
 
Fixed Income Funds 25.0%
 
Shares
Value ($)
Investment Grade 25.0%
Columbia Variable Portfolio – Intermediate Bond
Fund, Class 1 Shares(c)
71,467,933
609,621,464
Columbia Variable Portfolio – Limited Duration
Credit Fund, Class 1 Shares(c)
19,439,034
185,253,991
Columbia Variable Portfolio – Long
Government/Credit Bond Fund, Class 1 Shares(c)
48,262,692
372,587,980
Columbia Variable Portfolio – U.S. Government
Mortgage Fund, Class 1 Shares(c)
21,232,136
187,267,442
CTIVP® – American Century Diversified Bond Fund,
Class 1 Shares(c)
51,114,054
466,160,176
CTIVP® – TCW Core Plus Bond Fund, Class 1
Shares(c)
65,196,430
606,978,768
Variable Portfolio – Partners Core Bond Fund,
Class 1 Shares(c)
72,185,157
699,474,174
Total
3,127,343,995
Total Fixed Income Funds
(Cost $3,670,627,677)
3,127,343,995
 
Residential Mortgage-Backed Securities - Agency 5.6%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Uniform Mortgage-Backed Security TBA(e)
04/16/2039-
04/11/2054
3.000%
 
283,302,000
244,474,330
04/16/2039-
04/11/2054
3.500%
 
102,050,000
92,386,544
04/16/2039-
04/11/2054
4.000%
 
224,030,000
208,633,196
04/11/2054
4.500%
 
90,700,000
86,366,570
04/11/2054
5.000%
 
74,900,000
73,077,172
Total Residential Mortgage-Backed Securities - Agency
(Cost $710,362,430)
704,937,812
 
U.S. Treasury Obligations 0.0%
 
 
 
 
 
U.S. Treasury
08/15/2043
4.375%
 
1,667,000
1,648,246
Total U.S. Treasury Obligations
(Cost $1,563,050)
1,648,246
 
Put Option Contracts Purchased 0.5%
 
 
 
 
Value ($)
(Cost $88,554,465)
61,303,375
6
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
 
Money Market Funds 22.2%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(c),(f)
2,778,948,898
2,778,393,108
Total Money Market Funds
(Cost $2,778,109,558)
2,778,393,108
Total Investments in Securities
(Cost: $11,770,236,600)
13,074,822,163
Other Assets & Liabilities, Net
 
(573,585,109
)
Net Assets
12,501,237,054
At March 31, 2024, securities and/or cash totaling $141,623,675 were pledged as collateral.
Investments in derivatives 
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty
Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
45,000,000 AUD
29,673,000 USD
Barclays
04/05/2024
346,230
—
20,196,287 USD
17,500,000 CHF
Barclays
04/05/2024
—
(785,275
)
237,483,901 USD
220,000,000 EUR
Barclays
04/05/2024
—
(108,302
)
70,000,000 EUR
75,765,200 USD
Citi
04/05/2024
236,600
—
49,000,000 GBP
62,332,310 USD
Citi
04/05/2024
485,931
—
51,997,367 USD
70,000,000 CAD
Citi
04/05/2024
—
(317,437
)
31,494,875 USD
25,000,000 GBP
Citi
04/05/2024
59,400
—
29,995,250 USD
50,000,000 NZD
Citi
04/05/2024
—
(122,650
)
5,000,000 EUR
5,408,274 USD
Goldman Sachs International
04/05/2024
13,374
—
60,616,560 USD
48,000,000 GBP
Goldman Sachs International
04/05/2024
—
(32,352
)
76,911,388 USD
117,500,000 AUD
HSBC
04/05/2024
—
(335,933
)
25,235,900 USD
20,000,000 GBP
HSBC
04/05/2024
7,520
—
30,030,230 USD
4,500,000,000 JPY
HSBC
04/05/2024
—
(290,081
)
7,831,084 USD
80,000,000 SEK
HSBC
04/05/2024
—
(356,344
)
1,500,000,000 JPY
10,076,577 USD
JPMorgan
04/05/2024
163,194
—
350,000,000 NOK
33,260,793 USD
Morgan Stanley
04/05/2024
1,019,567
—
31,279,248 USD
48,000,000 AUD
Morgan Stanley
04/05/2024
2,640
—
33,427,887 USD
350,000,000 NOK
Morgan Stanley
04/05/2024
—
(1,186,660
)
32,645,350 USD
50,000,000 AUD
UBS
04/05/2024
—
(60,050
)
33,145,038 USD
350,000,000 NOK
UBS
04/05/2024
—
(903,811
)
30,865,300 USD
50,000,000 NZD
UBS
04/05/2024
—
(992,700
)
55,000,000 AUD
36,027,475 USD
Wells Fargo
04/05/2024
183,645
—
20,000,000 CHF
22,331,647 USD
Wells Fargo
04/05/2024
147,633
—
20,000,000 GBP
25,216,340 USD
Wells Fargo
04/05/2024
—
(27,080
)
50,000,000 NZD
30,561,350 USD
Wells Fargo
04/05/2024
688,750
—
80,000,000 SEK
7,659,094 USD
Wells Fargo
04/05/2024
184,355
—
185,964,302 USD
27,250,000,000 JPY
Wells Fargo
04/05/2024
—
(5,871,177
)
Total
 
 
 
3,538,839
(11,389,852
)
 
Long futures contracts
Description
Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Euro STOXX 50 Index
3,238
06/2024
EUR
163,357,100
3,816,011
—
FTSE 100 Index
759
06/2024
GBP
60,628,920
2,837,898
—
MSCI Singapore Index
415
04/2024
SGD
12,070,275
—
(27,179
)
OMXS30 Index
3,970
04/2024
SEK
1,002,226,500
2,785,591
—
S&P 500 Index E-mini
5,943
06/2024
USD
1,577,420,775
29,215,392
—
TOPIX Index
1,001
06/2024
JPY
27,522,495,000
6,016,987
—
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
7
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Long futures contracts (continued)
Description
Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
U.S. Long Bond
76
06/2024
USD
9,153,250
99,713
—
U.S. Treasury 10-Year Note
846
06/2024
USD
93,734,156
333,807
—
U.S. Treasury 2-Year Note
50
06/2024
USD
10,224,219
10,848
—
U.S. Treasury 2-Year Note
901
06/2024
USD
184,240,423
—
(266,109
)
U.S. Treasury 5-Year Note
2,025
06/2024
USD
216,706,641
264,795
—
U.S. Treasury 5-Year Note
325
06/2024
USD
34,780,078
—
(107,421
)
U.S. Treasury Ultra Bond
20
06/2024
USD
2,580,000
24,006
—
Total
 
 
 
 
45,405,048
(400,709
)
 
Short futures contracts
Description
Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini
(1,560)
06/2024
USD
(167,380,200
)
—
(2,694,869
)
S&P/TSX 60 Index
(300)
06/2024
CAD
(80,484,000
)
—
(1,023,742
)
SPI 200 Index
(264)
06/2024
AUD
(52,476,600
)
—
(647,436
)
U.S. Long Bond
(85)
06/2024
USD
(10,237,188
)
51,084
—
U.S. Long Bond
(451)
06/2024
USD
(54,317,313
)
—
(628,470
)
U.S. Treasury 10-Year Note
(57)
06/2024
USD
(6,315,422
)
—
(21,989
)
U.S. Treasury 5-Year Note
(5)
06/2024
USD
(535,078
)
—
(872
)
U.S. Treasury Ultra 10-Year Note
(35)
06/2024
USD
(4,011,328
)
—
(21,462
)
U.S. Treasury Ultra Bond
(85)
06/2024
USD
(10,965,000
)
79,361
—
U.S. Treasury Ultra Bond
(451)
06/2024
USD
(58,179,000
)
—
(634,885
)
Total
 
 
 
 
130,445
(5,673,725
)
 
Put option contracts purchased
Description
Counterparty
Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Cost ($)
Value ($)
S&P 500 Index
Morgan Stanley
USD
564,842,625
1,075
3,800.00
06/20/2025
10,167,908
5,590,000
S&P 500 Index
Morgan Stanley
USD
1,161,211,350
2,210
3,700.00
12/19/2025
21,095,614
15,260,050
S&P 500 Index
Morgan Stanley
USD
604,250,250
1,150
4,100.00
12/19/2025
12,841,506
11,678,250
S&P 500 Index
Morgan Stanley
USD
664,675,275
1,265
4,000.00
12/19/2025
15,271,746
11,612,700
S&P 500 Index
Morgan Stanley
USD
564,842,625
1,075
3,900.00
12/19/2025
15,354,783
8,970,875
S&P 500 Index
Morgan Stanley
USD
564,842,625
1,075
3,800.00
12/19/2025
13,822,908
8,191,500
Total
 
 
 
 
 
 
88,554,465
61,303,375
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 $5,084,755, which represents 0.04% of total net assets.
(b)
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.
(c)
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($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends —
affiliated
issuers ($)
End of
period shares
Columbia Short-Term Cash Fund, 5.543%
 
2,826,829,083
622,199,400
(670,534,045
)
(101,330
)
2,778,393,108
—
108,429
37,016,222
2,778,948,898
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
 
202,729,371
—
(4,656,791
)
11,595,897
209,668,477
—
9,064,192
—
4,335,576
8
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
Affiliated issuers
Beginning
of period($)
Purchases($)
Sales($)
Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends —
affiliated
issuers ($)
End of
period shares
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
 
627,590,971
—
(16,121,917
)
47,890,094
659,359,148
—
25,705,874
—
6,564,053
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
 
616,521,148
—
(3,093,046
)
(3,806,638
)
609,621,464
—
(496,094
)
—
71,467,933
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
 
321,204,835
—
(8,018,118
)
18,001,081
331,187,798
—
16,539,021
—
7,999,705
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
 
184,282,039
—
—
971,952
185,253,991
—
—
—
19,439,034
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
 
381,894,289
—
(786,710
)
(8,519,599
)
372,587,980
—
(171,145
)
—
48,262,692
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
 
746,533,744
32,188,186
—
(15,147,577
)
763,574,353
—
—
32,188,186
58,377,244
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
 
627,603,738
—
(24,978,797
)
47,610,460
650,235,401
—
10,974,840
—
31,291,405
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
 
321,732,166
—
(3,895,431
)
21,610,792
339,447,527
—
5,989,219
—
8,064,802
Columbia Variable Portfolio – Select Mid Cap Growth Fund, Class 1 Shares
 
59,849,378
—
(5,171,125
)
(867,670
)
53,810,583
—
6,766,033
—
1,063,030
Columbia Variable Portfolio – Select Mid Cap Value Fund, Class 1 Shares
 
60,006,525
—
(5,149,046
)
(622,683
)
54,234,796
—
5,298,506
—
1,348,118
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
 
66,830,667
—
(4,916,510
)
3,100,092
65,014,249
—
(594,370
)
—
4,815,871
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
 
64,823,231
—
(9,845,214
)
10,942,919
65,920,936
—
(2,505,509
)
—
4,986,455
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
 
190,536,425
—
(1,095,899
)
(2,173,084
)
187,267,442
—
(167,475
)
—
21,232,136
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
 
470,624,796
—
(1,694,690
)
(2,769,930
)
466,160,176
—
(306,740
)
—
51,114,054
CTIVP® – MFS® Value Fund, Class 1 Shares
 
279,896,248
—
(5,245,452
)
18,005,617
292,656,413
—
5,933,820
—
7,001,350
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
 
17,269,228
—
—
1,610,601
18,879,829
—
—
—
372,824
CTIVP® – Principal Blue Chip Growth Fund, Class 1 Shares
 
281,639,272
—
(6,394,889
)
14,415,662
289,660,045
—
12,715,635
—
4,464,551
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
 
281,614,166
—
(5,720,105
)
19,277,176
295,171,237
—
5,971,011
—
7,702,799
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
 
615,275,198
—
(1,963,717
)
(6,332,713
)
606,978,768
—
(198,574
)
—
65,196,430
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares
 
59,614,955
—
(4,391,854
)
(1,053,599
)
54,169,502
—
5,670,286
—
1,074,792
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares
 
60,470,105
—
(4,857,716
)
(1,814,014
)
53,798,375
—
7,029,029
—
1,091,909
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
 
703,482,042
—
(1,251,018
)
(2,756,850
)
699,474,174
—
(138,041
)
—
72,185,157
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
9
Portfolio of Investments  (continued)
Variable Portfolio – Managed Volatility Moderate Growth Fund, March 31, 2024 (Unaudited)
Notes to Portfolio of Investments (continued)
Affiliated issuers
Beginning
of period($)
Purchases($)
Sales($)
Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends —
affiliated
issuers ($)
End of
period shares
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
 
312,549,587
—
(7,811,625
)
22,382,635
327,120,597
—
14,587,566
—
7,823,980
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
 
397,231,507
5,288,896
(2,046,667
)
11,156,893
411,630,629
—
119,861
5,288,896
39,202,917
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
 
259,346,690
1,789,752
(5,135,452
)
13,371,020
269,372,010
—
628,624
1,789,752
22,243,767
Variable Portfolio – Partners International Value Fund, Class 1 Shares
 
257,611,971
7,454,326
—
498,381
265,564,678
—
—
7,454,326
26,398,079
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
 
170,401,469
—
(7,422,249
)
7,402,575
170,381,795
—
6,232,265
—
5,424,444
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
 
174,360,699
—
(6,346,567
)
3,643,248
171,657,380
—
3,552,573
—
4,519,678
Total
11,640,355,543
 
 
227,521,408
11,718,252,861
—
138,308,836
83,737,382
 
 
(d)
Non-income producing investment.
(e)
Represents a security purchased on a when-issued basis.
(f)
The rate shown is the seven-day current annualized yield at March 31, 2024.
Abbreviation Legend 
TBA
To Be Announced
Currency Legend 
AUD
Australian Dollar
CAD
Canada Dollar
CHF
Swiss Franc
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
NOK
Norwegian Krone
NZD
New Zealand Dollar
SEK
Swedish Krona
SGD
Singapore Dollar
USD
US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
10
Variable Portfolio – Managed Volatility Moderate Growth Fund  | First Quarter Report 2024
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You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT7048_12_C01_(05/24)