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Variable Portfolio – Partners Core Equity 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 – Partners Core Equity Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 100.0%
Issuer
Shares
Value ($)
Communication Services 6.1%
Entertainment 1.0%
Electronic Arts, Inc.
68,186
9,046,237
Netflix, Inc.(a)
35,123
21,331,251
Total
 
30,377,488
Interactive Media & Services 4.6%
Alphabet, Inc., Class A(a)
292,539
44,152,911
Alphabet, Inc., Class C(a)
286,451
43,615,029
Meta Platforms, Inc., Class A
97,605
47,395,036
Total
 
135,162,976
Wireless Telecommunication Services 0.5%
T-Mobile US, Inc.
86,958
14,193,285
Total Communication Services
179,733,749
Consumer Discretionary 11.4%
Broadline Retail 5.0%
Amazon.com, Inc.(a)
816,587
147,295,963
Hotels, Restaurants & Leisure 3.0%
Airbnb, Inc., Class A(a)
71,416
11,780,784
Booking Holdings, Inc.
3,639
13,201,855
Hilton Worldwide Holdings, Inc.
60,501
12,905,468
Marriott International, Inc., Class A
53,388
13,470,326
McDonald’s Corp.
137,627
38,803,933
Total
 
90,162,366
Specialty Retail 3.4%
AutoZone, Inc.(a)
6,005
18,925,658
Lowe’s Companies, Inc.
125,783
32,040,704
O’Reilly Automotive, Inc.(a)
11,241
12,689,740
TJX Companies, Inc. (The)
240,593
24,400,942
Tractor Supply Co.
50,136
13,121,594
Total
 
101,178,638
Total Consumer Discretionary
338,636,967
Consumer Staples 4.1%
Beverages 0.9%
Coca-Cola Co. (The)
277,833
16,997,823
Keurig Dr. Pepper, Inc.
319,684
9,804,708
Total
 
26,802,531
Common Stocks (continued)
Issuer
Shares
Value ($)
Consumer Staples Distribution & Retail 0.9%
Target Corp.
71,851
12,732,716
Walmart, Inc.
250,068
15,046,591
Total
 
27,779,307
Food Products 1.1%
Mondelez International, Inc., Class A
446,071
31,224,970
Household Products 1.2%
Colgate-Palmolive Co.
198,652
17,888,613
Procter & Gamble Co. (The)
103,482
16,789,954
Total
 
34,678,567
Total Consumer Staples
120,485,375
Energy 5.4%
Energy Equipment & Services 2.2%
Baker Hughes Co.
804,679
26,956,746
Halliburton Co.
495,000
19,512,900
Schlumberger NV
369,055
20,227,905
Total
 
66,697,551
Oil, Gas & Consumable Fuels 3.2%
Chesapeake Energy Corp.
132,793
11,796,002
ConocoPhillips Co.
210,482
26,790,149
Diamondback Energy, Inc.
79,989
15,851,420
EQT Corp.
451,833
16,749,450
Exxon Mobil Corp.
204,225
23,739,114
Total
 
94,926,135
Total Energy
161,623,686
Financials 13.5%
Banks 3.5%
Bank of America Corp.
466,008
17,671,023
JPMorgan Chase & Co.
137,025
27,446,108
U.S. Bancorp
505,840
22,611,048
Wells Fargo & Co.
646,879
37,493,107
Total
 
105,221,286
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Variable Portfolio – Partners Core Equity Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Variable Portfolio – Partners Core Equity Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Capital Markets 2.5%
Goldman Sachs Group, Inc. (The)
32,912
13,747,013
LPL Financial Holdings, Inc.
56,660
14,969,572
Morgan Stanley
272,394
25,648,619
Raymond James Financial, Inc.
108,524
13,936,652
S&P Global, Inc.
15,834
6,736,576
Total
 
75,038,432
Consumer Finance 1.0%
American Express Co.
125,335
28,537,526
Financial Services 3.1%
Corpay, Inc.(a)
30,250
9,333,335
Global Payments, Inc.
82,500
11,026,950
MasterCard, Inc., Class A
61,727
29,725,872
Visa, Inc., Class A
145,391
40,575,720
Total
 
90,661,877
Insurance 3.4%
Allstate Corp. (The)
78,342
13,553,949
Marsh & McLennan Companies, Inc.
66,151
13,625,783
MetLife, Inc.
189,126
14,016,128
Progressive Corp. (The)
149,965
31,015,761
Travelers Companies, Inc. (The)
120,050
27,628,307
Total
 
99,839,928
Total Financials
399,299,049
Health Care 13.7%
Biotechnology 3.8%
AbbVie, Inc.
269,914
49,151,339
Biogen, Inc.(a)
29,329
6,324,212
Regeneron Pharmaceuticals, Inc.(a)
31,667
30,479,171
Vertex Pharmaceuticals, Inc.(a)
60,850
25,435,909
Total
 
111,390,631
Health Care Equipment & Supplies 1.6%
Medtronic PLC
165,924
14,460,277
STERIS PLC
43,358
9,747,745
Stryker Corp.
63,540
22,739,060
Total
 
46,947,082
Common Stocks (continued)
Issuer
Shares
Value ($)
Health Care Providers & Services 3.9%
Cencora, Inc.
83,291
20,238,880
Elevance Health, Inc.
34,929
18,112,084
Molina Healthcare, Inc.(a)
39,550
16,248,326
UnitedHealth Group, Inc.
120,306
59,515,378
Total
 
114,114,668
Life Sciences Tools & Services 2.0%
Agilent Technologies, Inc.
88,834
12,926,235
Danaher Corp.
65,490
16,354,163
Thermo Fisher Scientific, Inc.
52,799
30,687,307
Total
 
59,967,705
Pharmaceuticals 2.4%
Bristol-Myers Squibb Co.
352,414
19,111,411
Eli Lilly & Co.
45,907
35,713,810
Merck & Co., Inc.
133,069
17,558,455
Total
 
72,383,676
Total Health Care
404,803,762
Industrials 10.9%
Aerospace & Defense 2.0%
General Dynamics Corp.
69,330
19,585,032
Howmet Aerospace, Inc.
181,248
12,402,801
Northrop Grumman Corp.
58,772
28,131,805
Total
 
60,119,638
Building Products 1.0%
Carrier Global Corp.
207,844
12,081,972
Trane Technologies PLC
60,830
18,261,166
Total
 
30,343,138
Electrical Equipment 1.6%
AMETEK, Inc.
85,742
15,682,212
Eaton Corp. PLC
105,073
32,854,225
Total
 
48,536,437
Ground Transportation 2.1%
CSX Corp.
1,339,072
49,639,399
Old Dominion Freight Line, Inc.
58,234
12,771,299
Total
 
62,410,698
Industrial Conglomerates 0.5%
Honeywell International, Inc.
66,219
13,591,450
Variable Portfolio – Partners Core Equity Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Variable Portfolio – Partners Core Equity Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Machinery 2.8%
Cummins, Inc.
73,629
21,694,785
Deere & Co.
82,855
34,031,863
IDEX Corp.
48,771
11,901,099
Westinghouse Air Brake Technologies Corp.
97,574
14,214,580
Total
 
81,842,327
Professional Services 0.9%
Booz Allen Hamilton Holding Corp.
94,249
13,990,322
Broadridge Financial Solutions, Inc.
60,339
12,361,047
Total
 
26,351,369
Total Industrials
323,195,057
Information Technology 29.1%
Electronic Equipment, Instruments & Components 1.1%
Amphenol Corp., Class A
169,042
19,498,994
TE Connectivity Ltd.
84,995
12,344,674
Total
 
31,843,668
IT Services 1.1%
Accenture PLC, Class A
93,557
32,427,792
Semiconductors & Semiconductor Equipment 11.3%
Analog Devices, Inc.
158,756
31,400,349
Applied Materials, Inc.
108,901
22,458,653
ASML Holding NV
9,699
9,412,589
KLA Corp.
31,016
21,666,847
Micron Technology, Inc.
160,778
18,954,119
NVIDIA Corp.
191,428
172,966,684
NXP Semiconductors NV
177,013
43,858,511
QUALCOMM, Inc.
86,198
14,593,321
Total
 
335,311,073
Software 10.8%
Cadence Design Systems, Inc.(a)
39,442
12,277,506
Fortinet, Inc.(a)
152,800
10,437,768
Intuit, Inc.
29,492
19,169,800
Microsoft Corp.
608,881
256,168,414
Oracle Corp.
171,837
21,584,446
Total
 
319,637,934
Common Stocks (continued)
Issuer
Shares
Value ($)
Technology Hardware, Storage & Peripherals 4.8%
Apple, Inc.
768,693
131,815,475
Seagate Technology Holdings PLC
116,557
10,845,629
Total
 
142,661,104
Total Information Technology
861,881,571
Materials 2.8%
Chemicals 1.0%
Linde PLC
32,035
14,874,491
PPG Industries, Inc.
110,533
16,016,232
Total
 
30,890,723
Construction Materials 1.1%
Martin Marietta Materials, Inc.
16,000
9,823,040
Vulcan Materials Co.
83,458
22,777,357
Total
 
32,600,397
Containers & Packaging 0.2%
International Paper Co.
186,413
7,273,835
Metals & Mining 0.5%
Southern Copper Corp.
127,909
13,624,867
Total Materials
84,389,822
Real Estate 1.3%
Industrial REITs 0.9%
Prologis, Inc.
204,949
26,688,459
Specialized REITs 0.4%
Public Storage
43,683
12,670,691
Total Real Estate
39,359,150
Utilities 1.7%
Electric Utilities 1.7%
Constellation Energy Corp.
69,467
12,840,975
NextEra Energy, Inc.
242,186
15,478,107
PG&E Corp.
1,330,235
22,294,739
Total
 
50,613,821
Total Utilities
50,613,821
Total Common Stocks
(Cost $2,281,349,312)
2,964,022,009
 
4
Variable Portfolio – Partners Core Equity Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Variable Portfolio – Partners Core Equity Fund, March 31, 2024 (Unaudited)
Money Market Funds 0.1%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(b),(c)
4,295,470
4,294,611
Total Money Market Funds
(Cost $4,294,576)
4,294,611
Total Investments in Securities
(Cost: $2,285,643,888)
2,968,316,620
Other Assets & Liabilities, Net
 
(3,673,278
)
Net Assets
2,964,643,342
Notes to Portfolio of Investments 
(a)
Non-income producing investment.
(b)
The rate shown is the seven-day current annualized yield at 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($)
Realized gain
(loss)($)
Dividends($)
End of
period shares
Columbia Short-Term Cash Fund, 5.543%
 
11,224,125
106,614,762
(113,543,670
)
(606
)
4,294,611
831
136,262
4,295,470
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Variable Portfolio – Partners Core Equity Fund  | First Quarter Report 2024
5
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT7053_12_C01_(05/24)