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Variable Portfolio – Partners International 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 – Partners International Growth Fund, March 31, 2024 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
 
 
Common Stocks 98.5%
Issuer
Shares
Value ($)
Australia 0.9%
Cochlear Ltd.
21,600
4,750,515
CSL Ltd.
44,100
8,274,374
Total
13,024,889
Brazil 1.8%
Itaú Unibanco Holding SA, ADR
1,427,007
9,889,158
MercadoLibre, Inc.(a)
10,387
15,704,729
Total
25,593,887
Canada 6.0%
Alimentation Couche-Tard, Inc.
170,400
9,725,462
Canadian National Railway Co.
66,900
8,809,533
Canadian Pacific Kansas City Ltd.
173,376
15,286,562
Constellation Software, Inc.
4,125
11,267,580
Dollarama, Inc.
203,977
15,539,025
Intact Financial Corp.
82,232
13,358,185
Shopify, Inc., Class A(a)
151,719
11,708,155
Total
85,694,502
China 1.4%
Kweichow Moutai Co., Ltd., Class A
55,400
13,058,937
PDD Holdings, Inc., ADR(a)
62,538
7,270,042
Total
20,328,979
Denmark 5.0%
Coloplast A/S, Class B
51,200
6,912,874
DSV A/S
85,978
13,976,125
Novo Nordisk A/S
396,163
50,817,179
Total
71,706,178
Finland 0.4%
KONE OYJ, Class B
113,500
5,287,638
France 15.0%
Air Liquide SA
43,780
9,108,372
Airbus Group SE
120,377
22,176,911
Capgemini SE
60,331
13,882,815
Dassault Systemes SE
514,195
22,761,958
Hermes International SCA
2,440
6,236,106
L’Oreal SA
58,530
27,718,149
LVMH Moet Hennessy Louis Vuitton SE
29,626
26,657,379
Common Stocks (continued)
Issuer
Shares
Value ($)
Safran SA
92,144
20,868,010
Schneider Electric SE
81,502
18,425,681
Thales SA
57,934
9,876,611
TotalEnergies SE
307,455
21,149,643
VINCI SA
130,131
16,699,537
Total
215,561,172
Germany 2.8%
Adidas AG
42,200
9,428,698
Infineon Technologies AG
410,352
13,954,242
Merck KGaA
49,100
8,658,073
SAP SE
44,100
8,587,108
Total
40,628,121
Hong Kong 1.2%
AIA Group Ltd.
877,200
5,900,551
CLP Holdings Ltd.
603,000
4,809,675
Hang Lung Properties Ltd.
1,787,000
1,837,656
Jardine Matheson Holdings Ltd.
115,800
4,319,525
Total
16,867,407
India 3.6%
HDFC Bank Ltd.
945,869
16,493,706
Infosys Ltd.
664,094
11,959,100
Reliance Industries Ltd.
649,378
23,220,581
Total
51,673,387
Ireland 3.7%
CRH PLC
175,343
15,125,087
ICON PLC(a)
75,005
25,197,930
Kingspan Group PLC
143,264
13,047,970
Total
53,370,987
Italy 1.6%
Ferrari NV
14,400
6,278,911
Moncler SpA
158,964
11,862,012
Recordati Industria Chimica e Farmaceutica SpA
79,900
4,411,899
Total
22,552,822
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Variable Portfolio – Partners International Growth Fund  | First Quarter Report 2024
Portfolio of Investments  (continued)
Variable Portfolio – Partners International Growth Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Japan 16.5%
Chugai Pharmaceutical Co., Ltd.
121,500
4,643,170
Daiichi Sankyo Co., Ltd.
403,500
12,838,927
Daikin Industries Ltd.
45,300
6,185,295
FANUC Corp.
151,500
4,226,318
Hoya Corp.
244,200
30,542,303
ITOCHU Corp.
168,300
7,230,101
Keyence Corp.
52,440
24,345,843
Lasertec Corp.
58,800
16,759,780
MISUMI Group, Inc.
231,200
3,220,852
Mitsui & Co., Ltd.
186,600
8,723,847
Murata Manufacturing Co., Ltd.
383,900
7,179,857
Obic Co., Ltd.
32,200
4,863,847
Shimadzu Corp.
130,700
3,640,535
Shin-Etsu Chemical Co., Ltd.
731,100
32,067,472
SMC Corp.
33,400
18,842,951
Sysmex Corp.
283,500
5,059,028
Terumo Corp.
263,800
4,827,185
Tokio Marine Holdings, Inc.
354,700
11,118,521
Tokyo Electron Ltd.
115,500
30,081,880
Total
236,397,712
Netherlands 5.9%
ASML Holding NV
55,189
53,503,630
BE Semiconductor Industries NV
63,739
9,763,451
Ferrari NV
31,454
13,712,057
Universal Music Group NV
131,000
3,936,596
Wolters Kluwer NV
27,300
4,274,903
Total
85,190,637
Singapore 0.5%
CapitaLand Ascendas REIT
3,622,624
7,431,009
Spain 3.8%
Amadeus IT Group SA, Class A
323,923
20,794,791
Industria de Diseno Textil SA
680,280
34,256,379
Total
55,051,170
Common Stocks (continued)
Issuer
Shares
Value ($)
Sweden 2.9%
Atlas Copco AB, Class A
1,238,959
20,924,229
Atlas Copco AB, Class B
420,200
6,206,336
Evolution AB
114,733
14,250,293
Total
41,380,858
Switzerland 4.9%
Kuehne & Nagel International AG
23,700
6,593,784
Lonza Group AG, Registered Shares
11,500
6,872,383
Nestlé SA, Registered Shares
64,400
6,842,498
Novartis AG, Registered Shares
73,000
7,070,666
Partners Group Holding AG
10,934
15,619,063
SGS SA, Registered Shares
81,400
7,902,518
Straumann Holding AG, Registered Shares
73,706
11,760,359
VAT Group AG
15,000
7,748,909
Total
70,410,180
Taiwan 5.2%
MediaTek, Inc.
573,000
20,762,257
Taiwan Semiconductor Manufacturing Co., Ltd.
1,663,000
39,839,184
Taiwan Semiconductor Manufacturing Co., Ltd., ADR
101,600
13,822,680
Total
74,424,121
United Kingdom 12.5%
Ashtead Group PLC
214,718
15,294,195
AstraZeneca PLC
130,000
17,464,698
BAE Systems PLC
780,260
13,299,866
Compass Group PLC
1,070,545
31,401,926
Diageo PLC
182,400
6,749,205
Experian PLC
613,330
26,724,598
Haleon PLC
3,206,913
13,439,466
Halma PLC
341,011
10,182,718
London Stock Exchange Group PLC
184,521
22,078,694
Prudential PLC
499,000
4,679,911
Rentokil Initial PLC
1,486,376
8,837,267
Spirax-Sarco Engineering PLC
68,371
8,674,641
Total
178,827,185
Variable Portfolio – Partners International Growth Fund  | First Quarter Report 2024
3
Portfolio of Investments  (continued)
Variable Portfolio – Partners International Growth Fund, March 31, 2024 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
United States 2.9%
Linde PLC
42,775
19,861,288
lululemon athletica, Inc.(a)
38,217
14,929,471
Roche Holding AG, Genusschein Shares
26,000
6,638,295
Total
41,429,054
Total Common Stocks
(Cost $1,150,742,189)
1,412,831,895
 
Money Market Funds 1.3%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.543%(b),(c)
18,195,108
18,191,469
Total Money Market Funds
(Cost $18,190,570)
18,191,469
Total Investments in Securities
(Cost $1,168,932,759)
1,431,023,364
Other Assets & Liabilities, Net
 
3,319,464
Net Assets
$1,434,342,828
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%
 
20,799,140
79,224,147
(81,832,322
)
504
18,191,469
(506
)
217,284
18,195,108
Abbreviation Legend 
ADR
American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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Variable Portfolio – Partners International 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.
1QT7055_12_C01_(05/24)