NPORT-P
    false
    
      
      
        
          0001413032
          XXXXXXXX
        
      
      
      
      
        S000028703
        C000209988
        C000087824
        C000087825
      
      
      
    
  
  
    
      Columbia Funds Variable Series Trust II
      811-22127
      0001413032
      54930017CSZ4UCL7G406
      290 Congress Street
      Boston
      
      02110
      800-345-6611
      Variable Portfolio - Moderately Conservative Portfolio
      S000028703
      549300X0TYMEWB77DZ35
      2022-12-31
      2022-03-31
      N
    
    
      2699784717.640000000000
      1597615.310000000000
      2698187102.330000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      
        
          JPY
          
          
        
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Columbia Variable Portfolio - Small Cap Value Fund
        QFDZC6A36M07XEWD4L46
        Columbia Variable Portfolio - Small Cap Value Fund
        19765R303
        
          
          
        
        468273.993000000000
        NS
        USD
        9543423.980000000000
        0.3536976354
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP LONG GOVT/CREDIT BD 1
        N/A
        COLUMBIA VP LONG GOVT/CREDIT BD 1
        19765R444
        
          
          
        
        5272596.678000000000
        NS
        USD
        52620514.850000000000
        1.9502174184
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA CONTRARIAN CORE CL I MF
        N/A
        VP COLUMBIA CONTRARIAN CORE
        19765R535
        
          
        
        1403565.687000000000
        NS
        USD
        55356630.700000000000
        2.0516231307
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        Columbia Variable Portfolio - Small Company Growth Fund
        S7VQF2LJKBJBPNFLD691
        Columbia Variable Portfolio - Small Company Growth Fund
        19765R642
        
          
          
        
        415668.065000000000
        NS
        USD
        8404808.270000000000
        0.3114983488
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        VP - PARTNERS CORE BD FD CL1
        N/A
        VP - PARTNERS CORE BD FD CL1
        19766E129
        
          
        
        65823099.704000000000
        NS
        USD
        689167853.900000000000
        25.5418852645
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        VP - PARTNERS INTL GROWTH FD 1
        N/A
        CTIVP - OPPENHEIMER INTL GRTH CL1
        19766E145
        
          
        
        3455960.620000000000
        NS
        USD
        43510544.210000000000
        1.6125843969
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - VICTORY SYCAMORE EST VAL CL1
        N/A
        CTIVP-VICTORY SYCAMORE EST VAL CL1
        19766E178
        
          
        
        223970.311000000000
        NS
        USD
        9715832.090000000000
        0.3600874113
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        VP PARTNERS CORE EQUITY FD CL 1
        N/A
        CTIVP-MFS BLENDED RESEARCH EQ CL1
        19766E236
        
          
        
        2089107.050000000000
        NS
        USD
        71614589.670000000000
        2.6541743383
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - LOOMIS SAYLES GRTH FD CL1
        N/A
        CTIVP - LOOMIS SAYLES GRTH FD CL1
        19766E277
        
          
        
        823488.237000000000
        NS
        USD
        44624827.560000000000
        1.6538818795
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - AMER CENT DIVERSE BD CLS 1
        N/A
        CTIVP - AMER CENT DIVERSE BD CLS 1
        19766E293
        
          
        
        16631701.223000000000
        NS
        USD
        175131813.880000000000
        6.4907216304
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        VP - PARTNERS INTL VALUE FD 1
        N/A
        CTIVP - DFA INTL VALUE CLS 1
        19766E327
        
          
        
        5191039.596000000000
        NS
        USD
        48795772.200000000000
        1.8084651045
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP EMERGING MARKETS FUN
        N/A
        COLUMBIA VP EMERG MKT OPP FD CL 1
        19766E376
        
          
          
        
        692146.700000000000
        NS
        USD
        10928996.390000000000
        0.4050496120
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP OVERSEAS CORE-1
        N/A
        COLUMBIA VP - OVERSEAS CORE FD CL1
        19766E418
        
          
          
        
        8593778.449000000000
        NS
        USD
        120398836.070000000000
        4.4622122745
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP SEL LARGE CAP VAL CL 1
        N/A
        COLUMBIA VP SEL LG CAP VAL FD CLS
        19766E475
        
          
        
        1427048.840000000000
        NS
        USD
        54955650.830000000000
        2.0367620460
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - ALLSPRING SHORT DURATION GOVT
        N/A
        CTIVP - WF SHORT DUR GOV CL1
        19766L636
        
          
          
        
        8531979.780000000000
        NS
        USD
        81480406.900000000000
        3.0198204872
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        VP - PARTNERS INTL CORE EQUITY FD CL1
        N/A
        CTIVPSM AQR INT CORE EQ FD CL1
        19766L727
        
          
          
        
        5496858.905000000000
        NS
        USD
        66896772.870000000000
        2.4793229799
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP LRG CAP GRW-1
        N/A
        COLUMBIA VP LG CAP GRTH FD CLS 1
        19766E517
        
          
          
        
        1561491.760000000000
        NS
        USD
        53356173.440000000000
        1.9774823397
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP US GOVT MORT-1
        N/A
        COLUMBIA VP US GOVT MORTGAGE
        19766E541
        
          
          
        
        5510932.950000000000
        NS
        USD
        53731596.260000000000
        1.9913962310
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - TCW CORE PLUS BOND FD CL1
        N/A
        CTIVP - TCW CORE PLUS BOND FD CL1
        19766L743
        
          
        
        29395727.751000000000
        NS
        USD
        297190807.560000000000
        11.0144625368
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        VP - PARTNERS SMALL CAP VALUE-1
        N/A
        COLUMBIA VP-PART SM CAP VAL FD CL
        19766L776
        
          
          
        
        200186.325000000000
        NS
        USD
        7260758.010000000000
        0.2690976472
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        VP - PARTNERS SM CAP GR
        N/A
        VP - PARTNERS SM CAP GR
        19766L792
        
          
          
        
        365605.462000000000
        NS
        USD
        12094228.680000000000
        0.4482353603
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - T ROWE LRG CAP VAL CL1
        N/A
        CTIVP - T ROWE LRG CAP VAL CL1
        19766L826
        
          
          
        
        1335982.360000000000
        NS
        USD
        45316521.650000000000
        1.6795173919
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP LTD DUR BD- C
        N/A
        COLUMBIA VP LTD DUR BD- C
        19766E640
        
          
        
        5743534.156000000000
        NS
        USD
        54333833.120000000000
        2.0137162865
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP DISCIPLINED CORE FD-1
        N/A
        COLUMBIA VP DISCIPLINED CORE FD -1
        19766E814
        
          
          
        
        655630.338000000000
        NS
        USD
        54941822.320000000000
        2.0362495348
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP INTERMED BOND FD CL 1
        N/A
        COLUMBIA VP - INTER BD FD CLASS 1
        19766E871
        
          
        
        23788693.790000000000
        NS
        USD
        228609347.320000000000
        8.4727018049
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA SHORT TERM CASH FUND
        N/A
        COLUMBIA SHORT TERM CASH FUND
        19766H239
        
          
        
        110244895.503000000000
        NS
        USD
        110200797.550000000000
        4.0842533661
        Long
        STIV
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CTIVP - CENTERSQUARE REAL ES CL1
        N/A
        CTIVP - CENTERSQUARE REAL ES CL1
        19766L842
        
          
          
        
        1179968.695000000000
        NS
        USD
        11504694.780000000000
        0.4263861009
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        JPMorgan
        ZBUT11V806EZRVTWT807
        S&P500 EMINI JUN 22
        000000000
        
          
          
        
        116.000000000000
        NC
        USD
        1640532.320000000000
        0.0608012809
        N/A
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              JPMorgan
              ZBUT11V806EZRVTWT807
            
            Long
            
              
                S&P500 EMINI JUN 22
                S&P500 EMINI JUN 22
                
                  
                  
                
              
            
            2022-06-17
            24637817.680000000000
            USD
            1640532.320000000000
          
        
        
          N
          N
          N
        
      
      
        CTIVP - WESTFIELD MID CAP GRTH CL1
        N/A
        CTIVP - WESTFIELD MID CAP GRTH CL1
        19766L107
        
          
          
        
        215505.534000000000
        NS
        USD
        9521034.490000000000
        0.3528678379
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - MFS VALUE FUND CL1
        N/A
        CTIVP - MFS VALUE FUND CL1
        19766L305
        
          
          
        
        1244862.890000000000
        NS
        USD
        45412598.230000000000
        1.6830781746
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        JPMorgan
        ZBUT11V806EZRVTWT807
        MSCI EAFE INDEX JUN 22
        000000000
        
          
          
        
        180.000000000000
        NC
        USD
        1089792.000000000000
        0.0403897861
        N/A
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              JPMorgan
              ZBUT11V806EZRVTWT807
            
            Long
            
              
                MSCI EAFE INDEX JUN 22
                MSCI EAFE INDEX JUN 22
                
                  
                  
                
              
            
            2022-06-17
            18209808.000000000000
            USD
            1089792.000000000000
          
        
        
          N
          N
          N
        
      
      
        JPMorgan
        ZBUT11V806EZRVTWT807
        RUSSELL 2000 EMINI CME JUN 22
        000000000
        
          
          
        
        267.000000000000
        NC
        USD
        793437.090000000000
        0.0294063036
        N/A
        DE
        CORP
        US
        
        N
        
        1
        
          
            
              JPMorgan
              ZBUT11V806EZRVTWT807
            
            Long
            
              
                RUSSELL 2000 EMINI CME JUN 22
                RUSSELL 2000 EMINI CME JUN 22
                
                  
                  
                
              
            
            2022-06-17
            26793002.910000000000
            USD
            793437.090000000000
          
        
        
          N
          N
          N
        
      
      
        JPMorgan
        ZBUT11V806EZRVTWT807
        TOPIX INDEX JUN 22
        000000000
        
          
          
        
        88.000000000000
        NC
        
        1340636.170000000000
        0.0496865532
        N/A
        DE
        CORP
        JP
        
        N
        
        1
        
          
            
              JPMorgan
              ZBUT11V806EZRVTWT807
            
            Long
            
              
                TOPIX INDEX JUN 22
                TOPIX INDEX JUN 22
                
                  
                  
                
              
            
            2022-06-09
            1553834580.320000000000
            JPY
            1340636.170000000000
          
        
        
          N
          N
          N
        
      
      
        JPMorgan
        ZBUT11V806EZRVTWT807
        US 10YR NOTE JUN 22
        000000000
        
          
          
        
        99.000000000000
        NC
        USD
        -326804.250000000000
        -0.0121119936
        N/A
        DIR
        CORP
        US
        
        N
        
        1
        
          
            
              JPMorgan
              ZBUT11V806EZRVTWT807
            
            Long
            
              
                US 10YR NOTE JUN 22
                US 10YR NOTE JUN 22
                
                  
                  
                
              
            
            2022-06-21
            12491429.250000000000
            USD
            -326804.250000000000
          
        
        
          N
          N
          N
        
      
      
        COLUMBIA VP SEL LARGE CAP EQ FD 1
        N/A
        COLUMBIA VP SEL LARGE CAP EQ FD 1
        19766L495
        
          
        
        6294388.788000000000
        NS
        USD
        109962972.130000000000
        4.0754390989
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        COLUMBIA VP COMMODITY STRATEGY 1
        N/A
        COLUMBIA VP-COMMODITY STRATEGY FD
        19766L545
        
          
          
        
        954972.051000000000
        NS
        USD
        6866249.050000000000
        0.2544763869
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        JPMorgan
        ZBUT11V806EZRVTWT807
        EURO STOXX 50 JUN 22
        000000000
        
          
          
          
        
        155.000000000000
        NC
        
        334090.810000000000
        0.0123820476
        N/A
        DE
        CORP
        DE
        
        N
        
        1
        
          
            
              JPMorgan
              ZBUT11V806EZRVTWT807
            
            Long
            
              
                EURO STOXX 50 JUN 22
                EURO STOXX 50 JUN 22
                
                  
                  
                
              
            
            2022-06-17
            5622446.750000000000
            EUR
            334090.810000000000
          
        
        
          N
          N
          N
        
      
      
        JPMorgan
        ZBUT11V806EZRVTWT807
        US ULTRA T-BOND JUN 22
        000000000
        
          
          
        
        148.000000000000
        NC
        USD
        -987733.500000000000
        -0.0366073020
        N/A
        DIR
        CORP
        US
        
        N
        
        1
        
          
            
              JPMorgan
              ZBUT11V806EZRVTWT807
            
            Long
            
              
                US ULTRA T-BOND JUN 22
                US ULTRA T-BOND JUN 22
                
                  
                  
                
              
            
            2022-06-21
            27202233.500000000000
            USD
            -987733.500000000000
          
        
        
          N
          N
          N
        
      
      
        COLUMBIA VP EM BOND FUND-1
        N/A
        C. VP EMERGING MARKETS BOND
        19766L586
        
          
          
        
        1898540.128000000000
        NS
        USD
        16042664.080000000000
        0.5945719652
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
      
        CTIVP - MORGAN STANLEY ADV FD CL1
        N/A
        CTIVP - MORGAN STANLEY ADV FD CL1
        19766L610
        
          
          
        
        717866.377000000000
        NS
        USD
        33402322.520000000000
        1.2379542727
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-25
      Columbia Funds Variable Series Trust II
      Martha Skinner
      Martha Skinner
      Assistant Treasurer
    
  
  XXXX




Portfolio of Investments
Variable Portfolio – Conservative Portfolio, March 31, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 0.1%
  Shares Value ($)
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares(a) 193,127 1,388,586
Total Alternative Strategies Funds
(Cost $923,529)
1,388,586
Equity Funds 19.0%
Global Real Estate 0.2%
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares(a) 210,038 2,047,872
International 5.7%
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) 2,623,759 36,758,864
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) 432,800 5,267,171
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) 786,169 9,897,870
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) 1,122,877 10,555,047
Total 62,478,952
U.S. Large Cap 11.8%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) 453,685 17,893,325
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) 208,211 17,448,085
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) 293,564 10,031,092
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) 2,049,734 35,808,843
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) 278,710 10,733,105
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) 94,553 5,123,845
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) 144,317 5,264,688
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) 89,145 4,147,926
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) 158,124 5,363,558
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) 490,422 16,811,663
Total 128,626,130
Equity Funds (continued)
  Shares Value ($)
U.S. Small Cap 1.3%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) 146,347 2,982,547
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) 141,990 2,871,048
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) 110,308 3,648,990
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) 111,954 4,060,563
Total 13,563,148
Total Equity Funds
(Cost $166,988,280)
206,716,102
Fixed Income Funds 73.8%
Emerging Markets 0.6%
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares(a) 763,113 6,448,309
Investment Grade 73.2%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) 13,739,142 132,033,157
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) 3,391,193 32,080,688
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) 3,145,791 31,394,992
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) 4,426,992 43,163,170
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) 3,404,526 32,513,226
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) 7,203,499 75,852,837
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) 12,882,362 130,240,680
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) 30,608,223 320,468,097
Total 797,746,847
Total Fixed Income Funds
(Cost $865,365,802)
804,195,156
Variable Portfolio – Conservative Portfolio | First Quarter Report 2022
1

Portfolio of Investments   (continued)
Variable Portfolio – Conservative Portfolio, March 31, 2022 (Unaudited)
Money Market Funds 6.9%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.308%(a),(c) 75,498,082 75,467,883
Total Money Market Funds
(Cost $75,487,046)
75,467,883
Total Investments in Securities
(Cost: $1,108,764,657)
1,087,767,727
Other Assets & Liabilities, Net   2,533,375
Net Assets 1,090,301,102
At March 31, 2022, securities and/or cash totaling $2,892,987 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini 29 06/2022 USD 2,996,280 86,179
S&P 500 Index E-mini 73 06/2022 USD 16,537,238 1,032,404
TOPIX Index 18 06/2022 JPY 350,370,000 274,221
U.S. Treasury 10-Year Note 207 06/2022 USD 25,435,125 (683,318)
U.S. Ultra Treasury Bond 86 06/2022 USD 15,232,750 (573,953)
Total         1,392,804 (1,257,271)
Notes to Portfolio of Investments
(a) 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, 2022 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, 0.308%
  80,580,194 14,397,294 (19,498,274) (11,331) 75,467,883 (4,024) 28,710 75,498,082
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares
  1,106,620 281,966 1,388,586 193,127
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
  20,040,173 219,590 (1,020,107) (1,346,331) 17,893,325 750,587 453,685
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
  20,047,247 216,212 (1,077,308) (1,738,066) 17,448,085 677,249 208,211
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares
  7,091,612 140,837 (99,094) (685,046) 6,448,309 (4,629) 68,386 763,113
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
  134,170,309 7,375,076 (233,491) (9,278,737) 132,033,157 (12,096) 13,739,142
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
  11,777,551 205,939 (513,921) (1,438,477) 10,031,092 279,768 293,564
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
  35,268,819 4,355 (1,808,559) (1,383,927) 32,080,688 47,144 3,391,193
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
  35,415,685 123,409 (306,781) (3,837,321) 31,394,992 17,473 3,145,791
2 Variable Portfolio – Conservative Portfolio | First Quarter Report 2022

Portfolio of Investments   (continued)
Variable Portfolio – Conservative Portfolio, March 31, 2022 (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 – Overseas Core Fund, Class 1 Shares
  41,520,265 969,479 (2,582,348) (3,148,532) 36,758,864 445,631 277,054 2,623,759
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
  40,083,009 486,593 (1,935,091) (2,825,668) 35,808,843 826,182 2,049,734
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
  11,472,923 58,957 (518,328) (280,447) 10,733,105 620,968 278,710
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
  3,504,807 17,008 (477,913) (61,355) 2,982,547 8,215 146,347
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
  3,463,149 (592,101) 2,871,048 141,990
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
  47,425,646 13,283 (1,688,601) (2,587,158) 43,163,170 (52,367) 4,426,992
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
  35,619,459 5,263 (2,306,256) (805,240) 32,513,226 (133,298) 3,404,526
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
  82,163,499 29,188 (1,068,650) (5,271,200) 75,852,837 (20,906) 7,203,499
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares
  2,354,735 8,643 (224,965) (90,541) 2,047,872 8,924 210,038
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares
  5,899,900 95,072 (236,794) (634,333) 5,123,845 189,292 94,553
CTIVP® – MFS® Value Fund, Class 1 Shares
  5,893,259 40,525 (341,645) (327,451) 5,264,688 114,858 144,317
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
  5,210,497 207,499 (66,777) (1,203,293) 4,147,926 54,202 89,145
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
  5,895,878 47,840 (294,504) (285,656) 5,363,558 333,382 158,124
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
  142,689,006 36,845 (4,265,807) (8,219,364) 130,240,680 (1,558) 12,882,362
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
  350,699,116 91,581 (10,197,671) (20,124,929) 320,468,097 (8,001) 30,608,223
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
  18,841,199 196,956 (588,525) (1,637,967) 16,811,663 680,303 490,422
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
  5,916,423 201,124 (206,934) (643,442) 5,267,171 54,992 98,612 432,800
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
  11,876,951 201,756 (344,228) (1,836,609) 9,897,870 209,552 786,169
Variable Portfolio – Partners International Value Fund, Class 1 Shares
  11,773,624 457,214 (521,509) (1,154,282) 10,555,047 397,523 240,114 1,122,877
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
  4,520,980 73,989 (173,531) (772,448) 3,648,990 178,213 110,308
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
  4,723,556 17,356 (452,682) (227,667) 4,060,563 75,946 111,954
Total 1,187,046,091     (72,166,953) 1,087,767,727 5,733,525 712,876  
    
Variable Portfolio – Conservative Portfolio | First Quarter Report 2022
3

Portfolio of Investments   (continued)
Variable Portfolio – Conservative Portfolio, March 31, 2022 (Unaudited)
Notes to Portfolio of Investments  (continued)
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at March 31, 2022.
Currency Legend
JPY Japanese Yen
USD US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
4 Variable Portfolio – Conservative Portfolio | First Quarter Report 2022

Portfolio of Investments
Variable Portfolio – Moderately Conservative Portfolio, March 31, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 0.3%
  Shares Value ($)
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares(a) 942,253 6,774,799
Total Alternative Strategies Funds
(Cost $4,520,779)
6,774,799
Equity Funds 34.3%
Global Real Estate 0.4%
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares(a) 1,169,268 11,400,362
International 10.8%
Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares(a),(b) 692,147 10,928,997
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) 8,593,778 120,398,836
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) 5,496,859 66,896,773
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) 3,455,961 43,510,544
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) 5,191,039 48,795,772
Total 290,530,922
U.S. Large Cap 21.0%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) 1,395,125 55,023,745
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) 652,799 54,704,544
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) 1,561,492 53,356,173
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) 6,266,178 109,470,132
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) 1,420,805 54,715,186
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) 822,862 44,590,915
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) 1,238,956 45,197,115
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) 717,866 33,402,323
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) 1,330,283 45,123,183
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) 2,078,830 71,262,285
Total 566,845,601
Equity Funds (continued)
  Shares Value ($)
U.S. Mid Cap 0.7%
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) 222,476 9,651,026
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) 215,055 9,501,127
Total 19,152,153
U.S. Small Cap 1.4%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) 467,044 9,518,356
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) 415,668 8,404,808
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) 365,606 12,094,229
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) 200,186 7,260,758
Total 37,278,151
Total Equity Funds
(Cost $663,849,177)
925,207,189
Fixed Income Funds 61.1%
Emerging Markets 0.6%
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares(a) 1,898,540 16,042,664
Investment Grade 60.5%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) 23,788,694 228,609,348
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) 5,733,265 54,236,688
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) 5,272,597 52,620,515
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) 5,510,933 53,731,596
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) 8,517,212 81,339,378
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) 16,631,701 175,131,814
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) 29,380,388 297,035,724
Variable Portfolio – Moderately Conservative Portfolio | First Quarter Report 2022
5

Portfolio of Investments   (continued)
Variable Portfolio – Moderately Conservative Portfolio, March 31, 2022 (Unaudited)
Fixed Income Funds (continued)
  Shares Value ($)
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) 65,783,798 688,756,361
Total 1,631,461,424
Total Fixed Income Funds
(Cost $1,757,766,821)
1,647,504,088
Money Market Funds 4.1%
Columbia Short-Term Cash Fund, 0.308%(a),(c) 110,244,896 110,200,798
Total Money Market Funds
(Cost $110,225,393)
110,200,798
Total Investments in Securities
(Cost: $2,536,362,170)
2,689,686,874
Other Assets & Liabilities, Net   5,578,501
Net Assets 2,695,265,375
At March 31, 2022, securities and/or cash totaling $6,685,854 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini 267 06/2022 USD 27,586,440 793,437
S&P 500 Index E-mini 80 06/2022 USD 18,123,000 1,131,402
TOPIX Index 88 06/2022 JPY 1,712,920,000 1,340,636
U.S. Treasury 10-Year Note 99 06/2022 USD 12,164,625 (326,804)
U.S. Ultra Treasury Bond 148 06/2022 USD 26,214,500 (987,734)
Total         3,265,475 (1,314,538)
Notes to Portfolio of Investments
(a) 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, 2022 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, 0.308%
  118,825,058 33,115,498 (41,726,393) (13,365) 110,200,798 (8,504) 41,423 110,244,896
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares
  6,922,099 (1,445,908) 1,298,608 6,774,799 347,794 942,253
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
  59,775,278 (1,000,817) (3,750,716) 55,023,745 1,946,562 1,395,125
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
  60,084,868 (944,651) (4,435,673) 54,704,544 1,202,274 652,799
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares
  17,789,981 172,554 (196,188) (1,723,683) 16,042,664 (9,995) 169,974 1,898,540
6 Variable Portfolio – Moderately Conservative Portfolio | First Quarter Report 2022

Portfolio of Investments   (continued)
Variable Portfolio – Moderately Conservative Portfolio, March 31, 2022 (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 – Emerging Markets Fund, Class 1 Shares
  13,441,489 (2,512,492) 10,928,997 692,147
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
  251,634,555 2,376 (6,363,311) (16,664,272) 228,609,348 (200,650) 23,788,694
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
  59,365,722 24,683 (46,199) (5,988,033) 53,356,173 87,952 1,561,492
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
  59,300,108 (3,013,773) (2,049,647) 54,236,688 (191,563) 5,733,265
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
  59,024,805 12,428 (33,202) (6,383,516) 52,620,515 2,632 5,272,597
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
  132,621,660 935,175 (3,313,161) (9,844,838) 120,398,836 709,033 906,604 8,593,778
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
  119,690,493 (2,448,501) (7,771,860) 109,470,132 1,726,100 6,266,178
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
  59,812,281 (4,898,064) (199,031) 54,715,186 1,933,439 1,420,805
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
  10,143,684 (440,964) (184,364) 9,518,356 8,573 467,044
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
  10,138,144 (1,733,336) 8,404,808 415,668
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
  58,976,393 333 (2,028,406) (3,216,724) 53,731,596 (83,447) 5,510,933
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
  88,652,918 (5,156,855) (2,156,685) 81,339,378 (203,615) 8,517,212
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
  192,847,249 1,093 (5,402,159) (12,314,369) 175,131,814 (11,162) 16,631,701
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares
  12,486,511 (637,765) (448,384) 11,400,362 36,070 1,169,268
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares
  48,655,557 13,374 (113,640) (3,964,376) 44,590,915 204,727 822,862
CTIVP® – MFS® Value Fund, Class 1 Shares
  49,502,578 (1,831,117) (2,474,346) 45,197,115 686,931 1,238,956
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
  42,931,563 97,703 (9,626,943) 33,402,323 717,866
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
  49,363,621 (1,412,843) (2,827,595) 45,123,183 3,210,589 1,330,283
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
  325,985,605 1,169 (10,023,434) (18,927,616) 297,035,724 75,304 29,380,388
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares
  10,497,658 (331,389) (515,243) 9,651,026 554,123 222,476
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares
  10,375,684 3,016 (28,294) (849,279) 9,501,127 46,303 215,055
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
  755,407,740 2,303 (23,564,469) (43,089,213) 688,756,361 (439,448) 65,783,798
Variable Portfolio – Moderately Conservative Portfolio | First Quarter Report 2022
7

Portfolio of Investments   (continued)
Variable Portfolio – Moderately Conservative Portfolio, March 31, 2022 (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
  77,729,995 (682,797) (5,784,913) 71,262,285 1,836,721 2,078,830
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
  74,018,268 1,272,790 (675,181) (7,719,104) 66,896,773 135,400 1,251,267 5,496,859
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
  50,491,200 84,855 (7,065,511) 43,510,544 3,455,961
Variable Portfolio – Partners International Value Fund, Class 1 Shares
  51,314,528 1,152,354 (3,671,110) 48,795,772 1,108,999 5,191,039
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
  13,927,091 13,878 (1,846,740) 12,094,229 365,606
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
  7,471,340 43,558 (254,140) 7,260,758 200,186
Total 2,959,205,724     (188,708,509) 2,689,686,874 13,602,143 3,478,267  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at March 31, 2022.
Currency Legend
JPY Japanese Yen
USD US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
8 Variable Portfolio – Moderately Conservative Portfolio | First Quarter Report 2022

Portfolio of Investments
Variable Portfolio – Moderate Portfolio, March 31, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 0.3%
  Shares Value ($)
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares(a) 7,697,072 55,341,950
Total Alternative Strategies Funds
(Cost $37,495,915)
55,341,950
Equity Funds 48.1%
Global Real Estate 0.6%
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares(a) 10,810,452 105,401,909
International 13.6%
Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares(a),(b) 2,188,741 34,560,215
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) 72,412,347 1,014,496,989
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) 33,382,534 406,265,434
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) 28,378,880 357,290,099
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) 44,110,456 414,638,291
Total 2,227,251,028
U.S. Large Cap 30.8%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) 10,763,628 424,517,495
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) 5,028,168 421,360,467
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) 14,385,695 491,559,186
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) 48,347,573 844,632,097
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) 13,146,324 506,264,928
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) 7,939,043 430,216,767
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) 12,016,440 438,359,740
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) 6,859,919 319,192,019
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) 12,916,857 438,139,808
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) 21,669,046 742,814,896
Total 5,057,057,403
Equity Funds (continued)
  Shares Value ($)
U.S. Mid Cap 1.1%
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) 2,162,887 93,826,059
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) 2,068,973 91,407,209
Total 185,233,268
U.S. Small Cap 2.0%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) 4,512,310 91,960,883
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) 3,639,553 73,591,760
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) 2,891,487 95,650,370
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) 1,595,301 57,861,566
Total 319,064,579
Total Equity Funds
(Cost $5,465,955,643)
7,894,008,187
Fixed Income Funds 43.3%
Emerging Markets 0.6%
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares(a) 11,141,138 94,142,620
Investment Grade 42.7%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) 119,777,185 1,151,058,751
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) 17,260,738 163,286,582
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) 71,451,950 713,090,462
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) 28,789,181 280,694,516
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) 51,522,802 492,042,755
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) 70,871,653 746,278,501
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) 128,396,966 1,298,093,329
Variable Portfolio – Moderate Portfolio | First Quarter Report 2022
9

Portfolio of Investments   (continued)
Variable Portfolio – Moderate Portfolio, March 31, 2022 (Unaudited)
Fixed Income Funds (continued)
  Shares Value ($)
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) 206,353,802 2,160,524,309
Total 7,005,069,205
Total Fixed Income Funds
(Cost $7,553,966,950)
7,099,211,825
Money Market Funds 8.0%
Columbia Short-Term Cash Fund, 0.308%(a),(c) 1,273,084,611 1,272,575,377
Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 0.010%(a),(c) 29,916,354 29,916,354
Total Money Market Funds
(Cost $1,302,765,103)
1,302,491,731
Total Investments in Securities
(Cost: $14,360,183,611)
16,351,053,693
Other Assets & Liabilities, Net   48,099,820
Net Assets 16,399,153,513
At March 31, 2022, securities and/or cash totaling $56,543,274 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini 1,876 06/2022 USD 193,828,320 5,574,861
S&P 500 Index E-mini 857 06/2022 USD 194,142,638 5,306,959
SPI 200 Index 150 06/2022 AUD 28,046,250 1,186,339
TOPIX Index 1,205 06/2022 JPY 23,455,325,000 18,357,575
U.S. Ultra Treasury Bond 624 06/2022 USD 110,526,000 (4,164,498)
Total         30,425,734 (4,164,498)
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX North America Investment Grade Index, Series 38 Morgan Stanley 06/20/2027 1.000 Quarterly 0.667 USD 52,323,000 103,554 103,554
* 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.
10 Variable Portfolio – Moderate Portfolio | First Quarter Report 2022

Portfolio of Investments   (continued)
Variable Portfolio – Moderate Portfolio, March 31, 2022 (Unaudited)
Notes to Portfolio of Investments
(a) 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, 2022 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, 0.308%
  983,397,100 558,091,031 (268,718,539) (194,215) 1,272,575,377 (55,665) 449,655 1,273,084,611
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares
  55,257,709 (10,588,997) 10,673,238 55,341,950 2,388,656 7,697,072
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
  458,128,586 (6,707,294) (26,903,797) 424,517,495 12,785,893 10,763,628
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
  465,469,284 (8,407,286) (35,701,531) 421,360,467 10,479,739 5,028,168
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares
  103,283,790 997,455 (10,138,625) 94,142,620 997,455 11,141,138
Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares
  42,505,343 (7,945,128) 34,560,215 2,188,741
Columbia Variable Portfolio – Government Money Market Fund, Class 1 Shares, 0.010%
  29,915,616 738 29,916,354 738 29,916,354
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
  1,406,491,366 (171,588,586) (83,844,029) 1,151,058,751 (3,328,585) 119,777,185
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
  547,236,442 (295,131) (55,382,125) 491,559,186 975,127 14,385,695
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
  173,153,922 (3,496,534) (6,370,806) 163,286,582 (272,967) 17,260,738
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
  801,802,808 (1,957,174) (86,755,172) 713,090,462 154,365 71,451,950
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
  1,099,785,818 7,639,169 (13,480,321) (79,447,677) 1,014,496,989 2,196,168 7,639,169 72,412,347
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
  924,516,426 (19,472,869) (60,411,460) 844,632,097 13,417,295 48,347,573
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
  550,308,803 (43,273,042) (770,833) 506,264,928 16,100,569 13,146,324
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
  99,531,944 (4,200,735) (3,370,326) 91,960,883 1,591,059 4,512,310
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
  88,768,695 (15,176,935) 73,591,760 3,639,553
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
  301,938,219 (4,177,429) (17,066,274) 280,694,516 (41,451) 28,789,181
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
  528,197,882 (22,583,746) (13,571,381) 492,042,755 (605,946) 51,522,802
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
  969,783,402 (164,255,749) (59,249,152) 746,278,501 4,004,251 70,871,653
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares
  116,034,362 (6,434,200) (4,198,253) 105,401,909 225,650 10,810,452
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares
  468,936,174 (877,522) (37,841,885) 430,216,767 1,608,103 7,939,043
Variable Portfolio – Moderate Portfolio | First Quarter Report 2022
11

Portfolio of Investments   (continued)
Variable Portfolio – Moderate Portfolio, March 31, 2022 (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
CTIVP® – MFS® Value Fund, Class 1 Shares
  478,884,340 (12,482,751) (28,041,849) 438,359,740 10,338,428 12,016,440
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
  411,595,124 (92,403,105) 319,192,019 6,859,919
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
  476,570,024 (14,301,676) (24,128,540) 438,139,808 27,229,144 12,916,857
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
  1,420,783,626 (40,126,643) (82,563,654) 1,298,093,329 323,798 128,396,966
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares
  101,650,599 (1,759,407) (6,065,133) 93,826,059 6,303,206 2,162,887
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares
  99,543,250 (109,345) (8,026,696) 91,407,209 318,911 2,068,973
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
  2,303,149,525 (8,293,512) (134,331,704) 2,160,524,309 (154,422) 206,353,802
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares
  785,116,658 (1,498,282) (40,803,480) 742,814,896 618,457 21,669,046
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
  449,583,842 7,598,969 (4,281,512) (46,635,865) 406,265,434 476,260 7,598,969 33,382,534
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
  415,466,803 (58,176,704) 357,290,099 28,378,880
Variable Portfolio – Partners International Value Fund, Class 1 Shares
  436,443,001 9,423,633 (31,228,343) 414,638,291 9,423,632 44,110,456
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
  110,281,291 (14,630,921) 95,650,370 2,891,487
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
  59,903,551 (2,041,985) 57,861,566 1,595,301
Total 17,763,415,325     (1,162,744,345) 16,351,053,693 107,076,043 26,109,618  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at March 31, 2022.
Currency Legend
AUD Australian Dollar
JPY Japanese Yen
USD US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
12 Variable Portfolio – Moderate Portfolio | First Quarter Report 2022

Portfolio of Investments
Variable Portfolio – Moderately Aggressive Portfolio, March 31, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 0.4%
  Shares Value ($)
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares(a) 3,651,170 26,251,915
Total Alternative Strategies Funds
(Cost $17,811,313)
26,251,915
Equity Funds 63.3%
Global Real Estate 0.9%
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares(a) 6,277,956 61,210,071
International 17.3%
Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares(a),(b) 900,633 14,221,004
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) 35,876,426 502,628,733
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) 19,886,250 242,015,659
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) 16,609,518 209,113,827
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) 24,483,877 230,148,444
Total 1,198,127,667
U.S. Large Cap 41.0%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) 5,400,828 213,008,667
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) 2,520,323 211,203,099
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) 8,134,270 277,948,012
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) 24,218,567 423,098,373
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) 7,550,521 290,770,547
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) 4,931,307 267,227,524
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) 7,472,983 272,614,405
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) 4,311,762 200,626,290
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) 8,085,583 274,262,959
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) 11,706,811 401,309,463
Total 2,832,069,339
Equity Funds (continued)
  Shares Value ($)
U.S. Mid Cap 1.6%
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) 1,263,118 54,794,067
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) 1,200,148 53,022,535
Total 107,816,602
U.S. Small Cap 2.5%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) 2,631,677 53,633,586
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) 2,125,988 42,987,469
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) 1,539,817 50,937,152
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) 760,683 27,589,970
Total 175,148,177
Total Equity Funds
(Cost $3,083,427,882)
4,374,371,856
Fixed Income Funds 29.3%
Emerging Markets 0.5%
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares(a) 4,008,720 33,873,681
Investment Grade 28.8%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) 46,620,230 448,020,411
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares(a) 5,544,377 52,449,811
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) 10,162,353 101,420,287
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares(a) 10,593,363 103,285,286
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) 14,709,360 140,474,384
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) 32,838,617 345,790,632
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) 27,459,086 277,611,359
Variable Portfolio – Moderately Aggressive Portfolio | First Quarter Report 2022
13

Portfolio of Investments   (continued)
Variable Portfolio – Moderately Aggressive Portfolio, March 31, 2022 (Unaudited)
Fixed Income Funds (continued)
  Shares Value ($)
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) 49,742,792 520,807,032
Total 1,989,859,202
Total Fixed Income Funds
(Cost $2,164,361,735)
2,023,732,883
Money Market Funds 6.7%
Columbia Short-Term Cash Fund, 0.308%(a),(c) 464,502,740 464,316,939
Total Money Market Funds
(Cost $464,427,130)
464,316,939
Total Investments in Securities
(Cost: $5,730,028,060)
6,888,673,593
Other Assets & Liabilities, Net   22,676,791
Net Assets 6,911,350,384
At March 31, 2022, securities and/or cash totaling $26,034,021 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini 1,120 06/2022 USD 115,718,400 3,328,275
S&P 500 Index E-mini 95 06/2022 USD 21,521,062 380,943
SPI 200 Index 180 06/2022 AUD 33,655,500 1,423,607
TOPIX Index 630 06/2022 JPY 12,262,950,000 9,597,736
U.S. Treasury 10-Year Note 1,723 06/2022 USD 211,713,625 (5,687,714)
U.S. Ultra Treasury Bond 174 06/2022 USD 30,819,750 (1,161,254)
Total         14,730,561 (6,848,968)
Notes to Portfolio of Investments
(a) 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, 2022 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, 0.308%
  497,839,691 117,139,735 (150,601,287) (61,200) 464,316,939 (30,685) 175,069 464,502,740
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares
  25,094,136 (3,961,734) 5,119,513 26,251,915 907,604 3,651,170
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
  230,260,343 (3,494,192) (13,757,484) 213,008,667 6,648,268 5,400,828
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares
  233,251,063 (4,188,128) (17,859,836) 211,203,099 5,216,768 2,520,323
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares
  37,323,828 358,897 (178,056) (3,630,988) 33,873,681 (22,644) 358,897 4,008,720
14 Variable Portfolio – Moderately Aggressive Portfolio | First Quarter Report 2022

Portfolio of Investments   (continued)
Variable Portfolio – Moderately Aggressive Portfolio, March 31, 2022 (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 – Emerging Markets Fund, Class 1 Shares
  17,490,304 (3,269,300) 14,221,004 900,633
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares
  494,574,681 (13,920,109) (32,634,161) 448,020,411 (469,162) 46,620,230
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares
  309,819,393 (282,508) (31,588,873) 277,948,012 796,351 8,134,270
Columbia Variable Portfolio – Limited Duration Credit Fund, Class 1 Shares
  56,529,405 (2,082,995) (1,996,599) 52,449,811 (155,433) 5,544,377
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares
  114,561,334 (757,799) (12,383,248) 101,420,287 36,327 10,162,353
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares
  552,360,832 3,786,400 (13,539,525) (39,978,974) 502,628,733 1,538,418 3,786,400 35,876,426
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares
  463,186,674 (9,795,266) (30,293,035) 423,098,373 6,729,056 24,218,567
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares
  312,533,232 (14,860,118) (6,902,567) 290,770,547 15,686,076 7,550,521
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares
  57,670,939 (2,249,419) (1,787,934) 53,633,586 768,107 2,631,677
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares
  51,852,838 (8,865,369) 42,987,469 2,125,988
Columbia Variable Portfolio – U.S. Government Mortgage Fund, Class 1 Shares
  112,544,076 (3,039,933) (6,218,857) 103,285,286 (109,280) 10,593,363
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares
  151,702,567 (7,367,501) (3,860,682) 140,474,384 (197,841) 14,709,360
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares
  382,156,166 (11,925,770) (24,439,764) 345,790,632 59,068 32,838,617
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares
  66,979,071 (3,367,161) (2,401,839) 61,210,071 136,017 6,277,956
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares
  291,844,463 (736,515) (23,880,424) 267,227,524 1,339,981 4,931,307
CTIVP® – MFS® Value Fund, Class 1 Shares
  298,203,524 (11,644,712) (13,944,407) 272,614,405 2,955,061 7,472,983
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares
  258,705,725 (58,079,435) 200,626,290 4,311,762
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares
  296,852,311 (9,935,858) (12,653,494) 274,262,959 14,630,432 8,085,583
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares
  304,994,261 (9,802,011) (17,580,891) 277,611,359 (39,033) 27,459,086
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares
  58,887,441 (1,161,535) (2,931,839) 54,794,067 3,090,289 1,263,118
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares
  57,818,380 (85,586) (4,710,259) 53,022,535 232,515 1,200,148
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares
  572,991,919 (19,744,957) (32,439,930) 520,807,032 (508,106) 49,742,792
Variable Portfolio – Moderately Aggressive Portfolio | First Quarter Report 2022
15

Portfolio of Investments   (continued)
Variable Portfolio – Moderately Aggressive Portfolio, March 31, 2022 (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
  433,091,822 (3,427,101) (28,355,258) 401,309,463 6,189,160 11,706,811
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares
  269,598,733 4,526,881 (3,363,921) (28,746,034) 242,015,659 1,193,470 4,526,881 19,886,250
Variable Portfolio – Partners International Growth Fund, Class 1 Shares
  243,163,338 (34,049,511) 209,113,827 16,609,518
Variable Portfolio – Partners International Value Fund, Class 1 Shares
  242,251,331 5,230,665 - (17,333,552) 230,148,444 5,230,666 24,483,877
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares
  58,728,627 (7,791,475) 50,937,152 1,539,817
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares
  28,563,644 (973,674) 27,589,970 760,683
Total 7,583,426,092     (520,281,380) 6,888,673,593 66,620,784 14,077,913  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at March 31, 2022.
Currency Legend
AUD Australian Dollar
JPY Japanese Yen
USD US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
16 Variable Portfolio – Moderately Aggressive Portfolio | First Quarter Report 2022

Portfolio of Investments
Variable Portfolio – Aggressive Portfolio, March 31, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 0.6%
  Shares Value ($)
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares(a) 1,866,699 13,421,566
Total Alternative Strategies Funds
(Cost $9,307,381)
13,421,566
Equity Funds 79.0%
Global Real Estate 1.1%
CTIVP® – CenterSquare Real Estate Fund, Class 1 Shares(a) 2,817,466 27,470,292
International 21.8%
Columbia Variable Portfolio – Emerging Markets Fund, Class 1 Shares(a),(b) 349,352 5,516,279
Columbia Variable Portfolio – Overseas Core Fund, Class 1 Shares(a) 14,233,237 199,407,647
Variable Portfolio – Partners International Core Equity Fund, Class 1 Shares(a) 11,059,382 134,592,677
Variable Portfolio – Partners International Growth Fund, Class 1 Shares(a),(b) 7,258,941 91,390,064
Variable Portfolio – Partners International Value Fund, Class 1 Shares(a) 10,653,368 100,141,663
Total 531,048,330
U.S. Large Cap 50.9%
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares(a),(b) 2,352,764 92,793,014
Columbia Variable Portfolio – Disciplined Core Fund, Class 1 Shares(a),(b) 1,105,493 92,640,319
Columbia Variable Portfolio – Large Cap Growth Fund, Class 1 Shares(a),(b) 3,671,648 125,460,217
Columbia Variable Portfolio – Select Large Cap Equity Fund, Class 1 Shares(a),(b) 10,630,568 185,716,021
Columbia Variable Portfolio – Select Large Cap Value Fund, Class 1 Shares(a),(b) 3,530,557 135,961,742
CTIVP® – Loomis Sayles Growth Fund, Class 1 Shares(a),(b) 2,148,674 116,436,641
CTIVP® – MFS® Value Fund, Class 1 Shares(a),(b) 3,335,493 121,678,781
CTIVP® – Morgan Stanley Advantage Fund, Class 1 Shares(a),(b) 1,856,288 86,373,100
CTIVP® – T. Rowe Price Large Cap Value Fund, Class 1 Shares(a),(b) 3,673,036 124,589,388
Variable Portfolio – Partners Core Equity Fund, Class 1 Shares(a),(b) 4,599,208 157,660,842
Total 1,239,310,065
Equity Funds (continued)
  Shares Value ($)
U.S. Mid Cap 1.9%
CTIVP® – Victory Sycamore Established Value Fund, Class 1 Shares(a),(b) 567,170 24,603,852
CTIVP® – Westfield Mid Cap Growth Fund, Class 1 Shares(a),(b) 508,676 22,473,306
Total 47,077,158
U.S. Small Cap 3.3%
Columbia Variable Portfolio – Small Cap Value Fund, Class 1 Shares(a) 1,188,073 24,212,926
Columbia Variable Portfolio – Small Company Growth Fund, Class 1 Shares(a),(b) 898,928 18,176,322
Variable Portfolio – Partners Small Cap Growth Fund, Class 1 Shares(a),(b) 673,539 22,280,668
Variable Portfolio – Partners Small Cap Value Fund, Class 1 Shares(a),(b) 394,205 14,297,818
Total 78,967,734
Total Equity Funds
(Cost $1,337,983,657)
1,923,873,579
Fixed Income Funds 15.5%
Emerging Markets 0.5%
Columbia Variable Portfolio – Emerging Markets Bond Fund, Class 1 Shares(a) 1,354,914 11,449,020
Investment Grade 15.0%
Columbia Variable Portfolio – Intermediate Bond Fund, Class 1 Shares(a) 7,569,702 72,744,837
Columbia Variable Portfolio – Long Government/Credit Bond Fund, Class 1 Shares(a) 4,765,853 47,563,215
CTIVP® – Allspring Short Duration Government Fund, Class 1 Shares(a) 2,609,947 24,924,988
CTIVP® – American Century Diversified Bond Fund, Class 1 Shares(a) 6,979,177 73,490,736
CTIVP® – TCW Core Plus Bond Fund, Class 1 Shares(a) 4,855,595 49,090,069
Variable Portfolio – Partners Core Bond Fund, Class 1 Shares(a) 9,376,644 98,173,462
Total 365,987,307
Total Fixed Income Funds
(Cost $405,000,937)
377,436,327
Variable Portfolio – Aggressive Portfolio | First Quarter Report 2022
17

Portfolio of Investments   (continued)
Variable Portfolio – Aggressive Portfolio, March 31, 2022 (Unaudited)
Money Market Funds 4.6%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.308%(a),(c) 111,876,431 111,831,680
Total Money Market Funds
(Cost $111,855,975)
111,831,680
Total Investments in Securities
(Cost: $1,864,147,950)
2,426,563,152
Other Assets & Liabilities, Net   7,916,769
Net Assets 2,434,479,921
At March 31, 2022, securities and/or cash totaling $9,115,231 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini 434 06/2022 USD 44,840,880 1,289,707
SPI 200 Index 76 06/2022 AUD 14,210,100 601,079
TOPIX Index 272 06/2022 JPY 5,294,480,000 4,143,785
U.S. Ultra Treasury Bond 54 06/2022 USD 9,564,750 (360,389)
Total         6,034,571 (360,389)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini (73) 06/2022 USD (16,537,237) (571,360)
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX North America Investment Grade Index, Series 38 Morgan Stanley 06/20/2027 1.000 Quarterly 0.667 USD 10,308,000 20,401 20,401
* 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.
18 Variable Portfolio – Aggressive Portfolio | First Quarter Report 2022

Portfolio of Investments   (continued)
Variable Portfolio – Aggressive Portfolio, March 31, 2022 (Unaudited)
Notes to Portfolio of Investments
(a) 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, 2022 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, 0.308%
  119,218,990 36,634,163 (44,008,700) (12,773) 111,831,680 (8,427) 41,440 111,876,431
Columbia Variable Portfolio – Commodity Strategy Fund, Class 1 Shares
  11,630,211 (886,753) 2,678,108 13,421,566 212,891 1,866,699
Columbia Variable Portfolio – Contrarian Core Fund, Class 1 Shares
  98,258,088 (839,926) (4,625,148) 92,793,014