# EDGAR Filing Document

**Accession Number:** 0000929521
**File Stem:** 0001193125-25-298456
**Filing Date:** 2025-11
**Character Count:** 61519
**Document Hash:** 56cbdc03100b1e2458c2034b3735f752
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298456.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298456

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0000929521

**ORGANIZATION NAME:**
- **EIN:** 362692100
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08748
- **FILM NUMBER:** 251524030

**BUSINESS ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE, SUITE 2500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126349200

**MAIL ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE, SUITE 2500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WANGER ADVISORS TRUST
- **DATE OF NAME CHANGE:** 19940909

## Series and Classes Contracts Data

### Columbia Variable Portfolio - Acorn Fund (Series ID: S000008981)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000024403 | Columbia Variable Portfolio - Acorn Fund | WUSAX           |

## Nport-Ex

![](img7ccdd22a1.jpg)

Columbia Variable Portfolio – Acorn Fund

**Third Quarter Report**

September 30, 2025 (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

Portfolio of Investments

Columbia Variable Portfolio – Acorn Fund, September 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 96.5%** | **Common Stocks 96.5%** | **Common Stocks 96.5%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| **Media 0.5%** | **Media 0.5%** | **Media 0.5%** |
| NIQ Global Intelligence PLC<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 165139 | &nbsp;&nbsp; 2592682 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2592682** |
| **Consumer Discretionary 15.2%** | **Consumer Discretionary 15.2%** | **Consumer Discretionary 15.2%** |
| **Automobile Components 3.6%** | **Automobile Components 3.6%** | **Automobile Components 3.6%** |
| Dorman Products, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 45594 | &nbsp;&nbsp; 7107193 |
| Modine Manufacturing Co.<sup>(a)</sup> <br>| &nbsp;&nbsp; 72254 | &nbsp;&nbsp; 10271628 |
| Total |  | &nbsp;&nbsp; 17378821 |
| **Diversified Consumer Services 1.5%** | **Diversified Consumer Services 1.5%** | **Diversified Consumer Services 1.5%** |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 66446 | &nbsp;&nbsp; 7214042 |
| **Hotels, Restaurants & Leisure 4.3%** | **Hotels, Restaurants & Leisure 4.3%** | **Hotels, Restaurants & Leisure 4.3%** |
| Churchill Downs, Inc. | &nbsp;&nbsp; 89661 | &nbsp;&nbsp; 8698014 |
| Portillo's, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 313540 | &nbsp;&nbsp; 2022333 |
| Wingstop, Inc. | &nbsp;&nbsp; 33173 | &nbsp;&nbsp; 8348981 |
| Xponential Fitness, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 233613 | &nbsp;&nbsp; 1819845 |
| Total |  | &nbsp;&nbsp; 20889173 |
| **Household Durables 4.1%** | **Household Durables 4.1%** | **Household Durables 4.1%** |
| Cavco Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 14599 | &nbsp;&nbsp; 8478077 |
| SharkNinja, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22592 | &nbsp;&nbsp; 2330365 |
| TopBuild Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 22260 | &nbsp;&nbsp; 8700544 |
| Total |  | &nbsp;&nbsp; 19508986 |
| **Specialty Retail 1.7%** | **Specialty Retail 1.7%** | **Specialty Retail 1.7%** |
| Five Below, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 51733 | &nbsp;&nbsp; 8003095 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **72994117** |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 80065 | &nbsp;&nbsp; 7466061 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 39834 | &nbsp;&nbsp; 4333939 |
| Total |  | &nbsp;&nbsp; 11800000 |
| **Household Products 1.0%** | **Household Products 1.0%** | **Household Products 1.0%** |
| WD-40 Co. | &nbsp;&nbsp; 25481 | &nbsp;&nbsp; 5035046 |
| **Personal Care Products 0.8%** | **Personal Care Products 0.8%** | **Personal Care Products 0.8%** |
| elf Beauty, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 27389 | &nbsp;&nbsp; 3628495 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **20463541** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Energy 1.5%** | **Energy 1.5%** | **Energy 1.5%** |
| **Energy Equipment & Services 0.8%** | **Energy Equipment & Services 0.8%** | **Energy Equipment & Services 0.8%** |
| TechnipFMC PLC | &nbsp;&nbsp; 93746 | &nbsp;&nbsp; 3698280 |
| **Oil, Gas & Consumable Fuels 0.7%** | **Oil, Gas & Consumable Fuels 0.7%** | **Oil, Gas & Consumable Fuels 0.7%** |
| Antero Resources Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 54960 | &nbsp;&nbsp; 1844457 |
| EQT Corp. | &nbsp;&nbsp; 28860 | &nbsp;&nbsp; 1570850 |
| Total |  | &nbsp;&nbsp; 3415307 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **7113587** |
| **Financials 9.5%** | **Financials 9.5%** | **Financials 9.5%** |
| **Banks 1.5%** | **Banks 1.5%** | **Banks 1.5%** |
| Lakeland Financial Corp. | &nbsp;&nbsp; 36792 | &nbsp;&nbsp; 2362047 |
| Western Alliance Bancorp | &nbsp;&nbsp; 55238 | &nbsp;&nbsp; 4790239 |
| Total |  | &nbsp;&nbsp; 7152286 |
| **Capital Markets 6.4%** | **Capital Markets 6.4%** | **Capital Markets 6.4%** |
| Blue Owl Capital, Inc. | &nbsp;&nbsp; 298858 | &nbsp;&nbsp; 5059666 |
| Carlyle Group, Inc. (The) | &nbsp;&nbsp; 181858 | &nbsp;&nbsp; 11402497 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp; 862541 | &nbsp;&nbsp; 10410870 |
| Miami International Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 31929 | &nbsp;&nbsp; 1285461 |
| StoneX Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26726 | &nbsp;&nbsp; 2697188 |
| Total |  | &nbsp;&nbsp; 30855682 |
| **Insurance 1.6%** | **Insurance 1.6%** | **Insurance 1.6%** |
| Ryan Specialty Holdings, Inc., Class A | &nbsp;&nbsp; 136818 | &nbsp;&nbsp; 7711062 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **45719030** |
| **Health Care 19.2%** | **Health Care 19.2%** | **Health Care 19.2%** |
| **Biotechnology 6.2%** | **Biotechnology 6.2%** | **Biotechnology 6.2%** |
| Absci Corp.<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 488126 | &nbsp;&nbsp; 1483903 |
| BridgeBio Pharma, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 53367 | &nbsp;&nbsp; 2771882 |
| Exact Sciences Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 171465 | &nbsp;&nbsp; 9380850 |
| Insmed, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 62792 | &nbsp;&nbsp; 9042676 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6738 | &nbsp;&nbsp; 945880 |
| Nuvalent, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 33222 | &nbsp;&nbsp; 2873039 |
| Revolution Medicines, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47129 | &nbsp;&nbsp; 2200924 |
| Vaxcyte, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29030 | &nbsp;&nbsp; 1045661 |
| Total |  | &nbsp;&nbsp; 29744815 |

---

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Acorn Fund, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies 4.4%** | **Health Care Equipment & Supplies 4.4%** | **Health Care Equipment & Supplies 4.4%** |
| Glaukos Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 57890 | &nbsp;&nbsp; 4720930 |
| iRhythm Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15349 | &nbsp;&nbsp; 2639875 |
| Masimo Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58848 | &nbsp;&nbsp; 8683022 |
| Penumbra, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 19145 | &nbsp;&nbsp; 4849811 |
| Total |  | &nbsp;&nbsp; 20893638 |
| **Health Care Providers & Services 4.4%** | **Health Care Providers & Services 4.4%** | **Health Care Providers & Services 4.4%** |
| Alignment Healthcare, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 302375 | &nbsp;&nbsp; 5276444 |
| Encompass Health Corp. | &nbsp;&nbsp; 37629 | &nbsp;&nbsp; 4779635 |
| HealthEquity, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 86817 | &nbsp;&nbsp; 8227647 |
| Pennant Group, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp; 87221 | &nbsp;&nbsp; 2199714 |
| RadNet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10116 | &nbsp;&nbsp; 770940 |
| Total |  | &nbsp;&nbsp; 21254380 |
| **Health Care Technology 0.7%** | **Health Care Technology 0.7%** | **Health Care Technology 0.7%** |
| Doximity, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 33483 | &nbsp;&nbsp; 2449281 |
| Phreesia, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 45886 | &nbsp;&nbsp; 1079239 |
| Total |  | &nbsp;&nbsp; 3528520 |
| **Life Sciences Tools & Services 3.2%** | **Life Sciences Tools & Services 3.2%** | **Life Sciences Tools & Services 3.2%** |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 297838 | &nbsp;&nbsp; 4455657 |
| BioLife Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 132304 | &nbsp;&nbsp; 3375075 |
| Bio-Techne Corp. | &nbsp;&nbsp; 100433 | &nbsp;&nbsp; 5587088 |
| DNA Script<sup>(a),(c),(d),(e)</sup> <br>| &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 207981 |
| ICON PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 11112 | &nbsp;&nbsp; 1944600 |
| Total |  | &nbsp;&nbsp; 15570401 |
| **Pharmaceuticals 0.3%** | **Pharmaceuticals 0.3%** | **Pharmaceuticals 0.3%** |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 28140 | &nbsp;&nbsp; 1172031 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **92163785** |
| **Industrials 27.5%** | **Industrials 27.5%** | **Industrials 27.5%** |
| **Aerospace & Defense 8.1%** | **Aerospace & Defense 8.1%** | **Aerospace & Defense 8.1%** |
| Aerovironment, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 26703 | &nbsp;&nbsp; 8408508 |
| Axon Enterprise, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3487 | &nbsp;&nbsp; 2502411 |
| Curtiss-Wright Corp. | &nbsp;&nbsp; 16553 | &nbsp;&nbsp; 8987286 |
| Karman Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37556 | &nbsp;&nbsp; 2711543 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 61940 | &nbsp;&nbsp; 5659458 |
| Moog, Inc., Class A | &nbsp;&nbsp; 17174 | &nbsp;&nbsp; 3566524 |
| VSE Corp. | &nbsp;&nbsp; 43827 | &nbsp;&nbsp; 7285800 |
| Total |  | &nbsp;&nbsp; 39121530 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Building Products 1.1%** | **Building Products 1.1%** | **Building Products 1.1%** |
| Janus International Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 549284 | &nbsp;&nbsp; 5421433 |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| Healthcare Services Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 109272 | &nbsp;&nbsp; 1839048 |
| **Construction & Engineering 4.0%** | **Construction & Engineering 4.0%** | **Construction & Engineering 4.0%** |
| MasTec, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24182 | &nbsp;&nbsp; 5146172 |
| MYR Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 15378 | &nbsp;&nbsp; 3199085 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 32003 | &nbsp;&nbsp; 10870779 |
| Total |  | &nbsp;&nbsp; 19216036 |
| **Electrical Equipment 1.2%** | **Electrical Equipment 1.2%** | **Electrical Equipment 1.2%** |
| Bloom Energy Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 67112 | &nbsp;&nbsp; 5675662 |
| **Machinery 4.7%** | **Machinery 4.7%** | **Machinery 4.7%** |
| Esab Corp. | &nbsp;&nbsp; 50658 | &nbsp;&nbsp; 5660525 |
| Mueller Water Products, Inc., Class A | &nbsp;&nbsp; 241252 | &nbsp;&nbsp; 6156751 |
| SPX Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 58623 | &nbsp;&nbsp; 10949604 |
| Total |  | &nbsp;&nbsp; 22766880 |
| **Marine Transportation 1.1%** | **Marine Transportation 1.1%** | **Marine Transportation 1.1%** |
| Matson, Inc. | &nbsp;&nbsp; 50970 | &nbsp;&nbsp; 5025132 |
| **Professional Services 3.5%** | **Professional Services 3.5%** | **Professional Services 3.5%** |
| Parsons Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 122330 | &nbsp;&nbsp; 10143604 |
| Paylocity Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 37389 | &nbsp;&nbsp; 5954946 |
| Willdan Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9721 | &nbsp;&nbsp; 939923 |
| Total |  | &nbsp;&nbsp; 17038473 |
| **Trading Companies & Distributors 3.4%** | **Trading Companies & Distributors 3.4%** | **Trading Companies & Distributors 3.4%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp; 21320 | &nbsp;&nbsp; 5565586 |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 53904 | &nbsp;&nbsp; 8994421 |
| McGrath Rentcorp | &nbsp;&nbsp; 16051 | &nbsp;&nbsp; 1882782 |
| Total |  | &nbsp;&nbsp; 16442789 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **132546983** |
| **Information Technology 17.2%** | **Information Technology 17.2%** | **Information Technology 17.2%** |
| **Electronic Equipment, Instruments & Components 3.9%** | **Electronic Equipment, Instruments & Components 3.9%** | **Electronic Equipment, Instruments & Components 3.9%** |
| Celestica, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 38675 | &nbsp;&nbsp; 9528747 |
| Coherent Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 47093 | &nbsp;&nbsp; 5072858 |
| Ingram Micro Holding Corp. | &nbsp;&nbsp; 183382 | &nbsp;&nbsp; 3940879 |
| Total |  | &nbsp;&nbsp; 18542484 |
| **IT Services 0.5%** | **IT Services 0.5%** | **IT Services 0.5%** |
| Globant SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 38118 | &nbsp;&nbsp; 2187211 |

---

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Acorn Fund, September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** | **Semiconductors & Semiconductor Equipment 3.1%** |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16457 | &nbsp;&nbsp; 2396304 |
| Lattice Semiconductor Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 69266 | &nbsp;&nbsp; 5078583 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 30687 | &nbsp;&nbsp; 2579856 |
| Rigetti Computing, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 56367 | &nbsp;&nbsp; 1679173 |
| Semtech Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 45814 | &nbsp;&nbsp; 3273410 |
| Total |  | &nbsp;&nbsp; 15007326 |
| **Software 9.4%** | **Software 9.4%** | **Software 9.4%** |
| Alkami Technology, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 105062 | &nbsp;&nbsp; 2609740 |
| Braze, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 62898 | &nbsp;&nbsp; 1788819 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 136421 | &nbsp;&nbsp; 2458306 |
| D-Wave Quantum, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 38361 | &nbsp;&nbsp; 947900 |
| Dynatrace, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 96881 | &nbsp;&nbsp; 4693885 |
| Gen Digital, Inc. | &nbsp;&nbsp; 152771 | &nbsp;&nbsp; 4337169 |
| Gitlab, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 77314 | &nbsp;&nbsp; 3485315 |
| Monday.com Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 19902 | &nbsp;&nbsp; 3854818 |
| SailPoint, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 139930 | &nbsp;&nbsp; 3089654 |
| Sprout Social, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 105312 | &nbsp;&nbsp; 1360631 |
| SPS Commerce, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20988 | &nbsp;&nbsp; 2185690 |
| Unity Software, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 33764 | &nbsp;&nbsp; 1351911 |
| Varonis Systems, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 49863 | &nbsp;&nbsp; 2865627 |
| Vertex, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 72675 | &nbsp;&nbsp; 1801613 |
| Workiva, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 29444 | &nbsp;&nbsp; 2534540 |
| Zeta Global Holdings Corp., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 169585 | &nbsp;&nbsp; 3369654 |
| Zscaler, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 8700 | &nbsp;&nbsp; 2607042 |
| Total |  | &nbsp;&nbsp; 45342314 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Technology Hardware, Storage & Peripherals 0.3%** | **Technology Hardware, Storage & Peripherals 0.3%** | **Technology Hardware, Storage & Peripherals 0.3%** |
| IonQ, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 24400 | &nbsp;&nbsp; 1500600 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **82579935** |
| **Real Estate 1.7%** | **Real Estate 1.7%** | **Real Estate 1.7%** |
| **Real Estate Management & Development 1.7%** | **Real Estate Management & Development 1.7%** | **Real Estate Management & Development 1.7%** |
| Colliers International Group, Inc. | &nbsp;&nbsp; 51533 | &nbsp;&nbsp; 8049970 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8049970** |
| &nbsp;&nbsp; Total Common Stocks <br>(Cost $364,097,544) | &nbsp;&nbsp; Total Common Stocks <br>(Cost $364,097,544) | &nbsp;&nbsp; **464223630** |
| **Exchange-Traded Equity Funds 2.2%** | **Exchange-Traded Equity Funds 2.2%** | **Exchange-Traded Equity Funds 2.2%** |
|  | **Shares** | **Value ($)** |
| **Sector 2.2%** | **Sector 2.2%** | **Sector 2.2%** |
| SPDR S&P Biotech ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; 103459 | &nbsp;&nbsp; 10366592 |
| &nbsp;&nbsp; Total Exchange-Traded Equity Funds <br>(Cost $8,822,316) | &nbsp;&nbsp; Total Exchange-Traded Equity Funds <br>(Cost $8,822,316) | &nbsp;&nbsp; **10366592** |
| **Money Market Funds 4.2%** | **Money Market Funds 4.2%** | **Money Market Funds 4.2%** |
| Columbia Short-Term Cash Fund, 4.265%<sup>(f),(g)</sup> <br>| &nbsp;&nbsp; 7593994 | &nbsp;&nbsp; 7591716 |
| &nbsp;&nbsp; Dreyfus Government Cash Management Fund, <br> Institutional Shares, 4.041%<sup>(f),(h)</sup> <br>| &nbsp;&nbsp; 12759885 | &nbsp;&nbsp; 12759885 |
| &nbsp;&nbsp; Total Money Market Funds <br>(Cost $20,350,583) | &nbsp;&nbsp; Total Money Market Funds <br>(Cost $20,350,583) | &nbsp;&nbsp; **20351601** |
| **Total Investments in Securities** <br>**(Cost: $393,270,443)** | **Total Investments in Securities** <br>**(Cost: $393,270,443)** | &nbsp;&nbsp; **494941823** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(14072035)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **480869788** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security was on loan at September 30, 2025. The total market
 value of securities on loan at September 30, 2025 was $12,489,798.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents fair value as determined in good faith under procedures approved by the
 Board of Trustees. At September 30, 2025, the total value of these securities amounted to $207,981, which represents 0.04% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes a restricted security, which is subject to legal or contractual restrictions
 on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable
 price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between
 qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These
 securities are valued at fair value determined in good faith under consistently applied procedures approved by the Fund's Board of Trustees. At September 30, 2025, the total market value of these securities amounted to $207,981, which represents 0.04% of total net assets. Additional information on these securities is
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Dates**<br>| **Shares** | **Cost ($)** | **Value ($)** |
| DNA Script | 10/01/2021 | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2223535 | &nbsp;&nbsp; 207981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Columbia Variable Portfolio – Acorn Fund \| 2025

------

Portfolio of Investments (continued)

Columbia Variable Portfolio – Acorn Fund, September 30, 2025 (Unaudited)

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(e) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the seven-day current annualized yield at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Under the Investment Company Act of 1940, 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 September 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% | Columbia Short-Term Cash Fund, 4.265% |
|  | 4740598 | &nbsp;&nbsp; 83632992 | &nbsp;&nbsp; (80782181)<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; 7591716 | &nbsp;&nbsp; (399)<br>| &nbsp;&nbsp; 209251 | &nbsp;&nbsp; 7593994 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Investment made with cash collateral received from securities lending activity.

Investments are valued using policies described in the Notes to Financial Statements included within the most recent financial statements and additional information.

Columbia Variable Portfolio – Acorn Fund \| 2025

------

You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.

3QT7064_12_D01_(11/25)

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Columbia Funds Variable Series Trust

- **b. Investment Company Act file number:** 811-08748

- **c. CIK number of Registrant:** 0000929521

- **d. LEI of Registrant:** 549300SGDXTPWJMBI838

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 290 Congress Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-345-6611

**Item A.2. Information about the Series.**

- **a. Name of Series:** Columbia Variable Portfolio - Acorn Fund

- **b. EDGAR series identifier (if any):** S000008981

- **c. LEI of Series:** 549300B6RP6XC27U3Q52

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $482006004.11

**Total Liabilities:** $581228.11

**Net Assets:** $481424776.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024403 | 2.05%                | 2.48%                | 2.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1324342.70              | $8687210.62                                |
| Month 2  | $-8384092.32             | $19887023.49                               |
| Month 3  | $2384001.78              | $10292909.00                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABSCI CORP                                | Absci Corp                              | CUSIP: 00091E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    488126 | NS      | $1483903.04   | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| ADAPTIVE BIOTECHNOLOGIES CORP             | Adaptive Biotechnologies Corp           | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    297838 | NS      | $4455656.48   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAZE INC                                 | Braze Inc                               | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |     62898 | NS      | $1788819.12   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA INC                      | Bridgebio Pharma Inc                    | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     53367 | NS      | $2771881.98   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUTIONS          | Bright Horizons Family Solutions Inc    | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66446 | NS      | $7214042.22   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLYLE GROUP INC/THE                     | Carlyle Group Inc/The                   | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    181858 | NS      | $11402496.60  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY INC                          | HealthEquity Inc                        | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     86817 | NS      | $8227647.09   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| IRHYTHM TECHNOLOGIES INC                  | iRhythm Technologies Inc                | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     15349 | NS      | $2639874.51   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| INGRAM MICRO HOLDING CORP                 | Ingram Micro Holding Corp               | CUSIP: 457152106<br>LEI: 9845008639BC538AB065 | Long             | EC               | CORP              | US        |    183382 | NS      | $3940879.18   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED                                    | Insmed Inc                              | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     62792 | NS      | $9042675.92   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| IONQ INC                                  | IonQ Inc                                | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |     24400 | NS      | $1500600.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS INTERNATIONAL GROUP INC             | Janus International Group Inc           | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    549284 | NS      | $5421433.08   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TOPBUILD CORP                             | TopBuild Corp                           | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |     22260 | NS      | $8700543.60   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITY SOFTWARE INC                        | Unity Software Inc                      | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     33764 | NS      | $1351910.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE CORP                                  | VSE Corp                                | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     43827 | NS      | $7285800.48   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEMS INC                       | Varonis Systems Inc                     | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     49863 | NS      | $2865626.61   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                     | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37556 | NS      | $2711543.20   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| KRATOS DEFENSE AND SECURITY SOLUTIONS INC | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     61940 | NS      | $5659457.80   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKELAND FINL CORP                        | Lakeland Financial Corp                 | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36792 | NS      | $2362046.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORP                | Lattice Semiconductor Corp              | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     69266 | NS      | $5078583.12   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR GROUP INC                             | MYR Group Inc                           | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     15378 | NS      | $3199085.34   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY INC                    | Marvell Technology Inc                  | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30687 | NS      | $2579856.09   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MASIMO CORPORATION                        | Masimo Corp                             | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     58848 | NS      | $8683022.40   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTEC INC.                               | MasTec Inc                              | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     24182 | NS      | $5146171.42   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MATSON INC                                | Matson Inc                              | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     50970 | NS      | $5025132.30   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MCGRATH                                   | McGrath RentCorp                        | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     16051 | NS      | $1882782.30   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings Inc          | Miami International Holdings Inc        | CUSIP: 59356Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31929 | NS      | $1285461.54   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MFG CO                             | Modine Manufacturing Co                 | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     72254 | NS      | $10271628.64  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MOOG INC                                  | Moog Inc                                | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |     17174 | NS      | $3566524.58   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS INC                | Mueller Water Products Inc              | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    241252 | NS      | $6156751.04   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES INC                | Neurocrine Biosciences Inc              | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      6738 | NS      | $945880.44    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC                           | Gen Digital Inc                         | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    152771 | NS      | $4337168.69   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment                             | AeroVironment Inc                       | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     26703 | NS      | $8408507.67   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGNMENT HEALTHCARE INC                  | Alignment Healthcare Inc                | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    302375 | NS      | $5276443.75   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKAMI TECHNOLOGY INC                     | Alkami Technology Inc                   | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |    105062 | NS      | $2609740.08   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORP                     | Antero Resources Corp                   | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     54960 | NS      | $1844457.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED IND TECH INC.                     | Applied Industrial Technologies Inc     | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     21320 | NS      | $5565586.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AXON ENTERPRISE INC                       | Axon Enterprise Inc                     | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      3487 | NS      | $2502410.68   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BJS WHOLESALE CLUB INC                    | BJ's Wholesale Club Holdings Inc        | CUSIP: 05550J101<br>LEI: 549300H2XDOGOSR9L398 | Long             | EC               | CORP              | US        |     80065 | NS      | $7466061.25   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOLIFE SLNS                              | BioLife Solutions Inc                   | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |    132304 | NS      | $3375075.04   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNE CORP                               | Bio-Techne Corp                         | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    100433 | NS      | $5587087.79   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOM ENERGY CORPORATION                  | Bloom Energy Corp                       | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     67112 | NS      | $5675661.84   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL CAPITAL INC                      | Blue Owl Capital Inc                    | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    298858 | NS      | $5059665.94   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVCO INDUSTRIES INC                      | Cavco Industries Inc                    | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14599 | NS      | $8478077.27   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CELESTICA INC                             | Celestica Inc                           | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |     38675 | NS      | $9528746.50   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCHILL DOWNS INC                       | Churchill Downs Inc                     | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     89661 | NS      | $8698013.61   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS INC         | Clearwater Analytics Holdings Inc       | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136421 | NS      | $2458306.42   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COHERENT CORP                             | Coherent Corp                           | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     47093 | NS      | $5072857.96   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| COLLIERS INTERNATIONAL GROUP INC          | Colliers International Group Inc        | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |     51533 | NS      | $8049969.93   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA SHORT TERM CASH FUND             | COLUMBIA SHORT TERM CASH FUND           | CUSIP: 19766H239<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7593994 | NS      | $7591715.69   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CRINETICS PHARMACEUTICALS INC             | Crinetics Pharmaceuticals Inc           | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     28140 | NS      | $1172031.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CURTISS-WRIGHT CORPORATION                | Curtiss-Wright Corp                     | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     16553 | NS      | $8987285.82   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVALENT INC                              | Nuvalent Inc                            | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33222 | NS      | $2873038.56   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PARSONS CORP                              | Parsons Corp                            | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |    122330 | NS      | $10143603.60  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DORMAN PRODUCTS INC                       | Dorman Products Inc                     | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     47142 | NS      | $7348494.96   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DOXIMITY INC                              | Doximity Inc                            | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33483 | NS      | $2449281.45   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| D-WAVE QUANTUM INC                        | D-Wave Quantum Inc                      | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | US        |     38361 | NS      | $947900.31    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE INC                             | Dynatrace Inc                           | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     96881 | NS      | $4693884.45   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ELF BEAUTY INC                            | elf Beauty Inc                          | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     27389 | NS      | $3628494.72   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                                  | EQT Corp                                | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     28860 | NS      | $1570849.80   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYLOCITY HOLDING CORP                    | Paylocity Holding Corp                  | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     37389 | NS      | $5954946.03   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNANT GROUP INC                         | Pennant Group Inc/The                   | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               | CORP              | US        |     87221 | NS      | $2199713.62   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORP                     | Encompass Health Corp                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     37629 | NS      | $4779635.58   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB CORP                                 | Esab Corp                               | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |     50658 | NS      | $5660524.92   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP                       | Exact Sciences Corp                     | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    171465 | NS      | $9380850.15   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE BELOW INC                            | Five Below Inc                          | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     51733 | NS      | $8003095.10   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM GROSVENOR INC                         | GCM Grosvenor Inc                       | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    862541 | NS      | $10410869.87  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GITLAB INC                                | Gitlab Inc                              | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     77314 | NS      | $3485315.12   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORP                              | Glaukos Corp                            | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     57890 | NS      | $4720929.50   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE SERV GRP INC.                  | Healthcare Services Group Inc           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     81758 | NS      | $1375987.14   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA INC                              | Penumbra Inc                            | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     19145 | NS      | $4849811.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PHREESIA INC                              | Phreesia Inc                            | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     45886 | NS      | $1079238.72   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PORTILLOS INC                             | Portillo's Inc                          | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    313540 | NS      | $2022333.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET INC                                | RadNet Inc                              | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     10116 | NS      | $770940.36    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION MEDICINES INC                  | Revolution Medicines Inc                | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     47129 | NS      | $2200924.30   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| RIGETTI COMPUTING INC                     | Rigetti Computing Inc                   | CUSIP: 76655K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56367 | NS      | $1679172.93   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| RYAN SPECIALTY HOLDINGS INC               | Ryan Specialty Holdings Inc             | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136818 | NS      | $7711062.48   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS COMMERCE INC                          | SPS Commerce Inc                        | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     20988 | NS      | $2185690.32   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P BIOTECH ETF                      | SPDR S&P Biotech ETF                    | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |    103459 | NS      | $10366591.80  | 2.15%             |  |  |  | No            |                  1 | On Loan: —       |
| SPX TECHNOLOGIES INC                      | SPX Technologies Inc                    | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     58623 | NS      | $10949603.94  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                             | SailPoint Inc                           | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139930 | NS      | $3089654.40   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORP                              | Semtech Corp                            | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     45814 | NS      | $3273410.30   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKETS INC               | Sprouts Farmers Market Inc              | CUSIP: 85208M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39834 | NS      | $4333939.20   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUT SOCIAL INC                         | Sprout Social Inc                       | CUSIP: 85209W109<br>LEI: 254900QE3QH8EBRDOB65 | Long             | EC               | CORP              | US        |    105312 | NS      | $1360631.04   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| STERLING INFRASTRUCTURE INC               | Sterling Infrastructure Inc             | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     32003 | NS      | $10870779.04  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEX GROUP INC                          | StoneX Group Inc                        | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     26726 | NS      | $2697187.92   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                               | Vaxcyte Inc                             | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     29030 | NS      | $1045660.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX INC                                | Vertex Inc                              | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     72675 | NS      | $1801613.25   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 CO                                  | WD-40 Co                                | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |     25481 | NS      | $5035045.60   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE                          | Western Alliance Bancorp                | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     55238 | NS      | $4790239.36   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group                             | Willdan Group Inc                       | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      9721 | NS      | $939923.49    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC                              | Wingstop Inc                            | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     33173 | NS      | $8348980.64   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKIVA INC                               | Workiva Inc                             | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     29444 | NS      | $2534539.52   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| XPONENTIAL FITNESS INC                    | Xponential Fitness Inc                  | CUSIP: 98422X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233613 | NS      | $1819845.27   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ZETA GLOBAL HOLDINGS CORP                 | Zeta Global Holdings Corp               | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |    169585 | NS      | $3369653.95   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER INC                               | Zscaler Inc                             | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      8700 | NS      | $2607042.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DNA SCRIPT SAS                            | DNA SCRIPT                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      2550 | NS      | $207981.20    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CREDO TECHNOLOGY GROUP HOLDING LTD        | Credo Technology Group Holding Ltd      | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     16457 | NS      | $2396303.77   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI AVIATION LTD                         | FTAI Aviation Ltd                       | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     53904 | NS      | $8994421.44   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                  | ICON PLC                                | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     11112 | NS      | $1944600.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NIQ Global Intelligence Plc               | NIQ Global Intelligence Plc             | CUSIP: G63755105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    165139 | NS      | $2592682.30   | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| SHARKNINJA INC                            | SharkNinja Inc                          | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     22592 | NS      | $2330364.80   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                            | TechnipFMC PLC                          | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     93746 | NS      | $3698279.70   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBANT SA                                | Globant SA                              | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     38118 | NS      | $2187210.84   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDAY.COM LTD                            | Monday.com Ltd                          | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     19902 | NS      | $3854818.38   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGE            | Dreyfus Government Cash Management      | CUSIP: 262006208<br>LEI: 549300F7IDB6WRO7VJ11 | Long             | STIV             | CORP              | US        |  12759885 | NS      | $12759885.00  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

**Name of Applicant:** Columbia Funds Variable Series Trust

**Signature:** Martha Skinner

**Name of Signer:** Martha Skinner

**Title:** Assistant Treasurer